SAN ANTONIO — Austin-based investment firm Door Capital Partners has acquired The Shops at The Rim, a 7,090-square-foot retail strip center in San Antonio. The center was built in 2012 within The Rim, a 1.8 million-square-foot mixed-use development on the city’s northwest side. At the time of sale, the property was fully leased to The Rim Dental Care, Starbucks Coffee, Pigtails & Crewcuts and GNC. C.W. Sheehan, Kaitlin Kane and Hunt Wood of JLL arranged acquisition financing on behalf of Door Capital Partners. Chris Gerard and Jack Copher, also with JLL, represented the undisclosed seller in the disposition.
Affordable HousingContent PartnerDevelopmentFeaturesLeasing ActivityMidwestMultifamilyNortheastSoutheastTexasWalker & DunlopWestern
Walker & Dunlop: Affordable Housing Crisis Calls For New Solutions, Effective Programs
By John Ducey, chief production officer of Walker & Dunlop’s affordable lending group Private industry and the federal government are rallying to recover ground lost to a housing affordability crisis that has been decades in the making. Nearly half of the nation’s renters, 46 percent, are housing cost-burdened, which the Census Bureau defines as those families paying 30 percent or more of their income on rent and utilities. The burden is higher for some, with nearly one in four families (23 percent of Americans) paying half or more of their income for housing. The situation calls for a change in tactics, a recognition of recent policy failures and a shared commitment to double down on programs with proven efficacy. As a nation we must ask, what can we do differently to put more homes within reach for the growing ranks of Americans who struggle to meet basic housing costs? A Building Problem The gap between housing costs and strained household budgets has widened due to both insufficient supply and wage stagnation that has fueled demand for affordable housing. The larger of the two issues — a lack of supply — traces chiefly to the 2008 financial crisis, which put a …
DALLAS — A partnership between a subsidiary of locally based investment firm CAF Cos. and Goldman Sachs Asset Management has acquired a portfolio of 16 multifamily properties totaling 2,766 units in Dallas-Fort Worth. The names and addresses of the properties, which are collectively known as The Obsidian Portfolio, were not disclosed, but all were constructed as market-rate projects. The new ownership plans to self-impose rent restrictions and social programming for renters at a variety of income levels. New services will include childcare, afterschool tutoring, workforce development and financial literacy. The seller was not disclosed.
AUSTIN, TEXAS — A partnership between Minneapolis-based developer Ryan Cos. and locally based investment and management firm Castletop Capital has broken ground on a 222-unit seniors housing project in Austin. Grand Living at The Grove will be located within a larger mixed-use development and will offer 186 independent and assisted living units and 36 memory care units. Residences will range in size from 450 to 1,600 square feet. Amenities will include a bistro, library, performance theater, spa, fitness center, salon, pool, therapy rooms, chapel and outdoor amenity spaces. Completion is slated for late 2024.
LEWISVILLE, TEXAS — Lee & Associates has negotiated a 46,628-square-foot industrial lease in the northern Dallas suburb of Lewisville. The newly constructed building is located at 550 Jubilee Lane. Adam Graham and Corbin Blount of Lee & Associates represented the landlord, Boston-based TA Realty, in the lease negotiations. The representative of the tenant, Redi Carpet, was not disclosed.
KATY, TEXAS — Marcus & Millichap has brokered the sale of Grand Reserve Plaza, a 12,025-square-foot office building in the western Houston suburb of Katy. James Bell and Watt Harrison of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was a 1031 exchange investor from West Texas. Both parties requested anonymity.
DALLAS — Locally based investment management firm Revere Capital has signed an 8,000-square-foot office lease at Premier Place, a 457,901-square-foot building located at 5910 N. Central Expressway in Dallas. The transit-oriented building houses a 62,000-square-foot Life Time fitness center, outdoor amenity space and a conference center. CBRE represented Revere Capital in the lease negotiations. Glenstar Properties owns Premier Place.
FORT WORTH, TEXAS — Samsung has signed a 670,941-square-foot industrial lease in South Fort Worth. The Korean tech and electronics giant will occupy Building 1 at Fort Worth Logistics Hub, a 1.3 million-square-foot development by VanTrust Real Estate. Designed by Alliance Architects and built by Bob Moore Construction, the building was completed in the first quarter of this year. Construction on the second phase of Fort Worth Logistics Hub is underway, with a 607,074-square-foot building set to be delivered in the first quarter of 2023. Mark Becker of Cushman & Wakefield represented Samsung in the lease negotiations. Scott Moore of CBRE, along with Nathan Lawrence and Krista Raymond of KBC Advisors, represented VanTrust.
PEARLAND, TEXAS — Locally based developer Sueba USA has broken ground on Ivy Lofts, a 335-unit apartment community that will be located in the southern Houston suburb of Pearland. The property will offer studio, one-, two- and three-bedroom floor plans ranging in size from 480 to 1,280 square feet. Residences will be furnished with stainless steel appliances, granite countertops and individual washers and dryers. Amenities will include a pool, fitness center, coffee bar, multimedia center, catering kitchen and package lockers. Completion is slated for late 2023.
HOUSTON — A partnership between two locally based developers, Griffin Partners and Pinto Realty Partners, has sold Pinto 23, a 282,190-square-foot industrial facility in North Houston. The partnership completed the cross-dock property, which is located within a larger 5.3 million-square-foot development, in October 2022. Building features include 36-foot clear heights, 76 dock doors, 112 trailer parking spaces that can be expanded by 44 additional spaces and 4,604 square feet of office space. Hines purchased the asset for an undisclosed amount and has tapped CBRE to oversee leasing efforts. Trent Agnew of JLL brokered the deal.