WACO, TEXAS — A partnership between Dallas-based SkyWalker Property Partners and Utah-based Zelevie Health has purchased the Healthcare Resort of Waco, a116-bed seniors housing facility. The 77,000-square-foot property, which was completed in 2015 but closed in 2018 due to a tenant-landlord dispute, consists of 30 assisted living beds and 86 skilled nursing beds. Amenities include multiple lounges, a media room and outdoor terraces with gathering spaces and a putting green. The seller was an affiliate of Kawa Capital Management. The new ownership plans to invest in a capital improvement program and reopen the facility in the fourth quarter.
ALLEN, TEXAS — Northmarq has arranged a $28 million bridge loan for the acquisition of Presidio, a 202-unit multifamily property located in the northeastern Dallas suburb of Allen. Built in 1986, the property features a pool, fitness center, pet play area, outdoor grilling and dining stations and onsite laundry facilities. Kevin Leamy of Northmarq arranged the loan, which carried a three-year, interest-only term, through an undisclosed balance sheet lender. Taylor Hill, Michael Ware, Joey Tumminello, Drew Kile and Will Balthrope of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, 37th Parallel Properties, in the transaction. The borrower was also not disclosed.
BROWNWOOD, TEXAS — Colliers Mortgage has provided an undisclosed amount of Fannie Mae acquisition financing for Southside Village Apartments, a 104-unit multifamily asset in Brownwood, about 140 miles northwest of Austin. The 12-building, garden-style property was built in 1973 and offers amenities such as a playground, basketball court and a dog park. Fritz Waldvogel of Colliers Mortgage originated the financing through a partnership with Old Capital Lending. The borrower was an entity doing business as The Magnolia on 4th LLC.
By Rob Welker, president and partner, Hoefer Welker; and Steven Janeway, principal and commercial practice leader, Hoefer Welker As one of the biggest states, Texas regularly sees some of the largest demand in real estate development in the country. In recent years, North Texas specifically has experienced a rapid short-term increase in population, leading to a significant development boom and driving up urban and workforce construction volume, rental rates and sale values. Mixed-use developments have led the charge in commercial growth throughout the Dallas-Fort Worth (DFW) metroplex. Higher overall interest in a live-work-play lifestyle has contributed to the development of a larger number of spaces that provide corporate, retail and residential capabilities. Gone are the days when corporate campuses and multifamily complexes were predominantly in the suburbs; tenants and employers have increasingly searched for living experiences in urban environments where they can combine the three biggest facets of their lives within a single destination. This provides the convenience that tenants crave and the access to concentrated populations that retailers and office users need to be successful. The Coastal Exodus As personal and business income tax rates, regulatory hurdles and costs of living abound in coastal markets, corporations have begun relocating …
EULESS, TEXAS — JLL has negotiated the sale of Urban District 183, a 366,771-square-foot industrial development located in the central metroplex city of Euless. The newly built development comprises three buildings that were constructed on a speculative basis at the former site of Coopers Golf Park. Dustin Volz, Stephen Bailey, Dom Espinosa, Wells Waller, Robby Westerfield and Megan Babovec of JLL represented the seller, Urban Logistics Realty, in the transaction. The buyer was not disclosed, but The Dallas Morning News reports that an affiliate of Morgan Stanley Real Estate Advisors purchased the asset for an undisclosed price.
DENTON, TEXAS — Resia, a Miami-based developer formerly known as AHS Residential, has received an undisclosed amount of construction financing for a 322-unit multifamily project in the North Texas city of Denton. The unnamed project will consist of two seven-story buildings with one-, two- and three-bedroom units, as well as a pool, fitness center, clubhouse and a business center. Construction is expected to be complete in the second quarter of 2023. Regions Bank provided the financing.
HOUSTON — Atlanta-based investment management firm Invesco has signed a 180,218-square-foot office lease extension at Greenway Plaza, a 52-acre development located in between Houston’s Uptown and downtown districts. The tenant has re-committed to Eleven Greenway Plaza for a term in excess of 10 years. Amanda Nebel represented the landlord, Parkway, in the lease negotiations on an internal basis. John Shlesinger of CBRE represented Invesco. The 31-story, 745,871-square-foot building is now 87 percent leased.
HOUSTON — Locally based development and management firm Moody Rambin has broken ground on Town Centre Two, a 167,141-square-foot office building in Houston. Moody Rambin is developing the project, which is part of a two-building initiative that will be situated within the 41-acre Town and Country Village development on the city’s west side, in partnership with American National Insurance Co. Kirksey Architecture designed the eight-story building, with DBR Engineering and Hoar Construction respectively serving as the civil engineer and general contractor. Frost Bank provided construction financing. Completion is slated for the third quarter of 2023.
HOUSTON — Partners Capital, the investment and development arm of Partners Real Estate Co., has sold the Steeplechase Professional Building, a 61,165-square-foot medical office building complex in northwest Houston. Cary Latham of NAI Partners represented Partners Capital, which originally acquired the asset in August 2017, in the transaction. The buyer was not disclosed.
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Multifamily Developers Must Find Balance Between Density, Amenities
Finding a balance between density and amenities has never been simple for residential developers, but rising interest rates, density restrictions and an increased desire to solidify multifamily projects within the community mean that there is much to be gained from creative approaches to this old problem. Starting the process of planning early, using zoning to the developer’s advantage and creating an adaptable, sustainable and welcoming place for tenants can allow for a successful project with a lower overall price tag. This method can solve some of the trickier problems faced by multifamily developers, including density, parking and zoning considerations. Starting Off Right — Creating a Master Site Plan Success in multifamily is easier to achieve if the project starts with a shared team vision from the outset, says Bill Rearden, principal at Bohler, a land development design and consulting firm. Rearden explains that Bohler has its own planning, landscape architecture and survey teams and works with many industry partners for environmental and geotechnical due diligence. “We work with these teams in the very early stages to understand what the configuration of a property is and what its constraints are. We know upfront any underlying zoning a property might have, so …