KEMAH, TEXAS — San Francisco-based investment firm Hamilton Zanze has purchased Park at Waterford Harbor, a 200-unit apartment complex in Kemah, located southeast of Houston. The property was built in 1996 and was 96.5 percent occupied at the time of sale. Units average 972 square feet across seven different floor plans and are furnished with stainless steel appliances, granite countertops and individual washers and dryers. Amenities include a pool, fitness center, dog park and a putting green. Hamilton Zanze plans to make additional capital improvements to select units, as well as building exteriors and amenity spaces, and to transfer management of the property to Denver-based Mission Rock Residential.
FORT WORTH, TEXAS — Elevate Credit Services has signed a 73,984-square-foot office lease renewal at Overton Centre, a 417,465-square-foot development in southwest Fort Worth. The two-building complex features a renovated lobby, fitness center and an auditorium/conference center. Cribb Altman and Cannon Camp of JLL, along with Mike Wyatt of Cushman & Wakefield, represented the tenant in the lease negotiations. Matt Carthey and Jake Neal of Holt Lunsford Commercial represented the landlord, an entity doing business as FLDR/TLC Overton Centre LP.
WESLACO, TEXAS — San Antonio-based Garansuay Group has broken ground on Shops at N Bridge, a 40,000-square-foot retail project in Weslaco, located near McAllen in the Rio Grande Valley. The 10-acre site includes four pads and is situated at the corner of North Bridge Avenue & Expressway 83. Freddy’s Frozen Custard & Steakburgers, Juice Us and Paris Bakery have already signed leases at Shops at N Bridge. A tentative completion date was not released.
HUTTO, TEXAS — Titan Development has acquired 188 acres in the northern Austin suburb of Hutto for the development of an industrial project that will be dubbed Hutto Mega TechCenter. Titan Development acquired the land, which is located near State Highway 130 and is zoned for light industrial usage, from the City of Hutto. Buildings will range in size from 200,000 to 1 million square feet. A construction timeline is still being finalized.
BAYTOWN, TEXAS — CBRE has negotiated a 307,000-square-foot industrial lease at Building C at Baytown Intermodal Center, a 1.2 million-square-foot campus located within Cedar Port Industrial Park. The site is located near Port Houston on the southeastern outskirts of Houston. Boomer White and Jim Stark of CBRE represented the landlord, Reich Brothers, a privately investment group with offices in New York and Los Angeles, in the lease negotiations. The representative and name of the third-party logistics company that will be the new tenant were not disclosed.
SAN ANTONIO — Azora Exan, the Miami-based investment arm of European private equity firm Azora Capital, and One Real Estate Investments (also based in Miami) have acquired The Fredd, a 278-unit multifamily property in San Antonio. The property offers one-, two- and three-bedroom units and a resort-style pool with a sun deck, as well as a sports court and a fitness center. The new ownership plans to implement a value-add program. The seller and sales price were not disclosed.
Granite Properties Receives Construction Financing for 143,500 SF Office Project in Southlake, Texas
SOUTHLAKE, TEXAS — Granite Properties has received an undisclosed amount of construction financing for Granite Place II at Southlake Town Square, a 143,500-square-foot office project in metro Dallas. Granite Properties is developing the five-story building in partnership with N5B Capital. Amenities will include outdoor work and meeting space, a corporate living room, fitness center and a grab-and-go food service. Trey Morsbach and Jim Curtin of JLL arranged the financing through Bank OZK. DPR Construction is the general contractor for the project. Sitework is underway, and completion is slated for March 2023.
EL PASO, TEXAS — Greysteel has arranged the sale of Casa Barranca, a 196-unit multifamily property in El Paso. The community offers two- and three-bedroom units and was close to fully occupied at the time of sale. According to Apartments.com, amenities include a pool, playground, clubhouse and onsite laundry facilities. Jack Stone of Greysteel brokered the deal. The buyer and seller both requested anonymity.
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Build-to-Rent (BTR) Property Type Offers Positive Demand Outlook
By Jeff Erxleben, president, debt & equity at Northmarq Liquidity and an incredibly positive outlook for single-family build-to-rent (BTR) properties is helping to offset some of the turbulence developers are experiencing from rising interest rates. Developers have been ramping up the pace of single-family BTR construction over the past five years with forecasts that call for a record high 60,000 new units to be completed in 2022. That volume shows a steady increase over the 53,000 units completed in 2021 and 49,000 in 2020, according to Northmarq’s recently released Single-Family Build-to-Rent Properties Special Report. Although financing across all property types has been impacted by upward movement in both short- and long-term borrowing rates, the BTR sector is in a good position to shake off those challenges and maintain its growth momentum. Higher construction and financing costs are being offset by rising rents with year-over-year rent increases, that in many areas of the country, are quite substantial. Developers also are finding good access to both debt and equity. The number of lenders that are active in the space is expanding as developers move into new markets and continue to prove out business models and performance with successful lease-up and dispositions. For …
SAN MARCOS, TEXAS — Hill Country Studios will open a $267 million film and TV production center in San Marcos, located roughly midway between Austin and San Antonio. The site spans 209 acres and is located at the entrance of the La Cima master-planned community. Hill Country Studios will include 12 sound stages totaling 310,000 square feet, two back lots totaling 15 acres of outdoor production space and 310,000 square feet of modular offices and four workshops. The facility will also feature post-production facilities, a 50-seat screening theater and a full-service restaurant and coffee shop. In addition, 25 acres will be reserved for vendor and commercial space built to serve both the studio and surrounding community. Foley Design is the project architect. Construction is slated to begin early next year.