AUSTIN, TEXAS —Hendricks & Partners (H&P) has completed the sale of two Austin apartment communities. The first property, Princeton, is a 90-unit community located at 4411 Airport Blvd. Princeton is situated on approximately 2.75 acres, and it contains an average unit size of 814 square feet. The property was remodeled in 2007. The second property, Stony Creek, is a 132-unit community located at 4911 Manchaca Rd. It comprises two- and three-story, garden-style buildings situated on approximately 5.9 acres. Unit sizes range from 481 to 917 square feet. Ellen Muskin and George Deuillet III of H&P’s Austin office represented the seller, San Antonio Alternative Housing Corporation No. 4. The properties were acquired by Santa Barbara, Calif.-based M3 Multifamily. The acquisition price was not disclosed.
WEBSTER, TEXAS — Capmark Finance has arranged $9.45 million in acquisition financing for El Dorado Ranch, a 324-unit apartment community located at 265 El Dorado Blvd. in Webster. Situated on 9.7 acres, the community comprises 21 two-story, garden-style buildings. The property was 95 percent occupied at the time of closing. Brant Smith of Capmark’s Houston office originated the financing on behalf of the borrower, El Dorado Ranch LLC, which is an affiliate of Houston-based Concierge Asset Management. Terms of the loan include a 6.11 percent fixed interest rate, a 5-year term and a 30-year amortization schedule. The lender was Freddie Mac.
SAN ANTONIO — CB Richard Ellis Hotels Group (CBRE) has assisted in securing a developer for the hotel portion of Éilan, a 120-acre mixed-use project currently under development in the La Cantera neighborhood of San Antonio. Through an RFP, CBRE helped bring aboard Park City, Utah-based Gemstone Hotels & Resorts to develop an approximately 200-room, boutique hotel on the site. Bert Stevens and Lisa Hankamer of CBRE helped negotiate the agreement. Upon completion, Éilan will contain 1.5 million square feet of new development, including two Class A office buildings totaling more than 200,000 square feet, approximately 1,400 upscale residential units, 30,000 square feet of boutique retail space, a chapel, an amphitheater, a specialty grocer and the hotel component. The project is being developed by Wereldhave USA, a division of Wereldhave Belgium.
ARLINGTON, TEXAS — A joint venture between Baltimore-based Alex. Brown Realty (ABR) and Dallas-based Price Realty Corp. has acquired Hunters Point Apartments, a 272-unit, garden-style apartment community located in Arlington. The gated complex features a clubhouse, a business center, a fitness center, two pools, one tennis court and 487 surface parking spaces. The joint venture plans to continue a renovation plan initiated by the seller; ABR and Price will invest approximately $4,200 per unit over the next 2 years for interior renovations. ABR Chesapeake Fund III, a real estate investment fund sponsored by ABR, provided $5.9 million in equity to the venture for the purchase. Price will serve as the property management team for Hunters Point. The ABR and Price joint venture will also assume the property’s existing first mortgage loan with Bank of America. The fixed-rate, interest-only loan matures in May 2015.
RICHARDSON, TEXAS — A joint venture between Dallas-based companies Winston Capital Corp. and L&B Realty Advisors, and Lansing, Mich.-based Municipal Employees Retirement System of Michigan, has procured $47.35 million in construction financing for Brick Row, a 500-unit multifamily community located in Richardson. Scheduled for completion in mid-2010, Brick Row will contain the residential units and 16,000 square feet of ground-floor retail space situated around two central parking structures in a park-like setting. The project is part of a larger master-planned community that will include townhomes, condominiums, retail space and a public park. The financing was arranged for the joint venture by Andy Scott of the Dallas office of Holliday Fenoglio Fowler. The lender is a three-bank syndication led by Colonial Bank, a division of Montgomery, Ala.-based Colonial BancGroup. The other two banks were Dallas-based Texas Capital Bank and San Antonio-based Broadway Bank. The loan carries a 3-year term.
AUSTIN, TEXAS — Marcus & Millichap has negotiated the sale of 305 Place Apartments, a 32-unit multifamily community located at 305 W. 35th St. in Austin. The community is located near the campus of the University of Texas. Todd Sherrer of Marcus & Millichap’s Austin office listed the property on behalf of the seller, and Steve Hollingsworth, also with the firm’s Austin office, secured the locally based buyer. The acquisition price was undisclosed.
SUGAR LAND, TEXAS — Sugar Land-based Planned Community Developers (PCD) has announced plans for its third office building at the Sugar Land Town mixed-use development in Sugar Land. The new building will be located at 2245 Texas Dr., and it will consist of a six-story structure with 166,561 square feet of Class A office space and 13,176 square feet of ground-floor retail space. The building will feature a sky bridge connecting its second floor to the second floor of an existing parking garage located directly across the street. Completion is scheduled for the first quarter of 2010. At Sugar Land Town Square PCD is also developing the Minute Maid office tower, an eight-story, 200,000-square-foot, Class A office tower that will be home to the corporate headquarters of Minute Maid upon completion in January 2009. PCD also has plans to build a two-story office building at 2185 Texas Dr. that will contain 9,000 square feet of office space over 9,000 square feet of ground-floor retail space. Upon full-build out in 2010, Sugar Land Town Square will contain 566,004 square feet of Class A office space and 238,779 square feet of retail space.
HOUSTON — The Houston office of CB Richard Ellis (CBRE) has brokered the sale of a 188,804-square-foot industrial facility located at 6247 Navigation in Houston. Situated on 10.82 acres, the property was formerly housed Collingswood, N.J.-based John Maneely Company’s (JMC) Seminole Wheatland Tube Facility. Michael Palmer, John Simons and Susana Rosas of CBRE represented JMC in the transaction. The property was acquired by Miami-based Elite Sales, which will be relocating to the building from its current, 40,000-square-foot location at 2003 Edwards St. in Houston. The acquisition price was not disclosed.
HOUSTON — Buena Park, Calif.-based Tawa Supermarket has signed a lease to open a 99 Ranch Market grocery store within Blalock Market Shopping Center, a retail project under development by Houston-based Weingarten Realty that is located on Katy Freeway between Loop 610 and Beltway 8 in Houston. The supermarket, which specializes in Asian foods, will anchor the shopping center with an 83,791-square-foot location. When the 99 Ranch Market opens in early summer 2009 it will mark the first Texas location for the grocer.
HUTCHINS, TEXAS — A joint venture between Los Angeles-based CB Richard Ellis Realty Trust (CBRE) and Indianapolis-based Duke Realty Corp. has acquired an 822,550-square-foot warehouse/distribution facility located on East Pleasant Road Run in the Dallas suburb of Hutchins. The Class A, build-to-suit facility is fully occupied by Unilever. It is part of a four-property, $139.1 million acquisition by the joint venture. The other properties are located in Indianapolis; Jacksonville, Fla.; and Nashville, Tenn. The portfolio totals approximately 2.23 million square feet. CBRE and Duke formed the joint venture in May of this year with the intent to acquire up to $800 million in newly developed, build-to-suit properties over the next 3 years.