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Cypress-Apartments-McKinney
AcquisitionsMultifamilyTexas

IPA Negotiates Sale of 276-Unit Apartment Community in Metro Dallas

by Taylor Williams

MCKINNEY, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Cypress Apartments, a 276-unit multifamily community located in the northern Dallas suburb of McKinney. Built on 21 acres in 2007, Cypress Apartments primarily offers two- and three-bedroom units with an average size of 1,082 square feet and amenities such as a pool, outdoor kitchen, playground and business and car care centers. Michael Ware, Taylor Hill, Drew Kile, Joey Tumminello, Cameron Purse and Will Balthrope of IPA represented the seller, Rockport Equity, in the transaction and procured the buyer, Dallas-based Knightvest Capital.

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Affordable HousingDevelopmentMultifamilyTexas

FTK Construction Completes $12.4M Renovation of Affordable Housing Complex in North Houston

by Taylor Williams

HOUSTON — FTK Construction Services has completed $12.4 million in renovations at The Park at Kirkstall, a 240-unit affordable housing complex in North Houston. Updates to the property included enhancements to flooring, appliances, countertops, doors and cabinet hardware, as well as bathroom and light fixtures. The property’s roofing and HVAC systems were also upgraded, and the project team added a new playground and grilling patio. Benton Design Group served as the project architect. Blue Ridge Atlantic owns the building, income restrictions within which were not disclosed.

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AcquisitionsIndustrialSelf-StorageTexas

Marcus & Millichap Brokers Sale of 426-Unit Self-Storage Portfolio in Kingfisher, Oklahoma

by Taylor Williams

KINGFISHER, OKLA. — Marcus & Millichap has brokered the sale of the DRD Mini Storage Portfolio, which comprises two buildings totaling 426 units in Kingfisher, about 50 miles northwest of Oklahoma City. The buildings offer a combined 58,760 net rentable square feet of space. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a Nevada-based limited liability company, in the transaction. The duo also procured the buyer, a Delaware-based limited liability company. Both parties requested anonymity. Steve Greer of Marcus & Millichap assisted in closing the deal as the broker of record.

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LoansMultifamilyTexas

BridgeCore Provides Acquisition Loan for Multifamily Property in Brownsville, Texas

by Taylor Williams

BROWNSVILLE, TEXAS — BridgeCore has provided an acquisition loan of an undisclosed amount for an unnamed, 60-unit multifamily property in the South Texas city of Brownsville. The loan carries a two-year term with a six-month extension option and a 67 percent loan-to-value ratio. The undisclosed borrower, which acquired the property via a 1031 exchange, will use a portion of the proceeds to fund capital improvements.

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Park-290-Austin
DevelopmentIndustrialTexas

Brookfield Properties Breaks Ground on 792,139 SF Industrial Project in East Austin

by Taylor Williams

AUSTIN, TEXAS — Brookfield Properties has broken ground on Park 290, a 792,139-square-foot industrial project that will be located off Decker Lane in East Austin. Park 290 will consist of four buildings that will range in size from 76,000 to 321,000 square feet. Building features will include 32- to 36-foot clear heights, ample car and trailer parking and LEED certifications. CBRE is the leasing agent for the project, which is expected to be complete before the end of the year.

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AcquisitionsHealthcareTexas

Davis Healthcare Real Estate Acquires Outpatient Facility in San Antonio for $24.3M

by Taylor Williams

SAN ANTONIO — Davis Healthcare Real Estate, a Minneapolis-based investment and brokerage firm, has acquired the University of Texas (UT) Health & Wellness Center in northwest San Antonio for $24.3 million. The 73,390-square-foot outpatient facility was originally built in 1998 within the 900-acre South Texas Medical Center campus for the U.S. Veterans Affairs Department. The property was subsequently renovated in 2022 and is now occupied by the UT Health System. Davis acquired the property from an undisclosed seller in an off-market deal.

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LoansLumentMultifamilyTexas

Lument Provides $11.3M Agency Loan for Refinancing of Multifamily Property in Sherman, Texas

by Taylor Williams

SHERMAN, TEXAS — New York City-based Lument has provided an $11.3 million Freddie Mac loan for the refinancing of Easton Parc Apartments, a 232-unit multifamily property located in the North Texas city of Sherman. Built in 1986 and renovated in 2013, the garden-style property consists of 22 buildings on nearly nine acres. Amenities include a pool, clubhouse, dog park and onsite laundry facilities. Sloan Stevens of Lument originated the 10-year loan, which is structured with five years of interest-only payments and a 30-year amortization schedule. The borrower was not disclosed.

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The-Westchester-Houston
AcquisitionsOfficeTexas

JLL Arranges Sale of 117,261 SF Office Building in West Houston

by Taylor Williams

HOUSTON — JLL has arranged the sale of The Westchester, a 117,261-square-foot office building in West Houston. The six-story building was constructed in 1999 and was 74 percent leased at the time of sale. Amenities include a conference center, deli, private courtyard and a putting green. Marty Hogan and Rick Goings of JLL represented the undisclosed seller in the transaction. John Ream led a JLL team that arranged acquisition financing though an undisclosed CMBS lender on behalf of the buyer, Mission Cos.

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DevelopmentIndustrialTexas

LG Electronics Opens 100,000 SF Manufacturing Facility in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — LG Electronics, a division of South Korean conglomerate LG Corp., has opened a 100,000-square-foot manufacturing facility in Fort Worth for the assembly of electric vehicle (EV) charging stations. According to local broadcast news outlet WFAA, the facility is located at 2153 Eagle Parkway in the Alliance submarket on the city’s north side. The facility will have an annual production capacity of more than 10,000 units and has been designed with support for future expansion in mind.

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Annie-Richardson-Bass-Lower-School-Fort-Worth
CivicDevelopmentTexas

Linbeck Breaks Ground on $25M Lower School for Fort Worth Country Day

by Taylor Williams

FORT WORTH, TEXAS — Locally based general contractor Linbeck has broken ground on the $25 million Annie Richardson Bass Lower School at the 104-acre campus of private school Fort Worth Country Day. When complete in spring 2025, the building will be home to about 350 students in grades first through fourth. Academic facilities will include a 2,130-square-foot library, two science labs, breakout study rooms and administrative offices for support counselors and healthcare personnel, as well as a playground with a sports court. San Antonio-based Lake|Flato Architects designed the project, and Dallas-based Hocker Design provided landscape architecture services.

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