Texas

OHT Partners Breaks Ground on 750-Unit Multifamily Development in South Austin

by Taylor Williams June 21, 2022

AUSTIN, TEXAS — Locally based developer OHT Partners has broken ground on Phase I of a 750-unit multifamily development in South Austin. The first phase of the development, which will be branded Lenox Woods, will total 402 units and is scheduled for a late 2023 completion. The second phase, which will comprise 348 units in a yet-to-be-named community, is slated to be delivered in 2024. The site spans 37 acres and includes a 7.5-acre parcel that will function as parkland. Lenox Woods will feature one- and two-bedroom units and amenities such as two pools, a fitness center, dog park, pickleball courts and a business center. Meeks + Partners is designing the community.

June 21, 2022

Acquisitions Multifamily Texas

Newmark Brokers Sale of 408-Unit Apartment Community in Northeast San Antonio

by Taylor Williams June 21, 2022

SAN ANTONIO — Newmark has brokered the sale of ReNew at TPC, a 408-unit apartment community in northeast San Antonio. The property features a mix of studio, one-, two-, three- and four-bedroom units with an average size of 905 square feet. Units are furnished with hardwood-style flooring, stainless steel appliances, granite countertops and walk-in closets. Amenities include a pool, grilling areas, a resident lounge, business center, fitness center and a dog park. Patton Jones, Matt Michelson and Andrew Dickson of Newmark represented the seller, San Francisco-based FPA Multifamily, in the transaction. California-based DB Capital Management purchased the property for an undisclosed price with plans to implement a value-add program.

June 21, 2022

Acquisitions Multifamily Texas

Camino Verde Group, Bakerson Buy 152-Unit Multifamily Property in Fort Worth

by Taylor Williams June 21, 2022

FORT WORTH, TEXAS — A joint venture between Las Vegas-based investment firm Camino Verde Group and Arizona-based Bakerson has purchased Antigua Village, a 152-unit multifamily property located about six miles east of downtown Fort Worth. Built in 1968, the complex comprises 10 two-story buildings on a 7.3-acre site. Units come in one-, two- and three-bedroom floor plans, and amenities include a business center and a playground. The new ownership plans to make capital improvements and to rebrand the property as Apex Apartments. Global Real Estate Investors (GREA) brokered the sale.

June 21, 2022

Industrial Leasing Activity Texas

Johnson Controls to Open 123,000 SF Industrial Facility in Weslaco, Texas

by Taylor Williams June 21, 2022

WESLACO, TEXAS — Johnson Controls, a manufacturer and distributor of building products and equipment, will open a 123,000-square-foot industrial facility in the Rio Grande Valley city of Weslaco. The facility, which is scheduled to open late in the fourth quarter, sits on a 2.3-acre site and includes assembly, distribution and office space. The move is expected to add about 100 new jobs to the local economy. The company’s initial investment in Weslaco is approximately $5.5 million.

June 21, 2022

Leasing Activity Office Texas

Total Quality Logistics Signs 17,590 SF Office Lease Expansion in San Antonio

by Taylor Williams June 21, 2022

SAN ANTONIO — Total Quality Logistics, a provider of intermodal freight services, has signed a 17,590-square-foot office lease expansion at Exchange Tech Center in San Antonio. Total Quality Logistics now occupies 42,269 square feet at the building. Bryan Sethney of Cushman & Wakefield represented the tenant in the lease negotiations. Shawn Gulley and Rob Gish represented the landlord, Worth & Associates, on an internal basis.

