LUBBOCK, TEXAS — Ascott Residence Trust, a REIT based in Singapore, has acquired Wildwood Lubbock, a 1,005-bed student housing community located about two miles from Texas Tech University. Ascott purchased the community, which offers two- to four-bedroom units with bed-to-bath parity, from an undisclosed seller for $70 million. Shared amenities include a resort-style pool with hot tubs, a swim-up bar, outdoor cabanas and grills and fire pits. In addition, residents of Wildwood Lubbock have access to a fitness center, study rooms, theater, dog park and basketball and volleyball courts.
HOUSTON — Berkadia has arranged an undisclosed amount of acquisition financing for a portfolio of five multifamily properties totaling 1,275 units in the Westwood and Braeswood/Fondren submarkets in southwest Houston. The properties — Airport Crossing, The Townhomes, Terrace at West Sam Houston, Casa Grande and Plaza at Hobby Airport — were all built between 1976 and 1983. Mitch Sinberg, Matthew Robbins and Abigail Beauchamp of Berkadia arranged the financing through Voya Investment Management on behalf of the borrower, New York-based July Residential. The debt was structured with a four-year term, a 75 percent loan-to-value ratio and provisions for funding capital expenditures.
HOUSTON — Multifamily developer OHT Partners has broken ground on Lenox Bayside, a 315-unit apartment community in the Clear Lake area of southeast Houston. The community will be situated adjacent to Baybrook East, a retail center at which a 106,000-square-foot H-E-B grocery store is currently under construction. Designed by Davies Collaborative, Lenox Bayside will offer one-, two- and three-bedroom units and amenities such as a pool, 24-hour collaborative work studio, outdoor grilling areas and a dog park. The opening of the community is scheduled for early 2023. The H-E-B store is scheduled to open before the end of the year.
FORT WORTH, TEXAS — Developer and operator Tradition Senior Living has begun construction on a 309-unit facility within the 270-acre Clearfork mixed-use development in Fort Worth. The Tradition-Clearfork will offer independent living, memory care and assisted living services. The property’s 214 independent living residences and 95 acute and memory care units will be available in one- and two-bedroom formats and will range in size from 880 to 2,200 square feet. Residents will have access to 24-hour concierge and valet services, secure parking and transportation options. Common areas will include lounges, card rooms, a movie theater, fitness center, pool and other spaces for daily social activities and wellness programs. Completion is slated for summer 2023.
HOUSTON — NAI Partners has brokered the sale of a 35,634-square-foot industrial building located at 9260 Bryant St. in southeast Houston. According to LoopNet Inc., the single-tenant property as built on 2.5 acres in 1961. NAI Partners’ Darren O’Conor represented the buyer, TEHO International (USA) LLC, in the transaction. Ryan Fuselier and David Buescher with JLL represented the seller, an entity doing business as Bryant Street Building Ltd.
By Taylor Williams A number of economic, demographic and bureaucratic headwinds are propelling investment in self-storage properties across Texas, such that some brokerage firms are on pace to have record-breaking deal volumes in 2021. Last year, the outbreak of COVID-19 postponed the typical leasing season of late spring and early summer. Individuals and businesses grappled with economic uncertainty by tightening their purse strings. But by fall of last year, leasing and occupancy rates had rebounded, making it clear to investors that self-storage assets tended to flow cash better than other property sectors. Consequently, a number of players shifted out of asset classes like retail, office and hospitality and into the more stable self-storage space. The early months of the pandemic also coincided with the natural tapering off of the development cycle in Texas. Numerous submarkets in major Texas cities had become overbuilt in the years leading up to 2020, and COVID-19 served as an additional governor on new supply, further bolstering leasing velocity and rent growth. And as the federal government pumped trillions of dollars of aid into the economy, ushering in a new era of inflation, investors were able to adjust their revenues to cover rising costs with ease.” …
RICHARDSON, TEXAS — Developer KDC will build three new office buildings totaling approximately 1.4 million square feet at CityLine, a 204-acre mixed-use development located in the northeastern Dallas suburb of Richardson. Five CityLine will be an 18-story tower with 513,000 square feet, while Six CityLine will rise 13 stories and span 356,000 square feet. The third tower, Seven CityLine, will be a 15-story, 507,000-square-foot building. Dallas-based Corgan & Associates is designing the buildings, which will bring the total office component at CityLine to approximately 2.6 million square feet. The development also houses 200,000 square feet of retail and restaurant space. In addition, more than 3,000 urban residential units, 148 hotel rooms and 20 acres of dedicated public green space are located within walking distance of CityLine. The new buildings are currently being marketed for lease, and construction will begin when a tenant(s) has been secured.
AUSTIN, TEXAS — Locally based REIT Stratus Properties has entered into an agreement to sell The Santal, a 448-unit apartment community in Austin’s Barton Creek neighborhood, for $152 million. The sales price equates to roughly $339,000 per unit. The property, which was fully occupied at the time of sale, was constructed in phases between 2015 and 2019. Units feature one-, two- and three-bedroom floor plans and are furnished with hardwood floors, quartz countertops, stainless steel appliances, individual washers and dryers and private balconies. In addition, The Santal offers multiple pools, fitness centers and resident lounges, as well as a bark park and dog wash station, package lockers and electric vehicle charging stations. The buyer was undisclosed. The deal is expected to close in the fourth quarter.
HOUSTON — Chicago-based 29th Street Capital has acquired San Cierra Apartments, a 362-unit multifamily community located in the Cypresswood neighborhood in northwest Houston. Built in 2008, the property features one-, two- and three-bedroom apartments with nickel fixtures and hardware, individual washers and dryers, granite countertops and island kitchens. Communal amenities include a resort-style pool, fitness center, theater room, business center, children’s play area, a coffee bar and package concierge services. The new ownership plans to implement a capital improvement plan that will renovate unit interiors by adding smart-home features such as ecobee thermostats and Ring doorbells, as well as modern backsplashes and updated kitchen appliances. Landscaping will also be upgraded, and a new yoga/spin studio will be added to the fitness center.
DALLAS — JLL has arranged an undisclosed amount of acquisition financing for Alexan on Ross, a 292-unit apartment community located in Dallas. Built in 2018, Alexan on Ross offers a mix of studio, one- and two-bedroom units with an average size of 877 square feet. Residences are furnished with stainless steel appliances, granite or quartz countertops and full-size washers and dryers. Amenities include a pool, fitness center, resident lounges and an outdoor skyline terrace. Mark Brandenburg and Chad Russell of JLL placed the 10-year, fixed-rate loan through Northwestern Mutual on behalf of the borrower, private investment firm Internacional.