Texas

Frankforter Group Buys 319-Unit Apartment Community at Texas Medical Center in Houston

by Taylor Williams July 8, 2022

HOUSTON — The Frankforter Group has purchased The Regard at Medical Center, a 319-unit apartment community located within Texas Medical Center in Houston that was built in 2013. Units come in studio, one- and two-bedroom floor plans and range in size from 638 to 1,418 square feet. The amenity package comprises a pool, fitness center, business center, clubhouse, conference room, courtyards wit fire pits, outdoor grilling stations and a dog park. Frankforter Group will implement a value-add program. The seller and sales price were not disclosed.

July 8, 2022

Development Industrial Texas

Dayton Street Partners to Develop 164,640 SF Spec Industrial Project Near Port Houston

by Taylor Williams July 8, 2022

BAYTOWN, TEXAS — Chicago-based Dayton Street Partners will develop a 164,640-square-foot speculative industrial project near Port Houston. The facility will be situated on a 47.4-acre site within the 15,000-acre TGS Cedar Port Industrial Park in Baytown and function as a truck terminal as well as a storage and distribution center. Building features will include 24-foot clear heights, 214 dock doors and 6,000 square feet of office space. Completion is slated for the second quarter of 2023. Veritex Community Bank is providing construction financing NAI Partners will market the project for lease.

July 8, 2022

Acquisitions Multifamily Texas

GREA Negotiates Sale of 192-Unit Multifamily Property in Grand Prairie, Texas

by Taylor Williams July 8, 2022

GRAND PRAIRIE, TEXAS — Global Real Estate Advisors (GREA) has negotiated the sale of Vista Terraza, a 192-unit multifamily property located in the central metroplex city of Grand Prairie. According to Apartments.com, the property offers one-, two and three-bedroom units and amenities such as a pool, playground and onsite laundry facilities. A locally based seller sold the asset to a New Jersey-based investor, with both parties requesting anonymity. Mark Allen, Zac Thomas and Byron Griffith of GREA brokered the deal.

July 8, 2022

Acquisitions Office Texas

Colliers Brokers Sale of 180,030 SF Office Building in North Houston

by Taylor Williams July 8, 2022

HOUSTON — Colliers has brokered the sale of a 180,030-square-foot office building located at 450 Gears Road in North Houston. The eight-story building, which was originally constructed on 4.5 acres in 1984, includes a four-story parking garage and a conference center. David Carter, Doug Pack and Sam Hansen of Colliers represented the seller in the transaction. Evens Grandoit of Krueger Real Estate represented the buyer. Both parties requested anonymity.

July 8, 2022

Acquisitions Retail Texas

JLL Negotiates Sale of 559,457 SF Glade Parks Town Center in Euless, Texas

by Taylor Williams July 7, 2022

EULESS, TEXAS — JLL has negotiated the sale of Glade Parks Town Center, a 559,457-square-foot retail power center located in the eastern Dallas suburb of Euless. Built in phases between 2014 and 2018, the property houses tenants such as Dick’s Sporting Goods, Total Wine & More, Cinepolis, Ulta Beauty, Belk, Michael’s, HomeGoods, EoS Fitness, First Watch, Hopdoddy, Daiso, Old Navy, Burlington, DSW and Massage Envy. Barry Brown, Chris Gerard, Ryan Shore, Greyson Fewin and Matthew Barge of JLL represented the seller, a joint venture led by Iron Point Partners, an investment firm with offices in Dallas and Washington, D.C., in the transaction. Charlotte-based Big V Property Group acquired the asset for an undisclosed price.

July 7, 2022

Build-to-Rent Development Single-Family Rental Texas

Embrey to Develop 276-Unit Single-Family Rental Community in Fort Worth

by Taylor Williams July 7, 2022

FORT WORTH, TEXAS — San Antonio-based developer Embrey has acquired a 22.9-acre site in Fort Worth for the development of a 276-unit single-family residential community. Collection Champions Circle will feature one-, two- and three-bedroom homes, as well as a pool and a clubhouse. Construction is scheduled to begin in late July or early August and to be complete in 2024. Embrey is also the general contractor for the project and will provide onsite property management services upon completion.

July 7, 2022

Leasing Activity Office Texas

Cheniere Energy Signs 151,490 SF Office Headquarters Lease in Downtown Houston

by Taylor Williams July 7, 2022

HOUSTON — Cheniere Energy Inc. has signed a 151,490-square-foot office lease for its new global headquarters at Texas Tower, a 47-story building in downtown Houston. The space spans floors 12 through 16 and includes 16,000 square feet of private outdoor gardens and amenity areas. Chris Oliver, Trey Strake and David Guion of Cushman & Wakefield represented Cheniere in the lease negotiations. Michael Anderson, also with Cushman & Wakefield, represented the landlord, a joint venture between Hines and Ivanhoé Cambridge. The 1.2 million-square-foot tower is now 70 percent leased following deals with laws firms Vinson & Elkins, McGuireWoods and DLA Piper.

July 7, 2022

Acquisitions Multifamily Texas

David B. Norton Arranges $15.5M in Preferred Equity for Multifamily Portfolio in Corpus Christi, New Braunfels

by Taylor Williams July 7, 2022

CORPUS CHRISTI AND NEW BRAUNFELS, TEXAS — Capital advisory firm David B. Norton Inc. has arranged a $15.5 million preferred equity investment for a 722-unit multifamily portfolio in Texas. The properties in the portfolio, which were all constructed within the past decade and feature a mix of studio, one- and two-bedroom units, are located in Corpus Christi and New Braunfels, a suburb of San Antonio. The buyer was an undisclosed investment and management firm based in Austin. David B. Norton Inc. placed the preferred equity investment behind a $105 million senior loan, yielding an 81 percent loan-to-cost ratio within the capital stack.

July 7, 2022

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 246-Unit Apartment Complex in Fort Worth

by Taylor Williams July 7, 2022

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Rio Vista, a 246-unit apartment complex in Fort Worth. Located on the city’s northeast side, Rio Vista offers one- and two-bedroom units and amenities such as two pools, a playground, dog park and a soccer field. Al Silva and Ford Braly of Marcus & Millichap represented the seller, Florida-based Greenwater Investments, in the transaction. The duo also procured the buyer, an undisclosed, California-based investor that plans to make capital improvements to the property.

July 7, 2022

Development Multifamily Texas

KWA Construction Breaks Ground on 357-Unit Remy Multifamily Project in Frisco

by Taylor Williams July 6, 2022

FRISCO, TEXAS — Locally based general contractor KWA Construction has broken ground on Remy, a 357-unit multifamily project located within the 147-acre Frisco Square mixed-use development on the northern outskirts of Dallas. Designed by HEDK Architects and developed by Toll Brothers, Remy will offer units that are furnished with stainless steel appliances and stone countertops. Most residences will include washers and dryers and private balconies. The amenity package will comprise a pool, sky deck, speakeasy lounge, library, fitness center, coworking space, clubroom, media room and a package handling system. Completion is slated for early 2024.

July 6, 2022

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