Texas

Nova Capital Arranges Construction Debt and Equity for 389-Unit Multifamily Project in Sachse, Texas

by Taylor Williams November 24, 2021

SACHSE, TEXAS — Los Angeles-based advisory firm Nova Capital has arranged construction debt and equity for the development of Miles One 90, a 389-unit multifamily project in Sachse, a northeastern suburb of Dallas. Nova Capital placed a $42 million loan with Bank OZK and an undisclosed amount of joint venture equity with an institutional investor. Miles One 90 will comprise four four-story residential buildings and amenities such as multiple pools and fitness centers, a game room, coffee bar, remote work lounge and an outdoor kitchen. Construction is scheduled to begin in January and to be complete in 2023. The borrower was Anthem Development, a division of Beck Ventures Co.

November 24, 2021

Constellation-Ranch-Apartments-Fort-Worth

Acquisitions Multifamily Texas

Levin Johnston Brokers Sale of 324-Unit Constellation Ranch Apartments in Fort Worth

by Taylor Williams November 24, 2021

FORT WORTH, TEXAS — Levin Johnston, a division of Marcus & Millichap, has brokered the sale of Constellation Ranch Apartments, a 324-unit multifamily community in Fort Worth that was built in 2005. Units come in one-, two- and three-bedroom formats and feature washers and dryers, built-in computer niches and walk-in closets. Amenities include a pool, fitness center, business center, movie theater, dog park and Amazon package lockers. Adam Levin, Robert Johnston and Eymon Binesh of Levin Johnston represented the seller and the buyer, a California-based private investor, in the transaction. Both parties requested anonymity.

November 24, 2021

Development Industrial Texas Top Stories

Samsung to Build $17B Semiconductor Manufacturing Facility in Taylor, Texas

by Kristin Harlow November 24, 2021

TAYLOR, TEXAS — Samsung Electronics Co. Ltd. has unveiled plans to build a $17 billion semiconductor manufacturing facility in Taylor, about 35 miles northeast of Austin. The facility will manufacture products based on advanced process technologies for application in areas such as mobile, 5G, high-performance computing and artificial intelligence. South Korea-based Samsung says the project marks its largest-ever investment in the U.S. and will improve supply chain resilience of crucial logic chips. The $17 billion investment includes buildings, property improvements, machinery and equipment. “As we add a new facility in Taylor, Samsung is laying the groundwork for another important chapter in our future,” says Kinam Kim, vice chairman and CEO of Samsung’s device solutions division. “With greater manufacturing capacity, we will be able to better serve the needs of our customers and contribute to the stability of the global semiconductor supply chain.” Construction is expected to begin in the first half of 2022 with completion slated for the second half of 2024. The Taylor site will span more than 53 million square feet and is expected to serve as a key location for Samsung’s global semiconductor manufacturing capacity along with its latest production line in Pyeongtaek, South Korea. Samsung says …

November 24, 2021

Acquisitions Industrial Texas

MDH Partners Acquires Two Industrial Buildings Totaling 954,611 SF in Fort Worth

by Taylor Williams November 23, 2021

FORT WORTH, TEXAS — Atlanta-based investment firm MDH Partners has acquired Everman Crossroads, a two-building industrial complex in Fort Worth totaling 954,611 square feet. The buildings were constructed on a combined 47 acres in 2021. Building 1 totals 310,292 square feet and includes 88 dock doors and 36-foot clear heights. Building 2 spans 644,319 square feet and features 182 dock doors and 40-foot clear heights. Pet food provider Purina occupies Building 1, and Building 2 is available for lease. Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe and Matthew Barge of JLL represented the seller, a partnership between Dallas-based Bandera Ventures and Invesco Real Estate, in the transaction. Scott Moore of CBRE represented MDH Partners in conjunction with internal agent Georga Rowe.

