AUSTIN, TEXAS — Atlanta-based hospitality brokerage firm Hodges Ward Elliott (HWE) has arranged the sale of the 319-room Hotel Van Zandt in downtown Austin. The luxury hotel, which opened in 2015 and is part of the Kimpton International family of brands, offers rooms ranging in size from 330 to 1,100 square feet and includes 52 suites. Amenities include two food and beverage outlets, 25,000 square feet of meeting and event space and a pool with views of Lady Bird Lake. Daniel Peek, John Bourret, Austin Brooks and David Auer of HWE advised the undisclosed seller in the negotiations.
HOUSTON — The Multifamily Group (TMG), a Dallas-based brokerage firm, has negotiated the sale of Winsome Court, a 105-unit apartment complex in Houston. Winsome Court was built in 1973 on a four-acre site, and its units have an average size of approximately 1,000 square feet. Greg Miller of TMG represented the seller in the deal while Bryce Smith of TMG procured the buyer. Both parties requested anonymity.
PASADENA, TEXAS — New York City-based Ready Capital has closed a $4.9 million loan for the acquisition, renovation and stabilization of an unnamed, 60-unit apartment complex in Pasadena, an eastern suburb of Houston. The nonrecourse, interest-only loan features a 24-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The sponsor was not disclosed.
THE WOODLANDS, TEXAS — Federal American Grill, a concept focused on steaks, seafood and whiskey cocktails, has opened a 7,218-square-foot restaurant in The Woodlands, located about 30 miles north of Houston. The location at Wood Ridge Plaza Shopping Center is the restaurant’s fourth in the Houston area. David Littwitz of Littwitz Investments represented Federal American Grill in the lease negotiations. Katherine Wildman of Wulfe & Co. represented the landlord, and entity doing business as CH Realty VI/R Houston Wood Ridge LP.
M&T Realty Capital Corp. is beginning 2022 with ambitious plans to increase its multifamily financings as part of an effort to double its real estate loan volume over the next two to three years. To achieve those goals, it is leveraging a new leadership structure and a recently announced strategic partnership with the Marcus & Millichap Capital Corp. M&T Realty Capital, M&T Bank’s commercial mortgage banking subsidiary, recorded $5.1 billion in loan volume in 2021, a level that was just below its high watermark of $5.2 billion in 2019, says Michael Berman, CEO of M&T Realty Capital. Multifamily loans made up of the lion’s share of financings, he adds, and the sector provides a significant growth opportunity going forward. “Multifamily is a hot a sector right now — everyone is trying to invest in it,” he says. “It’s just an extraordinarily healthy asset class because of its supply and demand dynamics.” Indeed, the U.S. apartment market enjoyed a banner year in 2021 across all measures. Investment volume reached a record $335.3 billion, nearly 75 percent above the record volume of $193.1 billion posted in 2019, according to commercial real estate brokerage CBRE. Meanwhile, renters absorbed 617,500 apartment units in 2021, …
DALLAS — Orlando-based developer ZOM Living has completed Mezzo Dallas, a 378-unit multifamily project located on the city’s north side. The 15-acre garden-style community features 13 buildings that house, one-, two- and three-bedroom units that range in size from 700 to 1,560 square feet. Residences are furnished with stainless steel appliances, quartz countertops, walk-in closets and private yards in select units. Amenities include a pool, lounge, coworking office space, outdoor kitchen and dining area, game room, fitness center with a yoga studio, dog park and a pet spa. JHP Architecture designed the project, and Stanford Construction served as the general contractor. Synovus Bank provided construction financing. ZRS Management will oversee daily operations of the property. Rents start at $1,380 per month for a one-bedroom unit.
SCHERTZ, TEXAS — Atlanta-based developer Ackerman & Co. has broken ground on Doerr Lane Logistics Center, a 307,000-square-foot industrial project in Schertz, a northeastern suburb of San Antonio. The Class A distribution center will feature 32-foot clear heights, 318 automobile parking spaces, 96 trailer parking spaces, an ESFR sprinkler system and two undeveloped acres for additional storage usage. Completion is slated for February 2023. NAI Partners has been tapped to lease the development.
HOUSTON — The Multifamily Group (TMG), a Dallas-based brokerage firm, has negotiated the sale of Tiffany Square, an 83-unit apartment complex in Houston. Tiffany Square was built in 1973 on a two-acre site, and its units have an average size of 874 square feet. Greg Miller of TMG represented the seller in the deal while Bryce Smith of TMG procured the buyer. Both parties requested anonymity.
LIVE OAK, TEXAS — Floor & Décor will open an 80,000-square-foot store in Live Oak, a northeastern suburb of San Antonio, on Monday, March 7. The store, which will employ about 50 full-time and part-time associates, will be the Atlanta-based home improvement retailer’s third in the San Antonio area and will include a design center.
TULSA, OKLA. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Arbors, a 20-unit assisted living community in Tulsa. The 15,688-square-foot property was built in 1997 on approximately two acres of land. The seller is a regional owner based in Tulsa. The buyer is an Oklahoma-based private owner. Jason Punzel and Nick Cacciabando of SLIB handled the transaction. Both parties requested anonymity.