Texas

Tesla Files Plans For $775M Expansion of Austin Electric Vehicle Factory

by Jeff Shaw January 11, 2023

AUSTIN, TEXAS — Tesla has filed plans with the Texas Department of Licensing and Registration (TDLR) to spend more than $775 million to expand Giga Texas, an automotive production plant in Austin. The filings indicate plans to construct cathode and drive unit manufacturing centers, a battery cell test lab and manufacturing center and a die shop. The expansion of Giga Texas is the company’s largest construction plan since the $5.5 billion for development of Giga Berlin in Germany last year, according to Reuters. Construction began on Giga Texas in July 2020, with initial deliveries of vehicles taking place at a “Cyber Rodeo” event on April 7, 2022. Tesla relocated its headquarters from Palo Alto, California to Austin in 2021. Tesla’s official Giga Texas website states that the plant currently features over 10 million square feet of factory floor on a 2,500-acre site along the Texas Colorado River. The production plant currently serves as the U.S. manufacturing hub for the Tesla Model Y and is planned as the future hub for production of the Tesla Cybertruck. A timeline for the expansion has yet to be announced. However, according to a recent report from Reuters, Tesla is expected to host its investor …

January 11, 2023

Loans Multifamily Oklahoma Texas

Bellwether Enterprise Provides Agency Credit Facility for 256-Unit Affordable Housing Complex in Houston

by Taylor Williams January 10, 2023

HOUSTON — Bellwether Enterprise Real Estate Capital has provided a Freddie Mac Transitional Line of Credit for Aspen Park, a 256-unit affordable housing complex in Houston. The amount was not disclosed, but the financing is part of a $150 million credit facility for a quartet of properties in Texas and Oklahoma. The borrower, Alabama-based Envolve Communities, will use the proceeds to refinance existing debt, preserve affordability and fund capital improvements. Jon Killough and John Roberts of Bellwether Enterprise originated the financing. Aspen Park houses one-, two- and three-bedroom units, the majority of which are reserved for renters earning 60 percent or less of the area median income.

January 10, 2023

Development Multifamily Texas

KWA Construction Completes 217-Unit Multifamily Project in Burleson, Texas

by Taylor Williams January 10, 2023

BURLESON, TEXAS — Locally based general contractor KWA Construction has completed Atlantica at Burleson, a 217-unit multifamily project located on the southern outskirts of Fort Worth. Designed by Womack + Hampton Architects and developed by Sovereign Properties, the community offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, dog park, resident clubhouse and outdoor grilling and dining areas. Rents start at $1,300 per month for a one-bedroom apartment. Jacobson Equities purchased the property in August 2022.

January 10, 2023

Acquisitions Hospitality Texas

Marcus & Millichap Brokers Sale of 188-Room Hotel Portfolio in Port Arthur, Texas

by Taylor Williams January 10, 2023

PORT ARTHUR, TEXAS — Marcus & Millichap has brokered the sale of a 188-room hotel portfolio in the East Texas city of Port Arthur. The 92-room Holiday Inn Express & Suites Port Arthur was constructed in 2010 and renovated in 2019, and the 96-room TownePlace Suites Beaumont Port Arthur was originally constructed in 2014. Both hotels are part of the Intercontinental Hotels Group (IHG) family of brands. Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, Texas-based Daugherty Property Group, in the transaction. The duo also procured the buyer, an out-of-state, 1031 exchange investor.

January 10, 2023

Acquisitions Retail Texas

Faris Lee Arranges $8.7M Sale of Retail Building in Euless, Texas

by Taylor Williams January 10, 2023

EULESS, TEXAS — California-based brokerage firm Faris Lee Investments has arranged the sale of an 11,620-square-foot retail building located in the central metroplex city of Euless. The property, which is an outparcel building to the 194-acre Glade Parks Town Center mixed-use development, was fully leased at the time of sale to Sleep Number, Salata, Jersey Mike’s, LoveSac and Total Men’s Primary Care. Jeff Conover and Scott DeYoung of Faris Lee represented the buyer, a family office based in the Midwest that acquired the asset via a 1031 exchange, in the transaction. Venture CRE represented the undisclosed seller. The all-cash deal traded at a cap rate of 5.92 percent.

January 10, 2023

Leasing Activity Office Texas

Ecobat Signs 28,258 SF Office Sublease at PwC Tower in Dallas

by Taylor Williams January 10, 2023

DALLAS — Ecobat, a provider of battery recycling services, has signed a 28,258-square-foot office sublease at PwC Tower in Dallas. Rick Hughes and Joel Zandstra of Cushman & Wakefield represented Ecobat, which is subleasing the space from the namesake tenant, accounting giant PricewaterhouseCoopers (PwC), in the lease negotiations. Ben Davis and Harlan Davis of CBRE represented PwC. MetLife Investment & Management owns the 20-story, 500,000-square-foot building.

January 10, 2023

Acquisitions Multifamily Student Housing Texas

TSB Realty Negotiates Sale of 296-Bed Student Housing Community in Austin

by Taylor Williams January 9, 2023

AUSTIN, TEXAS — TSB Realty has negotiated the sale of 21 Rio, a 296-bed student housing community located near the University of Texas at Austin. Built in 2009, the 21-story property features one-, two- and three-bedroom units and 2,680 square feet of ground-floor retail space. Amenities include a 24-hour fitness center, rooftop pool with a sundeck, resident lounge and a convenience store. Nimes Real Estate purchased the property from a joint venture between CA Student Living and Principal Real Estate for an undisclosed price. TSB Capital Advisors also arranged acquisition financing on behalf of the buyer.

January 9, 2023

Acquisitions Industrial Self-Storage Texas

Versal Arranges Sale of 257-Unit Self-Storage Facility in Del Valle, Texas

by Taylor Williams January 9, 2023

DEL VALLE, TEXAS — Self-storage brokerage firm Versal has arranged the sale of FM 812 Storage, a 257-unit facility in Del Valle, a southeastern suburb of Austin. The facility spans approximately 43,250 net rentable square feet. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the buyer, an Austin-based family partnership, in the transaction. The seller and sales price were not disclosed.

January 9, 2023

Affordable Housing Loans Multifamily Texas

Basis Multifamily Finance Provides $12.1M Agency Refinancing of East Texas Affordable Housing Property

by Taylor Williams January 9, 2023

NACOGDOCHES, TEXAS — Basis Multifamily Finance, a subsidiary of New York City-based Basis Investment Group, has provided an $12.1 million Freddie Mac loan for the refinancing of Sunridge Apartments, an affordable housing property located in the East Texas city of Nacogdoches. The property offers one-, two- and three-bedroom floor plans and amenities such as a pool, fitness center, business center and onsite laundry facilities. The sponsor was New Jersey-based Ambo Properties. Sunridge was 93 percent occupied at the time of the loan closing.

January 9, 2023

Acquisitions Multifamily Seniors Housing Texas

Franklin Park Senior Living Sells 112-Unit Assisted Living Facility in Richardson, Texas

by Taylor Williams January 9, 2023

RICHARDSON, TEXAS — Texas-based owner-operator Franklin Park Senior Living has sold Appletree Court, a 112-unit assisted living facility in Richardson, a northeastern suburb of Dallas. The property was built in 1999 and was 90 percent occupied at the time of sale. Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin of Cushman & Wakefield represented Franklin Park in the transaction. The buyer was a partnership between Winterpast Capital Partners and Marcus Investments. Cushman & Wakefield also arranged acquisition financing through a regional lender for the deal.

January 9, 2023

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