Texas

Berkadia Arranges Sale of 228-Unit Edgewater Apartments in Lake Jackson, Texas

by Taylor Williams January 3, 2023

LAKE JACKSON, TEXAS — Berkadia has arranged the sale of Edgewater Apartments, a 228-unit multifamily property in Lake Jackson, about 50 miles south of Houston. Built in 2005, Edgewater Apartments consists of 19 two-story residential buildings and a one-story clubhouse on a 19-acre site. Units come in one- and two-bedroom floor plans and range in size from 742 to 1,319 square feet. Amenities include a pool, fitness center, business center, outdoor grilling and dining areas and a pet park. Chris Curry, Todd Marix, Jeffrey Skipworth, Chris Young, Joey Rippel, Kyle Whitney, Adam Sumrall, Kelly Witherspoon, Justin Cole and Michael Gonzalez of Berkadia represented the seller, Chicago-based Redwood Capital Group, in the transaction. The buyer was an undisclosed, New York-based investment firm.

January 3, 2023

Development Multifamily Texas

Realty Capital Breaks Ground on 200-Unit Multifamily Project in Flower Mound, Texas

by Taylor Williams January 3, 2023

FLOWER MOUND, TEXAS — Locally based developer Realty Capital has broken ground on a 200-unit multifamily project in Flower Mound, located in the northern-central part of the metroplex. The 16-story building at 3111 Sunset Blvd. will be situated within a larger 40-acre development. Units will come in one-, two- and three-bedroom floor plans, as well as townhomes, and will feature an average size of 1,485 square feet. The amenity package will comprise a pool with a deck and full-service bar, 24-hour attended lobby with concierge services, a private dining room and a billiards room. Barings provided construction financing for the project, which includes 6,000 square feet of retail space and is slated for a 2025 completion.

January 3, 2023

Loans Multifamily Texas

Basis Multifamily Provides $8.3M Agency Loan for Refinancing of Property in Kilgore, Texas

by Taylor Williams January 3, 2023

KILGORE, TEXAS — Basis Multifamily Finance, a subsidiary of New York City-based Basis Investment Group, has provided an $8.3 million Freddie Mac loan for the refinancing of Glen Hollow Apartments, an affordable housing property located in the East Texas city of Kilgore. The property offers one-, two- and three-bedroom floor plans and amenities such as a pool, playground, business center and onsite laundry facilities. The sponsor was New Jersey-based Ambo Properties. Glen Hollow Apartments was 93 percent occupied at the time of the loan closing.

January 3, 2023

Leasing Activity Retail Texas

Enson Market to Open 100,000 SF Asian Grocery Store in North Houston

by Taylor Williams January 3, 2023

HOUSTON — Enson Market, an Asian grocery concept based in Cincinnati, will open a 100,000-square-foot store at 2224 FM 1960 Road in North Houston. The site is located within a 200,000-square-foot vacant shopping center. An affiliate of the company, an entity doing business as Pacific Square of FM LLC, purchased the center with plans to implement capital improvements and lease the remaining 100,000 square feet. Ryan Neyland of Davis Commercial Real Estate represented the seller, Copper Leaf LLC, in the transaction. Casey Ward of CRW Commercial represented the buyer.

January 3, 2023

Acquisitions Industrial Texas

JLL Negotiates Sale of 540,324 SF Industrial Park in Fort Worth

by Taylor Williams December 23, 2022

FORT WORTH, TEXAS — JLL has negotiated the sale of Westside 35, a 540,324-square-foot industrial park in Fort Worth. Westside 35 comprises two front-load warehouses with 36-foot clear heights,185-foot truck court depths and combined parking for 107 trailer parking spaces and 373 cars. The site also includes a 7.1-acre parcel that can support additional trailer parking space. Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe, Matthew Barge and Jake Benalloul of JLL represented the undisclosed seller in the transaction. CBRE Investment Management purchased Westside 35, which was fully leased to three tenants at the time of sale, for an undisclosed price.

December 23, 2022

Acquisitions Multifamily Texas

Three Pillars Capital Acquires 208-Unit Aspen Apartments in Houston

by Taylor Williams December 23, 2022

HOUSTON — Three Pillars Capital Group, a locally based private equity firm specializing in multifamily properties, has acquired Aspen Apartments, a 208-unit complex in Houston’s Brookhollow neighborhood. Built in 1973, the property offers studio, one- and two-bedroom apartments and amenities such as a pool, basketball court, playground and onsite laundry facilities. Rebus Capital sold the property for an undisclosed price. Three Pillars plans to implement a value-add program that will primarily focus on enhancing unit interiors.

December 23, 2022

Acquisitions Hospitality Texas

Marcus & Millichap Arranges Sale of 180-Room Hotel Portfolio in Denton, Texas

by Taylor Williams December 23, 2022

DENTON, TEXAS — Marcus & Millichap has arranged the sale of a two-property hotel portfolio totaling 180 rooms in the North Texas city Denton. The 88-room La Quinta Inn & Suites and the 92-room Holiday Inn Express & Suites were both built about 10 years ago and were recently renovated. Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, Dallas-based Angel Hospitality Group, in the transaction. The duo also procured the undisclosed buyer.

December 23, 2022

Acquisitions Oklahoma Retail Texas

Montfort Cos. Buys Portfolio of 19 Gas Station, Convenience Stores in Southwest Oklahoma

by Taylor Williams December 23, 2022

DENVER — A subsidiary of Denver-based investment firm Montfort Cos. has purchased The Chisholm Corner Portfolio, a collection of 19 gas station and convenience stores in southwest Oklahoma. The subsidiary, 7E Holdings LLC, will subsequently assume operations of all stores, the exact locations of which were not disclosed. Grant McWhirter of Southwest Petroleum Realty represented the seller, Bostick & Associates, in the transaction.

December 23, 2022

Affordable Housing Loans Multifamily Texas

Hunt Capital Partners Provides $12.9M in Tax Credit Equity for Irving Affordable Housing Project

by Taylor Williams December 23, 2022

IRVING, TEXAS — Hunt Capital Partners has provided $12.9 million in Low-Income Housing Tax Credit (LIHTC) equity for The Heights at MacArthur, a 76-unit affordable housing project in Irving. The property will offer one-, two- and three-bedroom units that will be reserved for renters earning between 30 and 60 percent of the area median income. Amenities will include a pool, fitness center, business center and a community room. The borrower is a partnership between Hill Tide Ventures and Generation Housing Partners. Total project costs are $21.3 million..

December 23, 2022

Development Industrial Texas

Titan Development Breaks Ground on 167,794 SF Industrial Project in Lockhart, Texas

by Taylor Williams December 22, 2022

LOCKHART, TEXAS — Titan Development has broken ground on Building 1 at Lockhart 130 Industrial Park in Central Texas, a project that will add 167,794 square feet of industrial space to the local supply. The rear-load building will feature 32-foot clear heights, 36 dock doors and a 60-foot speed bay. Completion is slated for the fourth quarter of 2023. At full buildout, Lockhart 130 Industrial Park will consist of four buildings totaling roughly 650,000 square feet across 45 acres.

December 22, 2022

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