Thursday, September 19, 2024
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DevelopmentMultifamilyOfficeTexas

Mintwood, Woods Capital to Undertake Multifamily Conversion Project in Downtown Dallas

by Taylor Williams

DALLAS — A partnership between two locally based firm, Mintwood Real Estate and Woods Capital, will undertake a multifamily conversion project at Santander Tower in downtown Dallas. The project will redevelop multiple floors of the 1.4 million-square-foot office building at 1601 Elm St. into 228 multifamily units, including communal amenity spaces. Units will come in one- and two-bedroom floor plans, and amenities will include a pool, fitness center and other gathering and meeting spaces. Dallas-based architect WDG designed the multifamily units and indoor amenities, and Swoon provided interior design services. TBG Partners designed the exterior amenities. Adolfson & Peterson Construction is serving as the general contractor. Completion is scheduled for fall 2023.

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DevelopmentIndustrialTexas

Griffin Partners Breaks Ground on 567,516 SF Port 45 Industrial Development in Metro Dallas

by Taylor Williams

WILMER, TEXAS — Griffin Partners, a Houston-based private equity real estate firm, has broken ground on Port 45, a 567,516-square-foot industrial development in the southern Dallas suburb of Wilmer. Port 45 will comprise two rear-load buildings that will sit on a 40-acre site along Interstate 45. Buildings will feature 32- to 36-foot clear heights, 130- to 135-foot truck court depths, roughly 350 tenant parking spaces and 192 trailer parking spaces. Project partners include Pacheco Koch Civil Engineering, design firm Alliance Architecture, general contractor Harvey Builders and leasing agent JLL. A tentative completion date was not disclosed.

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LoansMultifamilyTexas

Walker & Dunlop Arranges $85.7M in Debt, Equity for San Antonio Apartment Community

by Taylor Williams

SAN ANTONIO — Walker & Dunlop has arranged $85.7 million in debt and equity financing for the recapitalization of Bulverde Oaks, a 440-unit apartment community located on the north side of San Antonio. The breakdown of debt versus equity within the capital stack was not disclosed. According to Apartments.com, the property offers one- and two-bedroom units ranging in size from 629 to 1,283 square feet. Residences are furnished with stainless steel appliances, individual washers and dryers and private balconies/terraces. Amenities include a pool, fitness center, clubhouse and event space. Sean Reimer, Sean Bastian and Triston Stegall of Walker & Dunlop placed the loan through Bank OZK on behalf of the borrower, U.S. Living, and secured the preferred equity investment from Mount Auburn Multifamily.

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AcquisitionsMultifamilyTexas

DB Capital, Sabal Financial Acquire 228-Unit Multifamily Property in San Antonio

by Taylor Williams

SAN ANTONIO — A partnership between California-based DB Capital Management and Sabal Financial Group has acquired Villas of Henderson Pass, a 228-unit multifamily property located on the north side of San Antonio. Built in 1986, the property offers a mix of one- and two-bedroom units across 20 two- and three-story buildings. The asset was 98 percent occupied at the time of sale. The new ownership plans to upgrade the unit interiors, building exteriors and amenity spaces and to rebrand the property as Summit Henderson Pass. The seller was not disclosed.

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AcquisitionsOfficeTexas

Harwood International Buys 169,000 SF Luminary Office Building in Dallas

by Taylor Williams

DALLAS — Harwood International has purchased The Luminary, a 169,000-square-foot office building in Dallas. Built in 2019 by Crescent Real Estate, The Luminary is located at the nexus of the company’s Harwood District, the downtown area, the arts district and the Victory Park mixed-use development. Architecture firm Corgan designed the building and serves as its anchor tenant alongside advertising agency Lerma. The Luminary was 67 percent leased at the time of sale. David Roehm and Christopher Cauthen internally negotiated the deal for Harwood. Morgan Staub of Harwood secured acquisition financing through an undisclosed lender.

