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Tranquility-Lakeside-Pearland
AcquisitionsMultifamilyTexas

CBRE Negotiates Sale of Two Metro Houston Multifamily Properties Totaling 602 Units

by Taylor Williams

KATY AND PEARLAND, TEXAS — CBRE has negotiated the sale of two multifamily properties totaling 602 units in the Houston area. Spencer Park Row is a 390-unit community located in the western suburb of Katy, and Tranquility Lakeside is a 212-unit complex located in the southern suburb of Pearland. The properties were respectively built in 2002 and 2004 and offer one-, two- and three-bedroom units. Clint Duncan and Matt Phillips of CBRE represented the undisclosed seller in the transaction. James D’Argenio and Chang Liu represented the buyer, California-based investment firm Bascom Group, on an internal basis. Michael Thompson and Travis Fincher of CBRE arranged acquisition financing through a fund backed by Oaktree Capital.

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The-Sterling-Houston
DevelopmentMultifamilyTexas

GID Development Group Completes 590-Unit Sterling Apartments in Houston

by Taylor Williams

HOUSTON — GID Development Group has completed The Sterling, a 590-unit apartment community that represents Phase II of the Regent Square mixed-use project near Buffalo Bayou Park in Houston. Units feature studio, one- and two-bedroom floor plans, and amenities include a pool, dog park, fitness center, demonstration kitchen and a lounge. The midrise building also houses retail space and connects to multiple parks and open green spaces. Project partners included general contractor Arch-Con Corp. and design firms CBT and OJB Landscape Architecture. Rents start at approximately $1,400 per month for a studio unit.

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DevelopmentHealthcareTexas

NexCore, NCLV Open 112,505 SF Medical Office Building in Northwest Houston

by Taylor Williams

HOUSTON — A partnership between Denver-based developer NexCore Group and North Cypress Land Ventures (NCLV), a group of physician investors, has opened Doctors’ Pavilion, a 112,505-square-foot medical office building in Houston. The four-story building is situated on a 4.7-acre site within the HCA Houston Healthcare campus on the city’s northwest side and will house an array of specialty medical practices. Construction began in summer 2020. In addition to retaining ownership, NCLV physicians will occupy space within the property.

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AcquisitionsIndustrialTexas

BH Properties Acquires 86,640 SF Industrial Building in Harlingen, Texas

by Taylor Williams

HARLINGEN, TEXAS — Los Angeles-based BH Properties has acquired an 86,640-square-foot industrial building located in the Rio Grande Valley city of Harlingen. The property was built in 1970 as a regional distribution facility for Sears. Most recently, Valley Baptist Hospital operated the property as a laundry and supply storage facility prior to it being damaged in a storm. BH Properties will undertake a multimillion-dollar capital improvement program to address deferred maintenance, install a new roof and restore power and building systems. Conrad McEachern and Carlos Telles with CBRE represented the seller in the transaction.

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AcquisitionsRetailTexas

JAH Realty Buys 62,394 SF Shopping Center in Plano

by Taylor Williams

PLANO, TEXAS — JAH Realty has purchased Preston Parkway Center, a 62,394-square-foot shopping center in Plano. At the time of sale, the property was 79 percent leased to tenants such as Red Hot & Blue, Einstein Bros. Bagels, Dogtopia, Honey Baked Ham, Ben & Jerry’s. Toronto-based Great Gulf sold the asset for an undisclosed price. Dallas-based John Freese & Associates brokered the deal.

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Texas-Tower-Houston
DevelopmentOfficeTexas

Partnership Opens 47-Story Texas Tower Office Building in Downtown Houston

by Taylor Williams

HOUSTON — A partnership between locally based real estate giant Hines and Ivanhoe Cambridge has opened Texas Tower, a 47-story office building in downtown Houston. Designed by Pelli Clarke & Partners, the 1 million-square-foot building is already about 50 percent leased to a tenant roster that includes Hines, as well as law firms Vinson & Elkins, McGuireWoods and DLA Piper. Amenities include a full-service conference facility, fitness center and multiple terraces to maximize access to fresh air and the outdoors. Texas Tower also houses an 18,000-square-foot flexible workspace known as The Square, which is a product of Hines.

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The-Truman-Arlington-Commons
DevelopmentMultifamilyTexas

KWA Construction Completes 358-Unit Truman Apartments in Arlington

by Taylor Williams

ARLINGTON, TEXAS — Locally based general contractor KWA Construction has completed The Truman, a 358-unit apartment community that represents Phase II of the $250 million, 1,300-unit Arlington Commons development. Designed by JHP Architecture and developed by Nehemiah Co., The Truman features one-, two- and three-bedroom units with stainless steel appliances, granite countertops and European-style cabinetry. Amenities include a pool, fitness center, game room, coworking lounge, outdoor grilling stations and a dining room with private event space. Rents start at $1,360 per month for a one-bedroom unit.

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Waterford-Park-Apartments-San-Antonio
AcquisitionsMultifamilyTexas

Newmark Brokers Sale of 224-Unit Waterford Park Apartments in San Antonio

by Taylor Williams

SAN ANTONIO — Newmark has brokered the sale of Waterford Park, a 224-unit apartment community in northeast San Antonio that was built in 2008. The property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, coffee lounge, business center and a dog park. Matt Michelson of Newmark represented the seller, Kansas City-based development and investment firm Cohen-Esrey, in the transaction. San Antonio-based REEP Equity purchased the asset for an undisclosed price. Waterford Park was 96 percent occupied at the time of sale.

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Embree-Eastside-Apartments-Garland
Affordable HousingDevelopmentMultifamilyTexas

Palladium USA Breaks Ground on 107-Unit Mixed-Income Housing Project in Garland, Texas

by Taylor Williams

GARLAND, TEXAS — Palladium USA has broken ground on Embree Eastside, a 107-unit mixed-income housing community in Garland, a northeastern suburb of Dallas. About a quarter of the units will be rented at market rates, while the remainder will be reserved for renters earning between 30 and 60 percent of the area median income (AMI). Amenities will include a pool, dog park, walking trails, fitness center, conference room, computer lab and a kids’ playroom. HEDK is the project architect. General contractor Brownstone Construction is teaming up with the Garland Housing Finance Corp. on construction. PNC Bank provided both equity ($13.7 million) and debt ($11.2 million) for the project. The first units are scheduled to come on line in January 2023.

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AcquisitionsRetailTexas

Marcus & Millichap Negotiates Sale of 80,774 SF Retail Center in Metro Dallas

by Taylor Williams

CARROLLTON, TEXAS — Marcus & Millichap has negotiated the sale of Woodlake Square, an 80,774-square-foot retail center located in the northern Dallas suburb of Carrollton. Woodlake Square was built on 6.7 acres in 1979 and renovated in 2019. Tenants at the property, which was 94 percent leased at the time of sale, include Harbor Freight Tools, LA Fitness and Dollar Tree. Philip Levy of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Levy also procured the buyer, a locally based 1031 exchange investor. Both parties involved in the deal requested anonymity.

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