ATHENS, TEXAS — Dallas-based brokerage firm The Multifamily Group has negotiated the sale of Athens Reserve Apartments, a 122-unit property located about 75 miles southeast of Dallas. The 11-acre site, which can support future expansion and includes 17,500 square feet of commercial space, initially housed a Quality Inn hotel that was constructed in 1981. The seller, Dallas-based Profectus Multifamily Capital, purchased the site in 2021 and implemented various capital improvements as part of the conversion.
SAN ANTONIO — Northmarq has brokered the sale of The Flats at 9338, an 88-unit multifamily complex in northeast San Antonio. Built on 3.2 acres in 1974, the property features one- and two-bedroom units with an average unit size of 850 square feet and amenities such as a pool, clubhouse and onsite laundry facilities. Zar Haro, Moses Siller, Bryan VanCura, Phil Grafe, Brian Booth, Rudy Dodier and Kevin Garza of Northmarq represented the seller, Astoria Partners LLC, in the transaction. The buyer was California-based Olson Capital.
DALLAS — Haus of Tre Li, an international home goods retailer, has signed a 16,549-square-foot office lease at 10100 N. Central Expressway in North Dallas. According to LoopNet Inc., the six-story building was constructed in 1983, renovated in 2009 and totals 94,294 square feet. Bennett Henke represented the landlord, Boxer Property Co., in the lease negotiations on an internal basis. The tenant was also self-represented.
DALLAS — Steward Health Care has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas. The Dallas-based company, which has disclosed $9 billion in total liabilities, plans to sell the entirety of its hospital portfolio, according to Reuters. The portfolio comprises 31 hospitals throughout the U.S. Steward hopes to complete all transactions by the end of this summer, with auctions scheduled for June 28 and July 30. In a press release, Steward attributes the decision to file for bankruptcy to “challenges created by insufficient reimbursement by government payors as a result of decreasing reimbursement rates while at the same time facing skyrocketing labor costs, increased material and operation costs due to inflation and the continued impacts of the COVID-19 pandemic.” Steward’s total debt includes $6.6 billion in long-term rent obligations, according to media reports. Medical Properties Trust, which owns the real estate occupied by Steward Health Care hospitals, has provided $75 million in debtor-in-possession financing to Steward, with the possibility of an additional $225 million loan as Steward’s bankruptcy process continues. Hospital leases with the landlord include terms until 2041. Steward hospitals occupy the properties on ground leases, with Medical Properties Trust owning the …
FORT WORTH, TEXAS — Hillwood will develop Alliance Westport 14, a 766,994-square-foot industrial project that will be located within the 27,000-acre AllianceTexas master-planned community in North Fort Worth. Alliance Westport 14 will feature 40-foot clear heights, 185-foot truck court depths and parking for 306 cars and 196 trailers (expandable to 500 or 312, respectively). GSR Andrade is the project architect, and Hillwood Construction Services is the general contractor. Frost Bank provided construction financing. The groundbreaking is set for June, and completion is slated for the second quarter of 2025.
AUSTIN, TEXAS — Northmarq has provided a $23.6 million Fannie Mae acquisition loan for The District at SoCo, a 215-unit apartment complex in Austin. The site at 501 E. Oltorf St. is located near the downtown area. The District at SoCo was built in 2012 and offers one- and two-bedroom units and amenities such as a pool, fitness center, outdoor kitchen and a dog park. Jesse Lemos of Northmarq originated the five-year, interest-only loan on behalf of the undisclosed borrower.
AUSTIN, TEXAS — Brookfield Residential Properties has completed the 21-acre Skyline Park, located at 7800 Apogee Blvd. in the Easton Park neighborhood of Austin. Skyline Park offers views of downtown Austin, a bridge connection resembling the Pennybacker Bridge, a splash pad, an open lawn and two playgrounds designed to cater to children of a range of age groups. In addition, the park connects to a 13-mile network of walking trails. Project partners included landscape architect TBG, CBD civil engineering, Stanley Studio architects, PKA structural engineers and CMP project management consultants. A grand opening event took place on Saturday, May 4.
LUBBOCK, TEXAS — Indianapolis-based development and investment firm Birge & Held Asset Management and Pedcor Management Corp. have unveiled the $7 million renovation of Cantibury Pointe Apartments, a 144-unit affordable housing complex in the West Texas city of Lubbock. The property offers 74 three-bedroom and 70 four-bedroom townhomes. The project team upgraded the amenity spaces, which include a pool, fitness center, business center and a clubhouse. Specific information on income restrictions was not disclosed.
HOUSTON — The U.S. subsidiary of Australian firm Anton Paar USA, which provides laboratory instruments and measuring systems, will open a 30,000-square-foot regional headquarters in Houston. The site is located within East River, Midway’s 150-acre mixed-use development in the Historic Fifth Ward. The facility will consist of 12,500 square feet of office space, 12,599 square feet of lab and training space and 5,000 square feet of logistics space. Chadd Bolding of Colliers represented Anton Paar USA in its site selection and purchase of the land. David Hightower represented Midway on an internal basis.
AUSTIN, TEXAS — Landmark Properties has acquired Pointe on Rio, a 321-bed student housing property located at 1901 Rio Grande St. near the University of Texas in Austin. The midrise building, which will be rebranded as Tradition on Rio, was constructed in 2014. The community offers units in studio through five-bedroom configurations with hardwood floors, stainless steel appliances and in-unit washers and dryers. Amenities include a pool, resident lounge, gaming area, fitness center and conference and study spaces. At the time of sale, the community was 94 percent preleased for the 2024-2025 academic year.