On Dec. 15, Texas Real Estate Business hosted “What is the Outlook for the Affordable Housing Sector in Texas?” Listen to hear how the leaders in the industry are coping with challenges from both a broker/lender perspective and a developer/owner perspective. How are Texas experts addressing the affordable housing crisis? See below for a brief list of topics covered by each panel. Panel One: Broker/Lender Insight Biden administration’s likely approach to affordable housing & opportunity zones Cap rates & interest rates Pandemic effects on affordable & workforce housing Revisions to underwriting practices Fannie and Freddie’s influence? Panel Two: Developer Insight Expanding markets Affordable Housing Tax Credit Coalition and bond cap constraints Collections Reserve requirements Barriers to workforce & affordable housing Webinar sponsors: KeyBank Real Estate Capital: Deep industry expertise allows KeyBank to bring valuable content and actionable ideas to their clients. They’re ready to help guide the clients’ business toward strategic goals through customized financial solutions. M&T Realty Capital Corp.: M&T Realty Capital Corporation® is a full-service mortgage banking company that specializes in providing competitive financing nationwide for commercial properties, including affordable and market-rate multifamily, seniors housing, healthcare facilities, and office, industrial and retail properties. Newmark: Newmark’s integrated platform delivers seamlessly …
DALLAS — Idaho-based Cold Summit Development will build a $60 million cold storage facility at 2800 Cedardale Road in South Dallas. The 343,000-square-foot facility will be situated on 29 acres and will feature 50-foot clear heights. Site work and construction are anticipated to start immediately with completion slated for September 2021. Cold Summit Dallas will be just the 12th cold storage facility built in the metroplex in the last 20 years, according to the developer.
HEREFORD, TEXAS — A subsidiary of Green Plains Inc. (NASDAQ: GPRE), a processor of food commodities, has entered into an agreement to sell its ethanol plant in Hereford, located outside Amarillo, for $39 million. Green Plains has also entered into an asset purchase agreement to acquire the storage and transportation assets and the assignment of railcar leases associated with the Hereford ethanol plant for $10 million. Hereford Ethanol Partners LP is buying the plant.
HOUSTON — Berkadia has brokered the sale of Chartwell Court, a 243-unit apartment community in North Houston. Built in 1995, the property offers one- and two-bedroom units that average more than 1,000 square feet and feature walk-in closets, individual washers and dryers and private patios and balconies. Amenities include a pool, business center, fitness center, outdoor grilling areas and a clubhouse. Ryan Epstein, Jennifer Ray and Scott Bray of Berkadia represented the seller, Los Angeles-based National Asset Services Inc., in the transaction. The buyer was San Antonio-based REEP Equity.
SAN ANTONIO — Cushman & Wakefield has arranged a loan of an undisclosed amount for the refinancing of Franklin Park Alamo Heights, a 221-unit seniors housing community in San Antonio. Built in 2017 by locally based owner-operator Franklin Park, the property offers independent living, assisted living and memory care services. Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin of Cushman & Wakefield arranged the loan through an unnamed regional bank on behalf of Franklin Park.
SAN ANTONIO — University Health System, a locally based healthcare provider, has purchased two office buildings totaling roughly 165,000 square feet in San Antonio. The properties are located at 5800 Farinon Drive and 5959 Northwest Parkway in the University Park submarket. Kevin Cosgrove and Scott Ferguson of Stream Realty Partners represented the seller, New York-based Clarion Partners, in the transaction. Ken Adams and Chad Gunter of Transwestern represented University Health Systems, which will also occupy the properties. The deal represents the largest office trade in San Antonio in 2020, according to the brokerage team
AUSTIN, TEXAS — Accesso, a full-service investment manager, owner and operator, will expand a 129-acre site in Austin’s Parmer District that houses a 911,574-square-foot office complex with a variety of new uses. Plans for the expansion currently call for the development of 1,800 multifamily units, a 340-room hotel, 80,000 square feet of retail space and an additional 800,000 square feet of office space. The campus is located at 7700 Parmer Lane, adjacent to Apple’s future $1 billion campus, and currently houses a range of technology uses. Amenities include a 540-seat food hall, an onsite daycare and preschool, fitness center, running trails and outdoor volleyball and basketball courts. Accesso has received zoning approval for the project. Marc Bellet, Accesso’s national director of development, says the firm hopes to begin planning portions of the office, retail and multifamily components in the next 12 months and to begin preleasing office space in the first quarter of 2021. AQUILA Commercial is leasing the office portion of the project.
DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Hanover Midtown Park, a 422-unit multifamily community located in the Preston Hollow area of Dallas. The property was built on 11 acres in 2018 and features one-, two- and three-bedroom units with an average size of 895 square feet. Amenities include a pool, media center, clubhouse, conference room and a bocce ball court. Drew Kile, Will Balthrope, Joey Tumminello and Grant Raymond of IPA represented the seller, Houston-based Hanover Co., in the transaction. The IPA team also procured the buyer, Florida-based Waypoint Real Estate Investments.
AUSTIN, TEXAS — Newmark has brokered the sale of Elan Apartment Homes and Parmer Place, two multifamily communities in Austin totaling 560 units. Elan Apartment Homes was built in 2007 and totals 270 units, while Parmer Place was constructed in 2008 and consists of 290 units. The two properties, which were both 95 percent occupied at the time of sale, were sold as part of a portfolio deal that also included the disposition of a 266-unit community in Morrisville, N.C. Sean Wood and Patton Jones of Newmark represented the seller, New York-based Gamma Real Estate, in the transaction. The buyer was Bluerock, a New York-based institutional alternative asset manager.
MANSFIELD, TEXAS — Locally based investment firm MAG Capital Partners LLC has sold a 126,000-square-foot industrial complex at 601 Airport Drive in Mansfield, a southern suburb of Fort Worth. The six-building site spans 7.5 acres and includes a newly built 22,000-square-foot office building and land for future expansion. The buyer was NexPoint, a Dallas-based alternative investment firm. The tenant, Gamma Aerospace LLC, will continue to occupy the complex for the long term. Peter Bauman and Tivon Moffitt of the Scottsdale, Arizona, office of Institutional Property Advisors, a division of Marcus & Millichap, represented both MAG Capital Partners and the Wisconsin-based buyer in the transaction.