MOORE, MUSTANG AND EDMOND, OKLA. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 350-unit portfolio comprising three active adult communities in the Oklahoma City suburbs of Moore, Mustang and Edmond. The seller was Walters Construction Co., which developed the properties between 2010 and 2021. The Moore community was recently expanded by 35 units. With the exception of that expansion, the assets were fully occupied at the time of sale. The buyer and sales price were not disclosed.
HOUSTON — Dallas-based investment firm Civitas Capital has acquired Stonebridge at City Park, a 240-unit apartment community located near Texas Medical Center in Houston. Built in 2004, the property offers one- and two-bedroom units that feature private patios and balconies, as well as individual washers and dryers. Amenities include a pool, fitness center, business center and a resident clubhouse. The seller and sales price were not disclosed. The new ownership plans to implement a value-add program.
HOUSTON — Chicago-based investment firm 29th Street Capital has purchased Venue Museum District, a 224-unit multifamily property in Houston. Built in 2009, the community houses one- and two-bedroom units and amenities such as a pool, outdoor grilling areas, a fitness center, sports lounge, business center, library and a clubhouse. 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.
SAN ANTONIO — New York City-based Lument has provided a $17.9 million bridge loan for the acquisition of Park at Colonnade, a 211-unit multifamily community in San Antonio. Built in 1970, the garden-style property houses 18 studios, 86 one-bedroom residences, 94 two-bedroom apartments and 13 three-bedroom units. Amenities include a clubhouse, two pools and a dog park. Phil Frasca of Lument originated the nonrecourse, interest-only loan, which carried a three-year term and a 75 percent loan-to-cost ratio. The undisclosed borrower plans to use a portion of the proceeds to fund capital improvements.
By Steve Monroe, CCIM, San Antonio market manager, Oldham Goodwin The past year has seen steady improvement in the key performance metrics of the San Antonio retail market. Two years ago, participants in the retail sector, both local and national, were understandably preoccupied with questions about how the COVID-19 pandemic would impact retailers and owners of retail properties. The shift toward online shopping had begun several years earlier, and there was great fear that the pandemic would accelerate that trend such that it would prove fatal to retailers. The economic slowdown and quarantine restrictions that were implemented during the early part of the crisis appeared to validate those concerns. However, with the widespread availability and use of vaccines during the past 12 months, the San Antonio retail market, which initially saw significant layoffs and dramatic slowdowns, has come roaring back. The move toward online buying has indeed continued apace, and some consumers have shifted toward having goods delivered to them or utilizing curbside pickup models. In spite of these changes, nimble retailers have adapted to the changing landscape, and most are now thriving. In fact, for most retailers, the biggest operational problems have nothing to do with lack of …
PLANO, TEXAS — CIM Group, a Los Angeles-based lender and owner-operator, has provided a $73 million loan for the refinancing of Legacy Commons, a 287,044-square-foot office campus located north of Dallas in Plano. The property, which was originally constructed in 1998 as the headquarters for Dr. Pepper, comprises three buildings and an undeveloped 5.3-acre site within the Legacy master-planned development. The borrower, a partnership between Taconic Capital Advisors and Champion Partners, acquired Legacy Commons in 2019 and subsequently implemented $10 million in capital improvements. The campus now features a renovated lobby and main entrance, as well as an outdoor courtyard and amphitheater, lounge and meeting area and a fitness center.
MESQUITE, TEXAS — Phoenix-based developer Creation Equity has broken ground on Mesquite 635, an industrial project that will be located on the eastern outskirts of Dallas and will total roughly 556,000 square feet. Creation Equity is developing the property, which will comprise two rear-load buildings and one front-load building, in partnership with Crow Holdings Capital. Building A will span 159,728 square feet and feature 32-foot clear heights and 37 trailer parking spots. Building B will comprise 156,144 square feet and offer 32-foot clear heights and 27 trailer stalls. Building C will total 239,918 square feet and feature 36-foot clear heights and 46 trailer parks. LGE Design Group is the project architect and general contractor. Completion is slated for the second quarter of 2023.
GEORGETOWN, TEXAS — JLL has negotiated the sale of Northstar Apartments, a 210-unit active adult community located on the northern outskirts of Austin in Georgetown. The age-restricted property was built in 2021 and features one- and two-bedroom units averaging 1,016 square feet. Amenities include a media center and theater room, pool and spa, outdoor fire pit with seating area, landscaped courtyards and pickleball and bocce ball courts. Ryan McBride, Joe Dowdle, Zach Rigby and Sean Sorrell of JLL represented the seller, Chalk Hill Ventures, in the transaction. A partnership between Bain Capital Real Estate and Capitol Seniors Housing acquired the property for an undisclosed price.
WACO, TEXAS — Dallas-based Terrydale Capital has arranged an $11.2 million acquisition loan for an undisclosed multifamily property in Waco. Culby Culbertson of Terrydale Capital arranged the loan through a correspondent bank on behalf of the undisclosed borrower. The loan was structured with a fixed interest rate of 3.53 percent for five years, a 25-year amortization schedule and one year of interest-only payments
FORT WORTH, TEXAS — Shoppa’s Material Handling, a provider of industrial equipment and machinery, has signed a 65,814-square-foot industrial lease in Fort Worth. Reid Bassinger and Trey Fricke of Lee & Associates represented the tenant in the lease negotiations. Adam Graham and Mark Graybill, also with Lee & Associates, represented the landlord, ML Realty Partners.