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Hotel-Granduca-Houston
DevelopmentHospitalityLoansTexas

JLL Arranges $30.6M in Financing for West Houston’s Hotel Granduca

by Taylor Williams

HOUSTON — JLL has arranged $30.6 million in financing for the 122-room Hotel Granduca in West Houston. The six-story hotel was built on 3.6 acres in 2006. Jillian Mariutti and Mark Fisher of JLL arranged the five-year, floating-rate loan through Prime Finance on behalf of the sponsor, Transwestern Hospitality Group. The borrower will use the proceeds to retire existing debt and fund capital improvements, including a redesign of the lobby, breakfast area, bar, seating areas and event space, as well as a relocation of the gym and existing restaurant. The tearoom will be converted into a salon and spa, and a larger bar will be added in the adjacent space. The old restaurant space will become a meeting and event venue, and a portion of the parking lot will be converted into a tented outdoor venue.

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Centreport-2-Dallas
AcquisitionsIndustrialTexas

Sterling Investors Buys 430,852 SF Industrial Building Near DFW International Airport

by Taylor Williams

DALLAS — New York-based Sterling Investors has purchased Centreport 2, a 430,852-square-foot industrial building in Dallas. The address was not disclosed, but the cross-dock facility is located south of Dallas-Fort Worth International Airport in the Upper Great Southwest submarket. Centreport 2 was built in 2017 and features 97 dock doors and 32-foot clear heights. Trent Agnew, Charlie Strauss, Parker McCormack, Tom Weber, Lance Young, Pauli Kerr, Matthew Barge and Brooke Petzold of JLL represented the undisclosed seller in the transaction and procured Sterling Investors as the buyer.

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Build-to-RentDevelopmentSingle-Family RentalTexas

Core Spaces Nears Completion of 408-Unit Build-to-Rent Residential Project in Princeton, Texas

by Taylor Williams

PRINCETON, TEXAS — Core Spaces, a student housing and residential developer with offices in Chicago and Austin, is nearing completion of Oxenfree at Princeton, a 408-unit build-to-rent residential community located on the northeastern outskirts of Dallas. The site spans 50 acres, and the development will feature a mix of single-family and townhome-style residences with three distinct architectural styles. Oxenfree at Princeton will also offer a central amenity center with a coworking space, health club, market, lounge, pool and a children’s play area. Construction began last spring. Leasing will begin in March.

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DevelopmentMultifamilySeniors HousingTexas

Legacy Senior Communities Plans 30-Unit Expansion at Plano Property

by Taylor Williams

PLANO, TEXAS — The Legacy Senior Communities is planning a 30-unit expansion project at The Legacy Willow Bend, the owner-operator’s flagship property in Plano. The expansion will introduce three buildings, each designed with 10 luxury flats, for a total of 30 hybrid-style independent living units spanning about 2,000 square feet each. Construction is scheduled to begin in the first quarter of 2025 and to be complete in spring 2026.

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DevelopmentMultifamilyTexas

Report: Z Modular Nears Completion of $62M Multifamily Project in San Marcos, Texas

by Taylor Williams

SAN MARCOS, TEXAS — Z Modular, a subsidiary of steel manufacturer Zekelman Industries, is nearing completion of Flatz 512, a $62 million multifamily project in the Central Texas city of San Marcos, according to a report from Community Impact Newspaper. When complete later this year, Flatz 512 will offer studio, one-, two- and three-bedroom units.  Amenities will include a pool, fitness center, pickleball court, coffee bar, spa, sports simulator lounge, outdoor grilling stations and walking trails. Construction began in 2020, and South Carolina-based Greystar is managing the property, according to the local news outlet.

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Northwest-Logistics-Center-Houston
AcquisitionsIndustrialTexas

JLL Arranges Sale of 411,460 SF Industrial Facility in Northwest Houston

by Taylor Williams

HOUSTON — JLL has arranged the sale of Northwest Logistics Center, a 411,460-square-foot industrial facility in northwest Houston. The cross-dock building was constructed in 2018 and features 138 dock doors and 32-foot clear heights. Trent Agnew, Charlie Strauss, Parker McCormack, Tom Weber, Lance Young, Pauli Kerr, Matthew Barge and Brooke Petzold of JLL represented the undisclosed seller in the transaction and procured the buyer, New York City-based Sterling Investors.

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Oak-Grove-Aubrey
Build-to-RentDevelopmentSingle-Family RentalTexas

Legacy Partners, Resmark Underway on 134-Unit Build-to-Rent Project in Aubrey, Texas

by Taylor Williams

AUBREY, TEXAS — A partnership between two California-based firms, developer Legacy Partners and investment manager Resmark Cos., is underway on construction of a 134-unit build-to-rent residential project in Aubrey, located in Denton County. Designed by Architecture Demarest and known as Oak Grove, the development will offer one-, two- and three-bedroom homes ranging in size from 770 to 1,625 square feet. Amenities will include a pool, fitness center, coworking space, an outdoor kitchen and a dog park. Rents will start at $2,000 per month for a one-bedroom home.

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LoansMultifamilyTexas

Greystone Provides $15.4M in Bridge Financing for North Texas Multifamily Portfolio

by Taylor Williams

SHERMAN AND DENISON, TEXAS — Greystone has provided $15.4 million in bridge-to-agency financing for a portfolio of three multifamily properties totaling 189 units in North Texas. One of the properties is located in Sherman, and the other two are located in Denison. All were built in the 1960s and 1970s. The interest-only loan carries a two-year term with two six-month extension options. Lance Wright of Greystone originated the financing on behalf of the borrower, an undisclosed, Texas-based family office. Duke Stone of Churchill Capital acted as correspondent on the deal.

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IndustrialLeasing ActivityTexas

Total Specialty Services Signs 13,000 SF Industrial Lease in Metro Houston

by Taylor Williams

BAYTOWN, TEXAS — Total Specialty Services, a provider of infrastructural services to industrial project sites, has signed a 13,000-square-foot industrial lease in the eastern Houston suburb of Baytown. Austen Buckalew of locally based brokerage firm Oxford Partners represented the tenant in the lease negotiations. Tyler Maner and Davis Lamberton of Stream Realty Partners represented the landlord.

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Highland-Melissa
Build-to-RentDevelopmentSingle-Family RentalTexas

Legacy Partners, Resmark Underway on 133-Unit Build-to-Rent Project in Melissa, Texas

by Taylor Williams

MELISSA, TEXAS —  A partnership between two California-based firms, developer Legacy Partners and investment manager Resmark Cos., is underway on construction of a  133-unit build-to-rent residential project in Melissa, located north of Dallas in Collin County. Designed by UD Architects and known as Highland, the development will offer one-, two- and three-bedroom homes ranging in size from 780 to 1,500 square feet. Amenities will include a pool, fitness center, coworking space, an outdoor kitchen and a dog park. Rents will start at $2,100 per month for a one-bedroom home. Completion is slated for late 2025.

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