Texas

Northmarq Arranges Acquisition Financing for 1,134-Unit Multifamily Portfolio in Houston

by Taylor Williams August 9, 2022

HOUSTON — Northmarq has arranged an undisclosed amount of acquisition financing for a portfolio of three multifamily assets totaling 1,134 units that are located throughout the metro Houston area. Sedona Square is a 250-unit property that was built in phases in the early 1980s and offers one-, two and three-bedroom apartments. Verano was constructed in 1980 and totals 312 units in one- and two-bedroom formats. Rock Creek at Hollow Tree, also constructed in 1980, comprises 572 residences in one-, two- and three-bedroom floor plans. James Currell, Joel Heikenfel and Emily Balazi of Northmarq arranged the debt through an undisclosed bridge/mezzanine lender on behalf of the borrower, Dallas-based WindMass Capital.

August 9, 2022

Development Industrial Texas

Provident Realty Advisors to Develop 308,270 SF Spec Industrial Project in El Paso

by Taylor Williams August 9, 2022

EL PASO, TEXAS — Dallas-based Provident Realty Advisors will develop a 308,270-square-foot speculative industrial project in El Paso. The facility will be situated on an 18.4-acre site near the intersection of Windermere Avenue and Loop 375 and will have both warehouse and distribution space. Building features will include 32-foot clear heights and 190-foot truck court depths. Construction is set to begin toward the end of the year. CBRE represented the seller of the land, River Oaks Properties, and will market the facility for lease upon completion.

August 9, 2022

Acquisitions Multifamily Texas

IPA Negotiates Sale of 288-Unit Vantage at O’Connor Apartments in San Antonio

by Taylor Williams August 9, 2022

SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Vantage at O’Connor, a 288-unit apartment community in northeast San Antonio. The property was built in 2020. According to Apartments.com, Vantage at O’Connor offers one-, two- and three-bedroom units ranging in size from 605 to 1,150 square feet and amenities such as a pool, fitness center, media lounge, two pet parks and package concierge services. Will Balthrope and Drew Garza of IPA represented the seller, Vantage Communities, and procured the undisclosed buyer in the transaction.

August 9, 2022

Acquisitions Multifamily Texas

HLC Equity Sells 192-Unit Toscana Apartments in Carrollton, Texas

by Taylor Williams August 9, 2022

CARROLLTON, TEXAS — HLC Equity has sold Toscana Apartments, a 192-unit multifamily property in the northern Dallas suburb of Carrollton. The complex was originally built in 1986 and offers a pool, clubhouse, fitness center, pet play area and outdoor grilling and dining stations. HLC Equity acquired the property in 2017 for $13.2 million and implemented a value-add program that upgraded unit interiors and common areas. California-based Archway Equities purchased the asset for an undisclosed price. David Austin and Rob Key of JLL brokered the deal. Toscana Apartments was 99 percent occupied at the time of sale.

August 9, 2022

Acquisitions Multifamily Seniors Housing Texas

Ensign Group Acquires 138-Bed Skilled Nursing Facility in McKinney, Texas

by Taylor Williams August 9, 2022

MCKINNEY, TEXAS — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the real estate and operations of Park Manor of McKinney, a 138-bed skilled nursing facility in metro Dallas. Standard Bearer Healthcare REIT Inc., Ensign’s captive real estate company, will own the real estate. This acquisition brings Ensign’s portfolio to 259 healthcare operations, 26 of which also include senior living operations, across 13 states. Ensign subsidiaries, including Standard Bearer, now own 106 real estate assets. The seller was not disclosed.

August 9, 2022

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 2,199-Unit Self-Storage Portfolio in Houston Area

by Taylor Williams August 8, 2022

HOUSTON — Marcus & Millichap has brokered the sale of a portfolio of four self-storage facilities totaling 2,199 units in the greater Houston area. Two properties in the portfolio, which spans 429,169 net rentable square feet, are located within Houston, and the other two facilities are located in Baytown and Magnolia. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a Georgia-based partnership, in the transaction. The duo also procured the buyer, a New York-based partnership. Both parties involved in the deal requested anonymity.

August 8, 2022

Development Industrial Texas

IDI Logistics to Develop 465,660 SF Spec Industrial Project in Metro Austin

by Taylor Williams August 8, 2022

ROUND ROCK, TEXAS — Atlanta-based IDI Logistics will develop Sunrise Commerce Center, a 465,660-square-foot speculative industrial project that will be located on a 36-acre site in the northern Austin suburb of Round Rock. Phase I of the development will comprise three buildings totaling 310,693 square feet, while Phase II will encompass 154,967 square feet across two buildings. Adolfson & Peterson Construction is the general contractor for the project, which was designed by 5G Studio Collaborative. Pacheco Koch is the civil engineer, and Stream Realty Partners is the leasing agent. Construction will begin in September.

August 8, 2022

Acquisitions Multifamily Texas

Brixton Capital Acquires 240-Unit Apartment Community in Seabrook, Texas

by Taylor Williams August 8, 2022

SEABROOK, TEXAS — Southern California-based investment firm Brixton Capital has acquired Regatta Bay, a 240-unit apartment community located about 30 miles southeast of Houston in Seabrook. Built in 2003, the property consists of 15 two- and three-story residential buildings and a pool, fitness center, dog park and tenant lounge. The seller was not disclosed. Brixton plans to upgrade the unit interiors, including new appliances, flooring, countertops and cabinetry, as well as updated lighting and plumbing fixtures.

August 8, 2022

Loans Multifamily Texas

Northmarq Arranges Sale of 136-Unit Multifamily Property in Eagle Pass, Texas

by Taylor Williams August 8, 2022

EAGLE PASS, TEXAS — Northmarq has arranged the sale of Holly Apartments, a 136-unit multifamily property in Eagle Pass, located near the Texas-Mexico border in Maverick County. Built in 1975 and renovated in 1996, the property offers a pool, outdoor grilling and picnic areas, playground and a basketball court. Zar Haro, Moses Siller, Phil Grafe and Bryan VanCura of Northmarq represented the undisclosed buyer in the deal. Cheryl Higley, also with Northmarq, arranged a nonrecourse, fixed-rate acquisition loan with a 10-year term and a 30-year amortization schedule.

August 8, 2022

Leasing Activity Office Texas

Quanex Signs 16,545 SF Office Lease in Houston’s Memorial City District

by Taylor Williams August 8, 2022

HOUSTON — Quanex Building Products Corp. has signed a 16,545-square-foot office lease at 945 Bunker Hill Road in Houston’s Memorial City district. Brad MacDougall and Warren Alexander internally represented the landlord, MetroNational, in the lease negotiations. Andy Iversen, John Luck and Kaitlyn Duffie of Newmark represented the tenant, which plans to move into the 14-story building in September 2023.

August 8, 2022

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