ARLINGTON — American Campus Communities, Inc. (ACC), an owner, manager and developer of student housing properties in the United States, has begun construction of a $24.9 million, off-campus student housing complex adjacent to the University of Texas at Arlington. (UT-Arlington) called University Centre on UTA Boulevard. The 488-bed project is under construction north of UTA Boulevard near the University's Maverick Activities Center and is designed as an urban infill community that will complement the city's master plan for revitalization of the downtown area. The four-story development will feature a 7,040-square-foot community center that includes a fitness center, a game lounge, a student lounge, a wireless Internet café, a patio and a resort-style pool. It will also include a three-story, gated parking garage. The community will primarily consist of four-bedroom units with a small mix of two- and three-bedroom units, all of which will include private bedrooms and bathrooms. All units will be fully furnished and include washers and dryers. Units will be leased by the bedroom on an individual lease liability. Occupancy is expected in Fall 2012.
Texas
THE WOODLANDS — Tridan II, LLC has purchased a 41,653-square-foot office building at 3606 Research Forest Dr. in The Woodlands from Lex-Gen Woodlands, L.P. Josh Cheatham and Dan Broyles Jr. of NAI Houston represented the seller, while Trey Martin of NAI Houston represented the buyer.
SAN MARCOS — Morris Architects has designed the $43 million state-of-the-art performing arts center that has recently broken ground at Texas State University-San Marcos. The complex features a 400-seat proscenium theatre with fly tower and a 300-seat music recital hall. The performing arts center faces University Drive and will include a 450-car parking garage.
IRVING AND DALLAS — Arbor Commercial Funding, LLC, a wholly owned subsidiary of Arbor Commercial Mortgage, LLC and a national, direct commercial real estate lender have closed two loans in Texas totaling $4.4 million. The 132-unit North Oak Apartments complex in Irving received $3.4 million funded under the Fannie Mae DUS Multifamily Affordable Housing product line. The 10-year loan amortizes on a 30-year schedule. Also, the 176-unit Carlisle on the Creek complex in Dallas received $1 million funded under the Fannie Mae DUS Coterminous Supplemental Loan product line. The 5-year, 9-month refinance loan amortizes on a 30-year schedule. Anthony Tarter of Arbor's Plano office originated both loans.
HOUSTON — Brookfield Office Properties has sold 1400 Smith St. in downtown Houston, a 1.3 million-square-foot office tower, for $340 million to Chevron, which leases the entire building. Known as Four Allen Center, it is located just east of Interstate 45 in downtown Houston. Chevron has leased the entire 50-story property since 2006. Jeff Hollinden and Dan Miller of HFF advised Brookfield Office Properties in the transaction.
HOUSTON — Broadstone Real Estate, LLC has announced that Broadstone Net Lease, Inc. (BNL) has completed the acquisition of three absolute net-leased properties for a combined purchase price of $9.5 million. Two of the properties are Houston medical office properties comprising 30,500 square feet of space. Both are leased to FM 1960 Family Practice for the next 12 years. General practitioners, eye physicians, respiratory specialists, oncologists and other medical groups utilize the space.
ARLINGTON — Arlington-based SkyWalker Property Partners will raze and redevelop the 33,625-square-foot Precinct Center at 1432 Precinct Line Rd. in Arlington. Precinct Line Center, formerly called Old Towne Square, was most recently leased to Marshall's, Subway and Mattress Giant. The 3.4-acre site is being scraped and carved into pad sites, one of which has already been sold to a bank to develop a new branch. According to SkyWalker Property Partners, the site will support one or two more pad sites.
SAN ANTONIO — San Antonio-based USAA Real Estate Co., co-developer with Houston-based Cambridge Development Group of The Preserve on Fredericksburg in San Antonio, has announced the sale of the 376-unit Class A multifamily project to an undisclosed institutional investor. The upscale apartment community utilized Humphreys & Partners Architects “Big House” design that integrates numerous elements of single-family residences.
SOUTHLAKE — Southlake-based N3 Real Estate has partnered with Atlanta, Ga.-based JPS Investment Co. to focus on the acquisition of grocery-anchored shopping centers. JPS is sourcing the shopping center acquisitions, the first of which will close next month and be anchored by Publix, with capital coming from a $200 million real estate investment and development fund that N3 Real Estate advises and directs. The goal of the partnership it to take the portfolio to $100 million by the end of 2012.
PLANO — LNR Partners LLC has sold the 96-unit Oak Gate Apartments, located at 623 E. 16th St. in Plano, to DP Oaks LLC. The seven-building property, which was built in 1971 on 3.2 acres, was 90 percent occupied at the time of the transaction. Bob Helterbran and Linda Simpson of Grubb & Ellis Co. represented LNR Partners.