MCKINNEY, TEXAS — Locally based brokerage firm Disney Investment Group (DIG) has arranged the sale of Craig Crossing, a 128,394-square-foot shopping center in the northern Dallas suburb of McKinney. Anchored by Club 4 Fitness, Boot Barn and Chair King, Craig Crossing was 90 percent leased at the time of sale. Other tenants include Half Price Books, Sport Clips, Fuzzy’s Taco Shop, AT&T Wireless and America’s Best Eyeglasses. David Disney and Adam Crockett of DIG represented the seller, Dallas-based Centcom Realty Corp., and procured the buyer, ALTO Real Estate Funds, in the transaction.
AUSTIN, TEXAS — Inspire Development, an Austin-based developer of residential and commercial properties, has broken ground on the first phase of Pearson Ranch, a new mixed-use campus in northwest Austin. The $2 billion project will include 2.6 million square feet of new office space; 200,000 square feet of stores, restaurants and community and cultural spaces; two hotels; thousands of high-end residences; and 30 acres of park land. Phase I of Pearson Ranch will span 41 acres and feature approximately 600,000 square feet of office space, three high-end apartment communities and some lifestyle retail space. “We worked very closely with our team to create a plan that tightly knits the past, present and future into the most compelling land plan possible,” says Brett Ames, managing principal of Inspire Development, as well as president and CEO of Austin-based Ames Design Build. “Frankly, we feel a true sense of obligation to get it fully right.” The Pearson Ranch site is located on 156 acres at the corner of State Highway 45 and West Parmer Lane, which is approximately two miles north of Apple’s new $1 billion corporate campus. Other nearby employers include Dell, PayPal, Amazon and Visa. Pearson Ranch will include a 48-acre …
By John Griggs, co-founder, co-CEO, Presidium Everything is bigger in Texas, including the opportunity for apartment investment, development and absorption — and the nation is catching on. In 2021, Dallas-Fort Worth (DFW) again led the country in the number of multifamily units delivered, adding more than 20,000 new residences for the fourth year in a row. With the thriving economy, lower taxes, central location and an influx of people moving to the area via natural net migration and corporate relocations, it’s not surprising that the demand for apartment units is at an all-time high. A study from RealPage reported that the issuance of North Texas apartment building permits saw a 27 percent uptick in the 12-month period between September 2020 and 2021, one of the heftiest increases among the 10 largest U.S. markets. While the hyper growth the DFW area is experiencing is a positive thing, it’s shaping the economic landscape so rapidly that developers have to adapt efficiently and effectively. Supply chain issues and production bottlenecks are further complicating this equation. Desirability Brings Demand A clear benefit for us in the current North Texas real estate industry is that population, job opportunities and incomes are surging. The flood of …
Content PartnerFeaturesFinance InsightMidwestMultifamilyNortheastSeniors HousingSoutheastTexasWestern
Investment, Financing in Seniors Housing Driven by Property Performance
If there were one phrase to summarize the attitude of seniors housing investors and lenders in 2022, it would be “cautiously optimistic.” How quickly can the seniors housing industry hope to recover in the face of continued difficulties? What is likely to drive the financing and investment market? While difficulties due to COVID and labor shortages continue to create challenges in terms of immediate occupancy, strong demand fundamentals and a healthy appetite for seniors housing investments indicate a return to normality is possible in 2022, according to Brandon Taseff, senior vice president, and Lee Delaveris, vice president on KeyBank Real Estate Capital’s team. Headwinds, Tailwinds in Seniors Housing The headwinds for seniors housing investment and development should not be dismissed, Taseff indicates. Staffing issues, the Omicron variant, slow occupancy growth and sluggish absorption of senior living units have made for slow going in the market with acquisition, development and financing activity remaining below normal levels. 2021 saw many positive factors to counter these impediments: widespread vaccination, a rebound in occupancy and a strengthened capital market interest in seniors housing. 2022 may be able to continue this momentum, explains Delaveris. “There are a lot of good reasons to think the industry will …
HOUSTON — Berkadia has negotiated the sale of The Alora and The Ellis, two multifamily properties totaling 687 units in Houston. The 400-unit Alora offers studio, one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, sport court, playground and a dog park. The 287-unit Ellis features one-, two- and three-bedroom units that range in size from 721 to 1,147 square feet. Its amenity package consists of a pool with a sundeck, picnic and grilling stations, a clubhouse with a coffee bar, event and party room and onsite laundry facilities. Joey Rippel, Chris Young, Jeffrey Skipworth, Kyle Whitney, Todd Marix and Chris Curry of Berkadia represented the seller, locally based investment firm Barvin, in the transaction. Houston-based Indus Management acquired the assets for an undisclosed price.
AUSTIN, TEXAS — Cypress Real Estate Advisors has completed Eastlake at Tillery, a 172,000-square-foot office project in East Austin. The complex consists of two three-story buildings and an adjacent parking structure. Amenities include a fitness center, prep kitchen and multiple outdoor gathering spaces. Construction began in December 2019. Delineate Studio designed the project, and Harvey Cleary served as the general contractor. AQUILA Commercial is the leasing agent.
DALLAS — A partnership between Texas-based Quadrant Investment Properties and Maryland-based FCP will develop a 120,286-square-foot office building at 1333 Oak Lawn Ave. in the Dallas Design District. The development will feature a five-story parking garage and amenities such as a fitness center, basketball court, community lounge, two terraces and a ground-floor restaurant. Completion is slated for the third quarter of 2023. Transwestern will market the building for lease.
AUSTIN, TEXAS — Karlin Real Estate has opened The Pitch, a dining and entertainment venue at the training facility of Austin FC, the city’s professional soccer team. The venue features food and beverage concepts Ranger Burger, Taco Flats, Sand Bar, Coffee Club and Corner Kick Bar. In addition, The Pitch houses a 1,200-seat stadium with an artificial soccer field, a five-acre pond with jogging trails and sand volleyball courts, an events center and a TV viewing area. Mark Odom Studio and STG Design served as the project architects. Corner Kick Hospitality Group operates the venue.
GARLAND, TEXAS — Northmarq has arranged an $11.5 million acquisition loan for North Garland Crossing, a 75,811-square-foot shopping center in the northeastern Dallas suburb of Garland. Shadow-anchored by a Super Target, the center was built in 2004 and houses tenants such as Michaels, PetSmart, AT&T and Starbucks. David Garfinkel and Ron Reese of Northmarq arranged the debt on behalf of the buyer, St. Louis-based Bianco Properties. Mutual of Omaha provided the loan.
COLLEGE STATION, TEXAS — A joint venture between TEXLA Housing Partners and a private equity fund advised by Crow Holdings Capital has acquired Holleman Crossing, a 792-bed student housing community located near Texas A&M University in College Station. The garden-style property offers one-, two- and four-bedroom units across 20 buildings. Shared amenities include a resort-style pool, 24-hour fitness center, private study rooms, and a dog park. Jeyton McNair and Greg Jasper of Stafford Barrett represented the undisclosed seller and procured the buyer in the transaction. The joint venture plans to implement a capital improvement program.