CELINA, TEXAS — Texas-based developer SWBC has acquired 24 acres at the intersection of Legacy Drive and Frontier Parkway in the northern Dallas suburb of Celina for the development of a 540-unit multifamily project. The first phase of the Class A property will consist of a 270-unit complex that will be designed by Cross Architects and branded The Royalton at Creeks of Legacy. Units will feature one-, two- and three-bedroom floor plans with an average size of 900 square feet. Amenities will include a pool, fitness center, dog park and outdoor grilling and picnic areas. Construction is set to begin in the first quarter of 2022 and to last about 24 months.
SAN ANTONIO — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Limestone Oaks and Townhomes at Limestone Oaks, two multifamily properties totaling 400 units in northwest San Antonio. The properties were built in 1981 and 1984, respectively. Bryce Smith of TMG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
GARLAND, TEXAS — Western Wealth Capital, an investment firm based in Vancouver, has acquired the 288-unit Broadway Apartment Homes in the northeastern Dallas suburb of Garland. Built in 1982, the community features one- and two-bedroom units and amenities such as two pools, a fitness center and jogging trails. Bard Hoover, Nick Fluellen and David Fersing of Marcus & Millichap, along with Drew Kile and Joey Tumminello of Institutional Property Advisors, brokered the deal. The seller and sales price were not disclosed. The new ownership plans to implement a value-add program.
SAN ANTONIO — Marcus & Millichap has brokered the sale of a 694-unit self-storage facility in San Antonio that is operated under the Life Storage brand. The property consists of 571 climate-controlled units and 123 non-climate-controlled units that range in size from 50 to 300 square feet. Jon Danklefs of Marcus & Millichap represented the undisclosed seller and procured the buyer, a joint venture between Montfort Capital Partners LLC and Blue Vista Capital. Life Storage will continue to manage the property.
AUSTIN, TEXAS — AMLI Residential, a national multifamily development and management firm based in Chicago, has acquired The Elizabeth, a 373-unit apartment community in Austin’s Silicon Hills neighborhood. Built in 2020, the property offers studio, one-, two and three-bedroom units. Amenities include a pool, fitness center, resident lounge, bocce ball courts, coworking lounge, outdoor grilling stations, music library and a dog park. Patton Jones of Newmark represented the seller, Dallas-based StreetLights Residential, in the transaction. The sales price was not disclosed.
HUTCHINS, TEXAS — Georgia-based SiteOne Landscape Supply has signed a 337,913-square-foot industrial lease at 1200 W. Wintergreen Road in the southern Dallas suburb of Hutchins. According to LoopNet Inc., the property was built in 2017 and totals 754,897 square feet. Adam Curran, David Eseke, Gary Collett and Jeff Eisenhart of Cushman & Wakefield represented the tenant in the lease negotiations. Boston-based Cabot Properties owns the building.
AUSTIN, TEXAS — Locally based developer Stratus Properties (NASDAQ: STRS) will build The Saint June, a 182-unit multifamily project that will be located in Austin’s Barton Creek area. The garden-style property will be situated on 36 acres and will offer one-, two- and three-bedroom units. Amenities will include a pool, resident clubhouse and communal green space. Construction is expected to begin before the end of the quarter, and the first move-ins are scheduled for late 2022.
CARROLLTON, TEXAS — Locally based retail brokerage firm STRIVE has arranged the sale of Hebron Heights, a 9,807-square-foot retail strip center in the northern Dallas suburb of Carrollton. Hudson Lambert of STRIVE represented the California-based seller and the Texas-based buyer in the transaction. The property was fully leased to six tenants at the time of sale.
By Daniel Galvan, SIOR, principal, Coldwell Banker Commercial RGV The Rio Grande Valley (RGV) industrial market continues to be very active despite a small, temporary slowdown due to the COVID-19 pandemic. With single-digit vacancy rates in both Hidalgo and Cameron counties, absorption is holding at a steady pace as available space has declined. To that point, the market saw approximately 250,000 square feet of net absorption in 2020. Rents have also continued to increase modestly with elevated demand, rising approximately 5 percent in the first quarter of 2021 relative to that period in 2020. However, that rate of growth should slow a bit in the coming months given that the market is still fraught with uncertainty due to COVID-19. Despite this uncertainty, we typically see upcoming vacancies continue to be filled prior to actually becoming vacant. While the agriculture industry continues to be a very large driver of absorption in the RGV’s industrial sector, there are more deals than ever for users that focus on consumer goods and fulfillment. There has also been a large amount of growth in demand from third-party logistics (3PL) companies and manufacturers. These users ultimately accounted for about 200,000 square feet of positive absorption in …
DALLAS — Locally based firm Larkspur Capital LLC will develop The Willow, a 190-unit apartment complex that will be located at 3900 Commerce St. in the Deep Ellum area of Dallas. Omniplan is designing the eight-story, 171,575-square-foot building, which will offer amenities such as a pool, fitness center, rooftop sky lounge, indoor and outdoor coworking spaces, bike workshop and a coffee bar. Construction is underway and expected to last 18 to 24 months.