AUSTIN, TEXAS — HNTB, a Kansas City-based design-build firm focused on urban infrastructure projects, is underway on the renovation and expansion of Austin-Bergstrom International Airport. HTNB is working with global design firm Populous on the project, which will include updates to the existing Barbara Jordan terminal, a new below-grade passenger tunnel and a new Midfield Concourse with space for up to 30 gates. A tentative completion date for these pieces of the project was not disclosed.
DENTON, TEXAS — Lument has provided a $15.4 million bridge loan for the acquisition of Village on University, a 133-unit apartment complex located in the North Texas city of Denton. The 12-building property was built on 6.9 acres in 1968. John Sloot of Lument originated the financing, which was structured with interest-only payments throughout the entirety of the three-year term, as well as two 12-month extension options. The undisclosed borrower plans to use a portion of the proceeds to fund capital improvements.
By Chase Clancy, vice president, Colliers The Austin industrial market is booming. According to Colliers’ research, Austin’s industrial market continues to grow at an amazing clip, spurred by rapid population growth, major manufacturing relocations and new e-commerce and inventory trends. Despite the longstanding shadows that larger markets like Houston and Dallas have cast on Austin’s growth, the market is reaching a fever pitch of rising rents, tightening vacancy, significant new deliveries and equally noteworthy preleasing activity. Based on Austin’s population size, Colliers’ research suggests that the market has the runway — both in terms of supply and demand — to nearly double in size over the next five years. With demand for space showing no sign of cooling at the local level, we project a prolonged period of record development and record absorption. To put that into context, Austin’s industrial market currently spans roughly 57 million square feet. We are tracking more than 40 million square feet of product in our development pipeline — more than 10.2 million square feet of which is currently under construction — with more on the horizon. Trailing 12-month absorption stands at approximately 3.4 million square feet as of the second quarter of 2022, but …
CEDAR PARK, TEXAS — Florida-based investment firm TerraCap Management has acquired Latitude at Presidio, a 337-unit apartment community located in the northern Austin suburb of Cedar Park. The property features one-, two- and three-bedroom units with an average size of 959 square feet. Amenities include a pool, game room, outdoor grilling and dining stations, fitness center, coffee bar and a dog park. Matt Pohl and Kevin Dufour of Walker & Dunlop represented the undisclosed seller in the transaction.
LANCASTER, TEXAS — Marcus & Millichap has brokered the sale of Pleasant Creek, a 159-unit apartment complex in Lancaster, a southern suburb of Dallas. The garden-style property houses 16 buildings with amenities such as a pool, fitness center, business center and onsite laundry facilities. Nick Fluellen and Chris Pearson of Marcus & Millichap represented the undisclosed seller and procured the buyer, Cove Capital Investments, in the transaction.
SAN ANTONIO — Atlanta-based developer RangeWater Real Estate has broken ground on Caliza at the Loop, a 154-unit build-to-rent residential community that will be situated on a 16.5-acre site in San Antonio. Homes will come in three-bedroom formats and will average 1,600 square feet in size. Amenities will include a pool, outdoor grilling areas, a fitness center, playground and a business center. The first move-ins are scheduled for May 2023. RangeWater will manage the property under its Storia brand.
BARTLESVILLE, OKLA. — Locally based brokerage firm Stan Johnson Co. has negotiated the $15.3 million sale of Silver Lake Village, an 87,750-square-foot shopping center in Bartlesville, located north of Tulsa. The center was fully leased at the time of sale to 12 tenants, with T.J. Maxx, Ross Dress for Less, Petco and Ulta Beauty serving as the anchors. Margaret Caldwell and Patrick Kelley of Stan Johnson Co. represented the seller, Tennessee-based GBT Realty Corp., in the transaction. The buyer was a Florida-based 1031 exchange investor that requested anonymity.
GRANBURY, TEXAS — Living Care Lifestyles, a Seattle-based seniors housing developer and manager, has sold Quail Park of Granbury, a 75-unit community located on the southwestern outskirts of Fort Worth. The property, which was 95 percent occupied at the time of sale, offers independent living, assisted living and memory care services. Charles Bissell and Dean Ferris of JLL represented Living Care Lifestyles in the transaction. Lloyd Jones Senior Living purchased the asset for an undisclosed price.
HOUSTON — Austin-based investment firm Casoro Group has sold The Quinn South at Westchase, a 368-unit apartment community in West Houston. The property offers studio, one-, two- and three-bedroom units, and select units feature stainless steel appliances, granite countertops, individual washers and dryers and private patios/balconies. Communal amenities include multiple pools, a tennis court, dog park, fitness center, clubhouse and onsite laundry facilities. Casoro Group acquired the property in 2018 and implemented capital improvements to the unit interiors, building exteriors and amenity spaces. Scott LaMontagne and Justin Chambers of Northmarq brokered the deal. The buyer was not disclosed.
HOUSTON — Lubbock-based Madera Residential has acquired Chelsea Museum District, a 325-unit multifamily property in Central Houston. Built in 2021, the property offers one- and two-bedroom units ranging in size from 412 to 1,632 square feet. Amenities include a pool, fitness center, coworking lounge, speakeasy, dog park, golf simulator and package lockers. Chris Curry, Todd Marix, Jeff Skipworth, Chris Young, Joey Rippel and Kyle Whitney of Berkadia represented the seller, Arizona-based Alliance Residential, in the transaction. Chris Pollard and Jason Rice, also with Berkadia, arranged acquisition financing through an undisclosed direct lender on behalf of Madera Residential.