Texas

Caldwell Cos. Sells 330-Unit Asher Oaks Apartments in Metro Houston

by Taylor Williams June 18, 2021

SPRING, TEXAS — Locally based development and investment firm Caldwell Cos. has sold Asher Oaks, a 330-unit apartment community located in the northern Houston suburb of Spring. The 18-acre property opened in 2019 and features one-, two- and three-bedroom units that are furnished with quartz and granite countertops, stainless steel appliances, tile backsplashes and custom cabinetry in select units. Amenities include a resort-style pool with lounge seating, a social patio with an outdoor kitchen and fireplace patio, demonstration kitchen, golf simulator, yoga and cycling room, fitness center, coffee bar and a work area. The undisclosed buyer has since rebranded the property as Savannah Oaks.

June 18, 2021

Loans Multifamily Texas

Colliers Mortgage Provides Agency Acquisition Loan for 216-Unit Multifamily Property in Sherman

by Taylor Williams June 18, 2021

SHERMAN, TEXAS — Colliers Mortgage has provided a Fannie Mae acquisition loan of an undisclosed amount for 23Hundred Apartments, a 216-unit multifamily property located in the North Texas city of Sherman. Built in 1986, the 22-building community features a resident lounge, a resort-style pool, courtyards, an internet lounge, clubhouse, business center and a pet park. Colliers Mortgage originated the loan through a partnership with Old Capital Lending on behalf of the undisclosed borrower.

June 18, 2021

Leasing Activity Office Texas

Zachry Construction Signs 55,718 SF Headquarters Lease in San Antonio

by Taylor Williams June 18, 2021

SAN ANTONIO — Zachry Construction & Materials has signed a 55,718-square-foot headquarters lease at Walker Ranch Business Park, a 150,000-square-foot office development in San Antonio by locally based developer Worth & Associates. The tenant will relocate about 190 employees to Walker Ranch Business Park Building II, which is under construction and scheduled to be complete in August, beginning Nov. 1. Mark Krenger of JLL represented Zachry Construction in the lease negotiations. Following this transaction, Building II is 82 percent preleased.

June 18, 2021

Acquisitions Hospitality Texas

Marcus & Millichap Brokers Sale of 53-Room Hotel in Beaumont

by Taylor Williams June 18, 2021

BEAUMONT, TEXAS — Marcus & Millichap has brokered the sale of the 53-room Econo Lodge Inn & Suites Beaumont hotel. The property was listed for $3.3 million. Andrew Frosch, Louis Dan, Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was an undisclosed, California-based private investor.

June 18, 2021

Market Reports Multifamily Texas Texas Market Reports

Investors Take Notice as RGV Multifamily Market Emerges from Pandemic Lull

by Taylor Williams June 18, 2021

By Brad Frisby, associate, NAI Rio Grande Valley As the national economy and society as a whole move toward recovery from the COVID-19 pandemic, multifamily investors of all varieties, eager to deploy capital into the space, are increasingly looking at markets in the Rio Grande Valley (RGV). While the region’s multifamily investment market has unquestionably experienced its share of decreased activity over the past 15 months, deal volume and velocity have really picked back up through the first two quarters of 2021. Many investors that are targeting the RGV are banking on its solid fundamentals holding through the recovery and are eyeing deals with five- to 10-year holding strategies in mind. Although the RGV remains something of a seller’s market — many multifamily deals are trading at sub-6-percent cap rates — buyers are willing to pony up to be in this high-growth market. This holds especially true when one considers the RGV as an alternative to Dallas, Houston or Austin. But it’s precisely from those markets that we continue to see an influx of capital looking for multifamily deals. Prior to the pandemic, the annual combination of limited new deliveries and steady job growth in resilient industries like healthcare, education …

June 18, 2021

Civic Development Texas

Austin Commercial Completes 20,500-Seat Austin FC Soccer Stadium

by Taylor Williams June 17, 2021

AUSTIN, TEXAS — General contractor Austin Commercial has completed Q2 Stadium, the new, 20,500-seat soccer stadium for Austin FC, the city’s new Major League Soccer team that will host its first match in the 465,000-square-foot venue on June 19. The Austin City Council originally approved the development of the stadium, which is situated on a 24-acre site on the city’s north side, in August 2018. Designed by Gensler and owned by Precourt Sports Ventures, the stadium features an outdoor amphitheater and stage for live music, a beer hall with local food and beverage options, large video screens for parties and retail merchandise stores. St. David’s Performance Center, the team’s 29,000-square-foot training facility that was also designed by Gensler, opened this spring and features four full-sized and one half-sized fields, including a community field with seating for 1,000 spectators.

June 17, 2021

Development Multifamily Texas

Legacy Partners, Bridge Investment Break Ground on 483-Unit Apartment Community in Austin

by Taylor Williams June 17, 2021

AUSTIN, TEXAS — Legacy Partners and Bridge Investment Group have broken ground on Camber Ranch on Parmer, a 483-unit apartment community in Austin. Designed by Humphreys & Partners, the community will consist of 22 residential buildings separated by a large green belt and wetland with walking trails. Units will range in size from 438 to almost 1,500 square feet, and multiple homes will include private garages. Other amenities will include a pool, fitness center, outdoor grilling areas, a demonstration kitchen, esports gaming center, podcast studios and a coworking lounge with a mix of common and private work areas. The project was announced in December 2020.

June 17, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 321-Unit Alexan Henderson Apartments in Dallas

by Taylor Williams June 17, 2021

DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Alexan Henderson, a 321-unit apartment community in the Knox-Henderson area of Dallas. The property was built in 2017 and offers amenities such as a resort-style pool, rooftop lounge, coworking space and a dog park with two pet spas. Drew Kile, Joey Tumminello, Will Balthrope, Taylor Hill, Michael Ware and Grant Raymond of IPA represented the seller, Trammell Crow Residential, in the transaction. The team also procured the buyer, Nuveen Real Estate.

June 17, 2021

Acquisitions Multifamily Oklahoma Texas

HLC Equity Acquires High Meadows Apartments in Durant, Oklahoma, for $21M

by Taylor Williams June 17, 2021

DURANT, OKLA. — HLC Equity, a national investment and management firm, has acquired High Meadows, a 208-unit apartment complex in Durant, located near the Texas-Oklahoma border. The property, which was built in 2007, fetched a sales price of $21 million. High Meadows offers one-, two- and three-bedroom units, according to Apartments.com. Amenities include a pool, fitness center, community clubhouse, playground, basketball court, dog parks and large communal outdoor areas. The seller was not disclosed.

June 17, 2021

Acquisitions Industrial Texas

Levey Group Sells 65,000 SF Industrial Building in Northwest Houston

by Taylor Williams June 17, 2021

HOUSTON — Locally based investment firm Levey Group has sold Northwest Place Industrial Park II, a 65,000-square-foot industrial building in northwest Houston. The sale included 6.5 acres of undeveloped land on the site. The buyer, Alco Designs, a California-based manufacturer of retail merchandise displays, will occupy the vacant portion of the facility. The other tenant, Tytan International, a nationwide supplier of industrial and agricultural products, currently occupies 28,500 square feet.

June 17, 2021

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