HOUSTON — Fairstead, an investment firm with three offices along the East Coast, will undertake a $25 million renovation of Coppertree Village Apartments, a 324-unit affordable housing complex in Houston. Matt Napoleon and Joseph Mandeville of Berkadia arranged construction financing for the project, and R4 Capital provided tax credit equity. Renovations will include new kitchens, bathrooms, windows and flooring to all units, as well as upgrades to the HVAC systems, roofing, siding and staircases of the buildings themselves. Lastly, the project team will add a new playground and community garden and redevelop the existing amenity building to support a computer lab, demonstration kitchen and a library.
FRISCO, TEXAS — Caddis, a Dallas-based developer exclusively focused on healthcare real estate, has broken ground on a 60,000-square-foot project in Frisco. Frisco Medical Pavilion II will be located at 12850 Dallas Parkway, just north of Texas Health Frisco, a full-service hospital that opened in 2019. Dallas-based Grace Hebert Curtis Architects is designing the project, and Novel Builders is serving as the general contractor. Transwestern is the leasing agent. Completion is slated for early 2024.
HOUSTON — An affiliate of locally based development and investment firm Adkisson Group has acquired a 19,800-square-foot office building in northwest Houston. According to LoopNet Inc., the property at 4809 Westway Park Blvd was built in 2005 and rises two stories. Travis Land of Partners Real Estate represented the buyer, which also plans to occupy the building, in the transaction. Jude Filippone of Traswestern represented the undisclosed seller.
KATY, TEXAS — Locally based investment firm The Vista Cos. has sold Vista Grand Reserve, a 12,000-square-foot medical office building in the western Houston suburb of Katy. According to LoopNet Inc., the building at 23543 Kingsland Blvd. was constructed in 2017. James Bell of Marcus & Millichap represented the seller in the transaction. Coldwell Banker Commercial/Lewis Realty Group represented the buyer, Santos Family Enterprises Ltd.
BRYAN, TEXAS — Aphorio Carter, a division of Tampa-based investment firm Carter Funds, has acquired a data center and office complex located in the Central Texas city of Bryan for $55 million. The complex consists of two data center buildings and one office building totaling 69,788 square feet. At the time of sale, the facility was fully leased to colocation services provider Fibertown, which recently entered into a 20-year net lease at the property. The seller was not disclosed.
LOCKHART, TEXAS — Marcus & Millichap has arranged the sale of Alliance Self Storage, a 532-unit facility located in the Central Texas city of Lockhart. The facility was built on five acres in 2002 and totals 70,750 net rentable square feet. Jon Danklefs of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies that requested anonymity, in the transaction.
FRISCO, TEXAS — Locally based developer Stillwater Capital has broken ground on a 215-unit build-to-rent residential project in Frisco. The site is located within The Link, a 240-acre mixed-use development that is adjacent to the PGA of America’s headquarters campus. Information on floor plans was not disclosed. Amenities will include a pool, fitness center, resident lounge and a neighborhood park and walking trails. Stillwater Capital has partnered with Robert Elliott Custom Homes on the project, which is slated for full completion in late 2024.
LOCKHART, TEXAS — Factory Building Stores, a distributor of home appliances, has signed a 167,794-square-foot, full-building industrial lease at Lockhart 130 Industrial Park in Central Texas. The rear-load building, which is slated for a fourth-quarter completion, will feature 32-foot clear heights and 37 dock doors. Omar Nasser of AQUILA Commercial represented the landlord, Titan Development, in the lease negotiations. Davis Bass and Geoff Hangartner of HPI Real Estate Services & Investments represented the tenant. Lockhart 130 Industrial Park will ultimately comprise four buildings on a 45.1-acre site.
VICTORIA, TEXAS — Partners Real Estate, the investment and brokerage firm formerly known as NAI Partners, has negotiated the sale of a 37,221-square-foot warehouse in Victoria, located roughly midway between Houston and Corpus Christi. Chris Caudill of Partners represented the buyer, Waste Management of Texas Inc., which also plans to occupy the facility, in the transaction. Nancy Garner of Woolson Real Estate Inc. represented the seller, Stallion Oilfield Services Ltd.
AUSTIN, TEXAS — Locally based developer PlaceMKR will undertake a 2 million-square-foot mixed-use redevelopment project at a 22.5-acre site at the intersection of East Riverside Drive and State Highway 71 in Austin. The site currently houses a storage facility and a former mobile home park. Designed by Steinberg Hart on land owned by Artesia Real Estate, East Riverside Gateway will be a seven-building development that will feature residential, office, retail and restaurant uses, as well as some 4,000 onsite parking spaces. More specifically, four of the buildings totaling approximately 1,100 units will be devoted to multifamily usage, with street-level retail connecting all the structures. Construction will occur in phases, with the initial phase expected to begin within 12 months pending the developer’s securing of an equity partner. The development team is also in the processing of obtaining entitlements and permits.