Texas

BH Properties Buys 127,955 SF Vacant Office Building in Metro Houston

by Taylor Williams January 27, 2022

KATY, TEXAS — Los Angeles-based BH Properties has purchased Mason Creek II, a 127,955-square-foot vacant office building in the western Houston suburb of Katy. Jeff Hollinden of JLL represented the undisclosed seller in the transaction. The three-story building was developed in 2015 as the second piece of a speculative project. The first building of that development, a 136,000-square-foot structure, is fully leased to GEICO Insurance. BH Properties has tapped Moody Rambin to lease Mason Creek II.

January 27, 2022

Acquisitions Industrial Texas

LandPark Advisors Acquires 234-Unit Self-Storage Facility in Northwest Houston

by Taylor Williams January 27, 2022

HOUSTON — Locally based investment management firm LandPark Advisors has acquired Easy Self Storage, a 234-unit facility located in northwest Houston. Originally built in 1984 and expanded in 2021, the facility consists of 43,025 net rentable square feet of space across 62 climate-controlled units and 172 non-climate-controlled units. LandPark Advisors plans to implement a capital improvement program and rebrand the property under the flag of its management company, Right Move Storage. The seller and sales price were not disclosed.

January 27, 2022

Multifamily Investment NAI Arthur Milston

Content Partner Features Loans Midwest Multifamily NAI Northeast Southeast Texas Western

Multifamily Investment Attracts Varied Capital as Fundamentals Drive Demand

by Sarah Daniels January 27, 2022

The multifamily investment sales sector had well-documented success in 2021 with a record volume of over $220 billion in transaction activity. Factors driving competition for transactions within the sector included: increasing home prices, widespread interest in renting and the easing of COVID-19 restrictions bringing renters back into the nation’s cities, all of which drove the average, nationwide multifamily occupancy rate above 97 percent. With firmly rooted fundamentals, investor interest across the spectrum of multifamily has been intense. Traditionally popular core investment products (stabilized and value-add assets located in primary and secondary markets) were the clear winners with investors. Some multifamily REIT stocks increased by 75 to 100 percent in 2021, explains Arthur Milston, senior managing director with NAI Global and co-head of the company’s Capital Markets Group. Milston sat down with REBusinessOnline to explain where NAI Global sees growth and opportunities in 2022. REBusiness: Who are the primary investor groups acquiring multifamily? What types/locations are they attracted to? Milston: Historically, multifamily has always had very fragmented ownership compared to other asset classes. Currently, the dominant players are the large aggregators of product, whether it be REITs or institutional investors that are buying, typically in conjunction with an operating partner. Pension …

January 27, 2022

Market Reports Retail Texas Texas Market Reports

Demand Resurfaces in Dallas Retail Market as Supply Wanes, New Households Arrive

by Taylor Williams January 27, 2022

By Philip Levy, senior managing director, investments, Marcus & Millichap The Dallas retail climate is more favorable entering 2022 than it has been for most of the COVID-19 crisis. Overall, the marketwide retail vacancy rate fell 50 basis points during the first three quarters of 2021, ending at an even 6 percent in September. Nevertheless, that rate is about 100 basis points above the pre-pandemic level. A strong rebound in tenant demand is helping lower vacancy, however, with net absorption across the opening nine months of 2021 totaling more than 2.2 million square feet, compared with a net loss of 1.5 million square feet in 2020. Additionally, the construction pipeline has shrunk considerably, helping mitigate supply-side pressure as the market bounces back. As of the fourth quarter of 2021, less than 1 million square feet of new retail product with an expected completion date in 2022 was under construction in the greater Dallas area. This is a sharp contrast to the 2 million-plus square feet that developers delivered in each year between 2014 and 2020. Strengthening demand drivers amid a reduction in development suggest that downward pressure on vacancy will continue in the coming quarters. New Households Spend Near-term uncertainty …

January 27, 2022

Acquisitions Retail Texas

Fidelis Realty Partners Buys 613,468 SF Retail Power Center in Metro Houston

by Taylor Williams January 26, 2022

PEARLAND, TEXAS — Locally based investment and development firm Fidelis Realty Partners has purchased Shadow Creek Ranch, a 613,468-square-foot retail power center located in the southern Houston suburb of Pearland. Built in 2008 and anchored by grocer H-E-B, Shadow Creek Ranch was roughly 98 percent leased at the time of sale. Other retailers include Academy Sports + Outdoors, Ashley HomeStore, Burlington, Dynamic Fitness, Hobby Lobby, Men’s Wearhouse and Pure Barre. Restaurant users include Salata, Taco Cabana, Longhorn Steakhouse and Subway. Ryan West, Chris Gerard, Barry Brown, Wendy Vandeventer and Katherine Miller of JLL represented the seller, Edens, in the transaction. Fidelis also tapped JLL to arrange post-acquisition financing for the property.

