HOUSTON — Locally based development and management firm Moody Rambin has broken ground on Town Centre Two, a 167,141-square-foot office building in Houston. Moody Rambin is developing the project, which is part of a two-building initiative that will be situated within the 41-acre Town and Country Village development on the city’s west side, in partnership with American National Insurance Co. Kirksey Architecture designed the eight-story building, with DBR Engineering and Hoar Construction respectively serving as the civil engineer and general contractor. Frost Bank provided construction financing. Completion is slated for the third quarter of 2023.
HOUSTON — Partners Capital, the investment and development arm of Partners Real Estate Co., has sold the Steeplechase Professional Building, a 61,165-square-foot medical office building complex in northwest Houston. Cary Latham of NAI Partners represented Partners Capital, which originally acquired the asset in August 2017, in the transaction. The buyer was not disclosed.
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Multifamily Developers Must Find Balance Between Density, Amenities
Finding a balance between density and amenities has never been simple for residential developers, but rising interest rates, density restrictions and an increased desire to solidify multifamily projects within the community mean that there is much to be gained from creative approaches to this old problem. Starting the process of planning early, using zoning to the developer’s advantage and creating an adaptable, sustainable and welcoming place for tenants can allow for a successful project with a lower overall price tag. This method can solve some of the trickier problems faced by multifamily developers, including density, parking and zoning considerations. Starting Off Right — Creating a Master Site Plan Success in multifamily is easier to achieve if the project starts with a shared team vision from the outset, says Bill Rearden, principal at Bohler, a land development design and consulting firm. Rearden explains that Bohler has its own planning, landscape architecture and survey teams and works with many industry partners for environmental and geotechnical due diligence. “We work with these teams in the very early stages to understand what the configuration of a property is and what its constraints are. We know upfront any underlying zoning a property might have, so …
SPRING, TEXAS — EastGroup Properties (NYSE: EGP), a Mississippi-based REIT, has broken ground on Springwood Business Park, a 292,000-square-foot industrial project that will be located in the northern Houston suburb of Spring. Springwood Business Park will consist of two Class A distribution buildings that can support tenants with requirements from 10,000 to 168,000 square feet. Building features will include 28- to 32-foot clear heights and combined parking for 300 cars and 57 trailers. Construction is slated for a second-quarter 2023 completion. JLL will market the development for lease.
SUGAR LAND, TEXAS — Texas-based investment firm Catalyst Equity Partners has purchased The Addison at Sugar Land, a 280-unit apartment community located on the southwestern fringe of Houston. According to Apartments.com, the property was built in 2004, features one-, two- and three-bedroom units and offers amenities such as a pool, fitness center, spa, business center, volleyball court and package handling services. The seller and sales price were not disclosed.
ROUND ROCK, TEXAS — Dallas-based RightQuest Residential has sold Siena Round Rock, a 198-unit apartment complex located on the northern outskirts of Austin. The property offers studio, one- and two-bedroom units ranging in size from 597 to 1,137 square feet. Most residences feature upgraded appliances, granite countertops, individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, clubhouse, business center, outdoor grilling stations and a dog park. CBRE brokered the sale of Siena Round Rock, which was 97 percent occupied at the time of sale. Judah Hammer and Daniel Neiss of Meridian Capital Group arranged $35.3 million in acquisition financing through NewPoint Real Estate Capital on behalf of the buyer, River Rock Capital.
SHENANDOAH, TEXAS — Dallas-based private lender HALL Structured Finance (HSF) has provided a $15.3 million construction loan for a new Hampton Inn & Suites hotel in Shenandoah, about 40 miles north of Houston. The five-story, 106-room hotel will house a fitness center, lobby workstation, outdoor pool, dining area with a full bar and more than 1,000 square feet of meeting and event space. The borrower, Texas-based hospitality developer K&K Hotel Group, expects to complete construction in late 2023. Matt Mitchell of HSF originated the financing.
BAYTOWN, TEXAS — Los Angeles-based brokerage firm National Asset Services has arranged the sale of a 30,038-square-foot retail property in the eastern Houston suburb of Baytown. The property was built in 2005 and is fully leased to electronics retailer Best Buy. National Asset Services represented the buyer in the transaction. Mark Raines, Donna Kolias and Pierce Owens of JLL represented the seller. Both parties requested anonymity.
GEORGETOWN, TEXAS — GAF Energy, a San Jose, Calif.-based provider of solar roofing products, will open a 450,000-square-foot manufacturing plant in the northern Austin suburb of Georgetown. The facility is expected to add about 260 new jobs to the local economy. According to Hello Georgetown, construction is underway and expected to be complete in summer 2023, with the plant becoming fully operational by the end of that year. The local news outlet also reports that Atlanta-based Portman Industrial is leading the development of the facility in conjunction with design-build firm ARCO/Murray. In announcing the project, GAF executives cited Georgetown’s rapid population growth as a driver of a strong labor pool, as well as the city’s track record on green energy initiatives.
HUTTO, TEXAS — Arizona-based developer Empire Group of Cos. has acquired 30.6 acres in the northern Austin suburb of Hutto for the construction of a 276-unit build-to-rent residential project. Josh Cameron and Hal Guggolz of Land Advisors Organization brokered the $11 million sale of the land. Village at Hutto Station will offer one-, two- and three-bedroom homes with private backyards, and residential amenities will include a pool, outdoor grilling areas, fitness center, walking paths, community clubhouse and a dog park. Construction is set to begin in the first quarter of 2023.