Texas

Newport Capital Partners Buys 103,030 SF Stassney Heights Shopping Center in South Austin

by Taylor Williams July 28, 2021

AUSTIN, TEXAS — Newport Capital Partners, a retail investment and management firm with offices in Chicago and Dallas, has purchased Stassney Heights, a 103,030-square-foot shopping center located about seven miles south of downtown Austin. Anchored by Houston-based ethnic grocer Fiesta Mart, Stassney Heights was 93 percent leased at the time of sale. Other tenants include Umi Sushi, Castle Dental, T-Mobile and Clinica Hispana. CBRE represented the undisclosed, Northeast-based seller in the transaction. Newmark arranged acquisition financing through Wintrust Bank on behalf of Newport Capital Partners.

July 28, 2021

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 150-Unit Spring Valley Apartments Near Fort Worth

by Taylor Williams July 28, 2021

EULESS, TEXAS — Marcus & Millichap has brokered the sale of Spring Valley, a 150-unit apartment complex in the Fort Worth suburb of Euless. Constructed in 1971, the 12-building property features an average unit size of 920 square feet and amenities such as a pool and onsite laundry facilities. Al Silva and Ford Braly of Marcus & Millichap represented the seller and procured the buyer, both of which were Dallas-based private investment firms that requested anonymity, in the transaction.

July 28, 2021

Leasing Activity Restaurant Retail Texas

PuttShack to Open 26,000 SF Minigolf Course, Restaurant in Downtown Houston

by Taylor Williams July 28, 2021

HOUSTON — Puttshack, an entertainment concept that combines tech-infused minigolf with food and beverage offerings, will open a new, 26,000-square-foot venue at The Shops at Houston Center in the city’s downtown area. Puttshack recently opened its first venue in Atlanta and has plans to open additional facilities in Chicago, Miami, Boston and Nashville. The opening of the Houston facility is slated for late 2022. Brookfield Properties owns The Shops at Houston Center in partnership with Spear Street Capital.

July 28, 2021

Company News Texas

Coldwell Banker Commercial Rio Grande Valley to Expand via Merger with Pointer Realty

by Taylor Williams July 27, 2021

MCALLEN, TEXAS — Coldwell Banker Commercial Rio Grande Valley (RGV) is expanding by merging with McAllen-based brokerage firm Pointer Realty. Daniel Galvan, principal broker at Coldwell Banker Commercial RGV, and Pointer Realty principal owner Harry Urey Jr. made the announcement late last week. Also joining Coldwell Banker Commercial RGV are Pointer Realty’s Benny Dominguez and Rafael “Felo” Guerra. The combining of the brokerage firms becomes effective on Aug. 1. The new entity will operate out of an office at 508 E. Dove Ave in McAllen and will offer development, sales, leasing, tenant representation and property management services. In 2020, Coldwell Banker Commercial RGV and Pointer Realty completed about 200 sales and leases valued at $125 million combined.

July 27, 2021

Acquisitions Multifamily Texas

Keener Investments Acquires 312-Unit Montelago Apartments in Houston’s Bay Area

by Taylor Williams July 27, 2021

HOUSTON — Locally based firm Keener Investments has acquired Montelago Apartments, a 312-unit multifamily community located in Houston’s Bay Area neighborhood. Built in 2004, the property features one-, two- and three-bedroom units with built-in desks, breakfast bars, individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, business center, coffee bar, a newly remodeled clubhouse and outdoor grilling stations. Keener will implement a value-add program and will also manage the property. The seller and sales price were not disclosed.

July 27, 2021

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 292-Unit Self-Storage Facility in Madisonville, Texas

by Taylor Williams July 27, 2021

MADISONVILLE, TEXAS — Marcus & Millichap has brokered the sale of D&J Storage, a 292-unit self-storage facility in Madisonville, about 100 miles north of Houston. The property spans 41,740 square feet. Dave Knobler of Marcus & Millichap represented the seller, a private investor, in the transaction. Jordan Farrer, Charles LeClaire and Adam Schlosser, also with Marcus & Millichap, represented the buyer, an individual/personal trust. Both parties requested anonymity.

July 27, 2021

Loans Multifamily Texas

Alliant Credit Union Funds $39M Acquisition Loan for Austin Student Housing Property

by Taylor Williams July 27, 2021

AUSTIN, TEXAS — Alliant Credit Union has funded a $39 million acquisition loan for a newly built, 451-unit student housing tower located two blocks from the University of Texas at Austin’s campus. The 18-story building, the name of which was not disclosed, offers amenities such as a rooftop pool, fitness center and various study areas. Alliant provided the loan, which was structured with a period of interest-only payments and flexible exit options, to the borrower, Versity Investments. Josh Perew of Walker & Dunlop arranged the financing.

July 27, 2021

Loans Multifamily Texas

Berkadia Provides $33.3M Construction Loan for Multifamily Project in College Station

by Taylor Williams July 27, 2021

COLLEGE STATION, TEXAS — Berkadia has provided a $33.3 million construction loan for Midtown Station Apartments, a 264-unit multifamily project in College Station. Midtown Station will feature 178 one-bedroom, one-bathroom units and 86 two-bedroom, two-bathroom units. Amenities will include a clubhouse, pool and deck, dog parks, dog wash station and a mail kiosk. The borrower was a partnership between Cross Development and StoneCreek Real Estate Partners. Construction is slated for a spring 2023 completion.

July 27, 2021

Market Reports Multifamily Texas Texas Market Reports

Return of Urban Renters Fuels Multifamily Demand in Houston

by Taylor Williams July 27, 2021

By Chris Curry and Todd Marix, senior managing directors of investment sales, Berkadia Things are looking up in Houston, and that rings especially true for the city’s growing multifamily sector. In-migration, a rebounding labor market and a high concentration of Fortune 500 firms and talent have made the Bayou City an attractive place for investors and residents alike. Recently, a slowdown in deliveries of new apartments has coupled with strong demand to bring rent levels to historical highs and elevate absorption across all asset classes. Part of this trend can be attributed to the continuing return of urban renters — those who left for suburban submarkets but are making a comeback into dense city centers. Houston has earned a reputation for being a compelling market in the Sun Belt region. Aside from basic fundamentals that have buttressed its apartment market, the city’s low cost of living and outward expansion have historically offered developers and investors plenty of room to operate while increasing returns in the process. Now, with demand easily surpassing supply, occupancy rates are over 90 percent for the first time in two years, which is truly remarkable considering how much more supply exists today. Even more resounding is …

July 27, 2021

Acquisitions Office Texas

CP Group, Rialto Capital Buy 28-Story Office Tower in Houston’s Galleria District

by Taylor Williams July 26, 2021

HOUSTON — A joint venture between owner-operator CP Group and funds managed by Miami-based Rialto Capital Management has acquired Five Post Oak Park, a 28-story office tower in Houston’s Galleria District. The property offers a 3,000-square-foot fitness center and a multi-use conferencing facility. The new ownership plans to implement a capital improvement program that will modernize the lobby and add a new coffee bar, restaurant space and outdoor dining space. The seller and sales price were not disclosed. The deal marks the latest collaboration in a series of recent transactions between Rialto Capital and CP Group, including the acquisition of the 1.2 million-square-foot CNN Center in Atlanta and of One Biscayne Tower in Miami.

July 26, 2021

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