ARLINGTON, TEXAS — Canadian investment firm Western Wealth Capital has acquired Heather Ridge Apartment Homes, a 262-unit multifamily community in Arlington that was built in 1983. According to Apartments.com, the property features one- and two-bedroom units ranging in size from 600 to 1,065 square feet and amenities such as a pool, fitness center, spa and picnic and grilling areas. The seller and sales price were not disclosed. Western Wealth Capital plans to upgrade Heather Ridge’s unit interiors and building exteriors.
By Jeff Tinsley, senior advisor, SVN | J. Beard Real Estate – Greater Houston As we reach the end of the calendar year, it’s become clear that 2021 has been a year of transition. Many new trends are emerging from the pandemic year of 2020 with regard to retail real estate. COVID-19-induced trends within shopping, dining and entertainment have given rise to a new generation of retailers to the Houston market. Many quick-service restaurants (QSRs) are looking to reduce store sizes for future locations and focus on streamlining their drive-thru, call in and pick-up order service. Some restaurant concepts are instilling the use of “ghost kitchens” and are aggressively looking to lease second-generation spaces in order to take advantage of the growing takeout and delivery demands. During the pandemic, one of the hardest-hit sectors was in the restaurant industry. Following months of minimized interaction between customers and proprietors due to dining room closures, we are now seeing a greater increase in pick-up and delivery requirements. Many restaurants are now using new technology and methods in terms of how service is offered, how food is prepared and how kitchen and service areas are designed. Furthermore, many food and …
MCKINNEY, TEXAS — Touchmark, an Oregon-based seniors housing owner-operator, will develop an 81-acre project in the northern Dallas suburb of McKinney. Designed by architectural firm three, Touchmark at Emerald Lake will be built in two phases. The first phase will consist of 149 independent living apartment homes, six casitas (duplex residences), 84 assisted living units and 32 memory care residences. Project partners include Andres Construction (general contractor), StudioSix5 (interior design), Kimley-Horn (civil engineer) and Talley Design (landscape architect). Completion of Phase I is scheduled for 2023.
IRVING, TEXAS — Locally based investment and development firm Dalfen Industrial has acquired Century Center, a 169,700-square-foot property located near Dallas-Fort Worth (DFW) International Airport in Irving. Built in 2014, the property was fully leased to three tenants at the time of sale. The seller and sales price were not disclosed. Following this transaction, Dalfen owns more than 3 million square feet of industrial space in DFW and has more than 2 million square feet of product in its development pipeline.
AUSTIN, TEXAS — Joeris General Contractors, in partnership with the Austin Independent School District, will build a new, 130,000-square-foot middle school at the site of the former Mueller Airport in the state capital. Designed by California-based LPA, the school will be situated on 10 acres that previously served as a runway and will include a community room, dining commons, library, gym and a track and field complex. Completion of the school, which will be able to serve 800 students, is slated for fall 2023.
DALLAS — Dallas-based Terrydale Capital has arranged a $24.2 million acquisition loan for a portfolio of self-storage properties located in South Texas. The portfolio consists of eight existing facilities, four vacant sites and one site that is under construction. Cody Baker of Terrydale Capital arranged the five-year loan, which carried a fixed interest rate of 3.25 percent, two years of interest-only payments and a 25-year amortization schedule. An undisclosed correspondent bank provided the loan. The borrower was also not disclosed.
HOUSTON — New York City-based Ready Capital has closed a $21.3 million loan for the acquisition, renovation and stabilization of an unnamed, 282-unit apartment complex in Houston. The nonrecourse, interest-only loan features a 36-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The undisclosed sponsor plans to implement a value-add program.
GRAPEVINE, TEXAS — Solo Brands, a provider of outdoor apparel and equipment, has opened a 430,000-square-foot headquarters office and showroom in Grapevine, located near Dallas-Fort Worth International Airport. Prologis developed the building as a spec project in 2020. ENTORS Design provided architectural services for the development. George Curry and Blake Rogers of JLL represented Solo Brands in its site selection and lease negotiations.
SAN ANTONIO — Los Angeles-based investment firm DB Capital Management has acquired Salado Springs, a 352-unit apartment community located on the north-central side of San Antonio. According to Apartments.com, the property offers one-, two- and three-bedroom units and amenities such as a pool, playground, fitness center, clubhouse, pet play area and a media room. San Francisco-based Hamilton Zanze sold the property, which was originally built in 1997, to DB Capital for an undisclosed price. The new ownership plans to invest about $6.5 million in capital improvements and to rebrand the property as Summit at Salado Springs.
AUSTIN, TEXAS — Arbor Management Acquisition Co. (AMAC) has purchased The Mont, a 288-unit apartment community in Austin’s East Riverside neighborhood, for $61.9 million. The newly built property features one- and two-bedroom units averaging 730 and 1,048 square feet, respectively. Residences are furnished with stainless steel appliances, granite countertops, individual washers and dryers and private balconies. Amenities include a pool with a tanning deck, fitness center with a yoga studio, courtyard, business center, game room and a dog park. The seller was not disclosed.