June 21, 2022

Content Partner Features Leasing Activity Midwest NAI Northeast Southeast Texas Western

Cell Tower Leases, Renegotiations Offer Ancillary Income, Options for Landlords

by Sarah Daniels June 21, 2022

What should potential landlords know about leasing space for cell towers or renegotiating their legacy leases? “Landlords need to understand what economic opportunity they have available to them,” says David Moore, CEO and principal at NAI Global Wireless. Involving cell tower lease consultants, especially for existing leases, and considering cell site buyouts are two powerful tools available to cell site landlords today. For decades, Moore explains, property owners have been willing to sign less-than-ideal agreements with carriers and tower companies. Over the years, landlords, thinking that just because these cell tower sites are small and out of the way or because they did not want to turn down “free money,” were willing to sign disadvantageous lease agreements. Landlords often do not understand the impact of signing a lease agreement with a potential term of 30 years (made up of five-year terms), especially when tenants might use leases to constrain certain real estate negotiations (including rights like tenant approval for buyers, rights of first refusal and noncompetition clauses). In many cases, tenants have the unilateral right to terminate their lease without notice, a right about which landlords frequently aren’t aware. Rent escalations, terms and conditions, inflation and more need to be …

June 21, 2022

"The massive demand nationwide requires new opportunities for innovative financing and new ways to fulfill affordable housing needs." — Marge Novak, Berkadia

Affordable Housing Features Midwest Multifamily Northeast Southeast Texas Western

Multifamily Industry Must Band Together to Navigate Challenges in Affordable Housing

by Jaime Lackey June 20, 2022

In May, The White House announced its Housing Supply Action Plan to address rising housing costs by increasing the supply of housing in communities across the country over the next five years. The plan aims to create more housing of all asset types through new construction and preservation and singles out the importance of affordable housing, particularly in a time of high interest rates and inflation. The COVID-19 pandemic and the ensuing economic fallout have uniquely impacted renters unlike previous times of economic uncertainty. Renter demand and rental rates have increased at the fastest pace in decades, underscoring the importance and urgency of increasing the stock of affordable rental housing. The Housing Supply Action Plan does just that. Specifically, the plan seeks to finance more than 800,000 affordable rental units by expanding and strengthening the Low-Income Housing Tax Credit (LIHTC) program. Similar language was included in the Build Back Better Plan, which included a variety of actions aimed to bolster the lower and middle class with investments in housing, infrastructure and labor markets. This important piece of the proposed legislation would significantly increase resources that will ultimately expand the number of affordable units available. The Housing Supply Action Plan includes …

June 20, 2022

Development Loans Multifamily Texas

Fifth Third Bank, Pearlmark Provide Construction Financing for 336-Unit Dallas Apartment Community

by Taylor Williams June 20, 2022

DALLAS — Fifth Third Bank and Chicago-based Pearlmark have provided construction financing for Resia National Dallas, a 336-unit apartment community that will be located in the North Oak Cliff/West Dallas submarket. The property will feature one-, two- and three-bedroom units, including 17 affordable housing residences. Amenities will include a pool, fitness center and a business center. Fifth Third Bank provided a senior loan of an undisclosed amount, and Pealmark originated the $11.1 million junior loan. The borrower was Miami-based Resia, formerly known as AHS Residential. Completion is slated for the third quarter of 2023.

June 20, 2022

Development Multifamily Texas

HighPark Capital Underway on 288-Unit Multifamily Project in Melissa, Texas

by Taylor Williams June 20, 2022

MELISSA, TEXAS — Dallas-based HighPark Capital is underway on construction of Farmhouse 121, a 288-unit multifamily project located north of Dallas in Melissa. Farmhouse 121 will offer one- and two-bedroom units and amenities such as a pool, fitness center, a resident lounge with coworking areas and a dog park. Completion is slated for the first quarter of 2023. Project partners include construction lender Third Coast Bank, general contractor Brownstone Construction and designer Cross Architects.

June 20, 2022

Acquisitions Office Texas

Newmark Negotiates Sale of 248,661 SF HQ53 Office Building in Plano

by Taylor Williams June 20, 2022

PLANO, TEXAS — Newmark has negotiated the sale of HQ53, a 248,661-square-foot office building in Plano’s Legacy submarket that is fully leased to third-party hotel management firm Aimbridge Hospitality. The five-story building was constructed in 2021 and offers a fitness center, conference facility and a tenant lounge. Chris Murphy, Gary Carr, Robert Hill and Chase Tagen of Newmark represented the seller, locally based developer Cawley Partners, in the transaction. San Francisco-based Drawbridge Realty purchased HQ53 for an undisclosed price.

June 20, 2022

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