Texas

CBRE Arranges $54.4M Refinancing for The Village at Woodlands Waterway in Metro Houston

by Taylor Williams March 24, 2022

THE WOODLANDS, TEXAS — CBRE has arranged the $54.4 million refinancing of The Village at Woodlands Waterway, a seniors housing community located north of Houston. Built on 2.7 acres in 2011, the property comprises 116 independent living residences, 63 assisted living units and 28 memory care units. Aron Will, Austin Sacco and Tim Root of CBRE arranged the three-year, nonrecourse loan, which carried a floating interest rate, through an undisclosed debt fund. The borrower was a partnership between the Saudi Economic & Development Co. and Madison Marquette.

March 24, 2022

Acquisitions Multifamily Texas

29th Street Capital Buys 284-Unit Highbank Apartments in Houston

by Taylor Williams March 24, 2022

HOUSTON — Chicago-based investment firm 29th Street Capital has purchased The Highbank, a 284-unit multifamily property located near Texas Medical Center in Houston. Built in 2017, the community offers amenities such as a pool, outdoor grilling areas, a fitness center and a clubhouse with a wine lounge and library. The new ownership plans to upgrade the unit interiors. The seller and sales price were not disclosed. Haven Residential, an affiliate of 29th Street Capital, will assume management of the property.

March 24, 2022

Mark Fletcher Bohler Development Teaming

Bohler Content Partner Development Features Midwest Northeast Southeast Texas Western

Four Factors to Build Successful Teams in a Development Project

by Sarah Daniels March 24, 2022

When it comes to commercial real estate development, thoughtfully curated teams are critical to success. “It’s important that the extended team works well with each other, so they can deliver results for clients,” explains Mark Fletcher, director of Strategic Partnering at Bohler, a land development design and consulting firm. Developers don’t want to work with a variety of disjointed processes and personalities. They want to work with one team, a multi-discipline team that effectively manages time and resources, focusing on streamlined processes and speed to market. This sort of team unity promotes both cohesiveness and consistency in outcomes. Building a great design and consulting team means having the property developer’s end goals in mind from the very start of the process: dependability, speed to market and turnkey solutions. The importance of fostering cohesion extends to finding an architect to optimize the building and a contractor to strategize materials and phasing. It may be necessary to engage an attorney who can work well with the team to address land use and zoning. Finally, the right site design and consulting firm can streamline communications, maintain timelines and entitlements and keep the project moving forward. Here’s how Bohler’s approach to assembling a team …

March 24, 2022

Development Mixed-Use Multifamily Office Retail Texas Top Stories

Public-Private Partnership Plans 600,000 SF West Grove Mixed-Use Project in McKinney, Texas

by Katie Sloan March 24, 2022

MCKINNEY, TEXAS — De La Vega Capital and Development has unveiled plans for West Grove, a 600,000-square-foot mixed-use project being developed through a public-private partnership with the City of McKinney, located roughly 32 miles north of Dallas. Positioned at the southeast corner of U.S. Highway 380 and Custer Road, the 53-acre open-air development will include a mix of retail, restaurants and entertainment space anchored by Whole Foods Market; a 420-unit luxury residential complex; 55,000 square feet of office space; and a two-acre park. Architecture firm Gensler designed the project to promote outdoor gathering with open air paseos, outdoor decks, an experiential indoor/outdoor restaurant and entertainment space, and a central lawn that will feature live music, family movie nights and fitness classes year-round. “West Grove will be designed to bring people and a growing city together,” says Artemio De La Vega, president and CEO of De La Vega Capital. “A central green space and a mix of open-air, experience-driven retail and restaurant spaces will cultivate a sense of community, where visitors can connect meaningfully with each other and their natural environment.” A groundbreaking for the project is scheduled to take place during 2022. Dallas-based De La Vega Capital and Development is …

