HOUSTON — NorthMarq has arranged a loan of an undisclosed amount for the refinancing of Orleans at Fannin Station, a 338-unit apartment community located south of downtown Houston. The Class A property features one- and two-bedroom units and amenities such as a pool with cabanas, social lounge with a catering kitchen, clubroom with a flat-screen TV, package lockers with refrigeration capabilities and an internet café. John Burke of NorthMarq arranged the fixed-rate loan, which carried a 20-year term with five years of interest-only payments followed by a 30-year amortization schedule, through an undisclosed life insurance company. The borrower was also not disclosed.
KILLEEN, TEXAS — The Multifamily Group (TMG), a Dallas-based investment brokerage firm, has negotiated the sale of Century Oaks, a 178-unit apartment complex located in the Central Texas city of Killeen. The property was originally built in the late 1970s and features an average unit size of 695 square feet. According to Apartments.com, Century Oaks also offers one-, two- and three-bedroom units and amenities such as a picnic area, pet play area and onsite laundry facilities. Paul Yazbeck of TMG represented the seller, and Zach Weik of TMG and procured the buyer in the transaction.
FORT WORTH, TEXAS — Lument has provided a $13.9 million bridge loan for the acquisition of Saddlehorn Vista, a 192-unit multifamily community located about 10 miles west of downtown in Fort Worth. Built in 1985, the garden-style property consists of 96 one-bedroom units, 80 two-bedroom residences and 16 three-bedroom apartments. John Sloot and Colin Cross of Lument originated the loan, and John Brickson of Old Capital Lending arranged the debt. The undisclosed borrower will use a portion of the proceeds to fund capital improvements. Saddlehorn Vista was 98 percent occupied at the time of the loan closing.
IRVING, TEXAS — Multiview, a national business-to-business (b2b) marketing firm, has signed an 82,093-square-foot office lease renewal at One Panorama Center in Irving’s Las Colinas district. The building spans 208,448 square feet, rises eight stories and offers amenities such as a newly renovated lobby, new fitness center and an outdoor lounge. Robert Blount and Scott Hage of JLL represented the tenant in the lease negotiations. Nathan Durham of Transwestern represented the landlord, Los Angeles-based Regent Properties.
HOUSTON — Marcus & Millichap has brokered the sale of Territory at Greenhouse, a 288-unit luxury apartment complex located in West Houston’s Energy Corridor. The price was undisclosed. Marcus & Millichap represented the seller, Mayde Creek Apartments LLC, and procured the buyer, Civitas Capital Management II LLC, in the transaction. Marcus & Millichap Capital Corp. arranged the acquisition financing. Dhanani Private Equity Group developed the 13-building, garden-style property in 2019. The one-, two- and three-bedroom units feature in-unit washers and dryers, private balconies and wood flooring. Amenities include an amphitheater and resort-style pool. Territory at Greenhouse is located within a five-minute drive time from I-10, Beltway 8, and Grand Parkway. Nearby national and regional employers include Wood Group, BP America, Shell Oil Co., ConocoPhillips, Gulf States Toyota PCL Industrial Construction Co., Citgo, Memorial Hermann Health System, Chase Bank and Houston Methodist Hospital.
CYPRESS, TEXAS — Venterra Realty has acquired a 12.8-acre site in the northwestern Houston suburb of Cypress for the development of a 336-unit multifamily community. Units will feature stainless steel appliances and shaker cabinets. Amenities will include an 8,600-square-foot clubhouse, a pool, fitness center, package lockers and a business center. A construction timeline for the project is still being finalized.
HOUSTON — NorthMarq has arranged a $32 million loan for the refinancing of Gessner Apartments, a 500-unit community in southwest Houston. Warren Hitchcock of NorthMarq arranged the fixed-rate loan, which was structured with a seven-year term and two years of interest-only payments followed by a 25-year amortization schedule. The borrower and direct lender were not disclosed.
GRAND PRAIRIE, TEXAS — A partnership between Maryland-based investment firm FCP and VaultCap Partners has acquired Corey Place Apartments, a 275-unit community located in the central metroplex city of Grand Prairie. The property, which according to Apartments.com was built in 1970, offers one-, two- and three-bedroom units. NorthMarq represented the undisclosed seller in the transaction and arranged debt and equity on behalf of the buyer. The new ownership intends to implement a value-add program to add a pool, turf soccer field and outdoor kitchen, as well as to renovate common area and make sustainability improvements.
LEWISVILLE, TEXAS — Marcus & Millichap has brokered the sale of a three-building, 110,400-square-foot industrial complex located in the northern Dallas suburb of Lewisville. Andes Coil Processors occupies the property, which sits on 7.6 acres. Adam Abushagur of Marcus & Millichap represented the seller and buyer, both of which were private investors that requested anonymity, in the transaction.
HOUSTON — International law firm McGuireWoods has signed a 30,000-square-foot office lease at Texas Tower, a 47-story tower under construction in downtown Houston by Hines and Ivanhoe Cambridge. Under the terms of the 11-year lease, the tenant will take occupancy of the 24th floor beginning in June 2022. Bob Parsley, Darren Gowell and Taylor Wright with Colliers International represented the tenant in the lease negotiations. Michael Anderson with Cushman & Wakefield represented the landlord. Construction of Texas Tower, which is now 42 percent preleased, is expected to be complete in the fourth quarter.