SAN ANTONIO — Chicago-based investment firm Redwood Capital Group has purchased Ascent Cresta Bella, a 322-unit apartment community in northwest San Antonio. The property offers one-, two- and three-bedroom units with quartz countertops, stainless steel appliances, hardwood-style floors, kitchen islands and tile backsplashes. Communal amenities include an infinity pool with cabanas, outdoor kitchens, a rooftop terrace, social lounge, business center, two-story fitness center with a spin room and multiple dog parks. The seller and sales price were not disclosed.
DALLAS — Houston-based multifamily investment firm Barvin has acquired Novel at Bishop Arts, a 302-unit apartment community in the Bishop Arts neighborhood of Dallas. Crescent Communities developed the property, which also houses 20,000 square feet of retail space, in 2019. Units feature stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a guitar-shaped pool inspired by Stevie Ray Vaughan, a rooftop sky deck and lounge, an outdoor entertainment space with grilling stations and fire pits, a 24/7 athletic center with a spin studio and a full-service coffee shop in the lobby. Barvin plans to rebrand the community as Vance at Bishop Union.
MCALLEN, TEXAS — NAI Partners has negotiated two industrial leases totaling 130,903 square feet at 5700 S. International Parkway in the Rio Grande Valley city of McAllen. Marmon Foodservice Technologies, a manufacturer of restaurant equipment and supplies, leased 100,783 square feet, and pet products manufacturer Worldwise leased 30,120 square feet. Carlos Marquez of NAI Partners represented the landlord, Killam Development Ltd., in both sets of lease negotiations.
MESQUITE, TEXAS — Developer Dalfen Industrial has broken ground on Phase I of Mesquite Airport Logistics Center, a 2 million-square-foot project that will be located on the eastern outskirts of Dallas. The property will feature proximity to Mesquite Metro Airport, as well as a FedEx Ground facility, a UPS Customer Center facility and the Union Pacific Intermodal railroad. Phase I of the project will consist of two buildings with 36-foot clear heights and a combined 200 dock doors and 130 trailer parking stalls. Building A will be available for a maximum of 379,620 square feet, with Building B topping out at 626,718 square feet. Completion is slated for the second quarter of 2022.
AMARILLO, TEXAS — New York City-based Dwight Capital has provided a $60 million bridge loan for the cash-out refinancing of Residences at Town Square, a 480-unit multifamily asset in Amarillo. The property was built in phases on a 32-acre site between 2015 and 2019 and offers amenities such as a fitness center, playground and a pool. Residences at Town Square also features 121,360 square feet of ground-floor retail space that is leased to a dental office, nail bar, spa and steakhouse. Daniel Malka of Dwight Capital originated the financing, and Daniel Hartnett of Greysteel arranged the debt.
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.
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.
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.
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.
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.