SAN ANTONIO — Miami-based Aztec Group has secured approximately $28 million in construction financing for the development of a Courtyard and a Residence Inn in the La Cantera neighborhood of San Antonio. The two hotels will be located adjacent to The RIM, an 800-acre mixed-use development currently in the final stages of construction. The Courtyard will contain 120 rooms and the Residence Inn will contain 140 rooms. Both are set to begin construction this month. They will be developed and operated by Raleigh, N.C.-based Concord Hospitality. Boaz Ashbel and Jason Shapiro of Aztec originated the financing. Terms of the loan were not disclosed.
HOUSTON — Houston-based Valencia Group has announced plans to build a new luxury hotel at CityCentre, Midway Cos.’ 37-acre mixed-use development located between Interstate 10 and Sam Houston Tollway in Houston. The 245-room hotel will be known as Hotel Sorella; it will feature Luce, a Moroccan-style bar, as well as an open-air courtyard with a pool, cabanas and swing daybeds. Guestrooms will feature European styling, dark hardwood floors and luxury amenities. The interior designer for the project is Peter Remedios of Remedios Siembieda. The groundbreaking date was not released.
THE WOODLANDS, TEXAS — Eastern Development Co. (EDC) has acquired a 5.8-acre site for the construction of Phase II of The Plantation Apartments, located with The Woodlands master-planned community. The first phase of the project currently comprises 312 luxury apartment units at the corner of Windsor Hills and College Park drives. It features a clubhouse with a swimming pool, a fitness center, a basketball court, a playground, a computer room, a movie screening room and a community meeting room. The second phase of the project will add 120 apartments and a second swimming pool. One-, two- and three-bedroom units will be offered, with apartment sizes ranging from 800 to 1,400 square feet. Covered parking and enclosed garages also will be built as an option for residents. Groundbreaking is expected to occur this month, with completion scheduled for late summer 2009. Steinberg Design Collaborative is serving as project architect. Jim Easterling of EDC represented his company in-house in the land purchase; Greg Jordan of The Woodlands Development Co. provided in-house representation for the land seller. The Plantation Apartments is EDC’s third apartment community to be built in The Woodlands.
IRVING, TEXAS — Marcus & Millichap has completed the sale of Metker Place Apartments, an 88-unit multifamily community located off of State Highway 183 in Irving. Al Silva and Jason Heard of the firm’s Fort Worth, Texas, office represented the locally based seller, and John Baker of the firm’s Dallas office represented the locally based buyer. Both parties were undisclosed. The acquisition price was not released, but the apartment community listed for $2.45 million.
WEATHERFORD, TEXAS — New York City-based Turner Construction Co. has broken ground for the $27 million expansion of Weatherford Regional Medical Center in Weatherford. Phase I of the multi-phase project will comprise a 50,000-square-foot expansion to the hospital and renovations to 15,000 square feet of existing hospital space. The expansion will add a 23-bed emergency room, a 12-bed intensive care unit, and a testing and diagnostic center to the hospital. The imaging, laboratory and pharmacy departments also will be expanded. Completion of Phase I is scheduled for November 2009. The Dallas office of Perkins + Will is serving as project architect.
IRVING, TEXAS — Atlanta-based Apartment Realty Advisors (ARA) has brokered the sale of Montego Bay Apartments, a 61-unit multifamily community located in Irving. The community is situated on 2.3 acres, and was fully occupied at the time of closing. Average rents for the community are $559 per month. Brian O’Boyle, Sr.; Brian O’Boyle, Jr.; Chris Epp; Jordan Cortez; and Brian Murphy of ARA’s Dallas office negotiated the transaction on behalf of the seller, Texas-based Montego Management II. The property was acquired by an undisclosed, Denver-based investor.
IRVING, TEXAS — The Dallas office of Opus West Corp. has begun construction for Regent Center II, a 55,000-square-foot office building located in Irving. The new two-story building is situated within the DFW Freeport office complex, and is adjacent to Regent Center I, which was developed by Opus in 1993. The project is scheduled for completion in December. Stream Realty Partners will handle leasing for the new building and the vacant space in Regent Center I.
EL PASO, TEXAS — Hendricks & Partners (H&P) has brokered the sale of two El Paso apartment communities. The first is Ryan’s Mill, a 248-unit property located at 601 South Mesa Hills. The second is Spring Park Apartments, a 180-unit property located at 9535 Acer. Centennial, Colo.-based Ryan’s Mill LLP sold Ryan’s Mill, and Centennial-based Spring Park LLP sold Spring Park. Both properties were acquired by San Francisco-based Hamilton Zanze & Co. The transaction was negotiated by Winston Black of H&P’s Colorado Springs, Colo., office; the listing broker was William Doogan of Interurban Cos.
RICHARDSON, TEXAS — Grubb & Ellis Realty Investors and CB Richard Ellis (CBRE) have completed the sale of a two-story office building on behalf of tenant-in-common investors. Located at 1410 E. Renner Rd. in the Dallas suburb of Richardson, the approximately 7-acre property features a 117,000-square-foot building and 516 parking spaces. Peter Danna of CBRE represented the tenant-in-common buyer, LBA Realty LLC, with Grubb & Ellis providing advisory services. Russell Ingram and Eric Mackey, also of CBRE, represented the undisclosed seller. The acquisition price was undisclosed.
AUSTIN, TEXAS — Merrillville, Ind.-based White Lodging has broken ground for the construction of a 145-room Courtyard by Marriott in Austin. Individual rooms will include flat-screen televisions; the hotel will also contain kiosk reception stations and an interactive go-board that displays local traffic, weather and other information. Completion is scheduled to open in late 2009. White Lodging is Austin’s largest hotel owner/operator with a local portfolio of 16 hotels.