GEORGETOWN, TEXAS — Dallas-based Green Point Property Co. will develop GTX Logistics Park, an industrial project in the northern Austin suburb of Georgetown that will ultimately consist of roughly 3 million square feet of space on a 231-acre site. Phase I of the project will center on a 409,822-square-foot warehouse that will have 36-foot clear heights, 66 dock doors and 2,500 square feet of office space. Completion of this building, which will be located within a Qualified Opportunity Zone, is slated for the third quarter of 2022. Colliers has been tapped to lease GTX Logistics Park. Clint Coe, Chris McColpin and Dom Espinosa of JLL arranged construction financing through Community Bank of Texas on behalf of Green Point.
DALLAS — A joint venture between Eagle Property Capital Investments, a multifamily investment firm focused on the Florida and Texas markets, and Mexico City-based private equity firm Promecap have acquired two apartment communities in Dallas totaling 958 units. The 466-unit Enclave at Prestonwood was built in 1978 and is located on the city’s north side, and the 492-unit Residences at Mesa Ridge was built in 1983-1984 and is located on the northeast side. Enclave at Prestonwood features one- and two-bedroom units ranging in size from 480 to 944 square feet, and Residences at Mesa Ridge offers one-, two- and three-bedroom apartments ranging in size from 500 to 1,186 square feet. Both properties have amenity packages that include pools and clubhouses. Enclave at Prestonwood also offers a fitness center, dog park and a children’s play area, while Residences at Mesa Ridge has a tennis court. The new ownership plans to implement value-add programs at both properties. Taylor Hill, Joey Tumminello, Will Balthrope, Michael Ware, Drew Kile and Asher Hall of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Exponential Property Group, in the transaction and procured the joint venture as the buyer.
HOUSTON — Miami-based investment firm Elandis has acquired Hudson & Crosby at Westchase, two adjacent multifamily communities totaling 569 units in Houston that were marketed under a shared brand name. Hudson & Crosby at Westchase feature one-, two- and three-bedroom units and shared amenities including a pool, clubhouse, business center and a fitness center. Elandis, which acquired the assets in a joint venture with international investment firm Libra Group and London-based M&G Investments, plans to implement value-add programs at both properties. The seller was not disclosed.
GRAND PRAIRIE, TEXAS — The City of Grand Prairie, located roughly midway between Dallas and Fort Worth, and North Carolina-based operator Concord Hospitality have broken ground on two hotels totaling 276 rooms. The Hilton Garden Inn will total 129 rooms and will offer a restaurant, pool, fitness center and business services. The Homewood Suites will consist of 147 suites with full kitchens and multiple formats, as well as two restaurants and a convention center with a 10,000 square-foot ballroom that connects to the hotel. Merriman Anderson designed the hotels, both of which are located within the 170-acre EpicCentral mixed-use development and will connect to the existing development via walkways and two pedestrian bridges. The openings are scheduled for 2023.
DENTON, TEXAS — Christopher Todd Communities will develop a 316-unit single-family rental community in Denton. Homes will come in one-, two- and three-bedroom formats and will range in size from 750 to 1,250 square feet. Amenities will include a pool, fitness center and a dog park. David Davidson Jr., Edward Bogel and Ryan Turner of Davidson & Bogel Real Estate brokered the sale of the land. Construction is scheduled to begin in the second quarter, with the first move-ins slated for late 2023.
DALLAS — Tampa-based multifamily development and investment firm ZMR Capital has acquired Pecan Square and Bayou Bend, two communities totaling 748 units in northwest Dallas. The properties were built in the 1980s and are located within a half mile of each other. Both the 440-unit Pecan Square and the 308-unit Bayou Bend offer one- and two-bedroom units and amenities including pools, playgrounds and onsite clubhouses. ZMR Capital will upgrade unit interiors with new appliances, vinyl plank flooring, kitchen cabinets and tile backsplashes. The multimillion-dollar capital improvement plan also will include the enhancement of building exteriors and common areas.
CORPUS CHRISTI, TEXAS— Texas-based multifamily development and investment firm SWBC Real Estate has sold Stoneleigh Apartments, a 348-unit community in Corpus Christi. Built in phases between 2005 and 2008, Stoneleigh Apartments offers three pools, a fitness center, clubhouse and a community room with a kitchen. SWBC purchased the property in 2019 and executed $3.3 million in renovations to unit interiors, building exteriors and common areas. Berkadia represented SWBC in the sale of the property to Austin-based GVA Management.
DALLAS — Billingsley Co. will develop a 234,395-square-foot, build-to-suit warehouse in North Dallas for Sherwood Bedding, a mattress manufacturer that is owned by Tempur Sealy. The property will be located within the 1,700-acre Austin Ranch master-planned community. Construction of the new building is scheduled to begin in February and to be complete in March 2023. Damian Rivera of ESRP represented Sherwood Bedding in the negotiations for the 10-year lease. George Billingsley represented the developer on an internal basis.
HOUSTON — Locally based provider UT Physicians has signed a 139,243-square-foot healthcare lease at Bellaire Station, a 389,826-square-foot medical office building in Houston’s Bellaire submarket. Lisa Bovermann of Transwestern represented the tenant in the lease negotiations. Justin Brasell, Doug Little and Ashley Cassel, also with Transwestern, represented the landlord, Capital Commercial Investments Inc. The property was recently converted from an office to a medical office use.
HOUSTON — Marcus & Millichap has brokered the sale of Easy Self Storage, a 236-unit facility in Houston. Built In 1984, the property spans 29,716 net rentable square feet across 172 non-climate-controlled units and 64 climate-controlled units. Dave Knobler of Marcus & Millichap represented the seller, a private investor, in the transaction. Knobler also secured the buyer, a limited liability company. Both parties requested anonymity.