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Market ReportsTexasTexas Market Reports

Texas Capital Markets Recalibrate Amid Fast-Moving Waters

by Taylor Williams

By Taylor Williams The factors and parameters by which commercial lenders and investors underwrite, value and price assets are changing at whirlwind speeds, creating a capital markets landscape that is defined by volatility as the second half of the year unfolds.  Capital markets professionals — as well as regular consumers — seem to agree that interest-rate hikes are a necessary evil in warding off record-high inflation. The Consumer Price Index  (CPI) rose 8.6 percent year-over-year in May, the latest data available at the time of this writing. But a lack of clarity on the magnitude of these future rate hikes makes it increasingly difficult for commercial borrowers to accurately gauge risk in their deals and project cash flows at their properties.  The Federal Reserve’s decision to raise the federal funds rate by 75 basis points at its latest June meeting illustrates the impulsiveness and hastiness with which fiscal policy is being crafted. Prior to the release of the May inflation report the previous week, investors had widely anticipated a 50-basis-point hike. Reports of an even more aggressive rate bump crystallized fears of inflation and sent the stock market into a spiral, with the Dow Jones Industrial Average shedding more than …

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AcquisitionsMultifamilyTexas

IPA Negotiates Sale of Two Adjoining Multifamily Properties Totaling 524 Units in Irving

by Taylor Williams

IRVING, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of two adjoining multifamily properties in Irving totaling 524 units. Built in 1972and 1974, respectively, Rustic Ridge and Asher Park offer amenities such as a pools with a picnic areas, pergolas and dog parks, as well as package handling centers. IPA’s Taylor Hill, Michael Ware, Drew Kile, Joey Tumminello, Asher Hall and Will Balthrope represented the undisclosed, Texas-based seller in the transaction. The team also procured the buyer, Touro Co. Brian Eisendrath and Cameron Chalfant, also with IPA, arranged an undisclosed amount of acquisition financing for the deal.

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Build-to-RentDevelopmentMultifamilySingle-Family RentalTexas

RangeWater Underway on Development of 120 Build-to-Rent Homes, 325 Apartment Units in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Atlanta-based developer RangeWater Real Estate is underway on construction of 120 build-to-rent (BTR) homes and 325 apartment units in Fort Worth. Both complexes will be situated on a 23-acre site in the city’s Beechwood neighborhood. The townhome-style units of Palo, the BTR community, will come in three-bedroom formats and will include private patios. Palo will also have its own pool. Ellianna’s rental apartments will feature one-, two- and three-bedroom floor plans, and residents will have access to a separate pool, a fitness center, clubhouse, outdoor kitchen and a dog park. Construction began in June, and the first units are expected to be complete in the third quarter of 2023.

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AcquisitionsMultifamilyTexas

Berkadia Brokers Sale of 400-Unit Westchase Forest Apartments in Houston

by Taylor Williams

HOUSTON — Berkadia has brokered the sale of Westchase Forest, a 400-unit apartment community located at 11355 Richmond Ave. in Houston. Westchase Forest offers one-, two- and three-bedroom apartments ranging in size from 570 to 1,242 square feet. Units feature stainless steel appliances, breakfast bars, private patios and in-unit washer and dryers. Communal amenities include a business center, clubhouse, internet café, media room, picnic area with a barbecue pavilion, two pools and a fitness center. Chris Young, Joey Rippel, Kyle Whitney, Jeffrey Skipworth, Chris Curry and Todd Marix of Berkadia represented the seller, Southern California-based investment firm Nimes Real Estate, in the deal. The buyer was not disclosed.

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AcquisitionsBuild-to-RentMultifamilySingle-Family RentalTexas

Partnership Buys Two Residential Properties Totaling 371 Units Near Corpus Christi

by Taylor Williams

ARANSAS PASS AND ROCKPORT, TEXAS — Dallas-based RREAF Holdings and its two Florida-based equity partners, DLP Capital and Miami-based 3650 REIT, have purchased two residential properties totaling 371 units that are located on the outskirts of Corpus Christi. Windy Shores is a 155-unit build-to-rent community in Aransas Pass that was constructed in 2004, and Pearl Point is a 216-unit, garden-style apartment complex in Rockport that was completed in 2020. Nathan Stone and Guy Griffith of Berkadia provided an undisclosed amount of Freddie Mac acquisition financing to the partnership, which plans to renovate unit interiors and common areas at both properties.

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