HOUSTON — Avenue, a locally based affordable housing owner-operator, has opened a 30,500-square-foot community resource center in Houston’s Near Northside neighborhood. Global architecture firm Page designed the three-story facility, which houses a community health clinic that provides an array of general and specialty services, as well as a YMCA Children’s Academy. The facility opened in phases beginning last year and now has all services fully operational.
GEORGETOWN, TEXAS — NAI Partners has negotiated a 20,800-square-foot industrial lease at 4045 Airport Road in Georgetown, a northern suburb of Austin. According to LoopNet Inc., the property is currently under construction and will span 58,312 square feet upon completion. Troy Martin of NAI Partners represented the tenant, Liber & Co., which supplies non-alcoholic syrups for the beverage industry, in the lease negotiations. Local brokers Ken Mongold and Michael Johnson represented the landlord, Headwater Capital.
SAN MARCOS, TEXAS — Cardinal Group Cos. and TPG Real Estate Partners have purchased The Village on Telluride, a 1,116-bed student housing community located near Texas State University in San Marcos. Built in 2011, the property offers 385 units alongside shared amenities including two resort-style pools, a two-story fitness center and a newly renovated clubhouse. The new ownership plans to further upgrade the community with the addition of in-unit furnishings; appliance upgrades; the replacement of existing countertops; fresh cabinet finishes; repainting; upgraded flooring; updates to the property’s poolside grilling station and pool area; and the expansion of the community’s basketball court. Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction. CBRE’s capital markets team advised on debt for the acquisition. The seller and other terms of the transaction were undisclosed.
SAN ANTONIO — Locally based developer The Lynd Group has broken ground on Potranco Commons, a 360-unit mixed-income apartment project in San Antonio’s Far West Side. Residences will be available in one-, two- and three-bedroom formats, with approximately 40 percent of the units reserved for renters earning 80 percent or less of the area median income. Amenities will include a clubhouse, pool, fitness center, outdoor grilling and dining stations, multiple open green spaces and a DJ booth. Lynd Group is partnering with Santikos Enterprises and the San Antonio Housing Authority on the project. Construction is scheduled for completion in the second quarter of 2024.
BUDA, TEXAS — Southern California-based investment firm Brixton Capital has acquired Royalton at Sunfield, a 300-unit apartment community located in the southern Austin suburb of Buda. Built in 2021, the garden-style property comprises 14 three-story buildings. Amenities include a pool, dog park, office space, community kitchen, entertainment pavilion, tenant lounge and fitness center. Will Balthrope, Jordan Featherston, Kent Myers and Taylor Hill of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Dallas-based developer SWBC, in the transaction. Brixton Capital, which plans to implement minor upgrades to unit interiors, was self-represented.
COPPELL, TEXAS — Cybersecurity firm Ascent Solutions has signed a 33,000-square-foot office lease at Cypress Waters, a 1,000-acre master-planned community located in the central metroplex city of Coppell. The lease spans the entire seventh floor of the building at 2999 Olympus Blvd. Cribb Altman of JLL and Shannon Reilly of Reilly Commercial represented the tenant, which plans to move in early next year, in the lease negotiations. Billingsley Co. owns Cypress Waters.
DALLAS — Locally based financial advisory firm Terrydale Capital has arranged a $2.9 million loan for the refinancing of an undisclosed multifamily property located in the Dallas Central Business District. Brian Gramlich of Terrydale Capital arranged the loan through an agency lender on behalf of the undisclosed borrower. The loan carries an interest rate that is fixed at 3.16 percent for a five years, followed by 15 years of floating-rate financing with one year of interest-only payments.
Although the pandemic wreaked havoc on the retail sector in general, the culling of weak concepts has left space for strong retailers to flourish. The retail industry is seeing an explosion in experiential retail, medical/dental space is ubiquitous and non-traditional tenants are jumping at opportunities to secure prime locations. As a result, shopping centers have proven very resilient, says George Macoubray, vice president of retail brokerage with NAI Elliott in Portland, Oregon. “Today’s centers continue to evolve and to address what consumers need in terms of a place for people to congregate and participate in the activities that are important to them.” The entertainment sector was hit hard by the pandemic, he notes. “But now those operators seem to be out looking for locations, and they’re seeing the light at the end of the tunnel. People want to gather. They want to be entertained. They want to go out and do activities. Those kinds of experiences are happening more and more often in shopping centers — and you can’t buy those activities on Amazon.” Exciting new in-person experiences are helping to elevate shopping centers. “There’s an influx of experiential retail. From golf simulator experiences to ping-pong places to axe-throwing activities, …
FORT WORTH, TEXAS — A partnership between Titan Development and Dallas-based investment firm Aberg Property Co. has broken ground on The Trailhead at Chisholm Trail Ranch, a $63 million multifamily project in Fort Worth. The 284-unit development will be situated within the 625-acre Chisholm Trail Ranch master-planned community. Units will be spread across seven buildings and will be available in studio, one-, two- and three-bedroom formats. Amenities will include a pool, dog park and a pickleball court. HEDK Architects is designing the project, and Links Construction LLC is the general contractor. Completion is slated for the first quarter of 2025.
HOUSTON — Marcus & Millichap has brokered the $56 million sale of three Houston multifamily properties. Ridgepoint Apartments totals 168 units, was built in 1980 and sold for $21.3 million. Green Tree Place comprises 196 units, was constructed in 1983 and traded for $22.6 million. Pine Lake Village consists of 96 units, was delivered in 1983 and fetched a price of $12.1 million. Matthew Peters and Matthew Roth of Marcus & Millichap brokered the deal. The buyer and seller were not disclosed.
