DALLAS — Lee & Associates has negotiated a 153,150-square-foot industrial lease at 2340 I-35 W. Service Road in Dallas. The crane-served building features 24-foot clear heights, 24 drive-in doors and 6.8 acres of outdoor storage space. Joseph Mullican and Brett Lewis of Lee & Associates represented the undisclosed tenant, which will occupy the entirety of the building, in the lease negotiations. The name and representative of the landlord were not disclosed.
FORT WORTH, TEXAS — Austin-based HPI Real Estate Services & Investments has acquired 55 acres in North Fort Worth for the development of an 829-unit residential community. Preliminary plans for the development call for 636 multifamily units and 193 single-family rental units with attached garages and yards. Amenities will include clubhouses, pools, pickleball courts and walking trails. Davidson Bogel Real Estate brokered the sale of the site, which is located at the corner of Bonds Ranch and Blue Mound roads. A construction timeline has not yet been established.
HOUSTON — North Texas-based Jackson-Shaw will develop Northeast Crossing, a 424,404-square-foot industrial project in Houston. The cross-dock building will be situated on 27.4 acres and will feature truck court depths of 130 to 185 feet and ample trailer parking. Diamond Realty Investments Inc. is Jackson-Shaw’s equity partner on the project. Rosenberger Construction is serving as the general contractor, with Powers Brown as the architect. Kimley-Horn is the civil engineering firm, and CBRE is the leasing agent. Comerica Bank provided construction financing. Completion is slated for the second quarter of 2023.
ARLINGTON, TEXAS — A fund sponsored by CBRE Investment Management has provided an acquisition loan of an undisclosed amount for Preslee Apartments, a 290-unit multifamily asset in Arlington. Lauren Bresky of Northmarq Capital arranged the floating-rate loan, which was structured with an initial term of three years with the option to extend by two years. Select units at Preslee Apartments offer private balconies/patios, and communal amenities include a pool, fitness center, business center, clubhouse and outdoor grilling and dining areas. The borrower, Dallas-based S2 Capital, plans to renovate the property.
HOUSTON — Los Angeles-based investment firm TruAmerica Multifamily has purchased Villas at West Road, a 240-unit apartment community in Houston. Built in 2006, Villas at West Road features a mix of one-, two- and three-bedroom apartment homes averaging 1,137 square feet. According to Apartments.com, amenities include a pool, fitness center, business center, dog park and outdoor grilling and dining stations. TruAmerica acquired the property in a joint venture with global asset management firm AX IM Alts, and the new ownership plans to implement a value-add program.
DALLAS — Taxila Stone, a wholesale distributor of stone surfaces, has signed a build-to-suit industrial lease at PROTO Park, a 250,000-square-foot development in the Brookhollow submarket of Dallas. The square footage was not disclosed. The owner of PROTO Park, Fort Worth-based M2G Ventures, is underway on construction of the facility. Harrison Putt of Mercer Co. and Bo Puckett of JLL represented the tenant in the lease negotiations. Jason Moser and Hanes Chatham of Stream Realty Partners represented M2G Ventures.
HOUSTON — Locally based investment firm Nitya Capital has sold a portfolio of five multifamily properties totaling 1,502 units that are located throughout the Houston area. The portfolio comprises Buena Vista (266 units), Casa del Mar (254 units), Sedona Pointe (352 units), Diamond Hill (304 units) and Providence at Memorial (326 units). An undisclosed California-based investment group purchased the portfolio. The sales price was also not disclosed.
SAN ANTONIO — Locally based developer Koontz Corp. has broken ground on Westport Industrial Park, a 374,400-square-foot project in San Antonio. Koontz Corp. is developing Westport Industrial Park in phases, with the first of the two 187,200-square-foot buildings set to be delivered in February 2023. Building features will include 24-foot clear heights, 130-foot truck court depths, 23 dock doors and a total of 480 parking spaces. NAI Partners has been tapped to lease the development.
KYLE, TEXAS — Dallas-based Kalterra Capital Partners is underway on construction of The Verge, a 263-unit multifamily project in the southern Austin suburb of Kyle. Units will feature quartz countertops, stainless steel appliances and private balconies. Amenities will include a pool, outdoor grilling stations, pickleball court, lounge areas, a fitness center, business center, dog spa and game rooms. Leasing is scheduled to begin in February 2023, with full completion slated for the third quarter of next year. Kalterra has also secured tenants for the development’s retail/restaurant component, with construction of those spaces expected to begin in the next six months.
KILLEEN, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of The Springs at 1100, a 232-unit apartment community located in the Central Texas city of Killeen. Built in 1983, the property offers one-, two- and three-bedroom units with an average size of 715 square feet. Amenities include two pools, a playground, dog park and onsite laundry facilities. Paul Yazbeck of TMG represented the seller, investment firm Rhodium Capital Advisors, in the transaction. Jon Krebbs, also with TMG, procured the buyer, Vista Pacific Inc. The property was 98 percent occupied at the time of sale.