CYPRESS, TEXAS — St. Louis-based general contractor McCarthy Buildings Cos. has broken ground on a 106-acre hospital campus in the northwestern Houston suburb of Cypress for Houston Methodist. The campus will comprise a 570,700 -square-foot, seven-story hospital and two medical office buildings totaling roughly 320,000 square feet that will be linked by a sky bridge. Page is the project architect, and Walter P. Moore is the structural and civil engineer. Completion is slated for late 2024. The site formerly housed 11 buildings totaling 600,000 that were occupied by Sysco Corp., all of which will be demolished.
CARROLLTON, TEXAS — MC Cos., an Arizona-based investment firm, has acquired Briarcrest Apartments, a 238-unit multifamily property in the northern Dallas suburb of Carrollton. The property exclusively offers two-bedroom units, including 38 townhomes, with an average size of 961 square feet. Amenities include a pool, outdoor grilling and dining areas, a business center, fitness center, playground and a dog park. The new ownership plans to implement a value-add program at Briarcrest Apartments, which has not undergone interior renovations since its original construction in 1983. The seller was not disclosed.
NEW BRAUNFELS, TEXAS — Marcus & Millichap has brokered the sale of Brauntex Storage, a 194-unit self-storage facility that sits on 2.5 acres on the northeastern outskirts of San Antonio. Dave Knobler and Jon Danklefs of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The duo also procured the buyer, a New York-based investment firm. Both parties requested anonymity.
SOUTHLAKE, TEXAS — Locally based hospitality investment firm NewcrestImage has purchased the 175-room Cambria Hotel Southlake DFW. The property was built in 2016 and is located roughly six miles from Dallas-Fort Worth International Airport. Amenities include an outdoor pool and game area, fitness center, business center, convenience market, lounge and a fine dining restaurant. The seller and sales price were not disclosed.
AUSTIN, TEXAS — PGIM Real Estate has provided a $77 million acquisition loan for Centro South, a 164,976-square-foot, newly constructed office building in Austin. Centro South represents Phase II of a larger development, and the sister building, Centro North, will be complete later this summer. At the time of the loan closing, Centro South was 96 percent leased, with Australian software developer Atlassian serving as the anchor tenant. The borrower, AEW Capital Management LP, acquired the five-story building from the developer, Riverside Resources, which will retain management responsibilities.
SAN MARCOS, TEXAS — South Carolina-based developer Greystar has broken ground on Phase II of Whisper 35, a 500,000-square-foot industrial project in San Marcos, located roughly midway between Austin and San Antonio. Phase I of Whisper 35 consists of two buildings totaling approximately 180,000 square feet, the first of which is complete and fully leased and the second of which is slated for a fourth-quarter delivery. Phase II will comprise three buildings totaling roughly 315,000 square feet that are expected to be complete in the third quarter of 2023. RC Page is the general contractor for the project, and Stream Realty Partners is the leasing agent.
DALLAS — Locally based investment firm Westmount Realty Capital has sold Highland Bluffs, a 357-unit apartment community in East Dallas. The property was built in 1984 and consists of 28 three-story buildings that house one- and two-bedroom units ranging in size from 465 to 1,012 square feet. Amenities include a pool, playground, outdoor picnic areas and onsite laundry facilities. Al Silva and Ford Braly of Marcus & Millichap represented Westmount Realty Capital, which invested significant upgrades during its eight years of ownership, in the transaction. The duo also procured the buyer, Dallas-based Lurin Investments.
HOUSTON — Engineering and construction firm CTCI Americas Inc. has signed a 49,662-square-foot office lease at 15721 Park Row in Houston’s Energy Corridor. The six-story, 145,000-square-foot building offers a tenant lounge, conference facilities and an outdoor collaboration area. Josh Morrow of Avison Young represented the tenant in the lease negotiations. Steve Rocher, Parker Duffie and Jenny Mueller of CBRE represented the landlord, BH Properties.
BEAUMONT, TEXAS — Texas Oncology will open a 32,000-square-foot cancer care center on the Christus Southeast Texas St. Elizabeth medical campus in Beaumont. The center will provide medical oncology, radiation oncology, gynecologic oncology, chemotherapy, genetic counseling and lab services. Cottonwood Development is developing the facility, with McCarthy Building Cos. serving as general contractor. Construction is underway, and the center is scheduled to open in spring 2023.
By Al Silva, senior managing director, investments, Marcus & Millichap; and Ford Braly, first vice president, investments, Marcus & Millichap The multifamily segment in Fort Worth is in a great position. The metro’s vacancy rate slid down to a multi-decade low of 3.1 percent last year, which facilitated stellar rent growth as the number of available rental units plummeted. Fort Worth’s average effective rent grew more than 15 percent in 2021 to $1,276 per month, and the elevation in 2022 is expected to remain in the double digits. Behind this momentum is robust household formation as citizens relocate to the metro for greater job availability, cost-of-living considerations and quality of life. An average of 16,300 new households were created annually in the Fort Worth metro area over the past decade, and the 2022 addition is expected to eclipse that benchmark by about 20 percent. This rate of household creation is about twice as fast as the national pace and is happening at a time in which the barriers to homeownership have rapidly intensified, pushing much of the new demand toward the rental segment. Barriers to Homeownership The median price of a single-family house in the Fort Worth area climbed to …