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.
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.
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.
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.
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.
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.
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.
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.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Copper Creek, a 274-unit apartment community located on the east side of Fort Worth. The property was built in 1986 and comprises 17 buildings, as well as a pool, soccer field, playground and onsite laundry facilities. An undisclosed, California-based private investment firm sold Copper Creek to California-based Tides Equities. Al Silva and Ford Braly of Marcus & Millichap brokered the deal.
HOUSTON — Los Angeles-based Thorofare Capital has provided a $48 million acquisition loan for an undisclosed, 246-unit multifamily property in Houston. Built in 2017 in the city’s Tanglewood neighborhood, the property features an average unit size of 1,427 square feet and was 92 percent occupied at the time of sale. The loan was structured with a fixed interest rate, a seven-year initial term and four years of interest-only payments. The borrower was also not disclosed.