Texas

Casey Development Underway on 321-Unit Tacara at Dove Creek Apartments in West San Antonio

by Taylor Williams November 9, 2021

SAN ANTONIO — Locally based firm Casey Development is underway on construction of Tacara at Dove Creek, a 321-unit apartment community that will be located just outside Loop 1604 on the west side of San Antonio. Units will be available in one-, two- and three-bedroom formats and will feature granite or quartz countertops and stainless steel appliances. Communal amenities will include a pool, fitness center, clubhouse, dog park and a demonstration kitchen. Brent Crawford, David Aaronson and Frances Rogers of CBRE arranged an undisclosed amount of construction financing for the project, which is expected to be complete in fall 2022. The loan carried a five-year term and 36 months of interest-only payments.

November 9, 2021

Industrial Leasing Activity Lee & Associates Texas

Lee & Associates Negotiates 301,995 SF Industrial Lease in Fort Worth

by Taylor Williams November 9, 2021

FORT WORTH, TEXAS — Lee & Associates has negotiated a 301,995-square-foot industrial lease at Everman Distribution Center in Fort Worth. The property is located within Carter Distribution Center and features 38-foot clear heights, 280-foot truck court depths, 196 car parking spaces, 92 trailer parking spaces and 22 dock-high doors. Trey Fricke and Reid Bassinger of Lee & Associates represented the landlord, The Hollingsworth Cos., in the lease negotiations. Tom Golarz and James Ewing of Colliers International represented the tenant.

November 9, 2021

Acquisitions Multifamily Texas

Avid Realty, Electra Capital Buy 213-Unit Pearl at Midtown Apartments in Northeast Dallas

by Taylor Williams November 9, 2021

DALLAS — New York-based investment firm Avid Realty Partners has purchased The Pearl at Midtown, a 213-unit apartment community in northeast Dallas. Florida-based Electra Capital contributed a $7.8 million preferred equity investment to the deal. Built in 1972, the property features studio, one- and two-bedroom units ranging in size from 400 to 1,034 square feet that include private patios and balconies. The amenity package consists of a clubhouse with a lounge and game room, business center, spa/sauna, fitness center, a pool and onsite laundry facilities. The seller and sales price were not disclosed.

November 9, 2021

Acquisitions Multifamily Texas Walker & Dunlop

Walker & Dunlop Brokers Sale of 200-Unit Multifamily Property in Houston

by Taylor Williams November 9, 2021

HOUSTON — Walker & Dunlop has brokered the sale of The Co-Op at Med Center, a 200-unit multifamily property located within the Texas Medical Center in Houston. Units come in studio, one- and two-bedroom floor plans, and amenities include a pool, fitness center, basketball and volleyball courts, study areas, coffee bar and a dog park. Walker & Dunlop’s Scott Bray, Ryan Epstein and Jennifer Ray represented the seller, Urban Genesis, in the transaction. The buyer was an entity doing business as EAS Houston LLC, plans to implement a value-add program at the property, which was originally built as a hotel and converted to multifamily in 2018.

November 9, 2021

Acquisitions Industrial Texas

Mohr Capital Sells 113,786 SF Industrial Flex Building in Metro Dallas

by Taylor Williams November 9, 2021

CARROLLTON, TEXAS — Dallas-based investment firm Mohr Capital has sold a 113,786-square-foot industrial flex building located in the northern Dallas suburb of Carrollton. The property was fully leased at the time of sale. Connecticut-based telecommunications firm Frontier Communications occupies 75 percent of the space, and the remaining portion is leased to Transcendia, an Illinois-based provider of custom-engineered materials. Dustin Volz and Stephen Bailey of JLL represented Mohr Capital in the deal. Boston-based Cabot Properties purchased he asset for an undisclosed price.

