ARLINGTON, TEXAS — Six Flags Entertainment Corp. has announced plans to reopen all 26 of its theme parks and waterparks throughout North America and is now hiring team members for the 2021 season. After shutting down in mid-March at the onset of the coronavirus pandemic, the Arlington-based entertainment operator reopened 21 of its 26 parks at various points in 2020, implementing mask mandates, enhanced sanitation protocols and temperature screenings. Six Flags said that it is actively working with state and government officials to secure firm opening dates for parks in California, Illinois, Massachusetts, Mexico and Canada that remained closed in 2020.
DENTON, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Coventry Apartments, a 240-unit multifamily community in the North Texas city of Denton. The property was built on eight acres in 2001 and features one-, two- and three-bedroom floor plans. Amenities include a pool, clubhouse, fitness center, business center, coffee bar, volleyball court and a dog park. Drew Kile, Joey Tumminello, Will Balthrope, Asher Hall and Grant Raymond of IPA represented the seller, SPI Advisory, in the transaction. Additional terms of sale were not disclosed.
BROKEN ARROW, OKLA. — Berkadia has provided a $46.1 million HUD loan for the refinancing of Creekside Apartments I and II, a 380-unit multifamily property located in the Tulsa suburb of Broken Arrow. The property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, childcare area, business center and a dog park. Jennifer Quigley of Berkadia originated the loan through HUD’s 223(f) program on behalf of the borrower, Montana-based BlackRidge Cos. The program insures loans used to acquire or refinance existing multifamily properties that may have been originally financed with conventional or FHA-insured mortgages.
HOUSTON — Dallas-based investment firm Momentum Multifamily has purchased The Henry at Liberty Hills, a 228-unit apartment community in East Houston. The property was built in 2012 as SYNC at Liberty Hills and offers one-, two- and three-bedroom units with built-in workspaces, entertainment bars and private balconies or patios. Amenities include a pool, fitness center, a dog park, game/media room and a business center. Cutt Ableson and Colin Marusak of Berkadia arranged Freddie Mac acquisition financing and preferred equity on behalf of Momentum Multifamily for the transaction.
STEPHENVILLE, TEXAS —Spectra Student Living is underway on construction of Fireside District, a 180-bed student housing development located near the Tarleton State University campus in Stephenville. The project is scheduled to be delivered in time for the 2021 fall semester. The 66-unit community will include eight three-story buildings featuring one-, two- and four-bedroom floor plans with bed-to-bath parity. Communal amenities will include a media production room, computer center, private study areas, a gaming area, bike storage, a pool with a sundeck, an outdoor social lounge and a grilling area.
AUSTIN, TEXAS — PEG Cos., a Utah-based investment and development firm, has acquired The Habitat Suites Austin, an extended-stay hotel located at 500 E. Highland Mall Blvd. in Austin. The company plans to convert the hotel into a Class B multifamily community. PEG plans to undertake a full renovation of the property, including the addition of new amenities like a fitness center and workspaces. Completion is slated for the summer.
LAREDO, TEXAS — Logistics and foreign trade services firm Cargoquin Inc. has signed a 118,842-square-foot industrial sublease at 810 Nafta Blvd. in the South Texas city of Laredo. Matthew Boltz, Trace Elrod, Garrett Gibbons Jr., Chris Mason, John Beach, Reggie Beavan III, Andy Iversen, Jack Brewer and Chris Mathis of Newmark represented the sublandlord, SL Source Logistics Laredo LLC, in the lease negotiations. Forum CRE represented the subtenant.
HURST, TEXAS — Gardner Capital has broken ground on Gala at Central Park, an affordable seniors housing community in the Fort Worth suburb of Hurst. The 94-unit complex, which will offer a mix of one- and two-bedroom apartments, will include a three-story residential building and a two-story clubhouse with a variety of amenities. Construction in slated for completion in early 2022. Treymore Construction will serve as general contractor for the project. Hurst Public Facility Corp. is the development partner, while NDC Corporate and Redstone are the financial partners for the transaction.
DALLAS — Marcus & Millichap has brokered the sale of the Comfort Inn North Dallas Galleria, an 82-room hotel located at 7815 LBJ Freeway that is operated under the Choice Hotels International brand. Chris Gomes and Allan Miller of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.
MISSOURI CITY, TEXAS — NAI Partners has negotiated a 15,000-square-foot industrial lease at 1519 Industrial Drive in Missouri City, a southwestern suburb of Houston. According to LoopNet Inc., the property was built in 2019. Jake Wilkinson and Darren O’Conor of NAI Partners represented the undisclosed landlord in the transaction. The representative of the tenant, logistics firm CW Global, was also not disclosed.