March 24, 2022

Acquisitions Multifamily Texas

Eagle Property Capital Buys Three Apartment Communities Totaling 840 Units in Dallas-Fort Worth

by Taylor Williams March 23, 2022

GRAPEVINE, RICHARDSON AND CARROLLTON, TEXAS — A fund backed by Mexico City-based private equity firm Eagle Property Capital Investments has acquired a trio of apartment communities totaling 840 units in the Dallas-Fort Worth metroplex. Mustang Villas is a 246-unit property in Grapevine that was built in 1974 and offers one-, two- and three-bedroom units that range in size from 530 to 1,310 square feet. Prestonwood Apartment Homes in Richardson was constructed in 1979 and offers 194 residences in one- and two-bedroom floor plans ranging between 788 and 1,222 square feet. Bella Vista, which is located in Carrollton and was built in 1981, features 400 units in one- and two-bedroom formats spanning between 600 and 1,189 square feet. Amenities at Mustang Villa include a business center, fitness center, community room, playground and a sports court. Prestonwood Apartment Homes and Bella Vista have amenity packages that include pools, fitness centers and outdoor picnic and grilling areas, while Prestonwood features a playground and Bella Vista a sports court. The new ownership plans to invest in various capital improvements throughout the three properties.Brad Williamson, Mitch Sinberg, Matt Robbins and Abigail Beauchamp of Berkadia secured acquisition financing on behalf of the buyer.

March 23, 2022

Acquisitions Office Texas

Dilweg Acquires 622,000 SF Office Campus in Irving, Plans Capital Improvements

by Taylor Williams March 23, 2022

IRVING, TEXAS — North Carolina-based investment firm Dilweg has acquired Royal Tech Business Park, an office campus in Irving’s Las Colinas district that comprises 11 buildings totaling 622,000 square feet, as well as undeveloped 9.2-acre parcel. Dilweg plans to implement capital improvements such as adding new landscaping and outdoor amenity spaces, modernizing building signage and upgrading the roofs, HVAC systems and parking areas. Randy Baird, Patrick Benoist, Jonathan Bryan, Jared Chua, Michael Dewey and Russell Ingrum of CBRE represented the undisclosed seller in the transaction. Tenants at Royal Tech Business Park include Wells Fargo, TekSystems Global Services, Coinmach Service Corp. and Whataburger Restaurant Corp. Dilweg has tapped JLL to lease the campus moving forward.

March 23, 2022

Civic Development Healthcare Texas

TCU to Open 100,000 SF Medical Education Building in Fort Worth

by Taylor Williams March 23, 2022

FORT WORTH, TEXAS — The Texas Christian University (TCU) School of Medicine will open a 100,000-square-foot building within Fort Worth’s Near Southside District. Designed by CO Architects and Hoefer Welker, the project represents the first phase of development of a new campus that will serve as an academic hub for some 240 medical students, as well as faculty and staff. TCU launched its medical school program in 2019 with an initial enrollment of 60 students. Construction of the four-story building is set to begin later this year and to be complete in advance of the fall 2024 semester

March 23, 2022

Acquisitions Multifamily Texas

Greysteel Negotiates Sale of 160-Unit Park Ridge Apartments in El Paso

by Taylor Williams March 23, 2022

EL PASO, TEXAS — Greysteel has negotiated the sale of Park Ridge Apartments, a 160-unit multifamily community in El Paso. Built in 1974, the property features one-, two- and three-bedroom units with an average size of 826 square feet. Amenities include a pool and a basketball court. Jack Stone and Doug Banerjee of Greysteel represented the undisclosed seller in the transaction. The buyer was also not disclosed.

March 23, 2022

Company News Multifamily Texas

NewQuest Properties Launches Multifamily Division to Serve Houston Market

by Taylor Williams March 23, 2022

HOUSTON — NewQuest Properties, a Houston-based retail development, brokerage and management firm, has launched a division to provide similar services to the city’s multifamily sector. NewQuest, which owns and manages more than 12 million square feet of commercial space, has tapped industry veteran John Leonard to lead the new division. Leonard most recently served as senior vice president and CFO of developer Sueba USA.

March 23, 2022

Development Multifamily Retail Texas

Public-Private Partnership Breaks Ground on $90M Multifamily, Retail Project in Metro Austin

by Taylor Williams March 22, 2022

KYLE, TEXAS — A partnership between Central Southwest Texas Development and the Kyle Economic Development Department has broken ground on a $90 million multifamily and retail project in the southern Austin suburb. The project, which will be developed on two parcels totaling 38.5 acres, represents Phase II of Kyle Crossing. The north tract will house 16 buildings, nine of which will feature retail and restaurant uses for a minimum total commercial footprint of 18,000 square feet. The south tract will also comprise multifamily and retail space, with a minimum of 15,000 square feet of the latter use.

March 22, 2022

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