Texas

Wilson Capital Proposes 80-Story Apartment Tower in Austin, Texas

by Jeff Shaw November 15, 2022

AUSTIN, TEXAS — Wilson Capital, an Austin-based real estate development firm, has unveiled plans for Wilson Towers, an 80-story apartment building in Austin. Totaling 450 residential units and rising 1,035 feet, the development would become the tallest building in Texas upon completion. The property is located at 410 E. Fifth St. in the heart of Austin’s downtown. It is less than a block from the MetroRail Downtown station, three blocks from the Congress Avenue retail and restaurant district, and six blocks from the Texas State Capitol building. Construction is scheduled to begin this summer. According to local real estate publication Towers, the project is a massive expansion upon previously released redevelopment plans for the site of Avenue Lofts, a 38-unit condominium property. Wilson Capital acquired the property via a negotiated buyout of the condos early this year. The record-breaking redevelopment plan would position Wilson Tower to rise 13 feet taller than the Waterline project located just a few blocks away, reports Towers. The property will feature residences ranging from studios to four-bedroom penthouses. Wilson Tower will also offer four floors of amenities for residents such as a cocktail lounge, movie theater, pool deck and an entire floor dedicated to pet …

November 15, 2022

Content Partner Development Features Industrial Midwest Mixed-Use Multifamily Northeast Northmarq Office Retail Southeast Texas Western

Project Destined: Training a New and Diverse Generation for Real Estate Careers

by Sarah Daniels November 15, 2022

For the better part of the last two decades, billions of dollars have poured into underserved neighborhoods across the U.S. as corporations, millennials and real estate investors rediscovered downtowns and other urban districts. But to former Carlyle Group executive Cedric Bobo and real estate entrepreneur Fred Greene, young people who grew up in the neighborhoods were often excluded from playing a role in the transitions. To remedy that problem, in 2016 they began training 15 Detroit high school students in real estate fundamentals and invested $150,000 to buy two properties with the idea of using the cash flow to fund scholarships. Soon after, Bobo and Greene officially launched Project Destined, an endeavor to effect social change in the commercial real estate industry by providing college students with financial literacy, entrepreneurship and real estate training. “Cedric found that there was a real need for diverse talent in commercial real estate but that it was hard for companies to find it,” reports Cristina Ciacciarelli, a junior at Burach College in New York City who completed the program in 2021 and now heads up corporate partnerships for Project Destined. “It was also hard for the companies to sell themselves to diverse talent even …

November 15, 2022

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 312-Unit Mountain Valley Apartments in West Dallas

by Taylor Williams November 14, 2022

DALLAS — Marcus & Millichap has brokered the sale of Mountain Valley, a 312-unit apartment community in West Dallas. Built in 1969, the property primarily offers two- and three-bedroom units with an average size of 969 square feet. Amenities include a playground, basketball court and a pet park. Al Silva and Ford Braly of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

November 14, 2022

Development Multifamily Seniors Housing Texas

MedCore Partners, ACRON USA Break Ground on 150-Unit Seniors Housing Project in Metro Houston

by Taylor Williams November 14, 2022

CYPRESS, TEXAS — MedCore Partners and ACRON USA have broken ground on Phase II of Spring Cypress Senior Living, located on the northwestern outskirts of Houston. The project will add 138 active adult and independent living units, as well as 12 memory care units, to the local supply. Phase I of Spring Cypress Senior Living, which was co-developed with Houston-based National Realty Group, opened in 2018 and offers 80 units of assisted living and memory care. Integral Senior Living will operate the property upon completion.

November 14, 2022

Development Hospitality Texas

Aloft Opens 124-Room Hotel in Arlington

by Taylor Williams November 14, 2022

ARLINGTON, TEXAS — Aloft Hotels, which is part of the Marriott Bonvoy family of brands, has opened an 124-room hotel in Arlington. Aloft Dallas Arlington is a pet-friendly establishment that offers an onsite restaurant and bar, grab-and-go food options, a lounge with billiards and live music, an outdoor pool, fitness center and 750 square feet of meeting and event space. Locally based firm Stonewood Hotels owns and manages the property.

November 14, 2022

Acquisitions Industrial Texas

CanTex Capital Acquires 38,496 SF Industrial Building in Fort Worth

by Taylor Williams November 14, 2022

FORT WORTH, TEXAS — Locally based investment firm CanTex Capital has acquired a 38,496-square-foot industrial building located at 2415 Cold Springs Road in Fort Worth. The property sits on 4.6 acres and offers proximity to Interstates 35 and 30, as well as State Highway 183. Todd Hubbard of NAI Robert Lynn brokered the off-market deal. The seller and sales price were not disclosed.

November 14, 2022

Leasing Activity Office Texas

Archer Western Herzog Signs 23,470 SF Office Lease Renewal in Carrollton, Texas

by Taylor Williams November 14, 2022

CARROLLTON, TEXAS — Archer Western Herzog, which is a joint venture between construction companies Archer Western Construction and Herzog Contracting Corp., has signed a 23,470-square-foot office lease renewal in the northern Dallas suburb of Carrollton. Brian Pafford of Bradford Commercial Real Estate Services represented the landlord, an entity doing business as Valwood Parkway Partners Ltd., in the lease negotiations. The representative of the tenant was not disclosed.

November 14, 2022

Acquisitions Multifamily Texas

Midway, Arc Capital Acquire 198-Unit Sabine Street Lofts Apartments in Houston

by Taylor Williams November 11, 2022

HOUSTON — A joint venture between locally based developer Midway and Los Angeles-based investment firm Arc Capital Partners has acquired Sabine Street Lofts, a 198-unit apartment complex located near downtown Houston. Built in 2001, the complex houses one- and two-bedroom units with an average size of 1,017 square feet that feature quartz countertops, individual washers and dryers and private balconies/patios. Amenities include two pools, a fitness center, outdoor lounge areas and access to Houston’s Buffalo Bayou trail network. Tom Fish and Jonathan Paine of Walker & Dunlop arranged acquisition financing on behalf of the joint venture. The seller and sales price were not disclosed.

November 11, 2022

Acquisitions Life Sciences Texas

Oldham Goodwin Sells 175,752 SF Life Sciences Facility in College Station, Texas

by Taylor Williams November 11, 2022

COLLEGE STATION, TEXAS — Oldham Goodwin has sold the Westinghouse Building at Providence Park, a 175,752-square-foot life sciences facility in College Station. Oldham Goodwin acquired the facility, which was originally built in 1983 as a manufacturing plant for Westinghouse Electronic Systems Group, in 2016. At that point, the facility had been shuttered since 1999. Dallas-based Big Sky Medical Real Estate purchased the asset for an undisclosed price.

November 11, 2022

Industrial Loans Northmarq Office Texas

Northmarq Arranges Refinancing of 174,139 SF Industrial Flex Property in Northwest Houston

by Taylor Williams November 11, 2022

HOUSTON — Northmarq has arranged a loan of an undisclosed amount for the refinancing of a 174,139-square-foot industrial flex property in Houston. The property was built in 1992 on a 14-acre site on the city’s northwest side. Larry Peters and Adam Unger of Northmarq arranged the loan through an undisclosed life insurance company. The borrower was also not disclosed.

November 11, 2022

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