Texas

LYND Acquires Two Apartment Communities in Metro Houston for $84M

by Taylor Williams July 6, 2021

KINGWOOD AND PORTER, TEXAS — LYND, a San Antonio-based multifamily developer and operator, has acquired two apartment communities totaling 684 units in the Houston area for $84 million, or roughly $123,000 per unit. The two properties — the 372-unit Paramount at Kingwood and the 312-unit Villas of Valley Ranch — are located in Houston’s northeastern suburbs of Kingwood and Porter, respectively. Paramount at Kingwood features one-, two- and three-bedroom units and a clubhouse, pool and fitness center. Villas of Valley Ranch offers one- and two-bedroom units and a pool, dog park and walking trails. LYND assumed management of the properties in September 2020 and oversaw a value-add program. The seller was Sy Li, a private investor based in Texas.

July 6, 2021

Loans Northmarq Office Texas

NorthMarq Arranges Acquisition Loan for 250,000 SF Office Building in Houston

by Taylor Williams July 6, 2021

HOUSTON — NorthMarq has arranged an acquisition loan of an undisclosed amount for Westchase Royal Oaks, a 250,000-square-foot office building in Houston. Warren Hitchcock of NorthMarq placed the five-year loan, which was structured with two years of interest-only payments followed by a 25-year amortization schedule. In addition, the financing featured a 70 percent loan-to-value ratio and a fixed interest rate of 3.75 percent. The borrower and the direct lender were not disclosed.

July 6, 2021

Industrial Leasing Activity Texas

FedEx Ground Package Service Signs 186,577 SF Industrial Lease in Fort Worth

by Taylor Williams July 6, 2021

FORT WORTH, TEXAS — FedEx Ground Package Service has signed a 186,577-square-foot industrial lease within Carter Distribution Center in Fort Worth. Built in 2018 on the city’s south side, Carter Distribution Center offers proximity to Interstates 20 and 35, as well as 32-foot clear heights and an ESFR sprinkler system. Matt Carthey and Thomas Grafton with Holt Lunsford Commercial represented the owner, PGIM, in the lease negotiations. Curt Star with Fischer & Co. represented the tenant.

July 6, 2021

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 114-Unit Self-Storage Facility in Longview, Texas

by Taylor Williams July 6, 2021

LONGVIEW, TEXAS — Marcus & Millichap has brokered the sale of Longview Climate Storage, a 114-unit self-storage facility located about 100 miles east of Dallas. Dave Knobler, Brandon Karr, Danny Cunningham and Mixson Staffel of Marcus & Millichap represented the seller, a Houston-based private investor, in the disposition of the facility, which spans 11,108 net rentable square feet. The quartet also procured the buyer, a limited liability company.

July 6, 2021

Acquisitions Industrial Office Texas

Bradford Negotiates Sale of 68,043 SF Shady Trail Business Center in Dallas

by Taylor Williams July 6, 2021

DALLAS — Bradford Commercial Real Estate Services has negotiated the sale of Shady Trail Business Center, a 68,043-square-foot flex property in Dallas. Shane Benner and Josh Meraz of Bradford represented the seller, an entity doing business as WC Shady Trail Business Center LLC, in the transaction. Rich Young Jr. of Rich Young Cos. represented the buyer, a Los Angeles-based limited liability company, in the deal. Shady Trail Business Center was 92 percent leased at the time of sale.

July 6, 2021

Content Partner Features Leasing Activity Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Re-Evaluating Valuations: One Year Later

by Sarah Daniels July 6, 2021

Four months into the pandemic, Meghan Czechowski, valuation lead for Apprise by Walker & Dunlop and managing director of the Midwest Region, advised multifamily appraisers not to jump to conclusions about the long-term impacts of the pandemic. “We did advise caution, and it ended up playing exactly the way we thought it would: results differed market by market and asset by asset. That’s how we approach valuation at Apprise to start with, and that approach is how most of the appraisal industry wound up valuing multifamily throughout the pandemic.” Over a year after her initial assessment, Meghan spoke again to REBusinessOnline about what has changed in the world of multifamily appraisals and where those changes are trending. Incorporating Valuation Data from 2020 Early in 2020, there was a general assumption that there would be a discount in multifamily values, but there were no sales to support that assumption until June/July of last year when sales comps appeared on properties in most markets. Now it is essential to ensure that the data Apprise collects reflects the current reality. Once the shutdowns ended, data collection became easier. Czechowski says that real-time information allowed for an even better way to understand, analyze and …

July 6, 2021

Development Office Texas

CloudLoft Management to Develop 120,000 SF Office Complex in Frisco

by Taylor Williams July 2, 2021

FRISCO, TEXAS — Locally based firm CloudLoft Management Inc. will develop The Enclave in Frisco, a 120,000-square-foot office complex that will be located at the northwest quadrant of the North Dallas and Sam Rayburn tollways. The complex will consists of nine low-rise buildings with multiple outdoor workspaces. In addition, the campus will feature basketball and pickleball courts, jogging and walking paths, grill areas and outdoor meeting spaces. Corgan is designing the project, and Dowdey, Anderson & Associates is the civil engineer. A construction timeline was not disclosed. Dallas-based Fults Commercial Real Estate has been tapped as the leasing agent.

July 2, 2021

Acquisitions Multifamily Texas

Cushman & Wakefield Negotiates Sale of 200-Unit Apartment Community Near San Antonio

by Taylor Williams July 2, 2021

CONVERSE, TEXAS — Cushman & Wakefield has negotiated the sale of The Heights at Converse, a 200-unit apartment community in Converse, a northeastern suburb of San Antonio. Built in 2015, the property offers amenities such as a pool, clubhouse, fitness center, cybercafé, dog park and a playground. John Carr and Ben Fuller of Cushman & Wakefield represented the seller, Acme Development LLC, in the transaction. The duo also procured the buyer, California-based Investors Management Group, which purchased the asset for an undisclosed price with plans to implement a value-add program. David Bleiweiss of Berkadia originated an undisclosed amount of acquisition financing for the deal.

July 2, 2021

Loans Northmarq Office Texas

NorthMarq Arranges Loan for Refinancing of 281,356 SF Office Building in West Houston

by Taylor Williams July 2, 2021

HOUSTON — NorthMarq has arranged a loan of an undisclosed amount for the refinancing of Houston Design Center, a 281,356-square-foot office and showroom on the city’s west side. John Burke of NorthMarq arranged the nonrecourse, fixed-rate loan through an undisclosed regional bank on behalf of the borrower, locally based investment firm MLB Capital Partners.

July 2, 2021

Affordable Housing Loans Multifamily Texas

Greystone Provides $45M Agency Loan to Refinance Affordable Housing Property in Fort Worth

by Taylor Williams July 2, 2021

FORT WORTH, TEXAS — Greystone has provided a $45 million Freddie Mac loan for the refinancing of a 306-unit multifamily property in Fort Worth. Cary Tremper of Greystone originated the financing, which carried a 10-year term, fixed interest rate, 30-year amortization schedule and five years of interest-only payments. The borrower and name of the newly built property were not disclosed.

July 2, 2021

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