Texas

Castle Lanterra Sells Two Multifamily Properties Totaling 570 Units in Corpus Christi

by Taylor Williams August 17, 2022

CORPUS CHRISTI, TEXAS — New York City-based investment firm Castle Lanterra has sold two multifamily properties totaling 570 units in Corpus Christi. Baypoint is a 350-unit waterfront community that was originally built in 1998 and offers boat parking, a dog park, pool, sports court and a fitness center. Azure is a 220-unit garden-style community that was originally built in 1997 and offers one-, two- and three-bedroom units, as well as a similar suite of Class A amenities. Castle Lanterra acquired the assets in 2018 and 2016, respectively, and implemented value-add programs. The buyer and sales price were not disclosed.

August 17, 2022

Acquisitions Industrial Self-Storage Texas

Berkshire Hathaway Brokers Sale of 278-Unit Self-Storage Facility in Amarillo

by Taylor Williams August 17, 2022

AMARILLO, TEXAS — Berkshire Hathaway has brokered the sale of Create Space Storage, a 278-unit facility in Amarillo. The property spans 31,912 net rentable square feet. A private ownership group sold the property to a REIT for an undisclosed price, with both parties requesting anonymity. Cameron Vale, Parker Sweet and Josh Cato of Berkshire Hathaway brokered the deal.

August 17, 2022

Development Multifamily Texas

Kalterra Capital to Develop 184-Unit Multifamily Project in Waxahachie, Texas

by Taylor Williams August 17, 2022

WAXAHACHIE, TEXAS — Kalterra Capital Partners will develop The Fitzgerald, a 184-unit multifamily project in Waxahachie, a southern suburb of Dallas. The seven-acre complex will be situated directly to Park Place Apartments, Kalterra’s 213-unit development that sold to North Carolina-based Rowan Properties last May. Rowan Properties also purchased The Fitzgerald during the preconstruction phase but retained Kalterra to complete the development. Kalterra expects to deliver The Fitzgerald in the second quarter of 2023.

August 17, 2022

Development Office Texas

Bradford Commercial Launches $8M Renovation of North Dallas Office Building

by Taylor Williams August 17, 2022

DALLAS — Bradford Commercial Real Estate Services has launched an $8 million renovation of Meadow Park Tower, a 16-story office building in North Dallas. The project will deliver an overhaul of HVAC systems and updates to the amenity and common areas, including the addition of new outdoor spaces and activities. The plan also calls for three office suites to be upgraded. Bradford acquired the building, which is currently 89 percent leased, about nine months ago and operates its headquarters office from the 11th floor. Completion of the renovation is slated for the first quarter of next year.

August 17, 2022

Acquisitions Healthcare Texas

Coldwell Banker Arranges Sale of 61,000 SF Medical Office Building in Edinburg, Texas

by Taylor Williams August 17, 2022

EDINBURG, TEXAS — Coldwell Banker Commercial has arranged the sale of a 61,000-square-foot medical office building in the Rio Grande Valley city of Edinburg. The three-story property was built on three acres in 2003 within Cornerstone Medical Park. Daniel Galvan and Michael Pacheco of Coldwell Banker Commercial represented the buyer and seller, both of which requested anonymity, in the transaction. The building was 99 percent leased at the time of sale.

August 17, 2022

Market Reports Retail Texas Texas Market Reports

Healthy Supply-Demand Balance Continues to Define Houston Retail Market

by Taylor Williams August 17, 2022

By Kyle Knight, senior vice president, Weitzman Houston Houston’s construction of new retail space, after reaching a record low in 2021, is on track to exceed that level, based on projects in the pipeline for this year. But the increase is not large, and total new deliveries will remain on the conservative side. The limited new space is driving demand to existing projects and helping lift marketwide occupancy levels. The limited deliveries of new retail space, combined with healthy retail demand and limited closings, is helping Houston’s retail market build on the occupancy gains it experienced during 2021. As a result, the retail market currently has a healthy occupancy rate of 96.1 percent. The market remains among the strongest in recent memory, although economic issues — rising interest rates, increased construction costs, inflation — may lead to a slowdown. On the positive side, retailer, developer and investor interest remains at extremely high levels, since retail real estate is a long-term game that factors in short-term concerns. The retail market also bolstered by robust demand for small-shop space, new construction that is either built-to-suit or significantly preleased, healthy job and population growth and an economy that benefits from rising energy prices. …

August 17, 2022

Market Reports Retail Texas Texas Market Reports

Healthy Supply-Demand Balance Continues to Define Houston Retail Market

by Taylor Williams August 17, 2022

By Kyle Knight, senior vice president, Weitzman Houston Houston’s construction of new retail space, after reaching a record low in 2021, is on track to exceed that level, based on projects in the pipeline for this year. But the increase is not large, and total new deliveries will remain on the conservative side. The limited new space is driving demand to existing projects and helping lift occupancy levels marketwide. The limited deliveries of new retail space, combined with healthy retail demand and limited closings, is helping Houston’s retail market build on the occupancy gains it experienced during 2021. As a result, the retail market currently has a healthy occupancy rate of 96.1 percent. The market remains among the strongest in recent memory, although economic issues — rising interest rates, increased construction costs and inflation — may lead to a slowdown. On the positive side, tenant, developer and investor interest remains extremely high since retail real estate is a long-term game that factors in short-term concerns. The retail market also benefits from several positive influences, including robust demand for small-shop space, new construction that is either built-to-suit or significantly preleased, healthy job and population growth and an economy that is bolstered …

August 17, 2022

Acquisitions Multifamily Texas

37th Parallel Properties Buys 344-Unit Apartment Community in Fort Worth

by Taylor Williams August 16, 2022

FORT WORTH, TEXAS — Richmond, Va.-based investment firm 37th Parallel Properties has purchased Heights at Cityview, a 344-unit apartment community in Fort Worth. The property offers one-, two- and three-bedroom units with an average size of 984 square feet and amenities such as a pool, fitness center, clubhouse and a putting green. Taylor Hill of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller in the transaction. Cutt Ableson of Berkadia originated an undisclosed amount of floating-rate agency financing for the acquisition.

August 16, 2022

Development Multifamily Texas

RightQuest Residential Breaks Ground on 264-Unit Paloma San Antonio Apartments

by Taylor Williams August 16, 2022

SAN ANTONIO — Dallas-based RightQuest Residential has broken ground on Paloma San Antonio, a 264-unit multifamily project that will be located on a 13-acre site on The Alamo City’s east side. Units will come in one- and two-bedroom formats, and amenities will include a pool, fitness center, business center, outdoor grilling stations, package lockers and a dog park. Cross Architects designed the project, and Houston-based Nations Construction is serving as the general contractor. Veritex Community Bank provided construction financing. The first units will be available for occupancy in fall 2023.

August 16, 2022

Acquisitions Multifamily Seniors Housing Texas

Blueprint Arranges Sale of Four Skilled Nursing Facilities in Texas for $28M

by Taylor Williams August 16, 2022

WACO, HOUSTON AND FORT WORTH, TEXAS — Blueprint Healthcare Real Estate Advisors has negotiated the sale of four skilled nursing facilities totaling 704 licensed beds in Waco, Houston and Fort Worth. A national owner acquired the properties for $28 million and plans to lease the facilities out to multiple operators. Blueprint marketed the properties, which were all built in the 1960s, on behalf of a court-appointed receiver.

August 16, 2022

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