AUSTIN, TEXAS — New York City-based Dwight Capital has provided a $27.9 million HUD 223(f) loan for the refinancing of Terrazzo Apartments, a 224-unit multifamily community in North Austin. Built in 1997 and renovated in 2007, the property consists of 12 three-story buildings on an 18-acre tract. Units feature one-, two- and three-bedroom floor plans, and amenities include a pool, fitness center, business center, coffee bar, clubhouse and a playground. Brandon Baksh and Brian Yee of Dwight Capital originated the financing.
Industrial developers throughout the major markets of Texas are hustling to acquire and entitle land, arrange construction financing and break ground on projects to meet ever-growing requests for an increasingly diverse group of users. Accelerated demand for e-commerce and logistics services and sustained population growth ensure that new, well-located industrial spaces will be absorbed as soon as they come on line — if not before then. Developers are increasing the proportion of spec projects within their portfolios in response to this. A recent example of such a project is the 1.3 million-square-foot Fort Worth Logistics Hub, a spec project by locally based developer VanTrust Real Estate that is designed to meet rising demand from logistics users. The developer broke ground on Phase I of the project, which is located in South Fort Worth, in late October and expects to deliver a 670,941-square-foot building in July 2021. “Right now, nearly all of our projects across 10 major markets, including Dallas-Fort Worth (DFW) are being developed on speculative basis,” says Rob Huthnance, partner at California-based investment and development firm CT Realty. “As long as the level of tenant demand remains at or near where it is now, there will continue to be …
HALTOM CITY, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Grand on Beach, a 304-unit apartment community in the Fort Worth suburb of Haltom City. Built on 15 acres in 2019, the property features units with an average size of 818 square feet and private balconies/patios. Amenities include a pool, fitness center, business center, outdoor dining lounge, and a dog park. Drew Kile, Will Balthrope, Joey Tumminello and Grant Raymond of IPA represented the seller, CLX Ventures, and procured the buyer, Bellrock Real Estate Partners.
HOUSTON — Gryphon Real Estate Capital Partners and Electra Capital have provided a $43 million bridge loan for the acquisition of Westridge Gardens and Mainridge, two multifamily properties in Houston totaling 620 units. Both properties were built in the 1970s. Derek Fasulo of CBRE arranged the financing. The borrower was Three Pillars Capital Group, which plans to implement a value-add program. Gryphon provided the senior mortgage of $35 million, while Electra Capital placed an $8 million mezzanine loan.
FORT WORTH, TEXAS — Fort Worth-based investment firm MAG Capital Partners LLC has acquired a portfolio of three industrial assets totaling 256,258 square feet in a sale-leaseback deal. The properties are located in Texas, Michigan and Virginia. The occupant of the facilities is South Carolina-based manufacturer Huntington Solutions. The seller, New York City-based private equity firm Mill Point Capital, purchased a predecessor of Huntington Solutions in 2016. J.C. Asensio, Andrew Sandquist, Briggs Goldberg and Tyrell McGee of Newmark represented the seller in the transaction.
FORT WORTH, TEXAS — A partnership between student housing developer Panteras Development Partners and owner-operator Miyama USA will build a 101-bed student housing property in Fort Worth that will serve students at Texas Wesleyan University. The 56-unit property will be located within a short walk of the heart of the campus and will feature one- and two-bed floor plans, as well as student lounges with large-screen TVs and dedicated study areas. The opening is scheduled for fall 2022.
DONNA AND MISSION, TEXAS — Stan Johnson Co. has arranged the sale of two retail strip centers totaling 26,560 square feet in the Rio Grande Valley. Ruby Plaza is a 15,000-square-foot property in Donna, and Palmhurst Plaza is an 11,560-square-foot property in Mission. Evan Altemus of Stan Johnson represented the buyers, private investors, in both transactions.
By Taylor Williams Like most members of the working world, professionals who design and build multifamily properties in Texas have had to adjust how they do business and service clients in response to COVID-19. But many of these companies and individuals have managed to do so in ways that haven’t significantly hindered workflow. From conducting virtual meetings with staff or clients to using complex interfaces that allow for real-time illustrations to maintaining strict distancing and tracking protocols on job sites, architects and contractors are finding solutions that minimize pandemic-related disruptions. Some delays in the design and building processes have been inevitable. Job sites sometimes have to be shut down when workers test positive. But these solutions, paired with Texas municipalities’ general recognition of construction as an essential industry, have limited the extent to which public health concerns have pushed projects behind schedule and/or over budget. That’s according to design and construction panelists at the ninth annual InterFace Multifamily Texas conference. The two-day event was held virtually on Nov. 18-19. Rich Kelley, president of InterFace Conference Group, the division of Atlanta-based France Media that hosted the conference, moderated the panel. Conducting Daily Work The pivot to platforms such as Zoom and Microsoft …
HOUSTON — Houston-based American Liberty Hospitality is nearing completion of a 319-room hotel in its hometown that will feature dual brands from InterContinental Hotels Group (IHG). Located at 2351 W. Loop S. in the city’s Galleria district, the 14-story building will house a 169-room Holiday Inn Express and a 150-room Staybridge Suites. Shared amenities will include meeting and event space, a grab-and-go retail outlet, outdoor pool, fitness center, business center, dog run and complimentary breakfast. The development team expects to debut the dual-branded hotel in February 2021.
DALLAS — CBRE has negotiated the sale of Bella Vista Apartments, a 272-unit multifamily community located at 3402 S. Buckner Blvd. in East Dallas. Built between 1985 and 1987, the property features one- and two-bedroom units and amenities such as a pool, business center and a resident clubhouse. Austin-based GVA Management purchased the property from Canada-based AmeriCan Multifamily Alliance Group for an undisclosed price. Chris Deuillet, William Hubbard, Jeff Kunitz and Mike Canori of CBRE brokered the deal. GVA Management plans to rehabilitate the property, which was 93 percent occupied at the time of sale.