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.
LEANDER, TEXAS — Austin-based Impact Developers has completed Hermosa Village Apartments, a 238-unit multifamily community located in the northern Austin metro of Leander. Designed by Humphreys & Partners and built by Cadence McShane Construction, the property offers one-, two- and three-bedroom units ranging in size from 684 to 1,450 square feet. Units are furnished with custom European cabinetry, quartz countertops, stainless steel appliances, individual washers and dryers and private patios. Amenities include a pool, fitness center, outdoor game space and a dog park. Clay Akiwinzie of Berkadia, secured a loan through La Salle on behalf of California-based Bridge Partners for the acquisition of Hermosa Village.
SAN ANTONIO — KeyBank has provided $54.4 million in financing for Kitty Hawk Flats, a 212-unit affordable housing development that will be located in San Antonio. The financing consisted of a $23.5 million low-income housing tax credit (LIHTC) construction loan, a $7.4 million bridge loan and a $23.5 million fixed-rate Freddie Mac loan. Kitty Hawk Flats will comprise six one-bedroom, 70 two-bedroom, 100 three-bedroom and 36 four-bedroom units, with units reserved for renters earning between 30 and 70 percent of the area median income. The borrower was The NRP Group. Construction is expected to be complete by March 2022. Kyle Kolesar and Robbie Lynn of KeyBank originated the transaction.
PONDER, TEXAS — Henry S. Miller Brokerage has arranged the sale of a 100,000-square-foot industrial building and 23.2 acres at 100 E. FM 2449 in Ponder, located north of Fort Worth and west of Denton. Dan Spika of Henry S. Miller represented the seller, Dallas-based Ponder Property LLC, in the transaction. The buyer was Ferti Management Corp., a Canadian producer of fertilizers. The sales price was not disclosed.
HOUSTON — The Dinerstein Companies, a locally based developer, has topped out Aspire Post Oak, a 383-unit apartment building located across from a Whole Foods Market in the Galleria area of Houston. The high-rise building will consist of seven floors of parking below the 33 residential floors. Units will feature an average size of 1,210 square feet and will be furnished with modern kitchens, smart technologies and individual washers and dryers. Amenities will include a 24-hour fitness center, infinity pool with tanning decks and adjacent aqua lounge, indoor and outdoor resident event space, a dog park and concierge services. Ludlow & Associates Construction is the general contractor for the project, which will also include 15,506 square feet of retail space. Dinerstein expects to begin leasing Aspire Post Oak in the second half of 2021, with rents starting at $3,000 per month.
HOUSTON — Trammell Crow Residential will develop Allora Northwest Crossing, a 378-unit apartment community that will be located at 5550 Bingle Road in northwest Houston. Units will feature individual washers and dryers and stainless steel appliances, while amenities will include a fitness center, pool, dog park and a bike storage room. Chris Caudill of NAI Partners represented Trammell Crow Residential affiliate Maple Bingle Apartments LLC in the acquisition of the 16.8-acre development site. Clay Pritchett and Zane Carman, also with NAI Partners, represented the seller, an investment group led by Claude Anello. Allora Northwest Crossing is expected to be complete in the fourth quarter of 2021.
MESQUITE, TEXAS — The City Council of Mesquite, located east of Dallas, has approved a zoning change for a 356,000-square-foot industrial project to be developed by Huntington Industrial Partners. The proposed development would consist of a 240,000-square-foot cross-dock building and a 116,600-square-foot front-load building. The proposed site of the project spans 22 acres on Military Parkway, east of Interstate 635.