CONROE, TEXAS — Colliers Mortgage has provided a $5.8 million Fannie Mae loan for the refinancing of Bellshire Apartments, a 311-unit affordable housing property located in the northern Houston suburb of Conroe. The community was originally built between 1974 and 1978 and renovated between 2017 and 2019. Colliers Mortgage originated the 10-year loan on behalf of the borrower, an entity doing business as Merced-Bellshire LLC.
DALLAS — Tampa-based multifamily investment firm American Landmark has acquired Olympus at Ross, a 368-unit apartment community located in the Bryan Place neighborhood of Dallas. Built in 2015, the property offers one- and two-bedroom units with quartz countertops, keyless entry mechanisms and stainless steel appliances. Amenities include a pool, outdoor grilling area, fitness studio, social lounge, cybercafé and a dog park. Drew Kile, Joey Tumminello, Will Balthrope, Taylor Hill, Michael Ware and Grant Raymond of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Olympus Property, in the transaction. American Landmark will rebrand the property as Macallan at Ross.
ROWLETT, TEXAS — Institutional Property Advisors, a division of Marcus & Millichap, has negotiated the sale of Village of Rowlett, a 249-unit apartment community located on the northeastern outskirts of Dallas. The property was built in 2018. Units feature studio, one- and two-bedroom floor plans and are furnished with granite countertops, stainless steel appliances and kitchen islands. Covered patios and enclosed yards are available in select units. Communal amenities include a pool, fitness center, business center, outdoor grilling stations and a coffee bar. Drew Kile, Joey Tumminello, Will Balthrope, Taylor Hill, Michael Ware and Grant Raymond of IPA represented the seller, Catalyst Urban Development, in the transaction. The team also procured California-based investment firm Buchanan Street Partners as the buyer.
PLANO, TEXAS — JLL has arranged a $27.4 million bridge loan for the refinancing of a five-story, 237,000-square-foot office building at 500 N. Central Expressway in Plano. Massachusetts-based RMR Mortgage Trust provided the floating-rate loan, which carried a three-year initial term with two one-year extension options. The borrower, Dallas-based MoxieBridge, will use a portion of the proceeds to fund tenant improvements, leasing commissions and other capital expenditures.
PLANO, TEXAS — Miami-based ESJ Capital Partners has purchased Park Ventura, a 194,000-square-foot office building in Plano. The property was built between 1998 and 2000 and was 90 percent leased to tenants such as Chevron, Cardinal Financial and Radnet at the time of sale. Tom Strohbehn and Scot Farber of Younger Partners represented the undisclosed seller in the transaction. Greg Greene and Scott Lewis of CBRE arranged acquisition financing through Prime Finance on behalf of ESJ Capital Partners, which plans to implement a capital improvement program to upgrade Park Ventura’s utility systems and activate outdoor spaces.
WACO, TEXAS — Coldwell Banker Commercial Jim Stewart, Realtors has brokered the sale of a 138,307-square-foot building located within Waco Industrial Park. Bland Cromwell and Jim Stewart of Coldwell Banker represented the seller, Manitou Equipment America, in the transaction. Gregg Glime, also with Coldwell Banker, represented the buyer, Gato Montez, a locally based firm that will also occupy the property. The sales price was not disclosed.
AcquisitionsConference CoverageDevelopmentFeaturesLeasing ActivityMultifamilyStudent HousingTexasTexas & Oklahoma Feature Archive
‘Power Panel’ at InterFace Event Provides Positive Outlook for Student Housing Sector Post-COVID-19
Moving toward the start of a fresh academic year, the outlook for the student housing industry keeps getting brighter. A testament to the industry’s movement out of the pandemic is taking place at the InterFace Student Housing conference in Austin, where nearly 1,300 attendees have been able to gather in-person for the first time since April 2019. This year’s event, which concludes today, is taking place at the JW Marriott downtown. The student housing sector banded together like never before in the face of COVID-19 and truly worked as a team throughout the pandemic, with the ultimate goal of keeping students as safe as possible. The sector’s resilience during the pandemic and optimism regarding the year ahead were the driving discussion points during the conference’s “Power Panel” on Wednesday, July 14, which brought together a consortium of high-level executives to discuss industry trends, their experiences with COVID-19 and the outlook for the upcoming academic year. “The past 18 months have been a whirlwind of uncertainty,” began moderator Peter Katz, executive director at Institutional Property Advisors, a division of Marcus & Millichap. “While our sector has been historically categorized as recession-resilient, we would all now claim it to be pandemic-resistant.” “Student …
DALLAS AND GREENWICH, CONN. — CBRE Group Inc. has created a special purpose acquisition company (SPAC) known as CBRE Acquisition Holdings Inc. to merge with solar energy provider Altus Power Inc. and take the company public in a transaction valued at $1.58 billion. Altus Power is a Connecticut-based owner and operator of clean energy that has acquired or constructed more than 200 solar energy generation facilities across the country since its founding in 2009. CBRE Group, based in Dallas, is the world’s largest commercial real estate services company with 7 billion square feet of commercial real estate under management. Under the terms of the agreement, a cohort of institutional investors including existing owner Blackstone Credit will purchase $275 million in Altus Power common stock through a private investment in public equity (PIPE) agreement. The deal is expected to close in the fourth quarter, subject to customary closing conditions The transaction is expected to generate gross proceeds of up to approximately $678 million of cash for Altus Power, which will keep its existing leadership team in place as company ownership shifts. The entity will trade on the New York Stock Exchange under the new ticker symbol “AMPS.” “CBRE is excited to …
SAN ANTONIO — The NRP Group, a Cleveland-based developer, will build two affordable housing properties totaling 666 units in San Antonio. Seven07 Lofts will feature 318 units in one-, two-, three- and four-bedroom floor plans that will be restricted to renters earning between 40 and 70 percent of the area median income (AMI). Amenities at Seven07 Lofts will include a fitness center and a pool. Frontera Crossing will total 348 residences with the same unit configurations and rental restrictions. NRP Group is co-developing the properties with the San Antonio Housing Facility Corp. Kyle Kolesar of KeyBank Community Development Lending and Investment (CDLI) secured $46.6 million in financing for Seven07 Lofts and $60.6 million in financing for Frontera Crossing on behalf of NRP Group.
DALLAS — A partnership between Velocis and Sumitomo Corp. of America, the New York City-based subsidiary of Tokyo-based Sumitomo Corp., will develop two industrial projects totaling 850,000 square feet in Dallas. The partnership acquired development sites in the South Dallas and Great Southwest submarkets. Construction timelines have not yet been established. Velocis is a private equity real estate fund manager based in Dallas.