EL PASO, TEXAS — Albuquerque, N.M.-based The Vaughan Company has completed the sale of a three-property multifamily portfolio in El Paso. The three apartment communities include The Village Apartments, an 87-unit property located at 5900 Enterprise Court; Village Two Apartments, a 72-unit property located at 140 Shadow Mountain Dr.; and Three Fountains Apartments, a 77-unit property located at 368 Shadow Mountain Dr. The Vaughan Company’s Richard Abel represented both undisclosed parties in the transaction. Acquisition financing was obtained from The Bank of Albuquerque.
HOUSTON — Capmark Finance has secured a $13.2 million loan for the refinancing of Briarwood Village Apartments, a 342-unit multifamily community located in the Briar Forest/Ashford submarket of Houston. Situated on approximately 13.6 acres, the property comprises 27 two-story, garden-style buildings. Unit amenities include patios or balconies, fireplaces and central air conditioning. Community amenities include a fitness center, two swimming pools and two laundry rooms. Scott Dow of Capmark’s Boston office originated the financing on behalf of the borrower, an affiliate of Boston-based Berkshire Property Advisors. The lender was Freddie Mac.
OKLAHOMA CITY, OKLA. — The Houston office of Holliday Fenoglio Fowler (HFF) has arranged $9.74 million in acquisition financing for Atrium Towers, twin six-story office buildings located in Oklahoma City. Situated near the intersection of Interstate 44 and Centennial Expressway, the buildings total 156,106 square feet. They had a combined occupancy rate of 95 percent at the time of closing. Tucker Knight and Brad Ballard of HFF secured the loan on behalf of the borrower, Houston-based Principle Equity Management. Terms of the financing include a 7-year term with a fixed interest rate. The lender was Plano, Texas-based ViewPoint Bank.
FORT WORTH, TEXAS — The grand opening will be held this weekend for Alliance Town Center, a 1.5 million-square-foot power center located at the intersection of Interstate 35 and Heritage Trace Parkway in Fort Worth. Opening this weekend is the approximately 500,000-square-foot, first phase of the project. Approximately 20 tenants are already open for business including retailers Belk, JC Penney, Best Buy, Hobby Lobby, PetSmart and Ulta; as well as restaurants Cheddar’s, Which Wich, Jason’s Deli and Smoothie King. A 256,865-square-foot Sam Moon is currently under construction and scheduled to open in March 2009. Future phases will add a large grocer, a movie theater, a national bookstore and a large sporting goods store to the tenant roster. Alliance Town Center is a joint venture development between locally based developers Hillwood and Trademark Property Co. It is part of AllianceTexas, a 19,000-acre master-planned community that also comprises an airport, more than 7,000 acres of industrial space, 800 acres of office space, 2,700 single-family homes and 5,000 multifamily residential units.
RICHMOND, VA. — In conjunctions with its plans to close 155 underperforming retail locations nationwide, Richmond-based Circuit City has announced the closing of nine Texas locations. The stores are located in Burleson, Cedar Park, Dallas, Houston, League City, Mansfield, McKinney, Sherman and Temple. Each market will see one Circuit City location close, and Sherman will see Circuit City exit the market with the closing of the city’s only location.Circuit City is closing stores in 55 U.S. markets and will be exiting 12 of those markets entirely. In addition, the retailer is reducing future store openings and aggressively renegotiating select leases.
NEW BRAUNFELS, TEXAS — Dallas-based BMC Capital has arranged $2.1 million in acquisition financing for Laurel Heights Apartments, a 72-unit multifamily community located at 483 Laurel Lane in New Braunfels. Terms of the loan include an 80 percent loan-to-value ratio, a 10-year term with a 30-year amortization schedule, and a fixed interest rate. The borrower was an out-of-state, 1031 exchange investor. The lender was not disclosed.
BEDFORD, TEXAS — Primary Realty Assets LP, an affiliate of Fort Worth, Texas-based Mallick Group, has acquired a five-story, 87,000-square-foot office building located at 2701 Brown Trail in Bedford. The property had been vacant for more than 1 year. The seller, Boise, Idaho-based Pleasant Valley LP, was represented by Steve Shrum of Dallas-based Glacier Commercial Realty. Primary Realty Assets acquired the property on behalf of the company’s Private Wealth Fund for an undisclosed amount.
WACO, LONGVIEW AND WICHITA FALLS, TEXAS — Cleveland-based KeyBank Real Estate Capital has secured $19.6 million in Freddie Mac financing for three Texas assisted living facilities. Meadowlands Terrace, located in Waco, received a $7.9 million loan; Eastman Estates, located in Longview, received a $6.4 million loan; and Wichita Falls, located in a city of the same name, received a $5.3 million loan. The fixed-rate credit facility has a weighted average interest rate of 6.65 percent and a term of 10 years. The borrower was not disclosed.
ARLINGTON, TEXAS — Houston-based Weingarten Realty Investors has leased 39,100 square feet within Midpoint I-20 Distribution Center, located just north of Interstate 20 on New York Avenue in Arlington, to Greenwood Village, Colo.-based American Medical Response. The company expects to open the facility in the second quarter of 2009. George Curry of the Dallas office of Jones Lang LaSalle represented American Medical Response in lease negotiations. Michael Stanzl and Robert Reese of Dallas-based NAI Robert Lynn represented Weingarten. Terms of the lease were not disclosed. Built in 2001, Midpoint I-20 Distribution Center is a two-building complex that is designed tenants with office/showroom and warehouse/distribution needs. The facility offers spaces from 16,000 to 68,000 square feet with dock-high rear loading capability.
HOUSTON — The Houston office of Alliance Communities has held the groundbreaking for the development of Broadstone Voss, a 307-unit rental apartment community located in the Galleria corridor of Houston. Designed by locally based Meeks + Partners, the project will consist of nine buildings arranged in clusters that will wrap the apartment units around three courtyards and a six-story parking garage. The architecture of the building includes rectangular volumes, flat roofs, and a façade composed of brick, stone, exposed steel and glazed glass. The exterior of the unit balconies will also have movable sunscreens that residents can use to adjust the amount of light coming into individual units. Units will range from one to three bedrooms with sizes ranging from 632 to 1,445 square feet. Community amenities will include a 7,000-square-foot clubhouse with a lounge and entertainment kitchen, a fitness center, a business center, and a conference room. Broadstone Voss also features a resort-style pool and fountain with a sundeck and a fireplace. The project consists of the redevelopment of a former apartment complex that was built in the 1970s on the 4.89-acre site.