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Paramount-at-Kingwood
AcquisitionsMultifamilyTexas

Lynd Group Sells Suburban Houston Apartment Community for $61.3M

by Taylor Williams

HUMBLE, TEXAS — San Antonio-based multifamily investment firm The Lynd Group has sold Paramount at Kingwood, a 372-unit apartment community located on the northern outskirts of Houston. Massachusetts-based Colony Hills Capital purchased the property for $61.3 million. Built in 2000, Paramount at Kingwood features one-, two- and three- bedroom units and amenities such as a clubhouse, business center, pool and a fitness center. Lynd acquired the property in June 2021 for $44.5 million and implemented approximately $2 million in capital improvements.

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Build-to-RentDevelopmentSingle-Family RentalTexas

Mill Creek Residential Underway on 271-Unit Build-to-Rent Community in Celina, Texas

by Taylor Williams

CELINA, TEXAS — Mill Creek Residential is underway on construction of Amavi Celina, a 271-unit build-to-rent residential community that will be located about 35 miles north of Dallas. The unit mix will consist of 155 cottages, 94 townhomes and 22 single-family detached homes. Amavi Celina will span 45 acres and will feature a trail system, dog park, fitness center and resort-style pool. Keaton Merrell and Shannon Hersker of Walker & Dunlop originated a four-year, interest-only construction loan to Mill Creek Residential for the project, a completion date for which was not disclosed.

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AcquisitionsMultifamilyTexas

Sentinel Real Estate Buys 164-Unit Multifamily Property in Downtown Dallas

by Taylor Williams

DALLAS — New York City-based Sentinel Real Estate Corp. has purchased Third Rail Lofts, a 164-unit multifamily property in downtown Dallas that also houses three retail spaces. The three-building complex features studio, one- and two-bedroom units with stainless steel appliances, walk-in closets, custom cabinetry and granite countertops. Amenities include a pool, bowling alley, billiards room, movie theater, wine tasting room, outdoor bar with a grilling area and a private dog walk. Sentinel plans to implement a value-add program and rebrand the community as Main 3 Downtown.

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AcquisitionsRetailTexas

SRS Real Estate Arranges $6M Sale of Retail Building in Midland

by Taylor Williams

MIDLAND, TEXAS — Dallas-based brokerage firm SRS Real Estate Partners has arranged the $6 million sale of a 94,579-square-foot retail building in the West Texas city of Midland that is occupied by Kohls and Crunch Fitness. Both tenants operate on long-term, triple-net leases. The building was originally constructed in 2005 and is situated within a 250,000-square-foot shopping center that includes Ashley HomeStore, Cracker Barrel, Sherwin-Williams and Jack in the Box. Britt Raymond and Kyle Fant of SRS represented the seller, a Texas-based developer, in the transaction. Jake Bordelon of Marcus & Millichap represented the buyer, a California-based private investor.

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AcquisitionsOfficeRetailTexas

Stockdale Investment Group Acquires 85,000 SF Office, Retail Property in Dallas

by Taylor Williams

DALLAS — Locally based firm Stockdale Investment Group has acquired Knox Park Village, an 85,000-square-foot office and retail property located in the Knox-Henderson area of Dallas. The two-acre property comprises roughly 59,000 square feet of office space and 26,000 square feet of retail space that is designed to accommodate about 30 tenants. Current retail users include Pei Wei Asian Diner, T-Mobile, Mattress Firm and Fadi’s Mediterranean Grill. The seller and sales price were not disclosed.

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321-West-Austin
DevelopmentMixed-UseTexas

Tishman Speyer, Ryan Cos. Break Ground on 58-Story Mixed-Use Tower in Downtown Austin

by Taylor Williams

AUSTIN, TEXAS — A partnership between two developers, New York-based Tishman Speyer and Minneapolis-based Ryan Cos., has broken ground on 321 West, a 58-story mixed-use tower in downtown Austin. The site is bounded by Sixth and Guadalupe streets near the Republic Square transit center. The 569,000-square-foot building will house 1,000 square feet of ground-floor retail space, 140,000 square feet of office space, 369 apartments and 440 parking spaces. Handel Architects and Austin-based Page are designing the project, with INC Architecture & Design handling interior design. Completion is slated for late 2024. Ryan Cos. announced the project in late 2019.

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AcquisitionsIndustrialSelf-StorageTexas

StorageMart Buys 877-Unit Former Life Storage Facility in San Antonio

by Taylor Williams

SAN ANTONIO — StorageMart, a Missouri-based owner-operator, has purchased a former Life Storage facility in San Antonio that spans 99,833 net rentable square feet across 877 units. The new ownership plans to implement a value-add program that will include the installation of an upgraded security system. StorageMart, which currently operates four self-storage facilities in the San Antonio area, will also turn management of the property over to its in-house team. The seller and sales price were not disclosed.

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AcquisitionsMultifamilyTexas

Greysteel Brokers Sale of 250-Unit Greens of Hickory Trail Apartments in South Dallas

by Taylor Williams

DALLAS — Greysteel has brokered the sale of Greens of Hickory Trail, a 250-unit apartment community in South Dallas. Built in 2000, the property offers two- and three-bedroom units with an average size of 1,200 square feet. Amenities include a pool, fitness center, business center, outdoor grilling and dining areas, playground and a basketball court. Doug Banerjee, Jack Stone and Andrew Mueller of Greysteel represented the seller in the transaction. Daniel Hartnett and Fisher Wells, also with Greysteel, arranged acquisition financing on behalf of the buyer. Both parties involved in the deal requested anonymity.

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Esperanza-Apartments-San-Antonio
AcquisitionsMultifamilyTexas

Lynd Group Acquires Esperanza Apartments in San Antonio for $49M

by Taylor Williams

SAN ANTONIO — Locally based development and investment firm The Lynd Group has acquired Esperanza Apartments, a 244-unit garden-style community in San Antonio, for $49 million. Built in 2020, Esperanza Apartments offers one-, two- and three-bedroom units that feature an average size of 954 square feet, as well as modern appliances, walk-in closets and outdoor balconies. The amenity package consists of a resort-style pool, clubhouse, fitness center, dog park, movie lawn and an outdoor sport court. Esperanza Apartments was 95 percent occupied at the time of sale. The seller was not disclosed.

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AcquisitionsIndustrialTexas

JLL Negotiates Sale of 72,980 SF Industrial Portfolio in Houston Area

by Taylor Williams

HOUSTON — JLL has negotiated the sale of a portfolio of three industrial properties totaling 72,980 square feet in the Houston area. The properties are located in Houston, Spring and Deer Park and are fully net leased to Global Drilling Support, Forge Systems Inc. and Intertek USA. Trent Agnew and Charles Strauss of JLL represented the seller, Finial Group, in the transaction. Michael Johnson of JLL arranged an undisclosed amount of acquisition financing through First Community Credit Union on behalf of the buyer, Houston-based NDP Interests. The loan carried a 10-year term and a fixed interest rate.

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