Texas

Cumby Group to Add 800 Multifamily Units, 150,000 SF of Commercial Space to East Austin Supply

by Taylor Williams August 25, 2021

AUSTIN, TEXAS — Locally based developer Cumby Group will redevelop a site on Manor Road in East Austin with three adjacent projects that will collectively add more than 800 multifamily units, including 80 affordable housing residences, and 150,000 square feet of commercial space to the local supply. Cumby Group purchased the sites, which span nine acres and more than a full city block, in 2019 and 2020. Construction is underway on The Emma, a 146-unit project at 3219 Manor Road, and two buildings housing between 450 and 500 units, along with commercial space, are planned next door at 3115 Manor Road. Lastly, Cumby expects to build about 200 units at 3033 Manor Road. The projects will include space for neighborhood gatherings that could feature food trucks or farmers markets. The development’s affordable housing units will be reserved for renters earning 60 percent or less of the area median income.

August 25, 2021

Acquisitions Multifamily Texas

Rosewood Realty Arranges $108.7M Sale of San Antonio Multifamily Portfolio

by Taylor Williams August 25, 2021

SAN ANTONIO — New York City-based brokerage firm Rosewood Realty has arranged the $108.7 million sale of a portfolio of four multifamily properties totaling 1,230 units in San Antonio. The sales price equates to about $88,500 per unit. The properties were all built between 1964 and 1986. Aaron Jungreis of Rosewood Realty represented the buyer, New York-based Sun Equity Partners, in the transaction. Matt Yeckes and Jonathan Brody, also with Rosewood Realty, represented the seller, locally based development and investment firm Kairoi Residential. The deal traded at a cap rate of 4.96 percent.

August 25, 2021

Development Loans Multifamily Texas

Square Mile Capital Provides Perm Loan for 301-Unit Houston Multifamily Project

by Taylor Williams August 25, 2021

HOUSTON — New York City-based Square Mile Capital has provided a permanent loan of an undisclosed amount for Standard in the Heights, a 301-unit multifamily project in Houston. The property features studio, one-, two- and three-bedroom units and amenities such as a pool, fitness center, dog park, outdoor grilling areas and a lounge. The loan takes out the construction debt held by the borrower and developer, Texas-based Ojala Partners. Construction began in 2018 and was completed in November 2020. Cameron Cureton and Steve Heldenfels of JLL arranged the financing.

August 25, 2021

Acquisitions Office Texas

Unico Properties Sells 170,000 SF South Austin Office Building to DivcoWest

by Taylor Williams August 25, 2021

AUSTIN, TEXAS — Commercial developer and operator Unico Properties has sold Bouldin Creek, a 170,000-square-foot office building in South Austin to San Francisco-based DivcoWest for an undisclosed price. Unico Properties developed the five-story building in partnership with Manifold Real Estate and OakPoint Real Estate. Amenities include a 2,500-square-foot coffee shop, rooftop terraces, fitness center and two acres of green space.

August 25, 2021

Acquisitions Office Texas

August Real Estate Acquires 120,000 SF Office Complex in East Dallas

by Taylor Williams August 25, 2021

DALLAS — Locally based investment firm August Real Estate Co. has acquired Lakewood Tower, a 120,000-square-foot office complex in East Dallas. The nine-story building was 97 percent leased at the time of sale to tenants such as Wells Fargo, Briggs Freeman and Baylor Scott & White. Evan Stone of Goodwin Advisors represented the seller, a partnership controlled by Caddo Holdings, in the transaction. Adam Mengacci with Hamilton Realty Finance arranged acquisition financing through Veritex Bank on behalf of August Real Estate.

August 25, 2021

Development Office Texas

Blue Star Land, Lincoln Property to Develop 313,000 SF Office Building at The Star in Frisco

by Taylor Williams August 24, 2021

FRISCO, TEXAS — A partnership between Blue Star Land Co. and Dallas-based Lincoln Property Co. will develop a 313,000-square-foot office building at The Star, the Dallas Cowboys’ headquarters facility in Frisco. Designed by HKS Partners, the 11-story building will feature an 8,000-square-foot amenity deck and a 100-seat conference room. Construction is scheduled to begin before the end of the month and to be complete in the first quarter of 2023. Accounting firm Cain Watters & Associates has signed a lease as the building’s first tenant. Lincoln Property Co. is also handling leasing of the building.

August 24, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 297-Unit Vecina Apartment Villas in San Antonio

by Taylor Williams August 24, 2021

SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Vecina Apartment Villas, a 297-unit multifamily community located in north San Antonio. LIV Development completed the property in 2020. Amenities include a 10,000-square-foot clubhouse with private workspaces and a coffee bar, a 24-hour convenience mart, fitness center, pool and an outdoor sports lawn. Will Balthrope and Drew Garza of IPA represented the seller and procured the buyer, California-based Passco Cos., in the transaction.

August 24, 2021

Affordable Housing Development Loans Multifamily Texas

Barings Provides $43.5M Perm Loan for Metro Austin Affordable Housing Project

by Taylor Williams August 24, 2021

MANOR, TEXAS — Barings has provided a $43.5 million permanent loan for Yager Flats, a 300-unit affordable housing community in Manor, an eastern suburb of Austin. The $73 million development will offer one-, two-, three- and four-bedroom units that will be reserved for renters earning between 30 and 60 percent of the area median income. Amenities will include a clubhouse, community room, fitness center, pool and a playground, and residents will also have access to adult education, workforce training, afterschool programming and health and wellness services. The borrower, Elmington Capital Group, is developing the property in partnership with Red Stone Equity Partners, which contributed $29.3 million in tax credit equity. Dallas-based Humphreys & Partners Architects is designing the project. Bank of America provided the original $40 million construction loan. A tentative completion date was not disclosed.

August 24, 2021

Acquisitions Multifamily Texas

Capstone Brokers Sale of 288-Site Manufactured Housing Community in Alvin, Texas

by Taylor Williams August 24, 2021

ALVIN, TEXAS — Capstone has brokered the sale of Sun Meadows Mobile Home Community, a 288-site manufactured housing community in Alvin, about 25 miles southeast of Houston. According to Apartments.com, the property was built in 1998 and includes a pool. Capstone’s Ian Hilpl, Kevan Enger, Brian Hummell and Hunter LaRocca represented the seller and procured the buyer, both of which requested anonymity, in the transaction. Sun Meadows was 96 percent occupied at the time of sale.

August 24, 2021

Industrial Leasing Activity Texas

Morrison Express Signs 73,962 SF Industrial Lease in Grand Prairie, Texas

by Taylor Williams August 24, 2021

GRAND PRAIRIE, TEXAS — Third-party logistics and supply chain management firm Morrison Express Corp. has signed a 73,962-square-foot industrial lease at GSW Distribution Center in Grand Prairie, located roughly midway between Dallas and Fort Worth. Blake Anderson of Newmark represented the tenant in the lease negotiations. CBRE represented the landlord, Morris Truman Associates LLC.

August 24, 2021

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