COMFORT, TEXAS — RGH Real Estate Holdings LLC has purchased a 412,000-square-foot industrial building located at 1206 5th St. in Comfort, located northeast of San Antonio. According to LoopNet Inc., the single-tenant property was built in 2015 and features clear heights between 20 and 37 feet. Ryan Boozer, Jeremy Kelly, Lena Pierce, Mackenzie Ford and Kevin Cosgrove of Stream Realty Partners represented the buyer in the transaction. Russell Noll of Transwestern represented the seller, WINRE LLC.
TEXARKANA, TEXAS — TexAmericas Center (TAC) has broken ground on a 150,000-square-foot speculative industrial building in Texarkana. The multi-tenant building will be situated on 24 acres and will feature 32-foot clear heights, one dock door per 5,000 square feet and two drive-in doors. Completion is scheduled for summer 2021. TAC owns and operates one of the largest mixed-use industrial parks in the United States, with roughly 12,000 development-ready acres and 3 million square feet of commercial and industrial product.
By Taylor Williams The unimpeachable role of technology in multifamily operations has been growing for some time, but COVID-19 has accelerated the importance of these platforms to a level that is unlikely to change even after the pandemic has fizzled out. Particularly with regard to leasing units to new renters and hiring and retaining talented management professionals, multifamily operators have had little choice but to embrace new technologically advanced ways of doing business. And since competition for tenants and staff are equally intense within the major apartment markets of Texas, operators that have developed proficiencies with new apps, platforms and equipment are pulling away from the pack. A panel of multifamily owner-operators and leasing agents discussed these topics at length during the first day of the ninth-annual InterFace Multifamily Texas conference. The two-day virtual event, which was hosted and organized by Atlanta-based France Media, was held Nov. 18-19 in lieu of the fall gathering that usually brings multifamily professionals from across the state together in Dallas. The Customer Side The panelists provided anecdotal evidence of just how important technology has become to the leasing and management aspects of their operations. “We’ve used basic equipment like video-stabilizing pods, which can be …
IRVING, FARMERS BRANCH AND GRAPEVINE, TEXAS — Locally based developer JPI has sold three apartment communities totaling 1,174 units in the Dallas-Fort Worth (DFW) metroplex to an affiliate of Dallas-based Lone Star Funds. The properties include Jefferson Promenade in Irving, Jefferson 1900 in Farmers Branch and Jefferson Silverlake in Grapevine. All of the communities offer pools, fitness centers, resident lounges and high-end interior finishes. The sales price was not disclosed.
NEW BRAUNFELS, TEXAS — Chicago-based investment firm Sherman Residential has acquired Avenues at Creekside Apartments, a 395-unit multifamily community located just outside San Antonio in New Braunfels. The 32-building property was constructed in 2013 and features one-, two-, three- and four-bedroom units with attached garages or assigned carports and personal patios/balconies. Amenities include a pool, fitness center, business center, playground and a pet park. The seller was not disclosed.
KATY, TEXAS — Alliance Residential has opened Prose West Cypress, a 336-unit apartment community located in the western Houston suburb of Katy. Prose West Cypress features one- and two-bedroom units with island kitchens, wood plank-style flooring and granite countertops. Amenities include a fitness center, game room and a playground. Rents start at $1,030 per month for a one-bedroom unit with a move-in special of one month of free rent, according to Apartments.com.
HOUSTON — Midland, Texas-based developer Insignia Hospitality Group has completed the 128-room Courtyard by Marriott hotel in the Bunker Hill area of Houston. The 85,803-square-foot building rises six stories and offers a fitness center and a business center, as well as complimentary breakfast. Mayse & Associates Inc. designed the project, and Lubbock-based Greenstreet Inc. served as the general contractor.
AMARILLO, TEXAS — Marcus & Millichap has brokered the sale of 3501 MedCenter, a 145,096-square-foot medical office property in Amarillo. The property is situated on 11 acres and was originally built as a retail center in 1986 before being converted to healthcare in 1995. Alex Vidal of Marcus & Millichap represented the seller, a locally based partnership led by McCartt Commercial Real Estate Services, in the transaction. Vidal also sourced the buyer, Equity Velocity Fund, which acquired the asset at an occupancy rate of 91 percent.
HOUSTON — Francesca’s Holdings Corp. will close 140 stores throughout the country by Jan. 30, 2021, the Houston-based women’s apparel and accessories retailer announced on Monday. According to The Wall Street Journal, the 140 shuttered stores represent about 20 percent of the company’s total store count. Francesca’s also said that if the company is unable to raise sufficient capital to continue funding operations and paying obligations, it will likely seek to restructure its debt load by filing for Chapter 11 bankruptcy. Francesca’s stock price opened at $3.53 per share on Tuesday, Nov. 17, down from $15.91 per share a year ago.
HUMBLE, TEXAS — Developer Jackson-Shaw has completed Parc 59, a 279,632-square-foot industrial project located in the northern Houston suburb of Humble. Designed by Powers Brown Architecture and built by Cadence McShane Construction Co., Parc 59 consists of an 83,436-square-foot building with 28-foot clear heights and a 196,196-square-foot building with 32-foot clear heights. The buildings also feature 130-foot truck courts, ESFR sprinkler systems and a combined 437 car parking spaces. Gulf Atlantic Packaging Corp. (GAPCO) recently signed a lease to occupy 43,539 square feet at the larger of the two buildings.