HOUSTON — Colliers International has arranged the sale of a 90,423-square-foot office building located at 7155 Old Katy Road in Houston. The two-story building is situated on a 4.1-acre site in the North Loop West submarket. David Carter and Taylor Wright of Colliers represented the seller, Houston Eye Associates, in the transaction. The buyer, locally based investment firm Braun Enterprises, was self-represented.
By Taylor Williams The fundamental forces of job and population growth that drive demand for market-rate multifamily properties are hard at work on the affordable housing sector in Texas, and it doesn’t appear that a supply-demand equilibrium is in the cards anytime soon. In addition, a perpetual shortage of low-income housing tax credits (LIHTCs) and other government-issued subsidies that are required to finance new development of affordable housing are working to keep supply growth in check. Throw in a global pandemic that has cost millions of people their jobs and depleted their savings, potentially forcing them to seek less-expensive housing, and you have a supply-demand dynamic that is far from balanced. The situation is further exacerbated by the fact that there is some overlap between workers in industries hit hard by the pandemic, such as leisure and hospitality, and the types of renters who need or qualify for affordable housing. Texas is hardly the only state facing these lopsided market conditions. According to a 2020 report by the National Low Income Housing Coalition, when it comes to housing that renters whose income levels are at or below 30 percent of their area median income (AMI) can afford, the United States …
DALLAS — Dallas-based Lincoln Property Co. will develop a mixed-use project in the Preston Center area of Dallas. The project will consist of a 12-story, 225,000-square-foot office building and a 14-story, 128-unit multifamily complex, as well as retail and restaurant space. Construction is set to begin in May. Lincoln Property Co.’s commercial division will occupy 59,000 square feet of space at the office building, and Sewell Automotive Cos. has committed to 26,500 square feet of office space. Lincoln Property Co. is developing the project on land owned by Saint Michael and All Angels Episcopal Church following a five-year collaborative effort to secure entitlements for the site from the City of Dallas.
GRAND PRAIRIE, TEXAS — Locally based investment firm 180 Multifamily Properties has purchased The Watson, a 248-unit apartment community in Grand Prairie, located roughly midway between Dallas and Fort Worth. The Class A property was built in 2018. Units come in one- and two-bedroom floor plans and are furnished with granite countertops, faux wood flooring and individual washers and dryers. Amenities include a pool, playground, fitness center, clubhouse and conference room, two courtyards and a bocce ball court. The seller was an undisclosed, locally based developer. Dan Gillard of Greystone originated a $29.6 million Freddie Mac acquisition loan for the deal on behalf of 180 Multifamily Properties. The nonrecourse financing was structured with a 10-year term, floating interest rate and a 70 percent loan-to-value ratio.
HOUSTON — Newmark has negotiated the sale of a 458,000-square-foot office building located at 1801 Smith St. in downtown Houston. According to LoopNet Inc., the Class B property was built in 1972 and renovated in 2017. Robert Hill, Gary Carr, John Alvarado, Chris Murphy, Zachary Springer, William Mitchell, Matthew Saunders, Russell Jones, Brad Shaffer, Brandon Miller, Thomas Alleman, Benjamin Johnson and Barrett Benton of Newmark represented the seller, G&I VIII Jefferson LP, in the transaction.
CONROE, TEXAS — New York City-based Merit Hill Capital has acquired A-Another Storage, a 421-unit self-storage facility in Conroe, about 40 miles north of Houston. The property spans 52,480 square feet. Craig Rice and Cole Rice of CSD Realty represented the seller, an entity doing business as A-Another Storage LLC, in the transaction and procured Merit Hill Capital as the buyer.
AUSTIN, TEXAS — Move Solutions Ltd., which provides office moving services, has signed a 107,537-square-foot industrial lease at Park 183, a development in southeast Austin by Trammell Crow Co. and New York-based Clarion Partners. Development of Park 183 is currently in its third of four phases that will ultimately total more than 950,000 square feet of industrial space. John Barksdale, Darryl Dadon and Joe Novek of CBRE represented the landlord in the lease negotiations. Robert Deptula and Stayton Wright of Transwestern represented Move Solutions.
OKLAHOMA CITY — A partnership between Houston-based Hines and Humphreys Capital has topped out The Canton at Classen Curve, a 326-unit apartment community in Oklahoma City. Designed by Dwell Design Studio and HPA Design Group, the midrise property will offer studio, one- and two-bedroom units. Amenities will include multiple private outdoor courtyards, a heated pool, private fitness center, clubroom, resident library, outdoor dog run, dog spa and modern package facilities. Preleasing is expected to begin in October, with the first units becoming available for occupancy in January 2022.
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.