November 23, 2021

Acquisitions Multifamily Texas

TruAmerica Multifamily Buys Two Properties in Houston Totaling 652 Units

by Taylor Williams November 23, 2021

HOUSTON — Los Angeles-based TruAmerica Multifamily has purchased two properties in Houston totaling 652 units. Camden Oak Crest totals 364 units, and Camden Park totals 288 units. The two garden-style properties are located 1.5 miles apart in the Westchase neighborhood and feature a mix of one-, two- and three-bedroom units. Amenities at both communities include pools, fitness centers and outdoor grilling areas. David Mitchell of Newmark brokered the sale between TruAmerica and the undisclosed, Houston-based REIT that developed the properties. Ryan Greer of CBRE arranged acquisition financing on behalf of the buyer, which will respectively rebrand the assets as Oak Crest and Wood Park.

November 23, 2021

Development Multifamily Texas

Rosewood, Trinsic Residential Complete Phase I of 339-Unit Multifamily Project in Austin

by Taylor Williams November 23, 2021

AUSTIN, TEXAS — A partnership between Dallas-based Rosewood Property Co. and Trinsic Residential Group has completed the initial phase of Aura Avery Ranch, a 339-unit multifamily project in Austin. Units feature one-, two- and three-bedroom floor plans and range in size from 576 to 1,422 square feet. Amenities include a pool, fitness center, clubhouse, game room and a dog park. Project partners included Davies Collaborative (architect), Benkendorfer & Associates (landscape architect), Faulkner Design Group (interior designer) and Jones Carter Engineering. Associated Bank provided construction financing. Rents start at $1,300 per month for a one-bedroom unit.

November 23, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 165-Unit Radius Turtle Creek Apartments in Dallas

by Taylor Williams November 23, 2021

DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Radius Turtle Creek, a 165-unit apartment community in Dallas. The property was built in 2001 and offers one- and two-bedroom units, as well as a pool and an internet lounge. A partnership between McCann Realty Partners and The Carlyle Group sold the community to Dallas-based Colgate McCallum for an undisclosed price. Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill, Grant Raymond and Will Balthrope of IPA brokered the deal on behalf of both parties.

November 23, 2021

Loans Multifamily Texas

Ready Capital Closes $15.6M Acquisition Loan for San Antonio Apartments

by Taylor Williams November 23, 2021

SAN ANTONIO — New York City-based Ready Capital has closed a $15.6 million loan for the acquisition, renovation and stabilization of an unnamed 268-unit apartment community in San Antonio. The nonrecourse, interest-only loan was structured with a floating interest rate, 24-moth term, two extension options and a facility to fund future capital expenditures. The sponsor was undisclosed.

November 23, 2021

Development Industrial Texas

Stream Realty Partners Breaks Ground on 2.3 MSF Phase II of Metro Houston Industrial Project

by Taylor Williams November 22, 2021

BROOKSHIRE, TEXAS — Stream Realty Partners has broken ground on the second phase of Empire West Business Park, located in the western Houston suburb of Brookshire. Phase II of the development will consist of six buildings totaling 2.3 million square feet that are expected to be complete in July 2022. Phase I of Empire West Business Park comprised three buildings totaling 1 million square feet that were delivered in April and are now fully leased. A JLL team led by Colby Mueck and John Ream arranged construction financing for the project through Square Mile Capital Management.

November 22, 2021

Industrial Leasing Activity Lee & Associates Texas

Lee & Associates Negotiates 249,093 SF Industrial Lease in Metro Dallas

by Taylor Williams November 22, 2021

LEWISVILLE, TEXAS — Lee & Associates has negotiated a 249,093-square-foot industrial lease at 2075 Midway Road in the northern Dallas suburb of Lewisville. According to LoopNet Inc., the property sits on 28 acres and features 32- to 36-foot clear heights and 185-foot truck court depths. Adam Graham, Mark Graybill and Johnny Anderson of Lee & Associates represented the landlord, First Industrial Texas LP, in the lease negotiations. The representative of the tenant, Swiss chemical provider Sika, was not disclosed.

November 22, 2021

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