Texas

Tishman Speyer Buys Second Building at 240,000 SF Foundry Office Complex in Austin

by Taylor Williams July 23, 2021

AUSTIN, TEXAS — New York City-based investment and development firm Tishman Speyer has purchased Building II at The Foundry, a 240,000-square-foot office complex in Austin. The two-building complex was 96 percent leased at the time of sale and offers amenities such as multiple fitness centers, bike storage spaces and outdoor terraces. Earlier this year, Tishman Speyer closed on the Foundry I building, which opened in 2019. At the time, the company announced that the follow-up acquisition of Foundry II would be executed once construction was completed. Cushman & Wakefield represented the seller, Cielo Property Group, in the sale of The Foundry. CBRE leases the property.

July 23, 2021

Acquisitions Multifamily Texas

Greysteel Brokers Sale of 200-Unit Multifamily Property in Killeen, Texas

by Taylor Williams July 23, 2021

KILLEEN, TEXAS — Greysteel has brokered the sale of Summerlyn Apartments, a 200-unit multifamily property located in the Central Texas city of Killeen. Built in 1974, the property offers one- and two-bedroom units and amenities such as a pool, fitness center, basketball and volleyball courts and outdoor picnic areas. Andrew Hanson, Doug Banerjee and Chris Castillo of Greysteel represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

July 23, 2021

Development Multifamily Single-Family Rental Texas

Kinloch Partners Acquires Land in Royce City, Texas for Single-Family Rental Community

by Taylor Williams July 23, 2021

ROYCE CITY, TEXAS — Kinloch Partners, a developer of single-family rental (SFR) properties throughout the Southeast, has acquired land in the northeastern Dallas suburb of Royce City for the development of a new community. The number of homes was not disclosed, but the project is part of Kinloch Partners’ broader effort to add roughly 500 new SFR units to the local supply within the next 18 months. Homes will range in size from 2,000 to 2,500 square feet, and rents will start at less than $2,000 per month.

July 23, 2021

Acquisitions Multifamily Texas

TMG Negotiates Sale of 151-Unit Crossings Apartments in Metro Dallas

by Taylor Williams July 23, 2021

GARLAND, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has negotiated the sale of Crossings Apartments, a 151-unit complex located in the northeastern Dallas suburb of Garland. The property was built in 1969 and features an average unit size of 806 square feet. Amenities include a pool, grilling areas and onsite laundry facilities, according to Apartments.com. Jon Krebbs of TMG represented the seller, a family office based in Fort Worth, in the transaction, and procured the undisclosed buyer. Old Capital Lending provided a Freddie Mac floating-rate acquisition loan to the new ownership.

July 23, 2021

Affordable Housing Market Reports Multifamily Texas Texas Market Reports

Texas Affordable Housing Developers Find Creative Ways to Secure Gap Financing

by Taylor Williams July 23, 2021

By Taylor Williams In an era in which land and construction costs are perpetually on the rise, developers of affordable housing must be able to navigate a complex web of federal, state and local programs in order to secure gap financing — the capital that covers the delta between total development costs and those covered by tax credit equity, municipal bonds or other types of subsidies. Understanding and effectively utilizing the various initiatives and incentives — density bonuses, private activity bonds, tax increment reinvestment zones, energy efficiency compliance — is no easy task. Time and manpower aside, this process is further complicated by the fact that state and municipalities have their own laws and regulations when it comes to these programs. But successfully navigating them is key to eliminating development costs not covered by tax credits — the critical piece of financing that lies at the heart of virtually every affordable housing project in Texas. For without these subsidies, the economics of paying market-rate land prices and record-high construction costs to develop housing in which rent levels are capped simply doesn’t work. “As developers that want to build high-quality affordable housing that’s basically indistinguishable from market-rate product, what we need …

July 23, 2021

Development Office Texas

Cielo Property Group to Develop 750,000 SF Office Project in Downtown Austin

by Taylor Williams July 22, 2021

AUSTIN, TEXAS — Cielo Property Group has acquired the second half of a city block near Frost Bank Tower in downtown Austin with plans to build a 750,000-square-foot office tower. The project represents the first phase of a larger development that could ultimately consist of two adjacent high-rise office buildings totaling 1.6 million square feet. Cielo acquired the 0.8-acre site at the southern end of the block for an undisclosed price following its purchase of the northern end of the block in early 2020. The Austin-based developer is still mulling plans for the north end, which can accommodate up to 886,200 square feet.

July 22, 2021

Acquisitions Industrial Texas

Lee & Associates Arranges Sale of 458,810 SF Industrial Property in Wichita Falls, Texas

by Taylor Williams July 22, 2021

WICHITA FALLS, TEXAS — Lee & Associates has arranged the sale of a 458,810-square-foot industrial property located on a 97.1-acre site in Wichita Falls, about 115 miles northwest of Fort Worth. According to LoopNet Inc., the property was built in 1978 and features 21- to 45-foot clear heights and 12 dock-high doors. Nathan Denton, Reid Bassinger and Trey Fricke of Lee & Associates represented the seller, an entity doing business as 8600 Central Venture, in the transaction. Michelle Hudson and Tom Hudson of Hudson Peters Commercial represented the buyer, Panda High Plains.

July 22, 2021

Acquisitions Industrial Self-Storage Texas

Bellomy Brokers Sale of 463-Unit CubeSmart Self-Storage Facility in Austin

by Taylor Williams July 22, 2021

AUSTIN, TEXAS — Bellomy & Co. has brokered the sale of a 463-unit CubeSmart self-storage facility that is located approximately eight miles outside of downtown Austin. The property was built in 2019 and totals 57,707 net rentable square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, a Dallas-based entity doing business as I35 South LP, in the transaction. The duo also procured the buyer, a locally based entity doing business as PG Cactus Bulldog I LLC.

July 22, 2021

Civic Development Texas

AP Construction Breaks Ground on 150,000 SF Recreation Center in Allen, Texas

by Taylor Williams July 22, 2021

ALLEN, TEXAS — Adolfson & Peterson Construction (AP Construction) has broken ground on the Stephen G. Terrell Recreation Center, a 150,000-square-foot facility in the northeastern Dallas suburb of Allen. The center will house two gyms, an indoor jogging track, weight room, group fitness areas, children’s play areas and a catering kitchen. On June 8, the Allen City Council approved $40.4 million in public financing to begin construction of the project, which is slated for an early 2023 completion. Denver-based Barker Rinker Seacat Architecture is designing the project.

July 22, 2021

Development Mixed-Use Texas

Gordon Partners Completes 35,000 SF Mixed-Use Expansion Project at Lake Conroe

by Taylor Williams July 22, 2021

CONROE, TEXAS — Houston-based Gordon Partners has completed the 35,000-square-foot expansion of Waterpoint Center, an office, retail and restaurant development located north of Houston on Lake Conroe. Retail and restaurant users that will soon be opening at the 140,000-square-foot waterfront property include Akashi Asian Bistro, Crust Pizza Co., Boardwalk Boutique, The Paleta Bar, Hunger Crush Café and Bar Lago Craft Cocktails. Gordon Partners will soon break ground on an additional 10,000 square feet of office and medical space that is expected to be complete in the first quarter of 2022.

July 22, 2021

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