DALLAS — Red Oak Capital Holdings has provided a 12-year, $2.3 million bridge loan for Templecliff Apartments, a 26-unit multifamily property in Dallas. Built in 1961 and renovated in 2021, the property offers one- and two-bedroom units that range in size from 750 to 1,125 square feet. The undisclosed, locally based borrower will use the proceeds to retire an existing mortgage and fund capital improvements.
SAN ANTONIO — Marcus & Millichap has brokered the sale of a 10,825-square-foot industrial building located at 12296 U.S. Highway 181 in San Antonio. According to LoopNet Inc., the single-tenant building was constructed on 2.8 acres in 1965. Adam Abushagur, Tyler Ranft and Ernesto Melgar Campos of Marcus & Millichap represented the seller in the transaction. Additional terms of sale were not disclosed.
AUSTIN, TEXAS — Dallas-based StreetLights Residential has completed The Asher, a 377-unit multifamily community in the Lakeline neighborhood of northwest Austin. The project represents the third phase of a larger development known as Presidio. Units come in one-, two- and three-bedroom formats and range in size from 676 to 1,763 square feet. Residences are furnished with custom cabinetry, granite countertops and tile backsplashes. Amenities include a pool, yoga lawn, coworking spaces, coffee bar, fitness center, pet wash and spa and lounge with space for personal projects or art classes. The first two phases of the Presidio development, The Elizabeth and The Michael, opened in 2019 and 2016, respectively. StreetLights Creative Studio served as the architect of record for the project and handled all interior design work in-house. SLR Construction LLC acted as the general contractor. Information on starting rents was not disclosed.
BROWNSVILLE, TEXAS — Brownsville Residential, an affiliate of the Housing Authority of the City of Brownsville, will undertake a multifamily conversion project in the Rio Grande Valley. The project will transform the historic El Jardin Hotel, which originally opened in 1927, into a 44-unit affordable housing complex that will house units available to renters earning up to 30, 50 and 60 percent of the area median income. Residences will come in one-, two- and three-bedroom formats, and amenities will include fitness center, library, computer lab, community room and garden area. Residents will also have access to annual health fairs, quarterly nutrition courses, bimonthly arts-and-crafts activities and weekly exercise classes. Financing for the project includes $13.6 million in federal and state tax credit equity, which was purchased by Hunt Capital Partners. Additionally, Bank OZK provided the $18.7 million construction loan.
FORT WORTH, TEXAS — Holt Lunsford Commercial has negotiated a 54,552-square-foot industrial lease in the Blue Mound/Saginaw area of Fort Worth. Blake Rogers of JLL represented the tenant, Strato Inc., a manufacturer of various industrial parts, in the lease negotiations. George Jennings, Trey Goodspeed and William Wilson of Holt Lunsford Commercial represented the landlord, Blue Ridge Industrial.
DALLAS — Fort Worth-based brokerage firm LanCarte Commercial has arranged the sale of a 50,138-square-foot industrial property located at 11126 Shady Trail Parkway in northwest Dallas. The property consists of three buildings that house 18 units on a 2.9-acre site. Sarah LanCarte of LanCarte Commercial represented the undisclosed seller, which acquired the property in 2020 and implemented a value-add program, in the transaction. The buyer and sales price were also not disclosed.
HOUSTON — Accounting firm Mohle Adams has signed a 15,029-square-foot office lease at 3900 Essex Lane in Houston’s Greenway Plaza district. The 12-story, 235,620-square-foot building offers an onsite bank, fitness center and conference facilities, and the lobby and corridors were recently upgraded. Ryan Hartsell of Oxford Partners represented Mohle Adams in the lease negotiations. Robert LaCoure and Bryce Adams of Lee & Associates represented the landlord, Florida-based Accesso.
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Improved Land Surveys, Due Diligence Can Ensure Development Project Success
Due diligence — particularly land surveying — can be a slow, cumbersome process if a project lacks strong guidelines based on the owner or developer’s particular needs. It can be easy to overprepare for the wrong site or underprepare for the succession of steps needed for the right site. REBusiness spoke to two land surveying experts, Billy Logsdon, divisional director of surveying, and Tom Teabo, associate and regional survey manager. Both work for Bohler, a land development consulting and site design firm, and both have strong insights on how to incorporate each step in the due diligence process elegantly within a well-planned approach. Due diligence such as American Land Title Association (ALTA) surveys and gathering topographic information can be time-consuming and expensive steps — making it beneficial to fit their timing into the larger project in a way that reflects the client’s needs — from the purchase of land to development completion. Logsdon and Teabo highlight the importance of streamlining the survey process and getting owners and developers better results based on their desired outcomes, often starting with the information already available about the site early in the process. REBusiness: What is slowing down survey due diligence, in your experience, and do …
ROCKDALE, TEXAS — Dallas-based developer Xebec will build a 3,300-acre manufacturing and logistics campus in Rockdale, located about 60 miles northeast of Austin. The rail-served site is known locally as Sandow Lakes Ranch and was previously used for aluminum smelting, lignite coal mining and coal power generation. The campus, which will ultimately feature between 30 million and 50 million square feet of manufacturing and logistics space, represents the first phase of multi-stage development that will include workforce housing, solar farms, retail, commercial, industrial and hospitality uses, as well as recreational facilities. Xebec expects to the development to be ready for occupancy by mid-2025.
BURLESON, TEXAS — Locally based developer Realty Capital Residential has begun leasing Depot on Main, a 275-unit multifamily project in Burleson, located south of Fort Worth. The five-story building is situated adjacent to the Old Town district. Depot on Main offers one- and two-bedroom units ranging in size from 590 to 1,229 square feet. Amenities include a pool with a tanning deck, coworking lounge, coffee bar, rooftop deck and entertainment terrace, dog park, fitness center and outdoor grilling and dining areas. Rents start at $1,365 per month for a one-bedroom apartment.