MIDLAND, TEXAS — Marcus & Millichap has brokered the sale of a two-building, 21,000-square-foot industrial complex in the West Texas city of Midland. Built on 10 acres in 2011, the property was fully occupied at the time of sale by Arkos Field Services, which provides compression equipment for the natural gas industry. Adam Abushagur, Davis Cagle and Nathan Parkey of Marcus & Millichap represented the seller, a private investor, in the transaction. Additional terms of sale were not disclosed.
HOUSTON — Dallas-based brokerage firm STRIVE has negotiated the sale of Greenwillow Shopping Center, a 10,033-square-foot, fully leased retail strip center in northwest Houston. According to LoopNet Inc., the property was built in 2003. Michael Hill and Jake Dutson of STRIVE represented the seller, a California-based private investor, in the transaction. The duo also procured the buyer, a local investor. Both parties requested anonymity.
DURANT OKLA. — Safe & Green Holding Corp. a designer and fabricator of modular structures, will develop a 1.1 million-square-foot manufacturing facility in Durant, located just north of the Oklahoma-Texas border. The site spans 114 acres on McLean Avenue. Approximately 120,000 square feet will be used for manufacturing, while the remaining space will support distribution, cold storage and other similar operations. The project team is currently in the design phase. A target completion date was not disclosed.
DALLAS — Los Angeles-based investment firm Westwood Financial has acquired Northview Plaza, a 120,000-square-foot, grocery-anchored shopping center located in northeast Dallas. Kroger anchors the center, which was 89 percent leased at the time of sale. Other tenants include Petco and McDonald’s. The transaction was executed off-market with the undisclosed seller.
TULSA, OKLA. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 110-unit seniors housing community in Tulsa. Completed in 2017, the unnamed property offers assisted living and memory care services as well as Class A amenities. A national investor and its operator, both based in Seattle, sold the asset to an undisclosed buyer. Alex Florea, Kyle Hallion and Kory Buzin led the transaction for Blueprint.
DALLAS — Greysteel has arranged the sale of a portfolio of three multifamily properties totaling 78 units in East Dallas. The properties — Courtyards at Lower Greenville, Garrett on the Green and Republic at San Jacinto — were built in the 1950s and 1960s and renovated between 2018 and 2020. Andrew Mueller led the Greysteel team that brokered the deal. The buyer and seller were not disclosed.
HOUSTON — IHI Energy Solutions, a provider of carbon reduction technologies, has signed a 17,816-square-foot office headquarters lease at Atrium at Park Ten in Houston’s Energy Corridor area. The deal brings the 140,000-square-foot building to 98 percent occupancy. Kim Shapiro and Mike Martin of Avison Young represented the landlord, Florida-based Accesso, in the lease negotiations. Jennifer Meehan of Savills represented the tenant.
Affordable HousingContent PartnerDevelopmentFeaturesLoansMidwestMultifamilyNortheastSoutheastTexasWalker & DunlopWestern
Low-Income Housing Tax Credit Industry Adjusts to HUD Curveball on Income Limits
New income limits for low-income and very-low-income housing in 2023 represent a mixed blessing for the industry’s providers, who gain more potential renters but face ubiquitous caps that restrain their ability to adjust rents. The U.S. Department of Housing and Urban Development (HUD) publishes the income limits annually based on changes in each housing area’s median income, and typically places caps on outlier markets to prevent wide year-to-year swings. From 2010 through 2021, about 10 percent of areas were capped each year. Also in that period, the caps predictably checked the increase in an area’s qualifying income levels to no more than double the annual percent change in national median income. HUD published national median income based on three-year-trailing American Community Survey (ACS) data that HUD adjusted forward using the Consumer Price Index (CPI). In 2022, however, HUD omitted the CPI factor and based limits on historical survey data alone, producing lower results for median incomes and a smaller percentage change to be doubled into a cap. Even so, calculated incomes rose significantly, spurring HUD to cap increases in 57 percent of areas. Industry experts had predicted HUD would add the CPI adjustment back into its calculations in 2023, resulting …
IRVING, TEXAS — A joint venture between shopping center owner-operator Edens and CBRE Investment Management has purchased MacArthur Park, a 425,612-square-foot retail power center in Irving. Target, Kroger, Office Depot, T.J. Maxx, Michaels, Ross Dress for Less and Ulta Beauty serve as the anchor tenants at the center, which was built in 2001 and is located at the intersection of I-635 and the George Bush Turnpike. The seller and sales price were not disclosed.
SAN ANTONIO — Dallas-based developer RightQuest Residential has sold Eleven West Luxury Apartments, a 264-unit multifamily community that is located on a 13-acre site on the west side of San Antonio. Designed by Cross Architects and built by Houston-based Nations Construction, the newly constructed property offers one- and two-bedroom units that are furnished with granite countertops, walk-in closets and individual washers and dryers. Private balconies/patios are available in select residences. Amenities include a pool, fitness center, business center, clubhouse, dog park and onsite storage facilities. CBRE brokered the sale on behalf of RightQuest Residential. The buyer and sales price were not disclosed.