KILLEEN, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Country Place Apartments, a 137-unit complex located in the Central Texas city of Killeen. Built in 1996, the property offers four different types of two-bedroom units and amenities such as a pool, playground, basketball court, fitness center and a dog park. Jon Krebbs of TMG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
HOUSTON — High Street Residential has topped out Parkside Residences at Discovery Green, a 43-story apartment tower located at 808 Crawford St. in downtown Houston. The location puts the 309-unit building adjacent to the 12-acre Discovery Park. Units will come in studio, one-, two- and three-bedroom floor plans and will be furnished with quartz countertops and custom cabinetry. Amenities will include a rooftop pool and lounge, fitness center, coworking spaces, a catering kitchen and two guest suites. Ziegler Cooper designed the project, and Andres Construction is serving as the general contractor. Construction began in summer 2020. Preleasing will begin this spring, and the first move-ins are scheduled to start over the summer.
MELISSA, TEXAS — Construction services firm Harrison, Walker & Harper LLC (HWH) and architecture and engineering firm Parkhill have completed a 134,200-square-foot athletic facility for the Melissa Independent School in Collin County. The center houses an indoor practice facility that can accommodate multiple practices simultaneously. Other features include locker rooms, a weight room, treatment area, training rooms, theater classrooms for lectures and film review, an indoor turf field and an eight-lane competition track and football/soccer field. The project carried a price tag of $21.3 million.
PLANO, TEXAS — Canadian investment firm Western Wealth Capital has acquired Bel Air K Station Apartment Homes, a 245-unit community in Plano that was built in 2001. According to Apartments.com, the pet-friendly property features studio, one- and two-bedroom units that range in size from 466 to 1,230 square feet and amenities such as a pool, fitness center, picnic area and a resident clubhouse. The seller and sales price were not disclosed.
TEMPLE, TEXAS — Colliers Mortgage has provided a Fannie Mae loan of an undisclosed amount for the acquisition of The Retreat Apartments, a 224-unit multifamily asset located in the Central Texas city of Temple. The property comprises 20 two-story garden-style buildings, a leasing office, pool, laundry facility, fitness center and a picnic and BBQ area. Colliers Mortgage originated the 10-year loan through a partnership with Old Capital Lending on behalf of the undisclosed borrower.
SAGINAW, TEXAS — A partnership between Journey Capital and SilverPoint Senior Living has completed Phase I of Edition of Saginaw, a 6.2-acre senior living campus in Saginaw, a northern suburb of Fort Worth. Phase I comprised 22 one- and two-bedroom independent living cottages. The development team has also broken ground on Phase II of the project, which will add 74 assisted living and memory care apartments. The 57,000-square-foot expansion is slated for a fall-2023 completion.
In 2021, supply chain issues, increased costs, wage inflation and the logistical challenges of completing projects compounded to negatively impact the affordable housing pipeline. According to Gregg Gerken, head of U.S. Commercial Real Estate with TD Bank, 2022 looks fantastic for the affordable housing sector as those issues are beginning to resolve. However, he notes that the affordable housing sector is still challenged by delays related to financing challenges, among other factors. Demand for affordable housing, federal level commitments to the sector and the continued involvement of Fannie Mae and Freddie Mac are all positive factors for the outlook of affordable housing. However, Gerken notes, “Financing is somewhat challenged by gaps in funding. With pricing and costs going up, there’s a gap between how much a project might support from a loan side versus how much in tax credits are allocated to that project during the last round of allocations. Some of that gap between overall costs and the funding sources is being made up as local agencies put in additional money in order to get affordable housing done.” Hear what Gerken has to say about the development of workforce and affordable housing and the involvement of government-sponsored …
Greystone Provides $49M Acquisition Loan for Life at Westpark Affordable Housing Property in Houston
HOUSTON — Greystone has provided a $49 million HUD-insured acquisition loan for The Life at Westpark, a 312-unit affordable housing community in Houston. Built in 1994, The Life at Westpark comprises two-, three- and four-bedroom units that are reserved for residents earning 60 percent or less of the area median income (AMI). Amenities include two pools, a playground and a basketball court. Shana Daby of Greystone originated the nonrecourse financing, which was structured with a fixed interest rate and a 35-year amortization schedule, on behalf of the borrower, New York City-based private equity firm Olive Tree Holdings. The new ownership plans to invest $25,000 per unit, or roughly $7.8 million, in capital improvements to preserve the property’s affordability status, which expires in 2025.
GEORGETOWN, TEXAS — Multifamily developer Wood Partners has broken ground on Alta Berry Creek, a 300-unit apartment community within the 314-acre Berry Creek Highlands master-planned community in Georgetown, located north of Austin. Units will come in one-, two- and three-bedroom formats and will be furnished with stainless steel appliances, tile backsplashes and full-size washers and dryers. Communal amenities will include a pool, outdoor kitchen, pet park, fitness center, business center and a resident lounge. Preleasing will begin in the fourth quarter, with the opening scheduled for January 2023. Upon completion, Berry Creek Highlands will consist of 1,500 single-family homes, retail and restaurant space, an elementary school and a 20-acre park.
FORT WORTH, TEXAS — Lee & Associates has negotiated a 213,546-square-foot industrial lease in Fort Worth. The name and address of the property were not disclosed. Tom Walrich and Corbin Blount of Lee & Associates represented the tenant, KGP Telecommunications, in the lease negotiations. Trey Fricke, Reid Bassinger and Becky Thompson, also with Lee & Associates, represented the landlord, Industrial Realty Group.