GRAPEVINE, TEXAS — Dallas-based hospitality owner-operator NewcrestImage has opened a 152-room Hilton Garden Inn hotel that is located about two miles from DFW International Airport in Grapevine. The property joins a 181-room Courtyard by Marriott and a 120-room TownSuites by Marriott as the third hotel within the 52-acre SilverLake Crossings mixed-use development. The Hilton Garden Inn offers amenities such as a 24-hour business center, fitness center, a grab-and-go mart and multiple dining options.
HOUSTON — San Antonio-based investment firm REEP Equity has purchased Savoy Manor, a 192-unit apartment community in northwest Houston. The pet-friendly property features one- and two-bedroom units that all offer private patios and balconies. Amenities include a pool, playground, fitness center, dog park and outdoor grilling areas. Mark Brandenburg, C.W. Sheehan and Cort Martin of JLL represented the seller in the transaction. JLL also provided an undisclosed amount of Freddie Mac acquisition financing, which was structured with a 10-year term and a floating interest rate, on behalf of REEP Equity.
GARLAND, TEXAS — Locally based developer Palladium USA is underway on construction of a 122-unit mixed-income seniors housing project in Garland, a northeastern suburb of Dallas. Designed by HEDK Architects, the development will consist of 92 units that will be reserved for renters aged 62 and above who earn 60 percent or less of the area median income. The remaining 30 units will be rented at market rates. Amenities will include a fitness center, computer lab, library and a theater. Completion is scheduled for June 2022.
SPRING, TEXAS — NorthMarq has arranged a $3.8 million acquisition loan for Louetta Creek Plaza, a 26,472-square-foot retail center in the northern Houston suburb of Spring. Tenants at the property include State Farm, Snowflake Donuts, Expro Nails, Leslie’s Pool Supplies and Pizza Zone. Travis Fite of NorthMarq arranged the fixed-rate loan through life company StanCorp on behalf of the undisclosed borrower. The seller was also not disclosed.
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Build-for-Rent Space May Outperform Conventional Multifamily on Occupancy, Rents
The past few years have seen a surge in interest in single-family rental (SFR) and build-for-rent (BFR) spaces in commercial real estate. Traditionally the domain of small- and medium-sized investors, the SFR/BFR space has begun to attract institutional investors. BFR, in particular, can often offer higher occupancy levels and rents while promising lower capital and operating costs than traditional multifamily housing. Keaton Merrell, managing director, Capital Markets, Walker & Dunlop, spoke to REBusinessOnline about debt and equity in BFR, as well what to know when it comes to agency involvement. First, Merrell briefly clarifies the terminology: “Oftentimes, people use SFR and BFR interchangeably. They are two totally separate asset classes and are looked at differently by capital. SFR is defined as a cluster of homes in various geographies that are pooled together for investment purposes. BFR is purpose-built housing within contiguous rental communities, much like traditional multifamily properties.” For a more in-depth look at the SFR and BFR in general, read more on the asset class here. REBusinessOnline: What is the current state of debt and equity capital in the market when it comes to BFR? Merrell: I will start with equity and then move on to debt. The equity that is coming into the …
HOUSTON — Arbor Realty Trust Inc. (NYSE: ABR) has provided a $30 million acquisition loan for PARC at 505, a 486-unit apartment community located on the north side of Houston. The property offers one-, two-, and three-bedroom apartment homes, as well as lofts, flats and townhomes. According to Apartmentlist.com, amenities include a pool, fitness center, business center, volleyball court, playground, clubhouse, dog park and package handling services. Alexander Kaushansky of Arbor’s New York City office originated the loan. The borrower was not disclosed.
SAN ANTONIO — A joint venture between Dallas-based self-storage investment firm Montfort Capital Partners and Blue Vista Capital Management has purchased A3 Storage Centers, a 909-unit facility in San Antonio. The property was built on 3.7 acres in 2007. Jon Danklefs of Marcus & Millichap represented the joint venture in the transaction. Additional terms of sale were not disclosed. With this acquisition, Montfort Capital Partners now owns seven self-storage assets in Texas.
HOUSTON — New York City-based Ready Capital has closed a $14.4 million loan for the acquisition, renovation and stabilization of a 240-unit, Class B multifamily property in the south Galveston County submarket of Houston. The undisclosed sponsor plans to implement a capital improvement plan to renovate unit interiors, including countertop and appliance upgrades, new light fixtures and updated cabinets. The loan carried a 36-month term, floating interest rate, two extension options and a flexible prepayment structure.
IRVING, TEXAS — Cushman & Wakefield has negotiated a 46,764-square-foot office lease renewal for the headquarters of FleetPride Inc., a distributor of truck and trailer parts, at 600 Las Colinas Drive in Irving. The 22-story building spans 512,269 square feet. Robbie Baty and Michael Bannister of Cushman & Wakefield, along with Cribb Altman of JLL, represented the tenant in the lease negotiations. Duane Henley of Transwestern represented the landlord, Transcontinental Realty Investors Inc.
DALLAS — HSM Bonnie View LP, an affiliate of Dallas-based Henry S. Miller Brokerage (HSM), has acquired seven acres at the corner of Bonnie View and Langdon roads in South Dallas for a future industrial development. Tom Pearson and Chris Teesdale of Colliers International represented the seller, First United Bank, in the transaction. Huntley Luna and Nick Robinson of HSM brokered the deal on behalf of the firm. Mark Smith of HSM Equity Partners will lead the development efforts, specific details of which were not disclosed.