Texas

Palladium USA Breaks Ground on 107-Unit Mixed-Income Housing Project in Garland, Texas

by Taylor Williams December 20, 2021

GARLAND, TEXAS — Palladium USA has broken ground on Embree Eastside, a 107-unit mixed-income housing community in Garland, a northeastern suburb of Dallas. About a quarter of the units will be rented at market rates, while the remainder will be reserved for renters earning between 30 and 60 percent of the area median income (AMI). Amenities will include a pool, dog park, walking trails, fitness center, conference room, computer lab and a kids’ playroom. HEDK is the project architect. General contractor Brownstone Construction is teaming up with the Garland Housing Finance Corp. on construction. PNC Bank provided both equity ($13.7 million) and debt ($11.2 million) for the project. The first units are scheduled to come on line in January 2023.

December 20, 2021

Acquisitions Retail Texas

Marcus & Millichap Negotiates Sale of 80,774 SF Retail Center in Metro Dallas

by Taylor Williams December 20, 2021

CARROLLTON, TEXAS — Marcus & Millichap has negotiated the sale of Woodlake Square, an 80,774-square-foot retail center located in the northern Dallas suburb of Carrollton. Woodlake Square was built on 6.7 acres in 1979 and renovated in 2019. Tenants at the property, which was 94 percent leased at the time of sale, include Harbor Freight Tools, LA Fitness and Dollar Tree. Philip Levy of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Levy also procured the buyer, a locally based 1031 exchange investor. Both parties involved in the deal requested anonymity.

December 20, 2021

Acquisitions Multifamily Texas

Newmark Brokers Sale of 352-Unit Nexus East Apartments in East Austin

by Taylor Williams December 17, 2021

AUSTIN, TEXAS — Newmark has brokered the sale of Nexus East, a 352-unit apartment community in East Austin. Built in 2021, the property offers a mix of one-, two- and three-bedroom units. The amenity package consists of a pool, fitness center, clubhouse, entertainment kitchen, coworking lounge, putting green and a dog park. Patton Jones and Andrew Dickson of Newmark represented the seller, a partnership between Austin-based Ardent Residential and Monterrey, Mexico-based Delta Development, in the transaction. Timothy Weldon of Newmark arranged acquisition financing on behalf of the buyer, an affiliate of Treeline Multifamily Partners Ltd., a privately held investment firm based in Denver. Nexus East was 90 percent occupied at the time of sale.

December 17, 2021

Development Hospitality Texas

Turnbridge Equities Breaks Ground on 344-Room CitizenM Hotel in Downtown Austin

by Taylor Williams December 17, 2021

AUSTIN, TEXAS — Development and investment firm Turnbridge Equities has broken ground on a 344-room hotel at 617 Colorado St. in downtown Austin that will be operated under the citizenM brand. Amenities will include a pool, fitness center and a rooftop bar. Baskervill is the architect of record for the project, and Dutch firm Concrete is handling interior design. Gilbane is the general contractor for the project, and Bank OZK provided construction financing. The opening is slated for late 2023.

December 17, 2021

Acquisitions Loans Multifamily Texas

Westmount Realty Capital Sells 300-Unit Apartment Community in San Antonio

by Taylor Williams December 17, 2021

SAN ANTONIO — Dallas-based Westmount Realty Capital has sold Joule Apartment Homes, a 300-unit multifamily community in San Antonio. Westmount acquired and rebranded the community, which was built on 9.5 acres in 1974, in early 2019. Units come in one- and two-bedroom floor plans and average 682 square feet. Amenities include two pools, a 24-hour fitness center, resident clubhouse with a full kitchen, laundry facility and a dog park. Joule Apartment Homes was 96 percent occupied at the time of sale. Brandon Baksh and Brian Yee of New York City-based Dwight Capital provided a $24.4 million acquisition loan for the undisclosed buyer. Patrick Short of Walker and Dunlop arranged the debt.

December 17, 2021

Acquisitions Industrial Texas

CenterPoint Properties Acquires 330,000 SF Industrial Facility in Irving

by Taylor Williams December 17, 2021

IRVING, TEXAS — Chicago-based investment firm CenterPoint Properties has acquired a 330,000-square-foot industrial facility located on an 18-acre site at 2201 Chemsearch Blvd. in Irving. Features of the newly built facility include frontage on State Highway 183, 36-foot clear heights, 47 dock doors, an ESFR sprinkler system and parking for 59 trailers and 356 cars. The seller/developer was not disclosed. Josh McArtor and Caitlin Clinton of Eastdil Secured brokered the sale.

December 17, 2021

Acquisitions Multifamily Texas

Berkadia Negotiates Sale of 156-Unit Multifamily Property in Southeast Houston

by Taylor Williams December 17, 2021

HOUSTON — Berkadia has negotiated the sale of Hollister Apartments, a 156-unit multifamily property in southeast Houston. Built in 1976 and renovated in 2019, Hollister Apartments features one-, two- and three-bedroom apartments. Newly renovated units range in size from 362 to 1,350 square feet. Amenities include two pools, a pet park, open green spaces and onsite laundry facilities. Chris Young, Joey Rippel and Kyle Whitney of Berkadia represented the seller, Southern California-based Sunstone Property Trust, in the transaction. Johnny King of Berkadia originated Freddie Mac acquisition financing on behalf of the buyer, New York-based Lone Star Capital.

December 17, 2021

Development Office Texas

Billingsley Co. Begins Construction on 250,000 SF Office Building in Plano

by Taylor Williams December 16, 2021

PLANO, TEXAS — Locally based developer Billingsley Co. has begun construction on a 250,000-square-foot office building that will be located within International Business Park, a 300-acre campus in Plano. The project includes the development of a 584-space parking garage. The five-story building will be located adjacent to a 187,100-square-foot office building and a 9,000-square-foot amenity center that houses a fitness room, conference facilities, tenant lounge and a convenience mart. GFF Architects is designing the project, and Adolfson & Peterson Construction is the general contractor. JLL is the leasing agent. Completion is slated for spring 2023.

December 16, 2021

Development Multifamily Texas

High Street, Principal Real Estate Break Ground on 363-Unit Multifamily Project in Plano

by Taylor Williams December 16, 2021

PLANO, TEXAS — A joint venture between High Street Residential and Principal Real Estate Investors has broken ground on Legacy Square, a 363-unit multifamily project in Plano. Units will be available in one-, two- and three-bedroom floor plans with private garages and patios/balconies available in select residences. Amenities will include a pool, courtyard with lounge seating, fitness center, clubroom, business center with conference facilities and four acres of open space. GFF Architects is designing the project, and Andres Construction is the general contractor. The first units are expected to be available for occupancy in late 2022, with full completion slated for June 2023.

December 16, 2021

Development Multifamily Texas

Allied Orion Group to Develop 350-Unit Apartment Community in Austin

by Taylor Williams December 16, 2021

AUSTIN, TEXAS — Houston-based Allied Orion Group will develop a 350-unit apartment community within Whisper Valley, a 2,067-acre master-planned community on the east side of Austin by master developer Taurus Investment Holdings. Designed by The Sage Group, Evergreen at Whisper Valley will feature one-, two- and three-bedroom units. Amenities will include a pool with cabanas, fitness center, clubhouse with a game room and catering kitchen, grilling areas with gazebos, a dog park with an agility course, business center and a beer garden. Construction is scheduled to begin in the first quarter of 2023, with the first units being delivered in the second quarter of 2024.

December 16, 2021

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