Friday, November 15, 2024
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DevelopmentMultifamilyTexas

Highpointe Communities Breaks Ground on $73M Multifamily Project in San Marcos, Texas

by Taylor Williams

SAN MARCOS, TEXAS — California-based developer Highpointe Communities has broken ground on Sendero at Trace, a $73 million multifamily project in the Central Texas city of San Marcos. The community will feature 399 one-, two- and three-bedroom units ranging in size from 775 to 1,300 square feet. The amenity package will comprise a pool, fitness center, clubhouse, outdoor gathering spaces and lifestyle programming services. The first units are expected to be available for occupancy by the end of 2023.

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AcquisitionsMultifamilyTexas

Better World Holdings, Crown Capital Buy 362-Unit Multifamily Asset in Houston

by Taylor Williams

HOUSTON — A partnership between locally based investment firm Better World Holdings and New York-based Crown Capital Ventures has purchased Serenity at Cityside, a 362-unit multifamily property in Houston’s Galleria neighborhood. Built in 1968, the 32-building property offers one-, two- and three-bedroom units. According to Apartments.com, amenities include a pool, clubhouse and picnic areas. The new ownership plans to invest about $6 million in capital improvements and to rebrand the property as Aura Galleria. The seller was an entity doing business as CPEP Beverly Palms LLC. The sales price was not disclosed.

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Leasing ActivityOfficeTexas

Baker Botts Signs 172,301 SF Office Lease Extension in Downtown Houston

by Taylor Williams

HOUSTON — International law firm Baker Botts has signed a 172,301-square-foot office lease extension at 910 Louisiana, a 50-story tower in downtown Houston. Originally developed in 1971, the 1.2 million-square-foot building has been renovated multiple times in subsequent years, most recently in 2020. Winfield Haggard Jr. and Chip Colvill of Cushman & Wakefield represented the landlord, Busycon Properties LLC, in the lease negotiations. Mark O’Donnell, Jennifer Meehan and Lizzie Prochazka of Savills represented Baker Botts.

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DevelopmentIndustrialTexas

M2G Ventures to Undertake 112,741 SF Industrial Redevelopment Project in Dallas

by Taylor Williams

DALLAS — Locally based firm M2G Ventures will undertake a 112,741-square-foot industrial redevelopment project in Dallas. The project will convert Commonwealth Center, a six-building light industrial park located between the East Brookhollow area and the Dallas Design District, into a flexible space that can support traditional users, as well as tenants with distillery, brewery or roastery needs. Capital improvements will include storefront upgrades, enhanced landscaping and public art installations. M2G Ventures will also rebrand the site as The Archetype.

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AcquisitionsTexas

Henry S. Miller Negotiates Sale of 21-Acre Commercial Development Site in North Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Henry S. Miller Brokerage has negotiated the sale of a 21-acre commercial development site situated along Bonds Ranch Road on the north side of Fort Worth. The site is not currently zoned for a specific use. The buyer, Avondale Development, owns the 175-acre site behind the parcel that will eventually house a retail center. Bill Bledsoe of Henry S. Miller represented Avondale Development as well as the seller, Avod Holdings LLC, in the land deal.

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AcquisitionsMultifamilyStudent HousingTexas

Stafford Barrett Brokers Sale of 528-Bed Student Housing Property Near Sam Houston State

by Taylor Williams

HUNTSVILLE, TEXAS — Stafford Barrett has brokered the sale of Encore at Sam Houston, a 528-bed student housing property located near Sam Houston State University in Huntsville. The garden-style property offers four-bedroom units with bed-to-bath parity across 12 buildings. Shared amenities include a resort-style pool, 24-hour fitness center, private study lounges, a pet park and basketball and volleyball courts. Jeyton McNair and Greg Jasper of Stafford Barrett represented the undisclosed seller in the disposition.

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San-Paloma-Apartments-Houston
AcquisitionsMultifamilyTexas

RPM Living, DRA Advisors Acquire 372-Unit San Paloma Apartments in Houston’s Energy Corridor

by Taylor Williams

HOUSTON — A joint venture between Austin-based RPM Living Investments and New York-based DRA Advisors has acquired San Paloma, a 372-unit apartment community in Houston’s Energy Corridor area. Developed by Sueba USA in 2006, San Paloma features one- and two-bedroom units with an average size of 1,050 square feet. The amenity package comprises a pool, fitness center, heated spa, playground, dog park, business center and outdoor lounge spaces. A partnership between Blackstone and Livcor sold the property for an undisclosed price. Amerant Bank provided acquisition financing for the deal.

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Timberwalk-Apartments-Houston
AcquisitionsMultifamilyTexas

Berkadia Arranges Sale of 300-Unit Timberwalk Apartments in Northwest Houston

by Taylor Williams

HOUSTON — Berkadia has arranged the sale of Timberwalk, a 300-unit apartment community in northwest Houston. Built in 1983, Timberwalk offers one-, two- and three-bedroom units ranging in size from 501 to 1,088 square feet and amenities such as two pools, a fitness center, playground, outdoor grilling and dining areas and onsite laundry facilities. Chris Young, Joey Rippel, Kyle Whitney, Jeffrey Skipworth, Chris Curry and Todd Marix of Berkadia represented the seller, Dallas-based Performance Properties, in the transaction. Johnny King of Berkadia secured acquisition financing on behalf of the buyer, New York City-based Lone Star Capital.

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Affordable HousingDevelopmentLoansMultifamilyTexas

Colliers Mortgage Provides $7.3M Construction Loan for Fort Worth Affordable Housing Project

by Taylor Williams

FORT WORTH, TEXAS — Colliers Mortgage has provided a $7.3 million HUD-insured construction loan for Avenue at Sycamore Park, a multifamily project in Fort Worth that will add 91 affordable housing units and 17 market-rate residences to the local supply. The project’s affordable component will include units for renters earning 30, 50 or 60 percent or less of the area median income. Jeff Rogers of Colliers Mortgage originated the financing through HUD’s 221(d)(4) program on behalf of the borrower, an entity doing business as CSH Avenue at Sycamore Park Ltd. A tentative completion date was not disclosed.

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IndustrialLeasing ActivityLee & AssociatesTexas

Incab America Signs 40,000 SF Industrial Lease in Arlington

by Taylor Williams

ARLINGTON, TEXAS — Incab America, a manufacturer of fiber optic cables, has signed a 40,000-square-foot industrial lease in Arlington. According to LoopNet Inc., the single-tenant building at 2821 E. Randol Mill Road was constructed in 1968. Reed Parker and Mark Graybill of Lee & Associates  represented the landlord, Arden Logistics Management LLC, in the lease negotiations. Riley Maxwell and John Brewer of Transwestern represented Incab America.

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