GRANBURY, TEXAS — Living Care Lifestyles, a Seattle-based seniors housing developer and manager, has sold Quail Park of Granbury, a 75-unit community located on the southwestern outskirts of Fort Worth. The property, which was 95 percent occupied at the time of sale, offers independent living, assisted living and memory care services. Charles Bissell and Dean Ferris of JLL represented Living Care Lifestyles in the transaction. Lloyd Jones Senior Living purchased the asset for an undisclosed price.
HOUSTON — Austin-based investment firm Casoro Group has sold The Quinn South at Westchase, a 368-unit apartment community in West Houston. The property offers studio, one-, two- and three-bedroom units, and select units feature stainless steel appliances, granite countertops, individual washers and dryers and private patios/balconies. Communal amenities include multiple pools, a tennis court, dog park, fitness center, clubhouse and onsite laundry facilities. Casoro Group acquired the property in 2018 and implemented capital improvements to the unit interiors, building exteriors and amenity spaces. Scott LaMontagne and Justin Chambers of Northmarq brokered the deal. The buyer was not disclosed.
HOUSTON — Lubbock-based Madera Residential has acquired Chelsea Museum District, a 325-unit multifamily property in Central Houston. Built in 2021, the property offers one- and two-bedroom units ranging in size from 412 to 1,632 square feet. Amenities include a pool, fitness center, coworking lounge, speakeasy, dog park, golf simulator and package lockers. Chris Curry, Todd Marix, Jeff Skipworth, Chris Young, Joey Rippel and Kyle Whitney of Berkadia represented the seller, Arizona-based Alliance Residential, in the transaction. Chris Pollard and Jason Rice, also with Berkadia, arranged acquisition financing through an undisclosed direct lender on behalf of Madera Residential.
BUDA, TEXAS — Alliance Industrial has broken ground on Corridor Commerce Center, a 157,450-square-foot speculative industrial project that will be located in Buda, a southern suburb of Austin. Designed by Seeberger Architecture, the building will be situated on a 12-acre site along I-35 and will feature 32-foot clear heights, two drive-in doors and a ESFR sprinkler system. Completion is slated for March 2023. Transwestern will lease the property.
BROWNSVILLE, TEXAS — Northmarq has brokered the sale of Casa Grande, a 116-unit multifamily property located in the South Texas city of Brownsville. The community was built in 1973 and features a pool, courtyard and onsite laundry facilities. Zar Haro, Moses Siller, Phillip Grafe and Bryan VanCura of Northmarq represented the seller, Raybec Investments, in the transaction. An Austin-based syndication led by DARE Investing purchased Casa Grande for an undisclosed price. The new ownership plans to implement a value-add program.
PALESTINE, TEXAS — Colliers has negotiated the sale of a 36,119-square-foot warehouse in Palestine, about 110 miles southeast of Dallas. The property sits on a 77-acre site, the undeveloped acreage of which was included in the sale. Steve Demuth and Ray Ver Hey of Staples Commercial Group represented the sellers, private investor Tom Clamon and Baylor University, which respectively own the building and the land, in the transaction. Judy Beebe and Blake Gibson of Colliers represented the buyer, Perfect Life TX LLC, a provider of fragrances and flavors that plans to build a manufacturing plant at the site.
DALLAS — A partnership between two multifamily developers, Chicago-based Equity Residential (NYSE: EQR) and metro Philadelphia-based Toll Brothers (NYSE: TOL) will develop three multifamily projects totaling 1,053 units in the Dallas-Fort Worth metroplex. The Settler will be a 362-unit community in Fort Worth’s River District; Remy, located within Frisco Town Square, will total 357 units; and Lyle will comprise 334 apartments that will be constructed on the north side of Dallas. Each community will feature its own parking garage and Class A amenity package. U.S. Bank is the construction lender on The Settler, and Santander Bank provided construction financing for Remy and Lyle. Construction timelines were not disclosed.
SPRING, TEXAS — CBRE has arranged the sale of The Pines Business Park I and II, a portfolio of six industrial buildings totaling 281,481 square feet located in the northern Houston suburb of Spring. Randy Baird, Jonathan Bryan, Ryan Thornton, Nathan Wynne and Eliza Bachhuber of CBRE represented the seller, AEW Capital Management, in the transaction. Nuveen Real Estate, a division of The Teachers Insurance & Annuity Association of America (TIAA), purchased the portfolio for an undisclosed price. The buildings were fully leased at the time of sale.
RICHARDSON, TEXAS — General contractor Cadence McShane has broken ground on Lake Highlands Middle School, a 231,000-square-foot campus in metro Dallas that will be part of the Richardson Independent School District. The campus will comprise three buildings with traditional classrooms and administrative spaces, as well as a cafeteria, two competition gyms, a weight room, track and practice field and tennis courts. Perkins + Will is designing the school, which should be able to support about 1,500 students. Completion is slated for fall 2024.
HOUSTON — Greystone has provided an $11 million Fannie Mae loan for the refinancing of Broadway Park, a 224-unit apartment complex in Houston. The property comprises 108 one-bedroom residences, 112 two-bedroom apartments and four three-bedroom units. D.J. Elefant and Dan Gillard led the Greystone team that secured the financing on behalf of the borrower, an entity doing business as Broadway Park-SI LLC. Bolder Capital arranged the fixed-rate debt, which carried a 10-year term and four years of interest-only payments. Since acquiring Broadway Park in 2019, the sponsor has invested more than $2.5 million in capital improvements.