Texas

AMLI Residential Completes 406-Unit Apartment Community in Austin’s Mueller District

by Taylor Williams October 24, 2023

AUSTIN, TEXAS — AMLI Residential has completed AMLI Branch Park, a 406-unit apartment community in Austin’s Mueller District. Units come in studio, one- and two-bedroom floor plans and are furnished with quartz countertops, stone backsplashes and soft-close cabinetry. Select units also offer wine refrigerators, fenced yards and built-in bookshelves and desks. Amenities include a pool, dog park, beer garden, outdoor grilling and dining stations, a fitness center, coworking spaces and 20,000 square feet of retail and restaurant space that is scheduled to come on line in spring 2024. Rents start at $1,910 per month for a studio apartment.

October 24, 2023

Acquisitions Healthcare Loans Texas

Remedy, Kayne Anderson Acquire 161,264 SF Specialty Surgical Hospital in Frisco

by Taylor Williams October 24, 2023

FRISCO, TEXAS — A joint venture between Chicago-based Remedy Medical Partners and Kayne Anderson Real Estate has acquired Baylor Scott & White Frisco Medical Center, a 161,264-square-foot specialty surgical hospital located on the northern outskirts of Dallas. The two-story, 68-bed facility sits on 7.4 acres and is fully leased to Texas Health Ventures Group, a joint venture between Baylor Scott & White and United Surgical Partners International. Services include orthopedics, OB/GYN, labor delivery/NICU, urology, spine, radiology and general surgery, as well as an emergency department and onsite pharmacy. The seller was not disclosed. First Citizens Bank provided a $75 million acquisition loan for the deal.

October 24, 2023

Development Multifamily Texas

Wolfe Investments Begins Leasing 88-Unit Multifamily Project in Gunter, Texas

by Taylor Williams October 24, 2023

GUNTER, TEXAS — Locally based developer Wolfe Investments has begun leasing Four Cedars Apartments, an 88-unit multifamily project in the North Texas city of Gunter. The property offers one- and two-bedroom units and amenities such as a pool, clubhouse and outdoor grilling and dining areas. The first move-ins are expected to begin in December. Rents start at $1,450 per month for a one-bedroom apartment.

October 24, 2023

Industrial Leasing Activity Lee & Associates Texas

Lee & Associates Negotiates 56,965 SF Industrial Lease in Cedar Hill, Texas

by Taylor Williams October 24, 2023

CEDAR HILL, TEXAS — Lee & Associates has negotiated a 56,965-square-foot industrial lease in Cedar Hill, a southern suburb of Dallas. The tenant, Lakawana Realty Development, is taking space at Building 3 at High Point 67 Logistics Center, a 184-acre, 2 million-square-foot development by Hillwood. Stephen Williamson of Lee & Associates represented the tenant in the lease negotiations. Kacy Jones, Brian Gilchrist and Steve Koldyke of CBRE represented Hillwood.

October 24, 2023

Leasing Activity Office Texas

Electric Power Engineers Signs 17,132 SF Office Lease in Southwest Austin

by Taylor Williams October 24, 2023

AUSTIN, TEXAS — Electric Power Engineers has signed a 17,132-square-foot office lease in southwest Austin. The engineering consulting firm is taking space at the 167,369-square-foot Uplands 1, which was renovated in 2019. Matt Frizzell and Kevin Granger of Cushman & Wakefield represented the landlord, San Francisco-based Drawbridge Realty, in the lease negotiations. Andy Carlson and Bob Wynn of Cushman & Wakefield represented the tenant.

October 24, 2023

Development Leasing Activity Mixed-Use Retail Texas Top Stories

Scheels to Open 240,000 SF Sporting Goods Store in Metro Austin

by John Nelson October 24, 2023

CEDAR PARK, TEXAS — Scheels, an employee-owned sporting goods retailer based in Fargo, N.D., plans to open a 240,000-square-foot store in Cedar Park, a northern suburb of Austin. The store will be the retailer’s second “All Sports” location to open in Texas, joining a store at Grandscape in The Colony that opened in 2020. Scheels plans to employ more than 500 associates at the store, most of whom will be local to Cedar Park. The Cedar Park Scheels is the second anchor tenant announced for CedarView, a mixed-use development that will also feature a 1.2 million-square-foot Nebraska Furniture Mart (NFM), a convention center and a hotel with at least 250 rooms. CedarView will be situated on a 118-acre site near the H-E-B Center. NFM is the master developer of both CedarView and Grandscape. The new Scheels store will stock more than 1 million pieces of inventory throughout 75 specialty departments and boutiques. The property will also host entertainment attractions, including a 65-foot Ferris Wheel, 16,000-gallon saltwater aquarium, a wildlife mountain and Fuzzyiwig’s Candy Shop. Other attractions at the store will include interactive arcade games, sports simulators and Ginna’s Café, a restaurant that will serve gourmet soups and sandwiches, homemade fudge …

