HOUSTON — Jeffrey Fript of Marcus & Millichap Real Estate Investment Services’ Houston office has arranged the sale of the Village of Fondren Apartments, a 72-unit property located at 6255 West Airport Rd. in Houston, to a Miami-based company for $2.85 million. The buyer, also represented by Jeffrey Fript, plans to reposition the property by renovating the interiors and adding amenities.
Texas
SOUTHLAKE — An affiliate of Dallas-based Realty Capital Corp. has arranged the sale of a 3,200-square-foot building in its Miron Grove Office Park, located on Miron Drive in Southlake, to a medical imaging physician’s group. The seller, RCC Miron Office, was represented by Mark Boone with Realty Capital Corp.
HOUSTON — Greg Austin and Chip Nash of Jones Lang LaSalle’s Houston office have been hired to market the 285,000-square-foot Legends at Cinco Ranch in Houston for Dallas-based Sterling Investco, a multifamily developer. The 260-unit community in Houston’s Energy Corridor is expected to fetch in excess of $40 million. The firm has also been hired to secure $8 million in construction financing for Phase II of the project. Phase I has recently been completed and Phase II will break ground this summer.
HOUSTON — Six office leases for a total of 146,987 square feet have recently been completed at Sage Plaza, a 519,966-square-foot, Class A office development located at 5151 San Felipe St. in Houston's Galleria/Uptown area. Bonnie Kelley of CB Richard Ellis (CBRE) represented the landlord, a fund managed by BlackRock, in all six transactions. Meanwhile, Rich Pancioli of CBRE represented Columbia Gas Transmissions in its 55,500-square-foot lease; Dan Foster of Jones Lang LaSalle (JLL) represented Science Applications in its 41,132-square-foot lease; David Bale of JLL represented OTC Global in its 21,150-square-foot lease; Chris Lewis of Griffin Partners represented Higginbotham Insurance Agency in its 20,841-square-foot lease; Steve Beigel of Studley represented Black & Veatch Corp. in its 6,255-square-foot lease; and Justin Leighton of Studley represented Global Ground Transport in its 2,109-square-foot lease.
SAN ANTONIO — BPG Properties, Ltd. has sold Madison at Pipers Creek, a 292-unit multifamily community in San Antonio. It is a mixture of one-, two- and three-bedroom garden-style apartments offering nine different floor plans. BPG acquired Madison at Pipers Creek in 2003 as part of a $240 million portfolio acquisition of 17 multifamily communities across Texas, Colorado and Arizona from DEC Investment Group.
DALLAS — Lionel Morrison, FAIA, Mark Dilworth, AIA, LEED AP and Cari Walls, LEED AP, have formed a new partnership and architectural design firm named Morrison Dilworth + Walls Partners. The three partners began their architectural careers at the same Dallas-based firm, Omniplan, where Dilworth most recently served as its chief executive officer and design director and Walls as a partner, serving as the principal leadership for the firm's interior practice. Morrison has led Morrison Seifert Murphy, an internationally acclaimed practice for 22 years. The new firm will serve office, mixed-use, retail and residential buildings. Currently, it is engaged in a variety of design projects at NorthPark Center in Dallas, is in the planning stages for ArtHouse II and is a part of the design team for the renovation of the World Financial Center in New York City.
HOUSTON — URDANG, the real estate investment manager and part of BNY Mellon Asset Management, and its joint venture partner Falcon Southwest have acquired Villas at Hermann Park, a 320-unit Class A apartment community located in the Texas Medical Center submarket of Houston. The joint venture purchased the multifamily property from Austin-based Cypress Real Estate Advisors, and URDANG made its portion of the acquisition through Urdang Value-Added Fund II L.P. (Fund II), a closed-end private real estate fund managed by Urdang Capital Management, Inc. Improvements to the property will include the installation of stainless steel appliances, painting and updating the common areas and leasing office with better lighting, furniture and artwork.
GARLAND — San Antonio-based USAA Real Estate Co. has sold 5th Street Crossing, a mixed-use development consisting of 188 Class A multifamily units and approximately 12,000 square feet of retail/office space at 351 N. 5th St. in Garland, to Minneapolis-based Oaks Properties LLC. The development was completed in 2009 through a development partnership between USAA Real Estate Co. and High Street Residential, a subsidiary of Trammell Crow Co. Mark Stymiest of CB Richard Ellis represented USAA Real Estate Co. in the transaction with Oaks Properties.
SAN ANTONIO — David Farrell of Northmarq Capital's Kansas City, Mo., office has arranged first mortgage financing of $11.4 million for Whispering Oaks Apartments, a 346-unit multifamily property located at 2370 N.W. Military Hwy. in San Antonio. Financing was based on a 7-year term and a 30-year amortization schedule and was arranged through Northmarq's seller-servicer relationship with Freddie Mac through its Capital Markets Execution program.
HOUSTON — Dallas-based United Commercial Realty (UCR) and Houston-based MoodyRambin Retail have formed UCR MoodyRambin, a partnership that expands both companies presence in Texas. For UCR, it expands its territory beyond existing offices in Austin, Dallas and San Antonio by adding a Houston office. Similarly, the partnership expands the MoodyRambin Retail platform by adding services such as asset and property management, investment sales and urban retail services to its tenant representation, property representation and consulting services in Houston. As part of the merger, both the Houston and Dallas teams will remain intact and integration of the two teams will begin immediately. Lance Gilliam and Ed James will continue to manage the Houston office, while Mickey Ashmore and Jean Smith will continue to oversee activities in Dallas.