HOLLY LAKE RANCH, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of a 130-unit hospitality property in Holly Lake Ranch, a census-designated area located about 100 miles east of Dallas. Holly Lake Resort spans 100 acres and features one- and two-bedroom cabins with an average size of 708 square feet. Amenities include a restaurant, movie theater, activity center with a game room, fitness center, fishing piers, pools, a minigolf course and tennis, pickleball and basketball courts, as well as access to kayaking, canoeing and hiking trails. Jon Krebbs of TMG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
HOUSTON — Club Quarters Hotels, an owner-operator of boutique hospitality properties, has completed a 70-unit apartment hotel in downtown Houston. Rusk House Serviced Apartments offers studio, one- and two-bedroom units that feature living rooms complete with sofas, as well as desks, dining areas, fully equipped kitchens and bathroom amenities. Guests also have access to onsite dining, housecleaning and laundry services. Rates start at $199 per night.
EL PASO, TEXAS — Atlanta-based investment firm MDH Partners has acquired Loop 375 Industrial, a 554,960-square-foot property in El Paso. The 36.7-acre development is located at the northeast corner of Amesbury Avenue and Joe Battle Boulevard and consists of three buildings, two of which span 107,943 square feet. The third building totals 339,074 square feet. Loop 375 Industrial features clear heights of 32 to 36 feet, a total of 191 dock doors and parking for 230 cars. Bret Felberg and Jeff Morris of Colliers represented the undisclosed seller in the transaction. Georga Rowe led the acquisition for MDH Partners. Building 1 is fully leased, as is roughly 200,000 square feet in Building 3. CBRE leases the property.
HOUSTON — Locally based developer McNair Interests has begun leasing Rowan on the Trails, a 221-unit apartment complex in Houston’s Westchase District. The project is part of a larger development, the first phase of which features the 330-unit Remy on the Trails. Residences come in studio, one-, two- and three-bedroom floor plans and range in size from 900 to 1,500 square feet. Amenities include a pool, fitness center, coworking spaces, clubroom and walking trails. Rents start at $1,650 per month for a studio apartment. Construction began in July 2023.
MIDLAND, TEXAS — Marcus & Millichap has brokered the sale of the 68-room Quality Inn Midland hotel in West Texas. The property offers amenities such as a hot breakfast bar and dining area, indoor pool, meeting room, business center, guest laundry facilities and a fitness center. Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, a private investor, in the transaction. The duo also procured a Texas-based limited liability company as the buyer. Both parties requested anonymity.
IRVING, TEXAS — Asset manager Singer Equities has signed a 15,294-square-foot lease at Cottonwood Office Center in Irving. The three-building, 165,000-square-foot campus was previously home to Liberty Mutual. John Dickenson and Paul Hernandez of Holt Lunsford Commercial represented the landlord, Capital Commercial Investments, in the lease negotiations. Brad Lipton of Mohr Partners represented the tenant.
LUBBOCK, TEXAS — Tangram Interiors, a Dallas-based interior design firm, has opened a new office at 6510 70th St. in Lubbock. Britni Wilkens, a sales executive with the company, will lead the Lubbock office, which is the seventh for Tangram Interiors. The company’s other five offices are located in California. Tangram Interiors is the flagship dealer for office furniture manufacturer Steelcase, which recently opened a new showroom in Dallas.
LAREDO, TEXAS — SE Legacy Development LLC, a development firm founded by the Walker Family, has broken ground on a $7.4 billion master-planned project in South Texas. The development, named Talise, will be situated on 13,000 acres north of Laredo in an unincorporated portion of Webb County. Situated at the intersection of I-35, U.S. Highway 83 and Texas Highway 255, Talise will feature thousands of single-family and multifamily residences, an industrial and manufacturing park, town center retail space, regional airport and a newly discovered water source. The name Talise is a term with Native American-Iroquoian roots meaning “lovely water.” The Walker Family, a multi-generational entity that has owned ranch land spanning more than 250,000 acres over the course of its history, owns the land for Talise and is investing $1.6 billion in the development. The Walker Family discovered the water source on the land and is proposing a way to use the resource as an alternative solution to current water shortages in Laredo and Webb County. The newly established Legacy Water Supply Corp. is proposing a method to treat 50 million gallons of water within the Talise land holdings daily. SE Legacy Development is drilling 40 water wells to access …
By Taylor Williams The multifamily markets of Austin and San Antonio — two of the fastest-growing cities in the country over the last decade — are on pace to deliver above-average volumes of new apartments in 2024, causing some industry experts to express concerns of potential oversupply. The origins of oversupply are not hard to trace, assuming the average apartment project in those markets takes about four years to complete from the time the site is identified and the entitlement and permitting processes begin to when the property is stabilized. Call it five years for some projects that experienced delays due to COVID-19. But in either case, the current wave of new product was largely financed at historically low interest rates at a time when healthy rent growth was easily underwritten. Demand was there, so developers supplied. And for similar reasons, the distress should be short-lived. With interest rates having risen by 400-plus basis points over the last two years and cuts for 2024 looking increasingly less likely, 2025 should be a year of very few new construction starts. Many owners that are delivering product this year will want to allow time for excess supply to be absorbed and see …
CORPUS CHRISTI, KILLEEN, NOLANVILLE AND HUNTSVILLE, TEXAS — Berkadia has brokered the sale of a portfolio of four manufactured housing properties totaling 544 sites in Texas. Two of the properties, the 126-site Clear Creek and 98-site Cimarron Park Estates, are located in the Central Texas cities of Killeen and Nolanville, respectively. The 295-site Gateway MHC is located in Corpus Christi, and the 61-site Hidden Valley is located north of Houston in Huntsville. Ian Hilpl, Kevan Enger, Brian Hummell and Hunter LaRocca of Berkadia represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.