January 26, 2022

Acquisitions Industrial Texas

JLL Negotiates Sale of 144,128 SF Industrial Facility in Allen, Texas

by Taylor Williams January 26, 2022

ALLEN, TEXAS — JLL has negotiated the sale of a 144,128-square-foot industrial facility in the northeastern Dallas suburb of Allen that is fully leased to KONE, a provider of elevator and escalator systems. The complex was constructed in 2016 and consists of a 121,852-square-foot building with 28-foot clear heights and a seven-story, 22,276-square-foot elevator testing tower with office space. Stephen Bailey, Dustin Volz, Dom Espinosa, Wesley Gilmer and Beth Copeland of JLL represented the seller, Houston-based Sentinel Capital, in the transaction. Tradition Senior Living LP purchased the property for an undisclosed price via a 1031 exchange as part of an effort to increase its exposure to other asset classes.

January 26, 2022

Affordable Housing Development Loans Multifamily Texas

MVAH Partners Underway on 226-Unit Mixed-Income Housing Project in Plano

by Taylor Williams January 26, 2022

PLANO, TEXAS — Ohio-based developer MVAH Partners LLC is underway on construction of K Avenue Lofts, a 226-unit mixed-income housing project in the northern Dallas suburb of Plano. Within the five-story building, 79 percent of the units will be reserved for households earning 60 percent or less of the area median income (AMI). The remaining residences will be rented at market rates. Amenities will include a leasing office/clubhouse, crafts room, fitness center, business center, media room, pet park, playground and a pool. Completion is slated for summer 2023. David Lacki and Alton Tinker of KeyBank originated a $39.6 million construction loan for the project. The Plano Housing Authority issued $19 million in bonds that were sold by KeyBanc Capital Markets, and $19 million of KeyBank’s construction loan will serve as collateral for the bondholders. In addition, The Texas Department of Housing and Community Affairs awarded Low Income Housing Tax Credits for the deal.

January 26, 2022

Loans Multifamily Texas

Dwight Capital Provides $32.4M HUD Construction Loan for Gibson Apartments in Metro Dallas

by Taylor Williams January 26, 2022

GRAND PRAIRIE, TEXAS — New York City-based Dwight Capital has provided a $32.4 million HUD construction loan for The Gibson, a 199-unit apartment community in the central metroplex city of Grand Prairie. The five-story building will be situated on a 4.4-acre site and will house studio, one- and two-bedroom units. Amenities will include a clubhouse, dog park and a rooftop terrace. Josh Sasouness of Dwight Capital originated the financing on behalf of the undisclosed borrower. Completion is slated for the first half of 2023.

January 26, 2022

Industrial Loans Texas

MMCC Arranges $18.5M Acquisition Loan for Houston Industrial Portfolio

by Taylor Williams January 26, 2022

HOUSTON — Marcus & Millichap Capital Corp. (MMCC) has arranged an $18.5 million acquisition loan for a portfolio of three industrial buildings totaling 225,000 square feet in Houston. The portfolio was built in phases, with the most current component delivered in 2019, and is occupied by metal products supplier G&H Diversified Manufacturing. Frank Montalto and Dean Giannakopoulos of MMCC arranged the 10-year loan, which carried a 65 percent loan-to-value ratio and five years of interest-only payments. The borrower was not disclosed.

January 26, 2022

Alison Williams Walker Dunlop Small Balance Lending

Content Partner Features Loans Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Small Balance Lending Evolves with Technology

by Sarah Daniels January 25, 2022

The small balance multifamily lending industry is antiquated, leaving thousands of prospective borrowers behind in a booming market. Multifamily property owners need access to fast, reliable quotes and a streamlined approach to financing. The current industry practice of quoting from rate sheets does not present a holistic or dynamic picture for borrowers or lenders. Walker & Dunlop is offering an alternative approach with a new digital lending platform that utilizes machine learning to quickly provide customized quotes for small balance multifamily acquisition and refinance loans. The rapid pace of lending means that borrowers need strategic partnerships with small balance loan experts that provide personalized customer experience backed by the data science capabilities to pull comparables, as well as online tools that can both streamline and inform processes. Sponsored: As the #1 multifamily lender in the U.S., Walker & Dunlop is launching a digital lending platform that will deliver tailored quotes in minutes for acquisitions and refinances. The platform uses machine learning powered by millions of data points from Walker & Dunlop’s proprietary property database to offer clients accuracy, transparency and confidence from kickoff to closing. The State of Small Balance Lending Small multifamily properties account for roughly 85 percent of …

January 25, 2022

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