BOERNE, TEXAS — KW Commercial has arranged the sale of Legacy at Cibolo, a 238-unit apartment complex located in the northwestern San Antonio suburb of Boerne. Built in 2020, the property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, clubhouse, outdoor grilling and dining stations and access to walking trails. Greg Brownd of KW Commercial brokered the deal. The buyer and seller were not disclosed.
CANTON, TEXAS — Marcus & Millichap has brokered the sale of Eason Storage, a 229-unit self-storage facility in Canton, about 60 miles east of Dallas. The facility, which was built on 4.7 acres in 2000 and expanded in 2017, consists of 39,265 net rentable square feet and comprises 20 climate-controlled units, 208 non-climate-controlled units and one rental house. Brandon Cunningham and Brandon Karr of Marcus & Millichap represented the seller in the transaction and procured the buyer, both of which requested anonymity.
HOUSTON — Noble Corp. has signed a 110,250-square-foot office lease in West Houston. The global offshore drilling contractor is taking three floors at Building 1 at the 39-acre CityWestPlace, with occupancy slated for early 2025. Mark O’Donnell, Jim Bell and Jennifer Meehan of Savills represented the tenant in the lease negotiations. J.P. Hutcheson and Rima Soroka internally represented the owner, a partnership between Parkway and Midway.
EL PASO, TEXAS — Dallas-based Provident Industrial has sold two buildings totaling 576,365 square feet in El Paso. The facilities were the first two of three to be developed within Gateway Logistics Park. Building I totals 308,270 square feet and features 32-foot clear heights, 69 dock doors and 93 trailer parking spaces. Building II spans 268,095 square feet and also features 32-foot clear heights in addition to 56 dock doors and 69 trailer parking spaces. Buildings I and II were delivered in November 2023 and April 2024, respectively, and construction of Building III will be completed later this month. The buyer was Philadelphia-based EQT Exeter.
ROUND ROCK, TEXAS — Houston-based developer Hanover Co. has broken ground on Settlers Park Business Center, a 361,000-square-foot industrial project in the northern Austin suburb of Round Rock. Th development will consist of three rear-load buildings that will range in size from 107,904 to 126,616 square feet. Hanover is developing the project in partnership with institutional investors backed by J.P. Morgan Asset Management. Powers Brown Architecture is designing the project, and Kimley-Horn is providing civil engineering services. KBC Advisors is the leasing agent. Construction is slated for a second-quarter 2025 completion.
DENTON, TEXAS — Multifamily brokerage firm GREA has arranged the sale of Audra Townhomes, a 161-unit property located in the North Texas city of Denton. Homes come in three- and four-bedroom floor plans, have an average size of 1,650 square feet and are furnished with quartz countertops, stainless steel appliances and walk-in closets. Residences also feature attached two-car garages. An entity doing business as Audra Townhomes 1 LLC sold the property to an undisclosed, publicly traded REIT. Mark Allen and Lee Robinson of GREA brokered the deal.
MAGNOLIA, TEXAS — The Farm League, an operator of recreational sports facilities, has purchased 35 acres in the northwestern Houston suburb of Magnolia for the development of its latest complex. The site is located at the northwest corner of State Highway 149 and FM 148 and will be combined with a 12-acre parcel, yielding a 47-acre complex that will feature multiple baseball, softball, football and soccer fields. Construction is slated to begin later this year and wrap up in 2026. Parkside Capital sold the land for an undisclosed price.
HOUSTON — Locally based brokerage firm Cypressbrook Co. has negotiated a 41,274-square-foot industrial sublease in North Houston. According to LoopNet Inc., the building at 16420 W. Hardy Road was constructed in 1983 and totals 77,499 square feet. John Hornbuckle of Cypressbrook represented the subtenant, third-party logistics firm EN Group Corp., in the lease negotiations. Cape Bell of CBRE represented the sublandlord, Atosa Catering Equipment Inc.
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Equity Residential to Acquire 11-Property Multifamily Portfolio from Blackstone for $964M
CHICAGO AND NEW YORK CITY — Equity Residential (NYSE: EQR) has agreed to acquire an 11-property apartment portfolio from Blackstone (NYSE: BX) for $964 million. The acquisition is the largest U.S. multifamily purchase by any public real estate investment trust in the past seven years, according to reports by The Wall Street Journal. The portfolio includes four properties totaling 1,357 units in Atlanta; four properties totaling 1,237 units in the Dallas/Fort Worth metropolitan area; and three properties totaling 978 units in Denver. Further details on the communities were not disclosed. The properties were attractive to Equity Residential — one of the largest owners of multifamily assets in the U.S. with 79,738 units across 299 properties — due to their locations in markets where the Chicago-based firm is targeting growth, as well as the properties’ appeal to high-end renters. The acquisition is expected to close in the third quarter and will include separate transactions with Blackstone Real Estate Income Trust, Blackstone Real Estate Partners and Blackstone Property Partners. Eastdil Secured, RBC Capital Markets, Santander and Sumitomo Mitsui Banking Corporation (SMBC) acted as Blackstone’s financial advisors in the transaction. Simpson Thacher & Bartlett served as Blackstone’s legal counsel. Neal Gerber & Eisenberg, Hogan …
Greystone Provides $74.6M Agency Loan for Refinancing of New Multifamily Property in Burleson, Texas
BURLESON, TEXAS — Greystone has provided a $74.6 million Fannie Mae loan for the refinancing of Shannon Creek Apartments, a 672-unit multifamily property located south of Fort Worth in Burleson. Completed in 2023, the 24-building community offers one- and two-bedroom units and amenities such as pool, fitness center, business center, game/media room, clubhouse, outdoor grilling and dining stations, sports court and a dog park. Avi Kozlowski of Greystone originated the nonrecourse, fixed-rate loan, which carries a five-year term, a 30-year amortization schedule and full-term interest-only payments. The borrower was not disclosed.