Texas

Lenox-Grand-Austin

AUSTIN, TEXAS — Locally based developer OHT Partners will soon break ground on Lenox Grand, a 315-unit apartment community that will be located on a 16.4-acre site at 13505 Burnet Road in North Austin. Designed by Davies Collaborative, Lenox Grand will feature one-, two- and three-bedroom units and amenities such as two pools, a shared work studio, dog park, walking trails and a pickleball court. The property will also offer proximity to The Domain mixed-use development and the offices of major employers such as Apple, Amazon, Facebook and 3M. Completion is slated for 2023.

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Town-Center-Lofts-Rosenberg

ROSENBERG, TEXAS — Berkadia has negotiated the sale of Town Center Lofts, a 309-unit apartment community in the southwestern Houston suburb of Rosenberg. Developed in 2021 by Sueba USA, the property offers studio, one- and two-bedroom units ranging in size from 560 to 1,207 square feet. Amenities include two pools, a 24-hour fitness center, a community clubroom with a chef-inspired kitchen and package lockers. Jeffrey Skipworth, Todd Marix, Chris Curry, Joey Rippel, Chris Young and Kyle Whitney of Berkadia represented Sueba USA in the sale. A joint venture between Chicago-based Redwood Capital Group and global investment management firm Heitman purchased the asset for an undisclosed price.

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The-Van-Zandt-Fort-Worth

FORT WORTH, TEXAS — Nebraska-based investment and development firm Goldenrod Cos. will build a new mixed-use project in Fort Worth’s West Seventh District that will consist of 147 multifamily units, 99,400 square feet of office space and 11,600 square feet of retail and restaurant space. Known as The Van Zandt, the development will include the first speculative office project built in Fort Worth since 2017. Residential amenities will include a pool and a fitness center, as well as indoor and outdoor lounges and meeting areas. Construction is slated to begin during the first quarter. Stream Realty Partners has been tapped to lease the office space.

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HOUSTON — DLP Capital, a Florida-based investment and finance firm, has provided $74 million in acquisition financing for two Houston-area apartment complexes totaling 1,062 units. Palms at Westheimer totals 798 units and is located on the city’s west side, while Huntington at Stonefield spans 264 units and is located on the city’s north side. The borrower was locally based investment firm Kalkan Capital. The seller was not disclosed.

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FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Meadow Ridge, a 484-unit apartment community in Fort Worth. Built on 24 acres in 1981, Meadow Ridge offers one-, two- and three-bedroom units with private balconies/patios, as well as two pools and a tennis court. Al Silva of Marcus & Millichap represented the seller, Lubbock-based Madera Residential, in the transaction and procured the buyer, a Dallas-based private investment company. The new ownership plans to implement a value-add program.

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PFLUGERVILLE, TEXAS — Alabama-based LIV Development has acquired 30 acres in the northern Austin suburb of Pflugerville for the development of a 463-unit residential project that will include both single-family and multifamily residences. Ben Fuller and John Carr of Cushman & Wakefield represented the seller, Austin-Pecan Ventures LLC, in the sale of the land. Construction is scheduled to begin in the second quarter.

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Sonterra-Medical-Park-San-Antonio

SAN ANTONIO — Cushman & Wakefield has brokered the sale of Sonterra Medical Park, a 117,597-square-foot healthcare property in San Antonio. The three-building complex is located adjacent to North Central Baptist Hospital on the city’s north side. Travis Ives, Gino Lollio, Todd Mills, Carrie Caesar and Hunter Mills of Cushman & Wakefield represented the seller, Stream Realty Partners, in the transaction. The buyer and sales price were not disclosed. At the time of sale, Sonterra Medical Park was 93 percent leased to tenants in the oncology, radiology and orthopedics sectors.

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CityLine-Richardson

By Taylor Williams Office owners in Texas remain acutely aware of how the pandemic has changed the game and are not shying away from promoting health and wellness within their buildings. According to data from security firm Kastle Systems, which tracks keycard, fob and app access to some 2,600 office buildings across 138 cities and 47 states, office space in America’s largest markets continues to be underutilized. Across the 10 markets that Kastle Systems tracks, including Austin, Houston and Dallas, the average office occupancy rate in early December was 40.6 percent.  Yet the three Texas markets all registered occupancy rates considerably above the national average — 59.3 percent, 54.9 percent and 52.3 percent, respectively — for Austin, Houston and Dallas. A more temperate climate in Texas could bear some responsibility for these above-average performances, given that access to functional outdoor spaces has undeniably become a key tenant demand during the pandemic. Along those lines, tenants have understood for some time now that successfully bringing their employees back to their offices is somewhat contingent on making sure those workers feel safe on the job. The onus, therefore, has fallen on office owners to ensure that their buildings have protocols through which …

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BAYTOWN, TEXAS — Reich Brothers, an investment firm based in White Plains, New York, has purchased the former DHL Intermodal Campus, a 1.2 million-square-foot industrial property located in the eastern Houston suburb of Baytown. The rail- and barge-served campus consists of four buildings spanning between 200,000 and 400,000 square feet on a 67-acre site. Building features include 28- to 40-foot clear heights, more than 100 dock-high doors, ample car and trailer parking and renovated office space. The seller and sales price were not disclosed. The new ownership plans to invest in site improvements at the property to further enhance its functionality for distribution, rail and port-related logistics and manufacturing uses.

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Hughes-Landing-The-Woodlands

THE WOODLANDS, TEXAS — Los Angeles-based CIM Group has provided a $127 million loan to The Howard Hughes Corp. (NYSE: HHC) to refinance Hughes Landing, a 649,406-square-foot office campus in The Woodlands, about 30 miles north of Houston. Built in 2015, Hughes Landing consists of a 12- and 13-story building, both of which are located within the 79-acre Lake Woodlands mixed-use development. Amenities include a fitness center, multiple conference facilities and a cafeteria.

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