IRVING, TEXAS — MB 35 LLC has completed the renovation of the former Cheyenne Apartments located in Irving. The 103-unit community, which has been renamed Casa del Sol Apartments, was purchased by MB 35 in 2007, with renovations beginning shortly thereafter. The more than $600,000 construction project included energy-efficient upgrades to the plumbing and HVAC systems, the remodeling of all units, a new roof and the installation of 30,000 square feet of radiant barrier in the attic. Occupancy has increased to 99 percent for the property.
HOUSTON — NorthMarq Capital has arranged two loans for a total of $16.56 million. In the first transaction, John Burke of NorthMarq's Houston office secured $10.56 million in first-mortgage financing for Briarwood Apartments, a 351-unit multifamily property located in Houston. The loan includes a 10-year term with a 25-year amortization schedule. The borrower is Briarwood Partners LP and the lender is AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. In the second transaction, Burke secured $6 million in first-mortgage funds for the refinancing of Kirkwood Shopping Center, also in Houston. The property totals 59,504 square feet and is occupied by a tenant roster that includes Davita Dialysis, Charlotte's Saddlery, Starbucks Coffee and Wayne's Carpet. The loan carries a 9-year term with a 20-year amortization schedule. The borrower was an individual investor and the lender was Symetra Life Insurance Co.
SUGAR LAND, TEXAS — Northstar Commercial Partners has acquired a warehouse and distribution center located in Sugar Land for approximately $15.7 million. The property totals 369,364 square feet and is situated on 21.1 acres within Sugar Land Business Park at 1601 Gillingham Lane. The building features 28- to 38-foot clear ceiling heights and more than 5 acres of outside storage/trailer parking. Two tenants currently occupy the property on a short-term basis. Northstar purchased the property from Amegy Bank, N.A. as a distressed asset. The bank also provided the primary financing for the deal. Bob Berry and Jarret Venghaus of Jones Lang LaSalle represented the seller in the transaction.
HOUSTON — Marcus & Millichap has brokered the sale of Streamside Place, a 201-unit apartment community located in Houston. The property was constructed in 1984 and is located at 5335 W. Gulf Bank Rd. Will Balthrope and Tommy Lovell of Marcus & Millichap's Dallas office, along with Jeffrey Fript of the firm's Houston office, represented the seller, a private investor. The trio also represented the buyer, a limited liability company. The acquisition price was not disclosed.
DALLAS — Completion is nearing for Churchill Estates at Lake Highlands, a 175-unit senior housing community located at 8501 Lullwater Dr. in Dallas. Amenities for the community include a wellness center and library, a movie studio, a billiards rooms, a fitness center and an art studio. Dining options include two dining rooms, a bistro and a wine room. The community is currently open to residents, along with some of the amenities; the entire project should be finished by late 2009. Churchill Residential is the developer of Churchill Estates. Galier, Tolson, French Architects designed the project, with KWA Construction serving as general contractor. Faulkner Design Group is the interior designer.
SAN ANTONIO — Two new Marriott-branded hotels have opened at The RIM, an 800-acre master-planned community located in San Antonio. The first hotel is the 131-suite Residence Inn San Antonio Northwest, which is located at 5707 Rim Pass Dr. The hotel features studio, one- and two-bedroom suites with fully equipped kitchens. Amenities include an outdoor swimming pool, an exercise room, a social room, a restaurant and 500 square feet of meeting space. The second hotel is the 124-room Courtyard San Antonio Northwest, which is located at 5731 Rim Pass Dr. The hotel features Courtyard's newly redesigned lobby and guest rooms. Amenities include 1,200 square feet of meeting space, an outdoor swimming pool with a whirlpool, a fitness center and a business center. Both hotels are owned and operated by Raleigh, North Carolina-based Concord Hospitality Enterprises.
WACO, TEXAS — Marcus & Millichap has brokered the sale of Patriot Homes, a 295,028-square-foot industrial property located at 1001 West Loop 340 in Waco. Jacob Steele and Andy Glinski of Marcus & Millichap's Denver office, along with John Abuja of the firm's Chicago office, represented the seller, a developer. The trio also represented the buyer, a limited liability company. Assistance was provided by Tim Speck of Marcus & Millichap's Dallas office. The acquisition price was not disclosed.
DALLAS — ABT Executive Suites, a provider of flexible-lease office space, has signed a lease for approximately 27,000 square feet within Dallas' Millennium Centre. The company plans to use the space for its 11th Dallas-area office. Sonny Moyers of Ebby Halliday Realtors and The O'Dea-Moyers Group represented ABT in lease negotiations. Matthew Didyk of Transwestern represented building ownership. Terms of the lease were not disclosed.
HOUSTON — Hendricks & Partners (H&P) has brokered the sale of the Lenox Court multifamily community in Houston. The property contains 266 units and is situated at 10534 Beechnut St. The transaction involved the sale of the promissory note secured by the property, which was subsequently foreclosed on by the buyer, Dallas-based Villa Adora. Greg Austin, Chip Nash and Jim Hearn of H&P's Houston office, along with Tom Burns and Jay Gun of the firm's Dallas office, represented the buyer. The seller was Los Angeles-based SunAmerica Life Insurance Co. The buyer plans to complete renovations to the property this year.
HOUSTON — NAI Houston has arranged the lease of a 29,032-square-foot industrial building located at 117 N. Palmer St. in Houston. Travis Land and Michael Keegan of NAI Houston represented the tenant, Massey Industries, in lease negotiations. Barrett Gibson of Gibson & Granello Realty Partners represented the landlord, 117 Palmer, Ltd. Terms of the lease were not disclosed.