Texas

JLL Brokers $145M Sale of 200 Park Place Office Building in Houston

by Taylor Williams July 28, 2022

HOUSTON — JLL has brokered the $145 million sale of 200 Park Place, a 206,943-square-foot office building in Houston’s River Oaks neighborhood. Completed in 2020, the 15-story building features a ninth-floor amenity level with a tenant lounge, conference center and 6,000-square-foot outdoor landscaped terrace. The building also houses an upscale sushi restaurant on the ground floor. Jeff Hollinden, Kevin McConn, Marty Hogan and Rick Goings of JLL represented the seller, Stonelake Capital Partners, a development and investment firm with offices in Texas and Atlanta, in the transaction. At the time of sale, 200 Park Place was fully leased, with JLL and Buckeye Partners serving as the anchor tenants.

July 28, 2022

Affordable Housing Development Multifamily Texas

Palladium USA Begins Construction on $55.8M Mixed-Income Community in Fort Worth

by Taylor Williams July 28, 2022

FORT WORTH, TEXAS — Palladium USA Inc. has begun construction on Palladium East Berry Street, a $55.8 million mixed-income residential community in Fort Worth. The three-story development will comprise 240 one-, two- and three-bedroom units and include amenities such as a pool, fitness center, conference center, dog park, computer lounge, children’s playroom and clubroom with a mini-kitchen. A portion of the units will be reserved for households earning 30 percent or less of the area median income. Cross Architects is designing the project, and Brownstone Construction is serving as the general contractor. The Texas Department of Housing & Community Affairs issued $26.1 million in tax-exempt bonds for the development that were purchased by Cedar Rapids Bank & Trust. Kim Parker of Dynamic Commercial Real Estate represented Palladium in its purchase of the land. Preleasing will begin next summer, with the first units and clubhouse set to be delivered soon thereafter.

July 28, 2022

Development Multifamily Texas

Mill Creek Residential Completes 216-Unit Multifamily Project in Uptown Dallas

by Taylor Williams July 28, 2022

DALLAS — Mill Creek Residential has completed construction of Modera Katy Trail, a 216-unit multifamily project in Uptown Dallas. Designed by BKV Group, the property is located at the nexus of McKinney Avenue and its eponymous network of surrounding walking and biking paths. Units at Modera Katy Trail come in studio, one-, two- and three-bedroom formats and include a collection of penthouses on the 14th floor. Residences are furnished with quartz countertops and custom cabinetry, and select units have private patios or balconies. Amenities include a pool, fitness center, outdoor grilling and dining areas, an outdoor lounge with a wet bar, pet spa, rideshare lounge, coworking spaces and a conference center. Rents start at roughly $2,400 per month.

July 28, 2022

Acquisitions Multifamily Texas

TMG Negotiates Sale of 171-Unit Apartment Complex in Waco

by Taylor Williams July 28, 2022

WACO, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of The 901, a 171-unit apartment complex in Waco. Built in 1973, the garden-style property offers one- and two-bedroom units ranging in size from 711 to 958 square feet. Amenities include two pools, a fitness center, outdoor grilling and dining areas and onsite laundry facilities. Paul Yazbeck and Jon Krebbs of TMG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

July 28, 2022

Acquisitions Hospitality Texas

NewcrestImage Acquires 135-Room TownePlace Suites Dallas Las Colinas Hotel

by Taylor Williams July 28, 2022

IRVING, TEXAS — Locally based hospitality owner-operator NewcrestImage has acquired the 135-room TownePlace Suites Dallas Las Colinas Hotel in Irving. The Marriott-branded property, which offers studio, one- and two-bedroom suites, opened in 1998 and was last renovated in 2014. Amenities include an outdoor pool and a fitness center. NewcrestImage plans to expand upon those capital improvements with additional upgrades to guestrooms and common areas.

