CELINA, TEXAS — Developers Guy Hatcher and Todd Stein are underway on construction of Phase I of a mixed-use project in the North Texas city of Celina. The initial phase of Celina Station, which is located at the corner of Preston Road and Ash Street, will feature 60,000 square feet of retail, office and medical office space. Tenants that have committed to this space include AT&T Wireless, OMG Tacos, Methodist Family Medical and Cook’s Children’s Pediatric. The development team has also secured leases with a nail salon, dentistry practice, martial arts school and a Vietnamese restaurant. At full buildout, Celina Station will also include 336 multifamily units that will be developed by Highpark Capital and multiple acres of parks, sports courts and walking trails.
AUSTIN, TEXAS — Texas-based developer Presidium has broken ground on a 358-unit multifamily project in northeast Austin. Designed by Dallas-based Humphreys & Partners, Presidium Tech Ridge will sit on 14 acres and feature studio, one- and two-bedroom floor plans. Residences will be furnished with stainless steel appliances, quartz countertops, built-in desks, wine coolers and full-size washers and dryers. The amenity package will comprise a pool, fitness center, game room, coffee bar, theater lounge, golf simulator, business center, catering kitchen, coworking lounge, courtyard with fire pits and a dog park. Completion is slated for late 2023.
ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of The Hub, a 168-unit apartment community in Arlington. The property houses studio, one- and two-bedroom units and offers amenities such as a dog park and outdoor grilling and dining areas. Al Silva and Ford Braly of Marcus & Millichap represented the seller, Lubbock-based developer Madera Residential, in the transaction and procured an undisclosed, locally based investment group as the buyer. The new ownership plans to implement a value-add program.
CARROLLTON, TEXAS — Northmarq has arranged a permanent loan of an undisclosed amount for Carrollton Park Village, a 110,000-square-foot shopping center located on the northern outskirts of Dallas. The property was built on 10 acres in phases between 1965 and 1987 and is home to tenants such as dd’s Discounts, Dollar General and Hibbett Sporting Goods. Phillip Bankhead of Northmarq arranged the debt through Genworth Financial on behalf of the borrower, Vista Property Co. The loan carried a fixed interest rate, 15-year term and a 25-year amortization schedule.
SAN ANTONIO — Stream Realty Partners has negotiated a 73,873-square-foot industrial lease at CenterPoint Logistics Park in San Antonio. The tenant, an undisclosed retail vending company, will occupy approximately half of the space at Building 4, which is under construction and scheduled for a third-quarter 2023 completion. Kevin Cosgrove and Walter Simpson of Stream Realty Partners represented the landlord, Jackson-Shaw, in the lease negotiations.
By Allison Herrera, Walker & Dunlop Effective Dec. 15, 2022, Freddie Mac began accepting ownership of two- to four-unit properties — aka duplexes, triplexes or quadplexes — as relevant experience for all loans in its Optigo® Small Balance Loans (SBL) program. Previously, Freddie Mac defined multifamily experience as controlling ownership of a property with at least five units or more and excluded two- to four-unit properties. By expanding its borrower experience definition, Freddie’s SBL program increases opportunities for investors who focus on small multifamily housing to grow their portfolios by accessing financing outside of banks. What Qualifies as Experience? Here’s what you should know. Freddie Mac expanded their definition of multifamily experience to include borrowers who have a portfolio of two- to four-unit properties that meet the following criteria: The borrower must own at least 10 units total The borrower must have owned each property for at least two years The borrower must have a controlling interest in all 10 units The 10 units do not need to be contiguous or located in the same county The new requirements provide investors access to agency debt when beginning to invest in larger properties, such as those with five to 50 units, …
ARLINGTON, TEXAS — The Dallas Cowboys are planning approximately $295 million in renovations to AT&T Stadium, according to reports from multiple sports media outlets, including Sports Business Journal (SBJ), which originally broke the news. Nicknamed “Jerry World” after Cowboys owner Jerry Jones, the complex originally opened in 2009 and seats approximately 100,000 fans. SBJ reports that the project is designed to enhance certain seating areas and upgrade select pieces of technological infrastructure. In addition to Cowboys games, AT&T Stadium annually hosts college football’s Big 12 Championship and Cotton Bowl and will also be one of the North American host venues for the 2026 World Cup.
SPRING, TEXAS — Dallas-based investment firm Civitas Capital Group has acquired Cypresswood Apartments, a 287-unit multifamily community located north of Houston in Spring. The newly built, garden-style property sits on 12.2 acres and offers one-, two- and three-bedroom units, according to Apartments.com. Amenities include a pool, fitness center, clubhouse, playground, basketball court and a dog park. Houston-based Fidelis Realty Partners sold the property for an undisclosed price.
MANOR, TEXAS — Avison Young has arranged the sale of a multifamily development site in Manor, a northeastern suburb of Austin, that is approved for the construction of 200 units and 20,000 square feet of retail space. The 13.2-acre site is located within the 200-acre Las Entradas master-planned development. John Baird, Michael Kennedy and Sullivan Johnston of Avison Young represented the seller, Las Entradas Development Corp., in the transaction. Gilles Ghez of DH Realty Partners represented the buyer, Maryland-based DD&B Construction.
KILLEEN, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of Ashton Park, a 148-unit apartment complex located in the Central Texas city of Killeen. According to Apartments.com, the property was built in 1974 and features studio, one- two- and three-bedroom units, as well as a pool, fitness center, tennis court and a basketball court. Paul Yazbeck of TMG represented the seller, and Chase Davis of TMG procured the buyer. Both parties requested anonymity.