Texas

Return of Urban Renters Fuels Multifamily Demand in Houston

by Taylor Williams July 27, 2021

By Chris Curry and Todd Marix, senior managing directors of investment sales, Berkadia Things are looking up in Houston, and that rings especially true for the city’s growing multifamily sector. In-migration, a rebounding labor market and a high concentration of Fortune 500 firms and talent have made the Bayou City an attractive place for investors and residents alike. Recently, a slowdown in deliveries of new apartments has coupled with strong demand to bring rent levels to historical highs and elevate absorption across all asset classes. Part of this trend can be attributed to the continuing return of urban renters — those who left for suburban submarkets but are making a comeback into dense city centers. Houston has earned a reputation for being a compelling market in the Sun Belt region. Aside from basic fundamentals that have buttressed its apartment market, the city’s low cost of living and outward expansion have historically offered developers and investors plenty of room to operate while increasing returns in the process. Now, with demand easily surpassing supply, occupancy rates are over 90 percent for the first time in two years, which is truly remarkable considering how much more supply exists today. Even more resounding is …

July 27, 2021

Acquisitions Office Texas

CP Group, Rialto Capital Buy 28-Story Office Tower in Houston’s Galleria District

by Taylor Williams July 26, 2021

HOUSTON — A joint venture between owner-operator CP Group and funds managed by Miami-based Rialto Capital Management has acquired Five Post Oak Park, a 28-story office tower in Houston’s Galleria District. The property offers a 3,000-square-foot fitness center and a multi-use conferencing facility. The new ownership plans to implement a capital improvement program that will modernize the lobby and add a new coffee bar, restaurant space and outdoor dining space. The seller and sales price were not disclosed. The deal marks the latest collaboration in a series of recent transactions between Rialto Capital and CP Group, including the acquisition of the 1.2 million-square-foot CNN Center in Atlanta and of One Biscayne Tower in Miami.

July 26, 2021

Development Multifamily Texas

OHT Partners Breaks Ground on 403-Unit Lenox Lake Highlands Apartments in Dallas

by Taylor Williams July 26, 2021

DALLAS — OHT Partners LLC, an Austin-based multifamily development firm formerly known as Oden Hughes, has broken ground on Lenox Lake Highlands, a 403-unit apartment community that will be located in the Lake Highlands area of Dallas. The property will be situated within the Lake Highlands Town Center mixed-use development and will offer one-, two- and three-bedroom units ranging in size from 600 to 1,640 square feet. Amenities will include a 1,300-square-foot collaborative work studio, three pools, a 24-hour fitness center and a dog run with a washing station. Dallas-based GFF is the project architect, and Pacheco Koch is the civil engineer. Ink and Oro is handling interior design, with landscape architecture by Bud Creative. The opening is slated for mid-2022.

July 26, 2021

Acquisitions Multifamily Texas

SWBC Sells 248-Unit Falconhead Apartments in Austin

by Taylor Williams July 26, 2021

AUSTIN, TEXAS — Multifamily developer SWBC has sold Falconhead Apartments, a 248-unit community in the Bee Cave/Lakeway submarket of Austin. Built in 2003, the property features one-, two- and three-bedroom units and amenities such as a pool, spa, outdoor grilling areas, clubhouse, fitness center and a dog park. Kelly Witherspoon, Michael Gonzalez and Justin Cole of Berkadia represented SWBC, which purchased the property in 2019 and implemented a value-add program, in the transaction. The buyer was Texas-based investment firm Domain Communities.

July 26, 2021

Acquisitions Healthcare Texas

IRA Cos. Acquires Four Healthcare Buildings in San Antonio Totaling 55,457 SF

by Taylor Williams July 26, 2021

SAN ANTONIO — Investment firm IRA Cos. has acquired the Gastroenterology Consultants of San Antonio’s ambulatory surgery center and three of its medical office buildings in San Antonio. The properties total 55,457 square feet. All of the medical office buildings were fully leased to a single tenant at the time of sale. Alan Grilliette and Justin Brasell of Transwestern represented Gastroenterology Consultants of San Antonio as the seller in the transaction.

July 26, 2021

Loans Multifamily Oklahoma Seniors Housing Texas

Berkadia Arranges $5.6M HUD-Insured Refinancing for Skilled Nursing Facility Near Tulsa

by Taylor Williams July 26, 2021

TULSA, OKLA. — Berkadia has arranged a $5.6 million HUD-insured loan for the refinancing of a 54-unit, 111-bed skilled nursing facility in Muskogee County, located southeast of Tulsa. The property was originally constructed in 1974 and features 58 ventilator beds. Historical occupancy has averaged 75 percent. Jay Healy of Berkadia originated the loan on behalf of the undisclosed borrower through HUD’s 232/223(f) program. The name and address of the property were not disclosed.

July 26, 2021

Development Office Texas

Trammell Crow, MSD Capital Top Off 35-Story Office Project in Downtown Austin

by Taylor Williams July 23, 2021

AUSTIN, TEXAS — A partnership between Trammell Crow Co. and MSD Capital, which manages the investments of tech magnate Michael Dell, has topped out a 35-story office project at 601 W. 2nd St. in downtown Austin. According to the development team, at 590 feet, the 814,081-square-foot building will be the tallest office building in Austin upon completion in May 2022. Pelli Clarke Pelli and STG Design served as the architects for the project, construction of which began in January 2019. DPR Construction is the general contractor.

July 23, 2021

Acquisitions Multifamily Texas

Tishman Speyer Buys Second Building at 240,000 SF Foundry Office Complex in Austin

by Taylor Williams July 23, 2021

AUSTIN, TEXAS — New York City-based investment and development firm Tishman Speyer has purchased Building II at The Foundry, a 240,000-square-foot office complex in Austin. The two-building complex was 96 percent leased at the time of sale and offers amenities such as multiple fitness centers, bike storage spaces and outdoor terraces. Earlier this year, Tishman Speyer closed on the Foundry I building, which opened in 2019. At the time, the company announced that the follow-up acquisition of Foundry II would be executed once construction was completed. Cushman & Wakefield represented the seller, Cielo Property Group, in the sale of The Foundry. CBRE leases the property.

July 23, 2021

Acquisitions Multifamily Texas

Greysteel Brokers Sale of 200-Unit Multifamily Property in Killeen, Texas

by Taylor Williams July 23, 2021

KILLEEN, TEXAS — Greysteel has brokered the sale of Summerlyn Apartments, a 200-unit multifamily property located in the Central Texas city of Killeen. Built in 1974, the property offers one- and two-bedroom units and amenities such as a pool, fitness center, basketball and volleyball courts and outdoor picnic areas. Andrew Hanson, Doug Banerjee and Chris Castillo of Greysteel represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

July 23, 2021

Development Multifamily Single-Family Rental Texas

Kinloch Partners Acquires Land in Royce City, Texas for Single-Family Rental Community

by Taylor Williams July 23, 2021

ROYCE CITY, TEXAS — Kinloch Partners, a developer of single-family rental (SFR) properties throughout the Southeast, has acquired land in the northeastern Dallas suburb of Royce City for the development of a new community. The number of homes was not disclosed, but the project is part of Kinloch Partners’ broader effort to add roughly 500 new SFR units to the local supply within the next 18 months. Homes will range in size from 2,000 to 2,500 square feet, and rents will start at less than $2,000 per month.

July 23, 2021

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