MANSFIELD, TEXAS — A local developer doing business as Industrial Reserve LLC has acquired 14 acres in the southern Fort Worth suburb of Mansfield for a 104,440-square-foot industrial project. Mansfield Commerce Park will be a six-building development with single-story structures with ample outside storage space. Josh Meraz and Michael Spain of Bradford Commercial Real Estate Partners represented the seller, Trinity Forge Inc., which operates a machine and die shop at the site, in the sale of the land. Brant Landry of Landry Commercial represented the buyer/developer.
BAYTOWN, TEXAS — TGS Cedar Port Partners, a division of Trans-Global Solutions Inc., has broken ground on a 1.2 million-square-foot speculative industrial project within Cedar Port Industrial Park, a 15,000-acre master-planned development located near Port Houston in Baytown. Building features will include 40-foot clear heights, oversized truck courts, an ESFR sprinkler system and more than 1,000 trailer parking stalls and 1,500 car parking spaces. In addition, the property will offer office space that can be built to suit tenants’ specific needs. Powers Brown Architecture is designing the project, and E.E. Reed Construction is serving as the general contractor. Bank of Texas provided construction financing, and NAI Partners is the leasing agent. Completion is slated for the second quarter of next year.
KATY, TEXAS — A joint venture between global investment firm AXA IM Alts and RPM Living has acquired Grand at LaCenterra, a 271-unit apartment complex in the western Houston suburb of Katy. The Class A property was built in 2016 and offers studio, one-, two- and three-bedroom units that are furnished with stainless steel appliances, quartz countertops, walk-in closets and private balconies/patios. Amenities include a pool, fitness center, game room, conference facilities, library, outdoor kitchen and a package locker system. The seller and sales price were not disclosed.
BEAUMONT, TEXAS — Brinshore Development will build Trinity Grove, a 192-unit mixed-income community in Beaumont. Brinshore will develop the 195,000-square-foot property in partnership with the City of Beaumont Housing Authority. About half the units will be reserved for applicants earning 80 percent of the area median income or below, while the remaining 49 percent of the units will have no income restrictions. Units will feature one-, two- and three-bedroom floor plans, and amenities will include a children’s play area, fitness center, outdoor gathering and grilling stations and a computer learning center. JHP Architecture is serving as project architect, and Cadence McShane is the general contractor. Completion is slated for fall 2022.
GARLAND, TEXAS — Locally based brokerage firm Structure Commercial has arranged the sale of Eastgate Shopping Center, a 101,136-square-foot retail property located in the northeastern Dallas suburb of Garland. A 195,912-square-foot Walmart Supercenter sits adjacent to the center, which houses tenants such as Aaron’s, Texas DPS and Jumping World. Eric Deuillet, Scott Rose and John Hiller of Structure Commercial represented the undisclosed seller and procured a family trust as the buyer. Eastgate Shopping Center was 100 percent leased at the time of sale.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Chapel Creek Storage, a 356-unit self-storage facility in Fort Worth. The property spans 56,650 net rentable square feet. Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller, a locally based private partnership, in the transaction. The duo also procured the buyer, Dallas-based Montfort Capital.
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Manufactured Housing Communities Garner Investor Interest
Interest in affordable paths to homeownership and the growing popularity of lower density living are raising the profile of the manufactured housing option among American households and investors. At the same time, the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac are making concerted efforts to better serve this historically underfinanced market at both the individual homeowner and community levels. The combination of robust cash flow growth (particularly in Sunbelt and Western markets), cap rate compression, and liquidity provided by the GSEs makes a compelling case for manufactured housing community (MHC) acquisitions and refinances. As increased competition has left market participants looking for an edge amidst compressing cap rates, the importance of working with an experienced MHC lender with access to short- and long-term loan programs has become more apparent. The following provides an in-depth analysis of the recent performance of rental MHCs, sales volume and pricing trends, and loan and underwriting trends in the MHC space. The Performance of the Site Rental Market The COVID-19 pandemic affected American housing preferences in profound ways. Increasingly, households are seeking lower density options with larger floor plans, home offices, and dedicated space for entertaining or distanced learning. This phenomenon …
DALLAS — A partnership between Dallas-based RREAF Holdings, North Carolina-based DLP Capital and 3650 REIT has acquired a portfolio of 13 multifamily properties totaling more than 2,000 units across various Sun Belt states. This deal marks the first tranche of a larger, three-phase acquisition that is slated to close by early November. The entire portfolio totals 21 multifamily communities and 4,000-plus units and is valued at $534 million. Taylor Bird, Andrew Brown and Jaime Slocumb of Cushman & Wakefield represented the sellers in the transaction. Berkadia arranged Freddie Mac acquisition financing on behalf of the new ownership, which will implement a variety of capital improvements to the properties.
ARLINGTON AND PLANO, TEXAS — JLL has negotiated the sale of The Orchards at Arlington Heights and The Orchards at Market Plaza, two active adult communities In the Dallas area totaling 360 units. The second community is located in Plano. The age-restricted properties offer amenities such as clubhouses, pools, movie theaters, game rooms, salons, fitness centers, gift-wrapping stations and activity rooms. Cody Tremper and Mike Garbers of JLL represented the seller, Kompass Kapital Management LLC, in the transaction. The buyer was Capitol Seniors Housing.
FRISCO, TEXAS — Hillwood has opened The Cadence at Frisco Station, a 322-unit apartment community located within the 242-acre Frisco Station mixed-use development on the northern outskirts of Dallas. The property features studio, one- and two-bedroom floor plans, as well as townhomes. Each residence is furnished with stainless steel appliances, granite countertops and custom cabinetry. Amenities include a pool with cabanas, fitness center, pet washing facility, resident lounge with a coffee bar and coworking space with private offices and a conference room. Rents start at approximately $1,500 per month for a studio apartment.