IRVING, TEXAS — Locally based developer JPI has broken ground on Jefferson Texas Plaza II, a 325-unit apartment project in Irving. Units will feature granite countertops, glass-enclosed showers and private yards. Amenities will include a fitness center, pool with cabanas and a demonstration kitchen. JPI is partnering with investment firm NTS on the project, which is expected to be complete in fall 2022.
LA PORTE, TEXAS — Denver-based EverWest Real Estate Investors has purchased a 109,000-square-foot warehouse in La Porte, a city located near Port Houston. The sales price was $8.7 million. The building is divisible to 40,000 square feet and features 28-foot clear heights and 130-foot truck court depths. Colliers International is marketing the property for lease. The seller was Phelan-Bennett Development. Mark Bigarel and Justin Bennett handled the transaction internally on behalf of the buyer and seller, respectively.
SAN ANTONIO — Walker & Dunlop has brokered the sale of Collection at Overlook, a 411-unit multifamily community in San Antonio. The garden-style property was built on 16 acres in 1984 and consists of 31 two- and three-story buildings. Amenities include a pool, resident clubhouse, business center and a fitness center. Forest Bass and Matt Pohl of Walker & Dunlop represented the buyer and seller, both of which requested anonymity, in the transaction. Tom Toland and Matt Newton of Walker & Dunlop secured acquisition financing for the deal through Freddie Mac’s Multifamily Green Advantage program. The loan was structured with a 10-year term and five years of interest-only payments. The new ownership will implement a value-add program to upgrade units and meet Freddie Mac’s energy saving requirements.
FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Trinity at Left Bank, a 337-unit apartment community in Fort Worth. Built in 2019, the property features one- and two-bedroom units with an average size of 835 square feet. Amenities include a pool, clubroom, business center, rooftop terrace, package locker system and a dog park. Drew Kile, Will Balthrope, Joey Tumminello and Grant Raymond of IPA represented the seller, Austin-based Endeavor Real Estate Group, in the transaction. The team also procured the buyer, Virginia-based Weinstein Properties.
WHITE SETTLEMENT, TEXAS — Dallas-based Darwin German Real Estate Investments has acquired Oak View Apartments, a 270-unit multifamily property in White Settlement, a western suburb of Fort Worth. The community was built on 2.3 acres in 2018 and was 93 percent occupied at the time of sale. Oak View features one- and two-bedroom units and amenities such as a pool and a fitness center. Darwin German purchased the asset from the locally based developer for an undisclosed price.
HOUSTON — Microsoft has signed a lease to occupy an undisclosed amount of space at The Ion, a 300,000-square-foot office project located at 4201 Main St. in Midtown Houston that is a redevelopment of the former Sears building. More than 50 percent of the office space at the 16-acre site is now leased to commercial tenants including Microsoft and Chevron. The Redmond, Wash.-based tech giant will use the space to further develop its Azure cloud storage and similar platforms. Rice Management Co. is leading the redevelopment of The Ion and expects the project to be ready for occupancy this year. Savills handles leasing of the property.
HOUSTON — Seismique, an art museum operator that features high-tech and interactive exhibits, has opened a 40,000-square-foot venue at 2306 Highway 6 S. in Houston for its first location in Texas. The venue, which features 40 galleries with experiential exhibits, officially opened on Dec. 26. Jason Gaines of NAI Partners represented Seismique in the lease negotiations. The name and representative of the landlord were not disclosed.
MCKINNEY, TEXAS — Chicago-based Draper & Kramer has acquired Adriatica Senior Living, a 121-unit community located in the northern Dallas suburb of McKinney. The property was built in 2017 and features one- and two-bedroom units that range in size from 806 to 1,370 square feet. Amenities include a community dining room, resident lounge for socializing, beauty salon, business center, movie room, wellness studio and a game room. The seller was not disclosed.
HOUSTON — Miami-based lender 3650 REIT has provided a $31 million construction loan for an office and retail project that will be located at 4411 San Felipe St. in Uptown Houston. The property will consist of three floors of office space and ground-floor retail space. Michael Fleischer and Shin Bowers of 3650 REIT originated the 30-month loan to DC Partners, a Houston-based developer. Completion is slated for January 2022.
HOUSTON — Cadence Bank has signed an 82,215-square-foot office lease at Park Towers, a 545,242-square-foot office complex in Uptown Houston. The property consists of two 18-story buildings and offers amenities such as a fitness center, conference facility, tenant lounge with a golf simulator and a drive-thru coffee shop that is currently under construction. Doug Little, David Baker, Kelli Gault and Jack Scharnberg of Transwestern represented the landlord, Regent Properties, in the lease negotiations.