Texas

JLL Arranges $38.5M Acquisition Loan for Metro Austin Apartment Community

by Taylor Williams February 11, 2022

GEORGETOWN, TEXAS — JLL has arranged $38.5 million in acquisition financing for Summit at Rivery Park, a 228-unit apartment community located in the northern Austin suburb of Georgetown. Built on 32 acres in 2015, the property is situated within a larger mixed-use development that features a Sheraton Hotel and conference center, as well as office and retail space. Summit at Rivery Park offers one-, two- and three-bedroom units that range in size from 576 to 1,410 square feet. JLL arranged floating-rate acquisition financing through Vancouver-based QuadReal Finance Inc. on behalf of the borrower, Austin-based Old Three Hundred Capital. In addition, the firm structured joint venture equity with Sound Mark Partners. Marko Kazanjian, Chris McColpin, Max Herzog and Andrew Cohen of JLL arranged the loan and joint venture partnership. The new ownership plans to implement a value-add program.

February 11, 2022

Acquisitions Multifamily Texas

Newmark Brokers Sale of 316-Unit Maxwell Townhomes in San Antonio

by Taylor Williams February 11, 2022

SAN ANTONIO — Newmark has brokered the sale of Maxwell Townhomes, a 316-unit apartment community in San Antonio. Built in 1982 on the north-central side of the city, Maxwell Townhomes features one-, two-, and three-bedroom units. Amenities include two pools, a fitness center, playground, putting green, sport court, dog park and a clubhouse. Patton Jones and Matt Michelson of Newmark represented the seller, Philadelphia-based Resource REIT Inc., in the transaction. The buyer, Orion Real Estate Partners, plans to further upgrade the unit interiors, building exteriors and common spaces.

February 11, 2022

Leasing Activity Office Texas

Energy Firm Signs 98,616 SF Office Lease Extension at Greenway Plaza in Houston

by Taylor Williams February 11, 2022

HOUSTON — Gulf South Pipeline Co., a midstream provider of natural gas, has signed a 98,616-square-foot office lease extension at Greenway Plaza, a 52-acre campus located between Houston’s Uptown and downtown areas. The company will continue to occupy space at the 746,824-square-foot Nine Greenway Plaza building. J.P. Hutcheson and Rima Soroka represented the landlord, Parkway, on an internal basis in the lease negotiations. Christopher Oliver and David Guion of Cushman & Wakefield represented the tenant.

February 11, 2022

Acquisitions Retail Texas

SRS Real Estate Negotiates Sale of 78,888 SF Shopping Center in Metro Austin

by Taylor Williams February 11, 2022

GEORGETOWN, TEXAS — Dallas-based SRS Real Estate Partners has negotiated the sale of Oak Meadows Marketplace, a 78,888-square-foot shopping center located in the northern Austin suburb of Georgetown. Built in 2018, the property was 92 percent leased at the time of sale, with grocer Randalls serving as the anchor tenant. Cathy Nabours, Walter Saad, Kyle Shaffer and Aaron Johnson of SRS represented the seller, Cypress Equities, in the transaction. Cincinnati-based retail REIT Phillips Edison & Co. (NASDAQ: PECO) purchased Oak Meadows Marketplace for an undisclosed price.

February 11, 2022

Loans Multifamily Texas

Ready Capital Closes $9.5M Acquisition Loan for Houston Multifamily Property

by Taylor Williams February 11, 2022

HOUSTON — New York City-based Ready Capital has closed a $9.5 million loan for the acquisition, renovation and stabilization of an unnamed, 61-unit apartment complex in Houston’s Montrose submarket. The nonrecourse, interest-only loan features a 36-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The sponsor was not disclosed.

February 11, 2022

Acquisitions Hospitality Texas

Hodges Ward Elliott Arranges Sale of Three Texas Hotels Totaling 280 Rooms

by Taylor Williams February 10, 2022

ATLANTA — Atlanta-based brokerage firm Hodges Ward Elliott (HWE) has arranged the sale of a portfolio of three select-service hotels in Texas totaling 280 rooms. The portfolio comprises the 109-room Fairfield Inn & Suites Waco North; the 83-room Fairfield Inn & Suites Marshall; and the 88-room Holiday Inn Express & Suites Dallas South Desoto. The hotels were respectively built in 2004, 2005 and 2007. Austin Brooks led the HWE team that represented the seller, Avatar Hotel Group, in the transaction. Houston-based hospitality investment firm Wolfgramm Capital purchased the portfolio for an undisclosed price. Wolfgramm Capital also acquired Avatar’s management operations as part of the deal.

February 10, 2022

Acquisitions Multifamily Texas

Newmark Brokers Sale of 192-Unit Joseph at Huebner Apartments in San Antonio

by Taylor Williams February 10, 2022

SAN ANTONIO — Newmark has brokered the sale of The Joseph at Huebner, a 192-unit apartment community in north-central San Antonio. Built in 1983, the 16-building complex features one- and two-bedroom units with an average size of 846 square feet. Amenities include a pool, fitness center, outdoor grilling areas and a dog wash station. Matt Michelson and Patton Jones of Newmark represented the seller, a partnership between RSN Property Group and Wildhorn Capital, in the transaction. The buyer, First Capital Advisors, an investment and management firm with offices in Austin and Chicago, plans to implement a value-add program.

February 10, 2022

Industrial Leasing Activity Texas

American Canning Signs 154,786 SF Industrial Lease Expansion at Park 183 in Austin

by Taylor Williams February 10, 2022

AUSTIN, TEXAS — American Canning, which provides packaging services for the beverage industry, has signed a 154,786-square-foot, full-building industrial lease expansion at Park 183 in southeast Austin. American Canning plans to take occupancy of its larger space at Building 5 this spring when it relocates from its 45,309-square-foot space in Building 2. A partnership between Dallas-based Trammell Crow Co. and New York-based Clarion Partners is developing the 950,000-square-foot park in phases. John Barksdale and Joe Novek of CBRE represented the landlord in the lease negotiations. CBRE’s Darryl Dadon represented the tenant.

February 10, 2022

Loans Office Texas

Thorofare Capital Provides Loan for Refinancing of Dallas Office Portfolio

by Taylor Williams February 10, 2022

DALLAS — Los Angeles-based Thorofare Capital has provided a loan of an undisclosed amount for the refinancing of a portfolio of 13 office buildings in the Dallas Design District. The buildings are newly converted and renovated flex office properties, and the borrower, Quadrant Investment Properties, plans to use some of the proceeds to complete renovations over the next few months Brian Carlton and Jim Curtin of JLL placed the loan with Thorofare Capital on behalf of Quadrant.

February 10, 2022

Loans Multifamily Texas

Ready Capital Closes $22.7M Acquisition Loan for Houston Apartments

by Taylor Williams February 10, 2022

HOUSTON — New York City-based Ready Capital has closed a $22.7 million loan for the acquisition, renovation and stabilization of an unnamed, 212-unit apartment complex in Houston’s Greenspoint submarket. The nonrecourse, interest-only loan features a 36-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The undisclosed sponsor plans to implement a value-add program.

February 10, 2022

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