Texas

Ocean West Acquires 18-Story Student Housing Building Near UT Austin

by Taylor Williams November 3, 2020

AUSTIN, TEXAS — An investment group led by Ocean West Capital Partners has acquired Moontower, an 18-story student housing building serving the University of Texas at Austin. Lincoln Ventures recently completed the property, which offers 567 beds and opened before the fall 2020 semester at near 100 percent occupancy. Amenities include a rooftop pool and lounge, a fitness center with yoga and spin studios, coffee bar, study lounge and private study rooms. Ryan Lang and Jack Brett of Newmark represented Lincoln Ventures in the sale.

November 3, 2020

Acquisitions Industrial Texas

CanTex Capital Buys 162,685 SF Industrial Building in Metro Dallas

by Taylor Williams November 3, 2020

GARLAND, TEXAS — An affiliate of Dallas-based investment firm CanTex Capital has purchased a 162,685-square-foot industrial building located at the corner of West Kingsley Road and Oakland Avenue in Garland, a northeastern suburb of Dallas. James Mantzuranis and Adam Jones of Stream Realty Partners represented the buyer in the transaction. Hal Penchan and Matt Troutt with Altschuler & Co. represented the seller, CCMP SPE 2 LLC.

November 3, 2020

Leasing Activity Office Texas

Micron Technology Signs Office Lease at 200,000 SF One Bethany West in Allen, Texas

by Taylor Williams November 3, 2020

ALLEN, TEXAS — Micron Technology Inc., a provider of digital memory and storage solutions, has signed an office lease at One Bethany West, a 200,000-square-foot building located in the northeastern Dallas suburb of Allen. One Bethany West is a newly constructed, eight-story building within the 17-acre One Bethany at Watters Creek office park. The deal increases Micron’s total footprint in Allen to 36,500 square feet. The company expects to move into its new space, which will house between 112 and 200 employees, by the end of 2021.

November 3, 2020

Acquisitions Multifamily Texas

IPA Arranges Sale of 192-Unit Destino Apartments in Grand Prairie, Texas

by Taylor Williams November 2, 2020

GRAND PRAIRIE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Destino, a 192-unit apartment community located in the central metroplex city of Grand Prairie. Built on 11 acres in 2000, the garden-style property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, playground and a dog park. Drew Kile, Will Balthrope, Joey Tumminello, Grant Raymond and Asher Hall of IPA, along with Al Silva of Marcus & Millichap, represented the seller, MBP Capital, in the transaction. The team also procured Capital Vision Management LLC as the buyer.

November 2, 2020

Development Multifamily Seniors Housing Texas

Story Senior, MPH Partners Underway on 140-Unit Seniors Housing Project in Irving

by Taylor Williams November 2, 2020

IRVING, TEXAS — A partnership between Story Senior Ltd. and MPH Partners LLC is underway on construction of The Luxe at Las Colinas, a 140-unit active adult project that will be located at the intersection of State Highway 161 and North Belt Line Road in Irving. The community will span approximately 149,000 square feet and offer one- and two-bedroom units ranging in size from 644 to 1,112 square feet. Amenities will include a pool, fitness center, library, medical clinic, wellness café, activity center and media room. Moss Construction is the general contractor for the project, which is expected to be complete in November 2021. Active adult communities are age-targeted or an age-restricted developments designed for people 55 or older that typically feature single-family, detached residences.

November 2, 2020

Acquisitions Healthcare Texas

Community Health Systems Sells Two Hospitals Totaling 419 Beds in West Texas

by Taylor Williams November 2, 2020

ABILENE AND BROWNWOOD, TEXAS — Tennessee-based healthcare provider Community Health Systems Inc. (NYSE: CYH) has sold two hospitals totaling 419 beds in West Texas. Abilene Regional Medical Center totals 231 beds, and Brownwood Regional Medical Center totals 188 beds. The buyer was a subsidiary of Hendrick Health System, a locally based nonprofit provider. As part of the transaction, Hendrick has secured the assignment for the long-term lease and operations of Brownwood Regional Medical Center from the Brownwood County Hospital Authority. Community Health Systems owns, leases or operates 89 hospitals totaling approximately 15,000 beds in 16 states. The hospitals involved in this transaction are among the planned divestitures discussed on the company’s second-quarter 2020 earnings call.

November 2, 2020

Industrial Leasing Activity Lee & Associates Texas

Lee & Associates Negotiates 70,200 SF Industrial Lease in Dallas

by Taylor Williams November 2, 2020

DALLAS — Lee & Associates has negotiated a 70,200-square-foot industrial lease at 8401 John W. Carpenter Freeway in Dallas. According to LoopNet Inc., the property was built in 1956 and totals 84,400 square feet. Stephen Williamson and Adam Graham of Lee & Associates represented the landlord, Stonelake Capital Partners, in the lease negotiations. The representative of the tenant, TDU Tires, was not disclosed.

November 2, 2020

Leasing Activity Office Texas

Law Firm Thompson Coburn Signs 23,117 SF Office Lease in Dallas CBD

by Taylor Williams November 2, 2020

DALLAS — Law firm Thompson Coburn LLP has signed a 23,117-square-foot office lease at 2100 Ross Ave., a 33-story, 843,728-square-foot building in the Dallas Central Business District. The firm now has six offices across the country, including in Chicago, Los Angeles, St. Louis, Southern Illinois and Washington, D.C. Mike Dement, Sam Meginnis and Jon Altschuler of Altschuler & Co. represented the landlord, 2100 Ross LP, in the lease negotiations. Andy Leatherman of JLL represented the tenant.

November 2, 2020

Development Loans Multifamily Texas

JPI Receives Construction Financing for 424-Unit Jefferson at The Grove Apartments in Frisco

by Taylor Williams October 30, 2020

FRISCO, TEXAS — JPI has received construction financing for Jefferson at The Grove, a 424-unit apartment community in Frisco. Jefferson at The Grove is part of a larger residential and commercial master plan in Frisco that will consist of more than 17 acres of open space, five planned parks and more than four miles of trails. Units will feature 10-foot ceilings, glass-enclosed showers and large bathtubs, walk-in closets, private yards and balconies, granite countertops, hardwood-style flooring, designer cabinetry, stainless steel appliances and full-sized washers and dryers in all units. Amenities will include a pool with cabanas, fitness center with a spin studio, private courtyards and a dog park. The opening is scheduled for spring 2022.

October 30, 2020

Acquisitions Multifamily Texas

Three Pillars Capital Acquires Houston Multifamily Portfolio for $100M

by Taylor Williams October 30, 2020

HOUSTON —Three Pillars Capital, a locally based private equity firm that specializes in value-add multifamily investments, has acquired a portfolio of three apartment properties totaling approximately 700 units in Houston. The properties offer proximity to the Texas Medical Center, Rice Village Plaza and NRG Stadium. The names of the properties and seller were not disclosed.

October 30, 2020

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