HOUSTON — NAI Partners has negotiated a 23,652-square-foot office lease at 945 Bunker Hill Road in West Houston. The property is located within the 300-acre Memorial City mixed-use development. Griff Bandy of NAI Partners represented the tenant, locally based oil and gas firm BW Energy USA Management, in the lease negotiations. Brad MacDougall and Warren Alexander of MetroNational represented the landlord on an internal basis.
After seeing its population grow by 97,000 between July 2020 and 2021, the Dallas-Fort Worth (DFW) metroplex is now home to nearly 8 million people, according to data from the U.S. Census Bureau. And it’s getting increasingly harder to adequately and affordably house the growing population. The problem isn’t new, just exacerbated, and it’s hardly unique to DFW. But when a market experiences the rate of population growth that the metroplex has over the last decade, the question of how much housing inventory exists that’s financially feasible for the average resident to rent or own gets thrust under the microscope. Of course, there’s a major difference between housing that’s affordable and affordable housing. The former is something of an arbitrary concept, whereas the latter carries a precise legal and regulatory definition. But the socioeconomic issue embodied within the two is largely the same. General Barriers A recent report from the National Low Income Housing Coalition ranked Texas — once heralded as the land of infinite land — as the sixth-worst state in terms of availability of rental housing for low-income households. This finding runs counter to Texas’ longstanding reputation as a state with an affordable cost of living, but …
NORMAN, OKLA. — CBRE has arranged the sale of 2900 Apartments, a 556-bed student housing community located near the University of Oklahoma in Norman. Built in 1999, the property offers 156 units and is situated adjacent to the university’s golf course. Jaclyn Fitts, William Vonderfecht, Casey Schaefer and Matt Bukhshtaber of CBRE represented the undisclosed seller in the disposition of the property to Hamilton Point Investments. The sales price was also not disclosed.
ANNA, TEXAS — Palladium USA, a locally based affordable housing developer, has broken ground on East Foster Crossing, a $64 million mixed-income residential community in Anna, located north of Dallas in Collin County. East Foster Crossing will feature 239 units in one-, two- and three-bedroom formats and amenities such as a pool, fitness center, conference center, a children’s playroom, dog park and a clubroom. HEDK Architects is designing the project, and BBL Construction is the general contractor. Preleasing will begin next summer. Information on specific income restrictions was not disclosed.
HOUSTON — Berkadia has arranged the sale of Creekside Villas at Clear Lake, a 202-unit workforce housing community in Houston. The property was built in 1979 and offers one-, two- and three-bedroom apartments. Amenities include a lounge with a coffee bar, a resident kitchen, pool, fitness center, outdoor grilling areas and onsite laundry facilities. Joey Rippel, Chris Young, Kyle Whitney, Jeffrey Skipworth, Chris Curry and Todd Marix of Berkadia represented the seller, metro Dallas-based ClearWorth Capital, in the transaction. Cutt Ableson, also with Berkadia, arranged acquisition financing through New York City-based Ready Capital on behalf of the buyer, partnership between Utah-based Trinnium Equity Group and Dallas-based Starboard Equity.
PLANO, TEXAS — Forefront Living has begun construction of The Outlook at Windhaven, a seniors housing community in the northern Dallas suburb of Plano. Architectural firm three designed the 18-acre project. Plans call for 30 independent living cottage homes, 153 independent living apartments and a 56 units of assisted living and memory care in a 530,000-square-foot building. A timeline for completion was not released.
HOUSTON — Fort Worth-based investment firm Fort Capital has acquired Champions Commerce Park, a development in North Houston that consists of 16 light industrial and self-storage buildings totaling 161,753 square feet. The Class B portfolio had a total occupancy rate of 91 percent at the time of sale. The seller and sales price were not disclosed.
HOUSTON — Resia, a Miami-based developer formerly known as AHS Residential, has begun construction on Resia Ten Oaks, a 576-unit apartment community that will be located within the 83-acre Ten Oaks master-planned development in Houston’s Energy Corridor. The community will comprise three 12-story buildings that will house one-, two- and three-bedroom units. Amenities will include a pool, fitness center and a resident clubhouse. Gensler is the project architect. Completion is slated for the first quarter of 2024.
HOUSTON — Fort Worth-based investment firm Fort Capital has acquired a portfolio of 19 light industrial buildings totaling 459,812 square feet in northwest Houston. At the time of sale, the Class B portfolio was 98 percent leased to 93 tenants in the mechanical, logistics, furniture and fabrication sectors, among others. The seller and sales price were not disclosed.
RICHWOOD, TEXAS — Walker & Dunlop has brokered the sale of East Bank at Richwood Village, a 200-unit multifamily property located south of Houston in Brazoria County. According to Apartments.com, the property offers one-, two- and three-bedroom units and a pool, fitness center, business center and a resident clubhouse. Ryan Epstein and Jennifer Ray of Walker & Dunlop represented the seller, Pensam Capital, in the transaction.