Texas

Legacy Delivers $186M Seniors Housing Project in North Dallas

by Taylor Williams February 4, 2021

DALLAS — Legacy Senior Communities (LSC) has delivered The Legacy Midtown Park, a seniors housing community in North Dallas. Located on a 12-acre plot, the property features 184 independent living apartments, 51 assisted living apartments, 36 memory support residences and 54 private skilled nursing and rehabilitation suites. Development costs were estimated at $186 million. Construction began in 2018, with the final building, Aaron Towers Independent Living, receiving a temporary certificate of occupancy in December 2020. Aaron Towers offers 40,000 square feet of amenities and common space designed by local D2 Architecture with interiors by Austin-based StudioSix5. Apartments range in size from 800-square-foot studios to 2,600-square-foot penthouses.

February 4, 2021

Development Multifamily Texas

StreetLights Residential Completes 358-Unit Margo Apartments in Frisco

by Taylor Williams February 4, 2021

FRISCO, TEXAS — Locally based developer StreetLights Residential has completed The Margo, a 358-unit apartment community located at 4545 Mission Ave. in the northern Dallas suburb of Frisco. The Margo features studio, one-, two- and three-bedroom units that range in size from 507 to 2,094 square feet and that feature custom cabinetry, wood-style flooring and individual washers and dryers. Private balconies and yards are also available in select units. Communal amenities include a pool with cabanas and a sun deck, coworking spaces, a pet lawn and spa, outdoor kitchen and a media lounge. Gables Residential is managing the property. Rents start at $1,145 per month for a studio unit, according to Apartments.com.

February 4, 2021

Development Multifamily Texas

Read King, Wayfinder Break Ground on 295-Unit Waterview Apartments in Metro Houston

by Taylor Williams February 4, 2021

RICHMOND, TEXAS — A joint venture between Houston-based Read King Commercial Real Estate and Austin-based Wayfinder Real Estate has broken ground on The Waterview, a 295-unit apartment community in the southwestern Houston suburb of Richmond. The property will be located within the 135-acre Waterview Town Center mixed-use development and will offer one-, two- and three-bedroom units. Amenities will include a pool, fitness center, private spa and a resident clubhouse. Houston-based W. Partnership Inc. designed the project, and Austin-based Oden Hughes is serving as the general contractor. The opening is slated for the first quarter of 2022. Read King is also the master developer of Waterview Town Center.

February 4, 2021

Acquisitions Industrial Self-Storage Texas

Bellomy Arranges Sale of 707-Unit Kyle Premier Storage in Metro Austin

by Taylor Williams February 4, 2021

KYLE, TEXAS — Bellomy & Co. has arranged the sale of Kyle Premier Storage, a 707-unit self-storage facility located about 20 miles south of Austin. The Class A property spans 81,781 net rentable square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, a locally based private investor, in the transaction. The duo also procured the Delaware-based buyer, AGAP Kyle LLC.

February 4, 2021

Development Mixed-Use Multifamily Office Texas Top Stories

Stonelake Capital Partners Plans 50-Story Mixed-Use Tower in Downtown Austin

by Jeff Shaw February 4, 2021

AUSTIN, TEXAS — Stonelake Capital Partners plans to build a 50-story, 465,000-square-foot office and multifamily tower on a half-acre site that it has acquired at the corner of West Fifth and Colorado streets in downtown Austin. Named “5th & Colorado,” plans call for 318 luxury apartments above 100,000 square feet of high-end office space. Stonelake tentatively expects to break ground in first quarter of 2022 with completion slated for early 2025. “Now more than ever, both companies and people are moving to Austin,” says Will Jenkins, the Stonelake principal leading the development. “5th & Colorado’s design will reflect the next generation of vertical mixed-use development, placing emphasis on quality, generous living areas, dedicated workspace and multiple open-air amenity offerings with panoramic views.” Austin was the No. 3 metro area as far as maintaining employment levels during the COVID-19 pandemic, posting a job loss of 1 percent from December 2019 to December 2020, according to the Austin Chamber of Commerce. By contrast, four major metro areas lost more than 10 percent of their jobs in that span. Apartments at 5th & Colorado will average 1,150 square feet, and office floor plates will total 20,000 square feet around a central core. The …

February 4, 2021

Development Multifamily Texas

Stonelake Capital to Develop 490-Unit Apartment Community in West Dallas

by Taylor Williams February 3, 2021

DALLAS — Texas-based developer Stonelake Capital will develop The Trinity, a 490-unit apartment community that represents the third phase of the company’s 25-acre Trinity Green residential district in west Dallas. The five-story building will be situated on five acres and will feature two pools, multiple clubrooms, a fitness center, coworking spaces and access to the development’s one-acre park. Construction is expected to begin during the second quarter.

February 3, 2021

Acquisitions Multifamily Texas

DB Capital Management Acquires 422-Unit Multifamily Portfolio in North Austin

by Taylor Williams February 3, 2021

AUSTIN, TEXAS — California-based investment firm DB Capital Management has acquired a portfolio of three multifamily properties totaling 422 units in North Austin. The properties were built in the early 1980s, range in size from 130 to 160 units and were collectively 95 percent occupied at the time of sale. DB Capital Management will implement a two-year value-add program focused on upgrading unit interiors and mechanical systems. Michael Wardlaw, Charles Cirar and Colin Cannata of CBRE represented the undisclosed seller in the transaction.

February 3, 2021

Acquisitions Office Texas

CBRE Global Investors Buys 301,891 SF Sherry Lane Place Office Building in Dallas

by Taylor Williams February 3, 2021

DALLAS — A fund backed by CBRE Global Investors has purchased Sherry Lane Place, a 301,891-square-foot office building located in the University Park area of Dallas. Built in 1984 and renovated in 2020, the 20-story building was 80 percent leased at the time of sale. Amenities include a four-level parking garage, fitness center, conference center and a café with indoor and outdoor seating. The seller was not disclosed.

February 3, 2021

Acquisitions Industrial Lee & Associates Texas

Lee & Associates Brokers $56.8M Sale of Industrial Building in Northwest Houston

by Taylor Williams February 3, 2021

HOUSTON — Lee & Associates has brokered the $56.8 million sale of a 383,750-square-foot industrial building located at 8017 Breen Drive in northwest Houston. The sales price equates to approximately $148 per square foot. The building is fully leased to locally based oilfield services firm National Oilwell Varco (NOV) on a triple-net basis. John Berger and Mauricio Olaiz of Lee & Associates represented the buyer in the deal. Colliers International represented the seller.

February 3, 2021

Industrial Leasing Activity Texas

Holt Lunsford Negotiates 167,405 SF Industrial Lease in Dallas

by Taylor Williams February 3, 2021

DALLAS — Locally based brokerage firm Holt Lunsford Commercial has negotiated a 167,405-square-foot industrial lease at 8801 Autobahn Drive in Dallas. According to LoopNet Inc., the property was built in 1997 and totals 270,490 square feet. John Gorman and Canon Shoults with Holt Lunsford represented the landlord, Boston-based TA Realty, in the lease negotiations. Michael Chiocca and Baron Aldrine of CBRE represented the tenant, cabinetmaker Sunrise Wood Designs LLC.

February 3, 2021

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