FORT WORTH, TEXAS — The Texas Christian University (TCU) School of Medicine will open a 100,000-square-foot building within Fort Worth’s Near Southside District. Designed by CO Architects and Hoefer Welker, the project represents the first phase of development of a new campus that will serve as an academic hub for some 240 medical students, as well as faculty and staff. TCU launched its medical school program in 2019 with an initial enrollment of 60 students. Construction of the four-story building is set to begin later this year and to be complete in advance of the fall 2024 semester
EL PASO, TEXAS — Greysteel has negotiated the sale of Park Ridge Apartments, a 160-unit multifamily community in El Paso. Built in 1974, the property features one-, two- and three-bedroom units with an average size of 826 square feet. Amenities include a pool and a basketball court. Jack Stone and Doug Banerjee of Greysteel represented the undisclosed seller in the transaction. The buyer was also not disclosed.
HOUSTON — NewQuest Properties, a Houston-based retail development, brokerage and management firm, has launched a division to provide similar services to the city’s multifamily sector. NewQuest, which owns and manages more than 12 million square feet of commercial space, has tapped industry veteran John Leonard to lead the new division. Leonard most recently served as senior vice president and CFO of developer Sueba USA.
KYLE, TEXAS — A partnership between Central Southwest Texas Development and the Kyle Economic Development Department has broken ground on a $90 million multifamily and retail project in the southern Austin suburb. The project, which will be developed on two parcels totaling 38.5 acres, represents Phase II of Kyle Crossing. The north tract will house 16 buildings, nine of which will feature retail and restaurant uses for a minimum total commercial footprint of 18,000 square feet. The south tract will also comprise multifamily and retail space, with a minimum of 15,000 square feet of the latter use.
MOORE, MUSTANG AND EDMOND, OKLA. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 350-unit portfolio comprising three active adult communities in the Oklahoma City suburbs of Moore, Mustang and Edmond. The seller was Walters Construction Co., which developed the properties between 2010 and 2021. The Moore community was recently expanded by 35 units. With the exception of that expansion, the assets were fully occupied at the time of sale. The buyer and sales price were not disclosed.
HOUSTON — Dallas-based investment firm Civitas Capital has acquired Stonebridge at City Park, a 240-unit apartment community located near Texas Medical Center in Houston. Built in 2004, the property offers one- and two-bedroom units that feature private patios and balconies, as well as individual washers and dryers. Amenities include a pool, fitness center, business center and a resident clubhouse. The seller and sales price were not disclosed. The new ownership plans to implement a value-add program.
HOUSTON — Chicago-based investment firm 29th Street Capital has purchased Venue Museum District, a 224-unit multifamily property in Houston. Built in 2009, the community houses one- and two-bedroom units and amenities such as a pool, outdoor grilling areas, a fitness center, sports lounge, business center, library and a clubhouse. The new ownership plans to upgrade the unit interiors. The seller and sales price were not disclosed. Haven Residential, an affiliate of 29th Street Capital, will assume management of the property.
SAN ANTONIO — New York City-based Lument has provided a $17.9 million bridge loan for the acquisition of Park at Colonnade, a 211-unit multifamily community in San Antonio. Built in 1970, the garden-style property houses 18 studios, 86 one-bedroom residences, 94 two-bedroom apartments and 13 three-bedroom units. Amenities include a clubhouse, two pools and a dog park. Phil Frasca of Lument originated the nonrecourse, interest-only loan, which carried a three-year term and a 75 percent loan-to-cost ratio. The undisclosed borrower plans to use a portion of the proceeds to fund capital improvements.
By Steve Monroe, CCIM, San Antonio market manager, Oldham Goodwin The past year has seen steady improvement in the key performance metrics of the San Antonio retail market. Two years ago, participants in the retail sector, both local and national, were understandably preoccupied with questions about how the COVID-19 pandemic would impact retailers and owners of retail properties. The shift toward online shopping had begun several years earlier, and there was great fear that the pandemic would accelerate that trend such that it would prove fatal to retailers. The economic slowdown and quarantine restrictions that were implemented during the early part of the crisis appeared to validate those concerns. However, with the widespread availability and use of vaccines during the past 12 months, the San Antonio retail market, which initially saw significant layoffs and dramatic slowdowns, has come roaring back. The move toward online buying has indeed continued apace, and some consumers have shifted toward having goods delivered to them or utilizing curbside pickup models. In spite of these changes, nimble retailers have adapted to the changing landscape, and most are now thriving. In fact, for most retailers, the biggest operational problems have nothing to do with lack of …
PLANO, TEXAS — CIM Group, a Los Angeles-based lender and owner-operator, has provided a $73 million loan for the refinancing of Legacy Commons, a 287,044-square-foot office campus located north of Dallas in Plano. The property, which was originally constructed in 1998 as the headquarters for Dr. Pepper, comprises three buildings and an undeveloped 5.3-acre site within the Legacy master-planned development. The borrower, a partnership between Taconic Capital Advisors and Champion Partners, acquired Legacy Commons in 2019 and subsequently implemented $10 million in capital improvements. The campus now features a renovated lobby and main entrance, as well as an outdoor courtyard and amphitheater, lounge and meeting area and a fitness center.