WAXAHACHIE, TEXAS — NorthMarq has brokered the sale of Solon Place Apartments, a 120-unit complex in Waxahachie, a southern suburb of Dallas. Amenities include a pool, playground and onsite laundry facilities. VaultCap Partners purchased the property from MacDonald Realty Group for an undisclosed price. Taylor Snoddy, James Roberts, Phillip Wiegand and Eric Stockley of NorthMarq brokered the sale.
HOUSTON — Dallas-based investment firm Catalyst Equity Partners has purchased The Landings at Steeplechase, a 290-unit apartment community in northwest Houston. According to Apartments.com, the property was built in 1981, offers one-, two- and three-bedroom units ranging in size from 501 to 1,088 square feet and includes amenities such as a pool and a fitness center. The seller and sales price were not disclosed. Catalyst plans to invest about $2.5 million in capital improvements to the property.
FORT WORTH, TEXAS — Bellwether Enterprise Real Estate Capital has provided an undisclosed amount of Freddie Mac financing for the preservation of Metro 7000, a 206-unit affordable housing property in Fort Worth. The borrower, Comunidad Partners, plans to invest more than $1 million in physical upgrades to the garden-style property. In addition, Comunidad will introduce social services, including telehealth, concierge resource referral, resident council meetings, youth education services, health and wellness education and economic advancement education. Anthony Tarter of Bellwether structured the financing.
AUSTIN, TEXAS — General contractor Cadence McShane has broken ground on Anthology of Austin, a 130-unit seniors housing community that will be located on the city’s north side. Designed by OZ Architecture, the five-story, 128,000-square-foot facility will offer assisted living and memory care services. Units will feature studio, one- and two-bedroom formats, and amenities will include a fitness center, salon, clubhouse, theater and a bar/bistro. Completion is scheduled for spring 2023.
GARLAND, TEXAS — Greystone has brokered the sale of Oak Creek, a 109-unit apartment complex in Garland, a northeastern suburb of Dallas. According to Apartments.com, the property was built in 1964 and offers one-, two- and three-bedroom units ranging in size from 568 to 1,000 square feet. Mark Allen of Greystone brokered the deal. The new ownership plans to implement a value-add program. Both parties involved were Texas-based limited liability companies.
LIBERTY HILL, TEXAS — Greysteel has arranged the sale of Stubblefield Park, a 54-unit multifamily property in Liberty Hill, a northern suburb of Austin. Built in 2016, the property consists of 14 buildings on a five-acre site. J.R. Ellis and Harrison Cole of Greysteel represented the seller in the transaction and arranged acquisition financing through a regional bank on behalf of the buyer. Both parties involved in the transaction requested anonymity.
SAN ANTONIO — Cadence McShane Construction Co. has started renovations on the 12-story Granada Homes Senior Living Apartments, an age-restricted, low-income seniors housing property located in San Antonio’s RiverWalk area. The project will involve a complete revitalization of the 249-unit building, which was originally constructed in 1928. Renovations will include a restoration of levels one and 15 per historic guidelines to include updated unit amenities such as countertops and appliances, as well as the addition of 16 new apartment units, and community leasing and amenity space. Exterior improvements will also be made to the ground floor to restore historic features. CREO Architects is the project architect. Merchants Capital and the American Federation of Labor and Congress of Industrial Organizations (AFL-CIO) are providing financing for the project. Completion of the renovations is slated for late 2022.
AMARILLO, TEXAS — Dallas-based hospitality developer and management firm NewcrestImage has sold the 91-room Hyatt Place and 90-room Tru by Hilton hotels in Amarillo. Two different affiliates of locally based investment firm KAMP Hotels LLC purchased the properties, both of which rise four stories, for undisclosed prices. NewcrestImage continues to operate two hotels in downtown Amarillo: a 107-room Courtyard by Marriott and a 226-room Embassy Suites.
SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Mosaic on Broadway, a 120-unit apartment complex that is located adjacent to the Pearl Brewery development in San Antonio. The property was built in 2013 and includes 15,593 square feet of retail space that is fully leased. In addition, Mosaic on Broadway offers a rooftop pool, spa and outdoor grilling area, along with a 24-hour fitness center, a resident lounge with media zone, coffee bar, mail center and a fenced-in dog park. Will Balthrope and Drew Garza of IPA represented the seller, Broadway Developments, in the transaction. The duo also procured the buyer, Moody National Cos.
ARLINGTON, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of The Oaks of Arlington, a 107-unit community located about 1.5 miles from AT&T Stadium and Globe Life Field. According to Apartments.com, the property was built in 1984 and offers one- and two-bedroom units ranging in size from 502 to 1,184 square feet. Jon Krebbs of TMG represented the seller and the Chicago-based buyer, both of which requested anonymity, in the transaction.