October 24, 2023

John Ducey Walker & Dunlop agency financing affordable housing

Affordable Housing Content Partner Development Features Loans Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

How to Maximize Agency Financing for Affordable Housing

by Sarah Daniels October 24, 2023

There are a variety of ways to build affordable housing, but implementing these strategies has become an increasingly difficult proposition in 2023. Affordable housing projects seem to face challenges on every front. Generally affordable housing developers will: Despite intensifying renter demand for new units, developers are struggling to make their projects financially feasible, says John Ducey, chief production officer in the affordable lending group at Walker & Dunlop. “Affordable housing developers are facing some of the toughest headwinds I’ve seen in more than 20 years in the industry,” Ducey says. “That means developers are forced to work harder than ever to structure deals that stretch scarce housing subsidies and maximize agency financing.” Challenging Conditions One impediment to affordable housing efforts is reduced future rent levels, related to area median income (AMI) caps the Department of Housing and Urban Development (HUD) imposed recently on LIHTC properties in many markets in the United States. The unexpectedly restrictive caps forced developers to slash revenue projections, scuttling some transactions and forcing many loan applicants to renegotiate or seek alternative financing to salvage deals. On the expense side, inflation and the labor crunch continue to drive up costs for new construction, renovation of older affordable …

October 24, 2023

Acquisitions Multifamily Texas

AMLI Residential Sells 314-Unit Apartment Community in Dallas Design District

by Taylor Williams October 23, 2023

DALLAS — AMLI Residential has sold AMLI Design District, a 314-unit apartment community in Dallas. The property was built in 2013 and includes 26,830 square feet of retail space and 664 parking spaces. Units come in studio, one- and two-bedroom floor plans and are furnished with stainless steel appliances, quartz countertops, walk-in closets and individual washers and dryers. Amenities include a pool, fitness center, coffee bar, outdoor grilling and dining stations, multiple pet play areas, conference room and a skyline lounge. Roberto Casas of JLL represented AMLI Residential in the transaction. Melissa Quinn, Lee Weaver, Rob Rothaug, Cristian Sieman, Lauren Dow and Chris Grievous, also with JLL, provided an undisclosed amount of Freddie Mac acquisition financing to the buyer, international investment firm HASTA Capital. The sales price and financing amount were not disclosed.

October 23, 2023

Development Hospitality Texas

Stratus Development Partners Opens 212-Room Hotel in Downtown Austin

by Taylor Williams October 23, 2023

AUSTIN, TEXAS — An affiliate of California-based Stratus Development Partners has opened the 212-room Cambria Hotel Austin Downtown at 68 East Ave., adjacent to the historic Rainey Street District. The 16-story, 223,975-square-foot hotel offers a pool, fitness center, 24-hour market and 8,300 square feet of meeting and event space, as well as a fifth-floor restaurant and bar and a rooftop bar and lounge. San Diego-based Azul Hospitality Group will manage the hotel.

October 23, 2023

Acquisitions Retail Texas

STRIVE Negotiates Sale of 146,612 SF Shopping Center in North Dallas

by Taylor Williams October 23, 2023

DALLAS — Locally based brokerage firm STRIVE has negotiated the sale of Gallery on the Parkway, a 146,612-square-foot shopping center in North Dallas. Bed, Bath & Beyond and Buy, Buy Baby most recently anchored the property, which was built on 12 acres in 1995. Other tenants include Nordstrom Rack and Cost Plus World Market. Chicago-based REIT Blue Owl Real Estate sold Gallery on the Parkway to Dallas-based investment firm Four Rivers Capital for an undisclosed price. Adam Gottschalk of STRIVE brokered the deal.

October 23, 2023

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