AUSTIN, TEXAS — Alliance Communities, the Texas division of Phoenix-based Alliance Residential Co., has broken ground on two Class A multifamily developments in Austin. Broadstone Travesia, which is located in the far north Austin/Round Rock area, will comprise 396 luxury apartment homes. The property sits directly across from the 328-acre La Frontera mixed-use development as well as the Travesia Corporate Park, which currently has 216,000 square feet of Class A office space underway. The second project, Broadstone Grand Avenue, will feature 280 luxury apartment homes. The community is located at the intersection of Grand Avenue Parkway and Interstate Highway 35, also in the far north submarket. Guaranty Bank and Bank of America are providing construction financing for Broadstone Travesia and Broadstone Grand Avenue, respectively. The Houston office of Hensley, Lamkin and Rachel is the project architect for Broadstone Travesia; Houston-based Steinberg Design Collaborative is serving as project architect for Broadstone Grand Avenue.
Texas
LAKE JACKSON, TEXAS — Chicago-based Redwood Capital Partners has acquired Edgewater Apartments, a 228-unit multifamily property located at 514 That Way in Lake Jackson, as part of its tenant-in-common portfolio. Newly built in 2005, Edgewater comprises one- and two-bedroom units and has occupancy in the high 90 percent range. Chicago-based Alliance Holdings was the seller.
SAN ANTONIO — George Harcourt of Grubb & Ellis recently represented Old Bastrop Road Ltd. in the sale of an industrial property situated on approximately 8 acres in San Antonio. Luis E. Reyes acquired the 17,500-square-foot property, which is located at 8163 Old Bastrop Rd.
HOUSTON — Transwestern’s Houston office has finalized the purchase of 50 acres at the southeast corner of Highway 288 and Reed Road in Houston, and has begun construction on a new business park on the site. Phase I of the project, which is called Park 288, will consist of three buildings totaling 268,425 square feet. In addition, Transwestern has sold approximately 14.5 acres at the site to The Museum of Fine Arts Houston, which will construct a new 150,000-square-foot warehouse. TY Art also acquired 3 acres and will build a 30,000-square-foot building adjacent to The Museum of Fine Arts Houston. Aaron Howes and Michael Palmer of CB Richard Ellis represented the Museum of Fine Arts Houston and TY Art in the transaction, and Brian Gammill of Transwestern represented the seller.
HOUSTON — Duke Realty Corporation (Duke) has signed leases with two tenants for spaces in its Westland I industrial building located at Eldridge Parkway, just south of Highway 290 and 2 miles west of the Sam Houston Tollway in Houston. Simplex Grinnell LP will occupy more than 51,000 square feet of the building, while Recall Total Information Management will occupy nearly 47,000 square feet. The 263,000-square-foot industrial building, which was completed in January of this year, is now 70 percent occupied. Faron Wiley, Joseph Smith, Mike Scimo and Jim Bob Taylor of CB Richard Ellis represented Simplex Grinnell and Recall Total Information Management in the transaction, while Cory Driskill of Duke represented the lessor.
ARLINGTON, TEXAS — Grubb & Ellis Co. has completed the sale of Northridge Apartments, a 126-unit complex located at 2011 Lincoln Dr. in Arlington. The 99,484-square-foot property includes 70 one-bedroom units and 56 two-bedroom units, as well as amenities such as an Olympic-size pool and limited access gates. A private, out-of-state investor acquired the complex from the undisclosed seller. Roger McElroy of Grubb & Ellis represented the seller in the transaction.
CEDAR HILL, TEXAS — The MGHerring Group has finalized and released the roster of tenants for its near-complete Uptown Village at Cedar Hill project located in Cedar Hill. The 725,000-square-foot shopping center, which is located at FM 1382 and Highway 67 adjacent to Uptown Boulevard and Pleasant Run Road, is scheduled to open March 12. The center will be anchored by Dillard’s, Dick’s Sporting Goods (scheduled to open in August) and Barnes & Noble; it also will feature other retailers such as Chico’s, Coldwater Creek, Victoria’s Secret, Bath & Body Works, Hollister, American Eagle, Buckle, Aeropostale, Finish Line, Champs, Foot Locker, Lady Foot Locker, Ulta, Aveda Spa, Icing by Claire’s, Francesca’s Collections, Solstice, Italia Express, Maui Wowi, Great American Cookie and Candy World. Ann Taylor Loft, Lane Bryant, Jos. A. Bank and Razzoo’s Cajun Café will be among the retailers opening in late spring and summer of 2008.
ROCKWALL, TEXAS — St. Paul, Minn.-based North American Composites Company (NAC) has been selected by The Rockwall Economic Development Corporation (REDC) to construct a new 26,500-square-foot distribution facility in the Rockwall Technology Park in Rockwall. Construction will begin this spring on the building, which is located on approximately 3.63 acres at the intersection of Observation Trail and Technology Way. The project is estimated to cost $2.2 million upon completion.
HOUSTON — LMI Capital, a financial advisory company based in The Woodlands, Texas, has arranged approximately $7.59 million in fixed-rate debt for the acquisition of the 425-unit Bellfort South West III Apartments located 6400 W. Bellfort St. in Houston. The borrower was Cypress Club Investors LP. Brandon Brown of LMI secured the permanent financing through one of LMI Capital’s portfoliolending sources.
HOUSTON — PM Realty Group (PMRG) has broken ground on the Rice Village Apartment complex located at 2410 Shakespeare St. in Houston. Upon completion, the four-story, 118,900-square-foot development will provide housing for Rice University graduate students. The property comprises 137 units with various one-and two-bedroom floor plans, and offers amenities such as a lobby, offices, a TV room, and a laundry room and interior storage for up to 100 bicycles. The complex is scheduled for completion in February 2009.