NACOGDOCHES, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Woodland Trails, a 72-unit apartment complex located about 150 miles north of Houston in Nacogdoches. The property was built in 1985. Gold Star Capital purchased the asset from an entity doing business as Hermosa Land Investment III LLC for an undisclosed price. Evan Burke of TMG brokered the deal.
HOUSTON — Apparel and accessories retailer Francesca’s has received approval from the U.S. Bankruptcy Court for the District of Delaware to enter into a sale agreement with TerraMar Capital and Tiger Capital Group. Under the new ownership, the Houston-based retailer will keep about 275 stores, or roughly half its total count, open for business and retain its current management team, according to The Wall Street Journal. Under the terms of the agreement, known as a stalking horse asset purchase agreement, the buyers have agreed to purchase substantially all of the Francesca’s assets for approximately $17 million in cash. Francesca’s declared bankruptcy in December, prompting reports of a buyout offer from TerraMar Capital; the retailer subsequently entered into a letter of intent with the Los Angeles-based investment firm. According to investopedia.com, a stalking horse bid is an initial bid on the assets of a bankrupt company that sets a minimum price threshold for subsequent bids.
HALTOM CITY, TEXAS — JLL has arranged an undisclosed amount of acquisition financing for Hidden Lakes and Ranch at Fossil Creek, two multifamily properties totaling 586 units in Haltom City, a northern suburb of Fort Worth. Hidden Lakes totals 312 units that average 928 square feet and come in one-, two- and three-bedroom floor plans. The property was 94 percent occupied at the time of sale. Ranch at Fossil Creek was built in 2002 and features 274 units across 13 buildings on a 17.5-acre site. The community was 92 percent leased at the time of sale. Both properties offer amenities such as pools, fitness centers, business centers, clubhouses and sports courts. Jeremy Sain and Brooks Burgin of JLL arranged the financing through Global Atlantic Financial Group on behalf of the borrower, Exponential Property Group.
AUSTIN, TEXAS — Stratus Properties (NASDAQ: STRS) has sold The Saint Mary, a 240-unit apartment community in southwest Austin, for $60 million. The sales price equates to $250,000 per unit. The garden-style community features one- and two-bedroom units with stainless steel appliances, quartz countertops and full-size washers and dryers. Amenities include a pool, fitness center, outdoor kitchen with a wet bar and a pet park. Austin-based Stratus Properties broke ground on The Saint Mary in June 2018 and delivered the community in December 2019. The property was 85 percent occupied at the time of sale. Andy Hill of Berkadia secured a bridge loan through Ares Management LP on behalf of the undisclosed buyer.
COLLEGE STATION, TEXAS — Boston-based investment firm West Shore LLC has acquired Broadstone Lake Walk, a 315-unit apartment community located about three miles from Texas A&M University in College Station. The property will be integrated into 8085 at Traditions community, a 657-unit adjacent property owned and operated by West Shore since 2018, to become Lake Walk at Traditions Apartments. The 972-unit community will offer one-, two- and three-bedroom units and amenities such as a four resort-style pools with cabanas, four fitness centers with two virtual fitness and training centers, four clubhouses, an outdoor putting green, four dog parks and outdoor gaming areas.
AUSTIN, TEXAS — Bellwether Enterprise Real Estate Capital has provided a $33.9 million Freddie Mac loan for the refinancing of Waters at Bluff Springs, an affordable housing community in Austin. According to Apartments.com, the property was built in 2001 and offers 300 units in one-, two- and three-bedroom formats. Residences are reserved for renters earning between 50 and 80 percent of the area median income. Amenities include a pool, fitness center, business center and a community garden. Phil Melton of Bellwether originated the 12-year, fixed-rate loan on behalf of the undisclosed borrower.
FARMERS BRANCH, TEXAS — A partnership between North Texas-based M2G Ventures and Austin-based private equity firm Pennybacker Capital has purchased the 1.2 million-square-foot former distribution center of Tuesday Morning. The sale also included Tuesday Morning’s 105,000-square-foot headquarters office located at 6250 LBJ Freeway. The five-building industrial complex is situated on 46.7 acres in the northern Dallas metro of Farmers Branch. The Dallas-based retailer, which filed for Chapter 11 bankruptcy last May, had previously entered into an agreement to sell these assets to Miami-based Rialto Capital for $60 million. Stephen Williamson and Adam Graham of Lee & Associates represented the partnership in the transaction.
SOUTHLAKE, TEXAS — Locally based office development and investment firm Cawley Partners, in partnership with PCCP LLC and Staubach Capital, has acquired the 475,000-square-foot corporate offices of software and technology firm Sabre Global in the Fort Worth suburb of Southlake. The tenant has signed a 12-year lease to occupy all 265,000 square feet of Building A and entered into a short-term lease for the 210,000-square-foot Building B. The new ownership plans to fully renovate Building B and add a full suite of amenities, including meeting rooms, a fitness center, locker rooms, food service and outdoor gathering spaces. With Sabre retaining over 265,000 square feet long term, there will be roughly 210,000 square feet (one entire building) available for lease in 2022.
CARROLLTON, TEXAS — Boston-based Longpoint Realty Partners has broken ground on Point 35/190, a 178,000-square-foot industrial project located at the northwest corner of Interstate 35 and George Bush Freeway in the northern Dallas metro of Carrollton. The building is designed for one to four tenants and features 32-foot clear heights, 44 dock-high doors, two drive-in ramps and a 142-foot truck court. Additionally, the project has four acres of extra land that can provide trailer parking vehicle parking spaces for a tenant’s requirements. Completion is scheduled for June. Dallas-based Proterra Properties is leasing the project.
LEAGUE CITY, TEXAS — Lument, the newly formed organization between Hunt Real Estate Capital, Lancaster Pollard and RED Capital Group, has provided a $40 million Freddie Mac loan for the refinancing of Fairways at South Shore, a 432-unit multifamily asset in League City. The property was built in 2000 and is located between Houston and Galveston. According to Apartments.com, the property offers one-, two- and three-bedroom units and amenities such as a pool, spa, fitness center and a basketball court. Colin Cross of Lument originated the fixed-rate debt, which was structured with a 30-year amortization schedule and 24 months of interest-only payments, on behalf of the borrower, Houston-based Venterra Realty.