KINGWOOD, TEXAS — High Street Residential has broken ground on Residences at Kingwood, a 289-unit multifamily project that will be located on the northern outskirts of Houston. High Street Residential is developing the project, which will consist of 240 apartments and 49 townhomes, in partnership with Japanese homebuilder Daiwa House Group. Residences will come in one-, two- and three-bedroom formats and will be furnished with stainless steel appliances, custom cabinetry and individual washers and dryers. Select units will also feature private balconies/patios and garages. Amenities will include a pool, grilling areas, fitness center with a yoga/Pilates studio, an outdoor workout area, resident lounge with an art gallery and an entertaining kitchen and a conferencing and remote-work suite. Residents will also have access to a putting green, bocce ball courts, pickleball court, multiple outdoor dining areas and the Kingwood Greenbelt trail system. W Partnership is the development’s architect, and Robinson & Co. will lead the landscape design. Cadence McShane is the general contractor. Completion is slated for late 2023.
Texas
HOUSTON — Lee & Associates has arranged the sale of an 80,000-square-foot retail property in West Houston that houses a car dealership. The 7.7-acre site at 6737 Southwest Freeway was originally built in 1965, according to LoopNet Inc. Nathan Denton, Justin Tunnel and Chase Cribbs of Lee & Associates represented the buyer, HGreg Investment of California, in the transaction. The seller and sales price were not disclosed, although LoopNet identified a listing price of roughly $19 million.
SAN ANTONIO — Kansas City-based NorthPoint Development will build Foster Commerce Center, a 2.2 million-square-foot industrial park that will be located about 10 miles east of downtown San Antonio. The six-building development will be constructed in phases, with the initial phase comprising two buildings totaling 650,000 square feet. NorthPoint Development expects the project to entail a total capital investment of $230 million and to create more than 1,000 new permanent jobs in addition to about 950 construction jobs. Construction is scheduled to begin before the end of the summer. Stream Realty Partners has been tapped to lease the development.
AUSTIN, TEXAS — JLL has negotiated the sale of Woodland Self Storage, a 952-unit facility located south of downtown Austin along I-35. The 92,288-square-foot, climate-controlled facility was built in 2019 and was 70 percent occupied at the time of sale. Steve Mellon, Brian Somoza, Adam Roossien and Matthew Wheeler of JLL represented the seller, Austin-based Endeavor Real Estate Group, in the transaction. Utah-based REIT Extra Space Storage purchased the asset for an undisclosed price.
AUSTIN, TEXAS — Global Student Accommodation (GSA) has acquired Waterloo Tower, a 796-bed student housing community located near the University of Texas at Austin. The community offers fully furnished units with bed-to-bath parity and private patios overlooking the university’s West Campus area. Shared amenities include a fitness center with a spin studio, onsite coffee shop, pool with a hot tub and sauna and private study rooms. Austin-based LV Collective sold the property for an undisclosed price. GSA will turn management of the community over to its operating partner, Yugo, and rebrand the asset as Yugo Austin Waterloo.
KINGWOOD, TEXAS — High Street Residential has broken ground on Residences at Kingwood, a 289-unit multifamily project that will be located on the northern outskirts of Houston. High Street Residential is developing the project, which will consist of 240 apartments and 49 townhomes, in partnership with Japanese homebuilder Daiwa House Group. Residences will come in one-, two- and three-bedroom formats and will be furnished with stainless steel appliances, custom cabinetry and individual washers and dryers. Select units will also feature private balconies/patios and garages. Amenities will include a pool, grilling areas, fitness center with a yoga/Pilates studio, an outdoor workout area, resident lounge with an art gallery and an entertaining kitchen and a conferencing and remote-work suite. Residents will also have access to a putting green, bocce ball courts, pickleball court, multiple outdoor dining areas and the Kingwood Greenbelt trail system. W Partnership is the development’s architect, and Robinson & Co. will lead the landscape design. Cadence McShane is the general contractor. Completion is slated for late 2023.
HOUSTON — Lee & Associates has arranged the sale of an 80,000-square-foot retail property in West Houston that houses a car dealership. The 7.7-acre site at 6737 Southwest Freeway was originally built in 1965, according to LoopNet Inc. Nathan Denton, Justin Tunnel and Chase Cribbs of Lee & Associates represented the buyer, HGreg Investment of California, in the transaction. The seller and sales price were not disclosed, although LoopNet identified a listing price of roughly $19 million.
AUSTIN, TEXAS — Locally based development and investment firm Wayfinder Real Estate has sold Troubadour, a 321-unit apartment community in Austin. The newly built property offers one-, two- and three-bedroom units, with 16 residences reserved for households earning 80 percent or less of the area median income. Amenities include a pool, multiple courtyards, an outdoor movie theater and a rooftop terrace. Preleasing of Troubadour began in January, and Wayfinder expects the property to reach a stabilized occupancy rate of 93 percent by the end of the month. An affiliate of Austin-based Christopher Investment Co. purchased the asset for an undisclosed price in an off-market transaction.
FORT WORTH, TEXAS — Boston-based investment firm TA Realty has purchased The Elm at River Park, a 293-unit apartment community in Fort Worth. The property offers one-, two- and three-bedroom units that are furnished with stainless steel appliances and granite countertops. Amenities such as a pool, dog park, fitness center with on-demand programs and a business center with micro-offices and a conference center. San Antonio-based Embrey sold The Elm at River Park for an undisclosed price and will continue to manage the property.
NORTH RICHLAND HILLS, TEXAS — Colliers Mortgage has provided a $17.7 million HUD-insured construction loan for Village Cooperative of Century Hills, a 55-unit active adult project in North Richland Hills, a northern suburb of Fort Worth. The property will be reserved for renters age 62 and above. Units will range in size from 889 to 1,770 square feet, and amenities will include a fitness center, clubroom, arts and crafts room, reading areas and garden plots. The borrower was not disclosed.