Texas

Eagle Property Capital Sells 331-Unit Montecito Club Apartments in Arlington

by Taylor Williams January 14, 2022

ARLINGTON, TEXAS — Miami-based Eagle Property Capital (EPC) has sold Montecito Club, a 331-unit apartment community in Arlington that was built in phases between 1968 and 1979. Montecito Club features studio, one-, two- and three-bedroom residences that offer private balconies and patios in select units. Communal amenities include a pool, business center, fitness center, resident clubhouse, sports court, dog park and outdoor grilling and picnic areas. New York City-based APF Properties purchased the asset for an undisclosed price. EPC originally acquired the asset in 2016 and renovated unit interiors, upgraded common areas and amenity spaces and implemented more water- and energy-saving programs.

January 14, 2022

Development Multifamily Texas

Banyan Residential, Bridge Break Ground on 289-Unit Multifamily Project in Dallas

by Taylor Williams January 14, 2022

DALLAS — Los Angeles-based Banyan Residential, in partnership with Bridge Investment Group, has broken ground on Banyan Flats, a 289-unit multifamily project that will be located at 2022 N. Beckley Ave., just west of downtown Dallas. Floor plans will feature micro, studio, one-, two- and three-bedroom units ranging in size from 415 to 1,425 square feet. Amenities will include a pool, fitness center, clubhouse, dog wash and a rooftop deck. JHP Architecture is designing the project. J.P. Morgan provided construction financing for the project, which is slated for a 2023 completion.

January 14, 2022

Acquisitions Office Texas

Partnership Acquires 240,000 SF Office Building in North Dallas

by Taylor Williams January 14, 2022

DALLAS — A partnership between Dallas-based investment firm OliveMill Holdings, Hunt Realty Investments and New York City-based Angelo Gordon has acquired a 240,000-square-foot office building in North Dallas. The 18-story building at 2801 N. Central Expressway was constructed in 2015 as a build-to-suit for advertising agency The Richards Group, which still occupies the building. OliveMill will oversee management of the building. The seller and sales price were not disclosed. Jim Curtin, Kris Lowe, Rex Cruz and Ryan Pollack of JLL arranged an undisclosed amount of floating-rate acquisition financing on behalf of the partnership through a fund managed by AllianceBernstein.

January 14, 2022

Build-to-Rent Development Single-Family Rental Texas

Taylor Morrison to Develop 240-Unit Single-Family Rental Community in Metro Houston

by Taylor Williams January 14, 2022

CYPRESS, TEXAS — Arizona-based homebuilder Taylor Morrison (NYSE: TMHC) will develop a 240-unit single-family rental (SFR) community in the northwestern Houston suburb of Cypress. Homes will come in one-, two- and three-bedroom formats and will range in size from approximately 750 to 1,250 square feet. Communal amenities will include a pool, fitness center, event lawn and a dog park. Christopher Todd Communities will operate and manage the property. Initial occupancy is slated for late 2023.

January 14, 2022

Acquisitions Industrial Self-Storage Texas

Rosewood Property Co. Acquires National Self-Storage Portfolio Totaling 12,000 Units

by Taylor Williams January 13, 2022

DALLAS — Dallas-based Rosewood Property Co. has acquired a portfolio of 16 self-storage facilities totaling approximately 1.3 million net rentable square feet across roughly 12,000 units. The locations of the properties are split among 12 states, with three facilities in Texas. Aaron Swerdlin, Kenneth Cox and Taucha Hogue of Newmark represented the seller, Utah-based REIT Extra Space Storage, in the transaction. Jim Davies, Erich Pryor and Tom Sherlock of Talonvest Capital represented Rosewood Property Co. Extra Space Storage will continue to manage the majority of the properties. The acquisition brings Rosewood’s self-storage portfolio to 73 facilities across 21 states totaling more than 5.8 million square feet and approximately 44,500 units.

January 13, 2022

Mountain-Creek-East-Logistics-Center-Dallas

Development Industrial Texas

Eider Creek, Crow Holdings Break Ground on 467,541 SF Spec Logistics Center in Dallas

by Taylor Williams January 13, 2022

DALLAS — A partnership between locally based development and investment firm Eider Creek Capital and a fund backed by Crow Holdings has broken ground on Mountain Creek East Logistics Center, a 467,541-square-foot speculative industrial project in southwest Dallas. Ricardo Quinones of Davidson Bogel Real Estate represented the development team in its acquisition of the four-parcel, 25-acre site on which the project will be developed. Completion is slated for August. CBRE has been tapped to lease the development.

January 13, 2022

Acquisitions Multifamily Texas

TMG Arranges Sale of Three Multifamily Properties Totaling 367 Units in San Antonio

by Taylor Williams January 13, 2022

SAN ANTONIO — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of a trio of multifamily properties in San Antonio. Hidden Village is a 176-unit property that was built in 1965 and features an average unit size of 676 square feet. Montrose Place was built in 1960 and totals 72 units that average 611 square feet, and The Dunes was built in 1975 and totals 119 units that average 622 square feet. Chris Siemasko, Paul Yazbeck, Jon Krebbs and Bryce Smith of TMG brokered the deal. The buyer(s) and seller(s) were not disclosed.

January 13, 2022

Development Multifamily Texas

OHT Partners to Develop 315-Unit Apartment Community in North Austin

by Taylor Williams January 13, 2022

AUSTIN, TEXAS — Locally based developer OHT Partners will soon break ground on Lenox Grand, a 315-unit apartment community that will be located on a 16.4-acre site at 13505 Burnet Road in North Austin. Designed by Davies Collaborative, Lenox Grand will feature one-, two- and three-bedroom units and amenities such as two pools, a shared work studio, dog park, walking trails and a pickleball court. The property will also offer proximity to The Domain mixed-use development and the offices of major employers such as Apple, Amazon, Facebook and 3M. Completion is slated for 2023.

January 13, 2022

Acquisitions Multifamily Texas

Berkadia Negotiates Sale of 309-Unit Town Center Lofts in Metro Houston

by Taylor Williams January 13, 2022

ROSENBERG, TEXAS — Berkadia has negotiated the sale of Town Center Lofts, a 309-unit apartment community in the southwestern Houston suburb of Rosenberg. Developed in 2021 by Sueba USA, the property offers studio, one- and two-bedroom units ranging in size from 560 to 1,207 square feet. Amenities include two pools, a 24-hour fitness center, a community clubroom with a chef-inspired kitchen and package lockers. Jeffrey Skipworth, Todd Marix, Chris Curry, Joey Rippel, Chris Young and Kyle Whitney of Berkadia represented Sueba USA in the sale. A joint venture between Chicago-based Redwood Capital Group and global investment management firm Heitman purchased the asset for an undisclosed price.

January 13, 2022

Development Mixed-Use Texas

Goldenrod to Develop Mixed-Use Project in Fort Worth’s West Seventh District

by Taylor Williams January 12, 2022

FORT WORTH, TEXAS — Nebraska-based investment and development firm Goldenrod Cos. will build a new mixed-use project in Fort Worth’s West Seventh District that will consist of 147 multifamily units, 99,400 square feet of office space and 11,600 square feet of retail and restaurant space. Known as The Van Zandt, the development will include the first speculative office project built in Fort Worth since 2017. Residential amenities will include a pool and a fitness center, as well as indoor and outdoor lounges and meeting areas. Construction is slated to begin during the first quarter. Stream Realty Partners has been tapped to lease the office space.

January 12, 2022

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