July 28, 2022

Development Multifamily Office Texas

Mintwood, Woods Capital to Undertake Multifamily Conversion Project in Downtown Dallas

by Taylor Williams July 27, 2022

DALLAS — A partnership between two locally based firm, Mintwood Real Estate and Woods Capital, will undertake a multifamily conversion project at Santander Tower in downtown Dallas. The project will redevelop multiple floors of the 1.4 million-square-foot office building at 1601 Elm St. into 228 multifamily units, including communal amenity spaces. Units will come in one- and two-bedroom floor plans, and amenities will include a pool, fitness center and other gathering and meeting spaces. Dallas-based architect WDG designed the multifamily units and indoor amenities, and Swoon provided interior design services. TBG Partners designed the exterior amenities. Adolfson & Peterson Construction is serving as the general contractor. Completion is scheduled for fall 2023.

July 27, 2022

Development Industrial Texas

Griffin Partners Breaks Ground on 567,516 SF Port 45 Industrial Development in Metro Dallas

by Taylor Williams July 27, 2022

WILMER, TEXAS — Griffin Partners, a Houston-based private equity real estate firm, has broken ground on Port 45, a 567,516-square-foot industrial development in the southern Dallas suburb of Wilmer. Port 45 will comprise two rear-load buildings that will sit on a 40-acre site along Interstate 45. Buildings will feature 32- to 36-foot clear heights, 130- to 135-foot truck court depths, roughly 350 tenant parking spaces and 192 trailer parking spaces. Project partners include Pacheco Koch Civil Engineering, design firm Alliance Architecture, general contractor Harvey Builders and leasing agent JLL. A tentative completion date was not disclosed.

July 27, 2022

Loans Multifamily Texas

Walker & Dunlop Arranges $85.7M in Debt, Equity for San Antonio Apartment Community

by Taylor Williams July 27, 2022

SAN ANTONIO — Walker & Dunlop has arranged $85.7 million in debt and equity financing for the recapitalization of Bulverde Oaks, a 440-unit apartment community located on the north side of San Antonio. The breakdown of debt versus equity within the capital stack was not disclosed. According to Apartments.com, the property offers one- and two-bedroom units ranging in size from 629 to 1,283 square feet. Residences are furnished with stainless steel appliances, individual washers and dryers and private balconies/terraces. Amenities include a pool, fitness center, clubhouse and event space. Sean Reimer, Sean Bastian and Triston Stegall of Walker & Dunlop placed the loan through Bank OZK on behalf of the borrower, U.S. Living, and secured the preferred equity investment from Mount Auburn Multifamily.

July 27, 2022

Acquisitions Multifamily Texas

DB Capital, Sabal Financial Acquire 228-Unit Multifamily Property in San Antonio

by Taylor Williams July 27, 2022

SAN ANTONIO — A partnership between California-based DB Capital Management and Sabal Financial Group has acquired Villas of Henderson Pass, a 228-unit multifamily property located on the north side of San Antonio. Built in 1986, the property offers a mix of one- and two-bedroom units across 20 two- and three-story buildings. The asset was 98 percent occupied at the time of sale. The new ownership plans to upgrade the unit interiors, building exteriors and amenity spaces and to rebrand the property as Summit Henderson Pass. The seller was not disclosed.

July 27, 2022

Acquisitions Office Texas

Harwood International Buys 169,000 SF Luminary Office Building in Dallas

by Taylor Williams July 27, 2022

DALLAS — Harwood International has purchased The Luminary, a 169,000-square-foot office building in Dallas. Built in 2019 by Crescent Real Estate, The Luminary is located at the nexus of the company’s Harwood District, the downtown area, the arts district and the Victory Park mixed-use development. Architecture firm Corgan designed the building and serves as its anchor tenant alongside advertising agency Lerma. The Luminary was 67 percent leased at the time of sale. David Roehm and Christopher Cauthen internally negotiated the deal for Harwood. Morgan Staub of Harwood secured acquisition financing through an undisclosed lender.

July 27, 2022

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