DALLAS — ML Realty Partners has acquired a 56,520-square-foot industrial building located at 3942 Irving Blvd. in the South Stemmons submarket of Dallas. According to LoopNet Inc., the property was built in 1968, renovated in 2000 and features 20- to 24-foot clear heights. Jeremy Mercer and Jeff Turner of Mercer Co. represented the seller and will also be responsible for leasing the building on behalf of ML Realty Partners.
MISSOURI CITY, TEXAS — Trammell Crow Co. has broken ground on Phase V of Park 8Ninety, a project that will add 676,860 square feet of Class A industrial space across three buildings in Missouri City, a southwestern suburb of Houston. Trammell Crow is co-developing the fifth and final phase of the 129-acre project with Canada-based Artis REIT. Designed by Powers Brown Architecture, the Phase V buildings will offer 28- to 36-foot clear heights, ESFR sprinkler systems and ample car and trailer parking. Burton Construction is the general contractor for the project, and Boyd Commercial is the leasing agent. Completion is slated for the third quarter of 2021.
SAN ANTONIO — A joint venture between Baltimore-based investment firm Alex. Brown Realty and Continental Realty Group has acquired The Club at Stone Oak, a 250-unit apartment community in northern San Antonio. Built in 2005, the property features a mix of one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, outdoor kitchen and a game room. The new ownership will implement a value-add program that will enhance unit interiors, common areas and amenity spaces. The seller was not disclosed.
SAN MARCOS, TEXAS — FourPoint Investment Sales Partners has brokered the sale of The Fitzroy San Marcos, a 176-unit multifamily community in Central Texas that was built in 2020. Units are furnished with stainless steel appliances, granite countertops and designer finishes. Amenities include a pool with cabanas, a 24-hour fitness center and a business center. Kevin Dufour and Kyle Peco of FourPoint represented the seller in the off-market transaction. The Texas-based buyer plans to own and operate the property on a long-term basis. Rents start at approximately $1,080 per month for a one-bedroom unit, according to Apartments.com.
GARLAND, TEXAS — Greystone has provided a $22.9 million HUD loan for the refinancing of Carriage Homes on the Lake, a 147-unit multifamily asset located in the northeastern Dallas suburb of Garland. Built in 2015, the property consists of 15 three-story buildings housing one- and two-bedroom units. Amenities include a pool, fitness center, business center, clubhouse and outdoor picnic areas. Eric Rosenstock, Paul Smyth and Cary Williams of Greystone originated the loan, which carries a fixed interest rate and a 39-year term and amortization schedule, through HUD’s 223(a)(7) program. The borrower was Bridgeview Multifamily.
NEW BOSTON, TEXAS — California-based KBR Wyle Services LLC has signed a 13,000-square-foot industrial lease in New Boston, located near the Texas-Arkansas border. The space is located at 133 Miller St. within TexAmericas Center, an industrial park that houses about 12,000 development-ready acres and 3 million square feet of commercial and industrial space at the site of a former military complex. KBR’s lease term is 24 months. The tenant expects to create five jobs and invest $4.5 million in the local economy.
DEER PARK, TEXAS — Capital Senior Living Corp. (NYSE: CSU) has completed the operational transfer of its independent living community in the Houston suburb of Deer Park to Fannie Mae, the holder of the community’s nonrecourse debt. The Deer Park community is the first of 18 properties the company will transition to Fannie Mae under a cooperative process initiated in August 2020. A Dallas-based operator, CSU plans to enhance liquidity and improve operating cash flow by eliminating underperforming operations and focusing on its core owned and managed portfolio. CSU expects all 18 of the community transitions to be completed by the end of the first quarter of 2021, which the company estimates will reduce its debt load by $217.7 million and improve annual cash flow by $10 million. The Deer Park transfer alone will extinguish $19.4 million in debt for CSU.
HOUSTON — Blossom Holding Group is nearing completion of The Blossom Hotel, a 267-room hospitality property that will be located at 7118 Bertner Ave. near the Texas Medical Center in Houston. The 16-story hotel will feature a fitness center, lobby library, outdoor pool, karaoke room and multiple meeting and event spaces. Construction began in August 2018 and is expected to be complete during the first quarter of 2021.
NEW BRAUNFELS, TEXAS — A partnership between California-based Imprint Property Group and Atlanta-based Batson-Cook Development Co. has broken ground on Larkspur at Creekside, an active adult community in the San Antonio suburb of New Braunfels. The project is being developed within New Braunfels Town Center at Creekside, a 400-acre master-planned community, and will consist of 152 units and 32 cottages for adults age 55 and over. HEDK Architects is the architect for the project, and Godfrey Construction Co. is the general contractor. Completion is scheduled for early 2022.
HOUSTON, BEAUMONT AND LONGVIEW, TEXAS — Arkansas-based BSR REIT has sold four apartment communities in Texas as part of a five-property disposition that fetched a sales price of $86 million. The portfolio included Windsor Estates I and II, two apartment communities in Houston that were built in the early 2000s. Also included was The Pointe in Beaumont (built in 2004), and Willow Lake in Longview (built in 1977). The fifth property was located in Little Rock, Ark. The buyer and number of units at each community were not disclosed, but the total size of the portfolio was 890 units.