November 9, 2021

Market Reports Texas Texas Market Reports

San Antonio’s River Walk Hits New Heights

by Taylor Williams November 9, 2021

By Jeffrey Brown, FAIA, founding principal and CEO, Powers Brown Architecture San Antonio, with its 1.5 million residents, occupies an enigmatic identity, flying under the radar as the second-largest city in Texas and the seventh-largest city in the nation. Located between the south and central regions of the Lone Star State, San Antonio’s economy is fueled by tourism, military, financial services, energy and healthcare providers. Its lower-than-average cost of living and high quality of life make the “Alamo City” attractive for development. There is no mystery about San Antonio’s steady growth among locals, including developers, several of whom have created exciting new hyper-urban mega-developments in Central Business District (CBD)-adjacent locations. The recent announcement of Riverplace by Universal Services Group, part of the development team behind the recently completed Thompson Hotel and Arts Residences, reached an agreement last December with the City of San Antonio that paves the way for a $400 million development in the center city. Anchored by the Dream Hotel, Riverplace is the newest bookend to the various new projects and developments in the CBD, with the oldest bookend being the Pearl District, one of the original CBD-adjacent efforts. Riverplace and the Pearl District make up either end …

November 9, 2021

Acquisitions Hospitality Texas

Summit Hotel Properties Enters into Agreement to Buy NewcrestImage Portfolio for $822M

by Taylor Williams November 8, 2021

AUSTIN, TEXAS — Summit Hotel Properties (NYSE: INN), an Austin-based hospitality REIT, has entered into an agreement to purchase a portfolio of 27 hotels totaling 3,709 rooms from Dallas-based developer NewcrestImage. The price tag of $822 million comprises $776.5 million for the hotels, or $209,000 per room, as well as $24.8 million for two parking structures and $20.7 million for various financial incentives. Three of the hotels are located in Louisiana, and three are located in Oklahoma with the remainder in various Texas markets. The portfolio includes properties that are operated under brands such as AC Hotels by Marriott, Hilton Garden Inn, Residence Inn by Marriott and Canopy by Hilton, among others. More than 70 percent of the rooms were developed in 2015 or later. Bank of America and Wells Fargo have provided $410 million in acquisition financing to Summit Hotel Properties. The deal is expected to close in late in the fourth quarter of this year or in early 2022.

November 8, 2021

Acquisitions Multifamily Texas

MC Cos. Acquires Two Adjacent Multifamily Properties Totaling 455 Units in Metro Austin

by Taylor Williams November 8, 2021

PFLUGERVILLE, TEXAS — Investment and development firm MC Cos. has acquired The Sage at 1825 and Sage Cottages, two adjacent multifamily properties totaling 455 units in the northern Austin suburb of Pflugerville. MC Cos. will implement a value-add program and rebrand the communities as a single property known as The Place at 1825. Once capital improvements are complete, The Place at 1825 will feature studio, one-, two- and three-bedroom floor plans ranging in size from 690 to 1,350 square feet. Amenities will include a pool, clubhouse, business center, fitness center, soccer field, onsite dog park and a playground. CBRE arranged acquisition financing for the deal. The seller was not disclosed.

November 8, 2021

Development Industrial Texas

Titan Development Breaks Ground on 294,297 SF Industrial Building in Georgetown, Texas

by Taylor Williams November 8, 2021

GEORGETOWN, TEXAS — Titan Development has broken ground on the 294,297-square-foot Building 1 at Gateway35 Commerce Center in the northern Austin suburb of Georgetown. The cross-dock building, which is being constructed on a speculative basis, will feature 36-foot clear heights, four drive-in ramps, 220 car parking spaces and an ESFR sprinkler system. Completion is slated for June 2022. The site of Gateway35 Commerce Center spans 114 acres, and the project will be developed in two phases in partnership with the City of Georgetown.

November 8, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 240-Unit Aspire at Live Oak Apartments Near San Antonio

by Taylor Williams November 8, 2021

LIVE OAK, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Aspire at Live Oak, a 240-unit apartment community located on the northeastern outskirts of San Antonio. The property was built on nine acres in 2020. Units average 888 square feet, and amenities include a pool, game room and a package handling system. Will Balthrope and Drew Garza of IPA represented the seller, Covenant Development, and procured the buyer, Maryland-based RailField Partners, in the transaction.

November 8, 2021

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