FORT WORTH, TEXAS — NAI Robert Lynn has arranged the sale of Sylvania Industrial Park, an 880,000-square-foot manufacturing campus in Fort Worth. Todd Hubbard of NAI Robert Lynn represented the buyer, Dallas-based CanTex Capital, which plans to implement a value-add program, in the transaction. The seller and sales price were not disclosed. Sylvania Industrial Park is the largest crane- and rail-served manufacturing campus of its kind in the metroplex, according to the brokerage team.
HOUSTON — New York-based investment firm July Residential has acquired Carmel Creek Apartments, a 536-unit multifamily community in the Brookhollow neighborhood of Houston. Built in 1982, the property features one- and two-bedroom units ranging in size from 518 to 1,193 square feet and amenities such as a pool, fitness center and onsite laundry services. Mitch Sinberg, Matthew Robbins and Abigail Beauchamp of Berkadia originated an undisclosed amount of Freddie Mac acquisition financing for the deal. The loan carried a 10-year term, fixed interest rate, four years of interest-only payments and a loan-to-value ratio of 70 percent.
PLANO, TEXAS — Granite Properties has broken ground on the 420,000-square-foot Building 6 within Granite Park, the company’s 90-acre master-planned development in the northern Dallas suburb of Plano. Designed by BOKA Powell with interior design by HKS Architects, Granite Park Six will rise 19 stories and is scheduled for a June 2023 completion. Amenities will include a terrace with a lounge, golf simulator and green space, as well as a fitness center, coffee kiosk, 400-seat lecture hall and three conference rooms. Austin Commercial is the general contractor for the project. In addition, Stonebriar Commercial Finance has signed a lease for two floors and 52,000 square feet at Granite Park Six. Tyler Thomas and Scott Morse of Citadel Partners represented the tenant in those lease negotiations. Robert Jimenez and Burson Holman represented Granite Properties on an internal basis.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Meadow Ridge, a 40-building, 484-unit multifamily property located on the west side of Fort Worth. The property was built on 24 acres in 1981. Meadow Ridge has one-, two- and three-bedroom units that, according to Apartments.com, range in size from 621 to 1,280 square feet. Amenities include two pools, courtyards and a tennis court. Al Silva of Marcus & Millichap represented the seller, Lubbock-based Madera Residential, in the transaction. Silva also procured the buyer, a Dallas-based private investment firm.
FORT WORTH, TEXAS — Houston-based investment firm Barvin has acquired Elan Crockett Row, a 380-unit apartment community located in Fort Worth’s West Seventh District. Built in 2019 by South Carolina-based Greystar, the property offers studio, one- and two-bedroom units with granite countertops, wine refrigerators and Honeywell smart thermostats. Amenities include a pool with outdoor lounges, covered grilling area with a TV, hammock garden with a fire pit and an elevated pet play area. The property also includes 7,200 square feet of retail space that is leased to Salsa Limon and F45 Training.
Multifamily investment benefitted from the uncertainties of the past year, but will the transaction volumes of 2021 be used to gauge the likely outcomes for 2022? Managing directors Todd Stofflet and Jason Stevens of Walker & Dunlop’s Chicago office review 2021 and what the trends of this year indicate for the direction of the industry. REBusiness: What have you seen regarding multifamily investment activity this year? Stofflet: Early in the pandemic, we saw a lot of investment pull away from retail and office, focusing more on industrial and multifamily. In 2021, the multifamily sector has fared very well and a lot of new investors have entered the multifamily market. If you talk to some of our colleagues in the Southeast and the “smile states,” they will tell you that transaction volume has never been higher and the amount of capital chasing these opportunities has never been bigger. Across the country, it has been a very strong year for the sector. REBusiness: Do you think 2021 will be a record year in terms of sales? Stevens: If our pipeline is any barometer for that, the answer is “absolutely,” but it will be market dependent. What you’ll find is that sales in …
TULSA, OKLA. — Stan Johnson Co., a retail net-leased brokerage firm based in Tulsa, has arranged the sale of a trio of national single-tenant portfolios for $75.5 million. The portfolios consist of 40 properties across seven states that are leased to tenants such as Tractor Supply Co., Dollar General and Advance Auto Parts, among others. Ryan Butler of Stan Johnson Co. represented the undisclosed seller in the off-market transactions. The buyers were also not disclosed.
DALLAS — Bellevue Living, a division of Dallas-based Nicholas Residential, has sold a quintet of multifamily properties located throughout North Texas that total 1,319 units. The 242-unit Bellevue Terrace is located in Dallas, and the 286-unit Bellevue Heights is located in the eastern Dallas suburb of Mesquite. The other three properties — the 263-unit Reserve at Bellevue, the 264-unit Bellevue Chase and the 264-unit Park at Bellevue — are all located in Fort Worth. The garden-style communities were all built between 1982 and 1986. Locally based investment firm WindMass Capital purchased the properties for an undisclosed price.
HOUSTON — New York City-based investment firm Vesper Holdings has purchased Tower 5040, a 405-bed student housing property located near the University of Houston. Built in 2020, the midrise building features 147 units in a mix of studio, one-, two- and four-bedroom floor plans, all with bed-to-bath parity. Units are furnished with stainless steel appliances, quartz countertops, individual washers and dryers and private balconies. Communal amenities include a pool with a hot tub and sundeck, computer lab, TV lounge, outdoor kitchen and grilling area and study rooms. The seller and sales price were not disclosed.
AUSTIN, TEXAS — Multifamily developer Wood Partners has broken ground on Alta Blue Goose, a 300-unit apartment community in East Austin. The property will offer one-, two- and three-bedroom units with stainless steel appliances, tile backsplashes and individual washers and dryers. Select units will also feature smart technology packages. Amenities will include a pool, outdoor grilling and picnic areas, a fitness center, business and conference centers and a dog park. Preleasing is expected to begin in late 2022, with the opening to follow shortly thereafter.
