Texas

Phillips Realty Capital Arranges $63.2M Acquisition Loan Through Freddie Mac for Plano Apartments

by Taylor Williams August 19, 2020

PLANO, TEXAS — Maryland-based mortgage banker Phillips Realty Capital has arranged a $63.2 million Freddie Mac loan for the acquisition of Evoke, a 459-unit apartment community located in the northern Dallas metro of Plano. Built in 2017, the property features one-, two- and three-bedroom units with stainless steel appliances, granite countertops and individual washers and dryers. Amenities include a pool, fitness center, sauna, playground, business center, dog park and a resident clubhouse. The borrower, a partnership between CAF Capital Partners and a family office operating as The Generic Management, purchased the asset in a 1031 exchange. Adam Bieber and William Lawson led the transaction for Phillips.

August 19, 2020

Acquisitions Multifamily Texas

IPA Brokers Sale of 286-Unit Jefferson Eastshore Apartments in Irving

by Taylor Williams August 19, 2020

IRVING, TEXAS — Institutional Property Advisors, a division of Marcus & Millichap, has brokered the sale of Jefferson Eastshore, a 286-unit apartment community in Irving. Built in 2018, the property is situated on Lake Carolyn within Irving’s Las Colinas business district. Units come in one- and two-bedroom floor plans, and amenities include a pool, business center, resident lounge, fitness center and outdoor grilling areas. Drew Kile, Will Balthrope, Joey Tumminello and Grant Raymond of IPA represented the seller, locally based developer JPI, in the transaction. The team also procured the buyer, an affiliate of Lone Star Funds.

August 19, 2020

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Negotiates Sale of 287-Unit Self-Storage Facility in Metro Houston

by Taylor Williams August 19, 2020

CYPRESS, TEXAS — Marcus & Millichap has negotiated the sale of 290 Storage, a 287-unit self-storage facility located on five acres in the northwestern Houston suburb of Cypress. The facility comprises 169 climate-controlled and 118 non-climate-controlled units across 53,015 net rentable square feet. Brian Kelly, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller in the transaction. Additional terms of sale were not disclosed.

August 19, 2020

Leasing Activity Retail Texas

Harbor Freight Tools to Open 16,000 SF Store in Metro Austin This Week

by Taylor Williams August 19, 2020

GEORGETOWN, TEXAS — Harbor Freight Tools, a discount hardware and equipment retailer based in California, will open a 16,000-square-foot store in the northern Austin suburb of Georgetown this week. The store will be located within Republic Square, a retail center at the northeast corner of Interstate 35 and Williams Avenue that also houses tenants such as Dollar Tree, Starbucks and Chipotle Mexican Grill. Jeff Lewis and Brett Maze of Weitzman handled lease negotiations on behalf of the locally based landlord. CLD Realty represented the tenant.

August 19, 2020

Acquisitions Multifamily Texas

AmCal Equities Acquires 311-Unit Circuit Apartments in Downtown Houston

by Taylor Williams August 18, 2020

HOUSTON — California-based investment firm AmCal Equities has acquired Circuit Apartments, a 311-unit multifamily located near Minute Maid Park in downtown Houston. Built in 2015, the property features one- and two-bedroom units and amenities such as a pool, fitness center, outdoor grilling areas, resident clubhouse and a business center. Lane Kommer of Henry S. Miller Brokerage represented AmCal Equities in the transaction. A Dallas-based developer sold the asset for an undisclosed price.

August 18, 2020

Loans Multifamily Texas

LMI Capital Arranges $23M Loan for Refinancing of Houston Apartment Community

by Taylor Williams August 18, 2020

HOUSTON — LMI Capital has arranged a $23 million loan for the refinancing of a 270-unit apartment community located on the southwest side of Houston. Brandon Brown of LMI Capital arranged the loan, which was structured with a fixed 3.13 percent interest rate and five years of interest-only payments, on behalf of the undisclosed borrower.

August 18, 2020

Acquisitions Industrial Self-Storage Texas

Colliers Negotiates Sale of 207-Unit Self-Storage Facility in Metro Austin

by Taylor Williams August 18, 2020

PFLUGERVILLE, TEXAS — Colliers has negotiated the sale of Private Warehouse Mini Storage, a 207-unit facility located in the northern Austin suburb of Pflugerville. Built in 1995 and expanded in 1997 and 2002, the property now spans 24,000 net rentable square feet. Kyle Newswanger of Colliers represented the seller in the transaction. The buyer was an out-of-state investor. Both parties requested anonymity.

August 18, 2020

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 179-Unit Self-Storage Facility in Houston

by Taylor Williams August 18, 2020

HOUSTON — Marcus & Millichap has brokered the sale of Sierra Ranch Storage, a 179-unit self-storage facility in Houston. The property was built in 2017 and spans 15,050 square feet of net rentable, climate-controlled space. Dave Knobler and Casey Kral of Marcus & Millichap represented the seller, a private investor, in the transaction. The duo also procured the buyer, a limited liability company. Both parties requested anonymity.

August 18, 2020

Loans Mixed-Use Texas

JDI Realty Provides $6.6M Bridge Loan for Mixed-Use Project in San Antonio

by Taylor Williams August 18, 2020

SAN ANTONIO — Chicago-based JDI Realty has provided a $6.6 million bridge loan for The Granary at Briggs Ranch, an 865-acre mixed-use project in San Antonio. The nonrecourse loan will be used to pay off the current first mortgage, fund an interest reserve and cover other pre-development costs before the property’s eventual sale. Current plans for the project include roughly 2,500 single-family homes, 1,900 apartments and a central town square. The borrower was Convergence Brass LLC.

August 18, 2020

Development Industrial Texas

NorthPoint Development to Build 859,000 SF Industrial Project in Metro Austin

by Taylor Williams August 17, 2020

KYLE, TEXAS — Kansas City-based NorthPoint Development will build Plum Creek Industrial Center, an 859,000-square-foot project that will be located on a 74-acre site in Kyle, a southern suburb of Austin. The Class A development will consist of four buildings that will be developed in two phases. Phase I will consist of two buildings totaling 440,000 square feet. Colliers International will handle leasing of the project, which will be NorthPoint’s first in the Austin area.

August 17, 2020

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