Texas

TruAmerica Buys 408-Unit Arbors of Las Colinas Apartments in Irving

by Taylor Williams December 23, 2020

IRVING, TEXAS — Los Angeles-based investment firm TruAmerica Multifamily has purchased Arbors of Las Colinas, a 408-unit apartment community in Irving. Built in 1985, the Class B property offers one-, two- and three-bedroom units across 19 buildings. Amenities include two pools with spas and cabanas, a pet park, fitness center and courtyard with grilling stations. Eric Calub, Greg Smith, Thad Wetterau and Paul Harris of The Moran Co. represented the buyer and the undisclosed seller in the transaction, which marks TruAmerica’s first acquisition in Texas. Jaime Zadra, Robert Younkin, Garrett Meyers and Nikki Mooney of PGIM Real Estate Finance provided $45.9 million in acquisition financing for the deal.

December 23, 2020

Development Mixed-Use Oklahoma Texas Top Stories

Gardner Tanenbaum, Robinson Park to Develop 400,000 SF Mixed-Use Project in Oklahoma City’s Innovation District

by Kristin Harlow December 23, 2020

OKLAHOMA CITY — Gardner Tanenbaum and Robinson Park Investments have unveiled plans to develop a 400,000-square-foot mixed-use project within Oklahoma City’s Innovation District. The developers secured 2.7 acres of land for the project and expect to break ground in late 2021. Plans call for research labs, office space, a hotel, retail space and a public area. FSB Architects designed the project. Expected development costs were undisclosed. According to the developers, the goal is to “build an environment that promotes cross-sector collaboration among Oklahoma’s key industries, including aviation, aerospace, bioscience and energy.” The facilities will feature shared technology for 3D imaging and printing, as well as biomedical research and laboratories. Wheeler Labs, the first portfolio company of Echo Investment Capital’s venture capital fund in biotech, is slated to be the project’s anchor tenant. Wheeler is a clinical laboratory with plans to expand into the bio-manufacturing industry. In addition, the University of Oklahoma is committed as an educational and research partner. “This project ushers in a new era for our ever-growing city,” says Richard Tanenbaum, CEO of Gardner Tanenbaum. “Researchers, engineers, universities and industry leaders are pioneering Oklahoma-born advances in bioscience, aerospace, energy and health.” The Oklahoma City Innovation District encompasses 1.3 …

December 23, 2020

Company News Multifamily Texas

Private Equity Firm Thoma Bravo Acquires Texas-Based RealPage for $10.2B

by Taylor Williams December 22, 2020

CHICAGO AND RICHARDSON, TEXAS — Chicago-based private equity firm Thoma Bravo has acquired RealPage (NASDAQ: RP), the Richardson, Texas-based provider of property management software, in a deal valued at $10.2 billion. The price tag includes the assumption of the debt of RealPage, which was founded in 1998 and serves owners worldwide that have more than 19 million apartments in their combined portfolios. Under the terms of the agreement, RealPage stockholders will receive $88.75 in cash per share of RealPage common stock upon closing of the transaction. The purchase price represents a premium of 30.8 percent over RealPage’s closing stock price of $67.83 on Dec. 18, 2020. The stock price of RealPage opened at $87.65 per share on Tuesday, Dec. 22, up from $53.65 a year ago. According to The Wall Street Journal, software providers have performed well during the pandemic as more companies have pivoted to digital marketing of goods and services. As a technology specialist within the private equity space, Thoma Bravo was drawn to this operational trend. RealPage CEO Steve Winn echoed this notion in an interview with the Journal, saying, “we were able to do quite well during the pandemic because there was a rush by our industry to go …

December 22, 2020

Development Industrial Texas

Hello Bello to Open 312,000 SF Diaper Manufacturing Plant in Waco, Create 110 Jobs

by Taylor Williams December 22, 2020

WACO, TEXAS — Hello Bello, a provider of baby and family care consumer products co-founded by actors Kristen Bell and Dax Shepard, will open a 312,000-square-foot diaper manufacturing plant in Waco. The project is expected to bring about 110 new jobs and $31 million in total capital investment to the region. The site of Hello Bello’s new facility formerly housed the manufacturing operations of paper producer Domtar Corp. and is expected to open next summer.

December 22, 2020

Company News Texas

Marcus & Millichap Acquires Houston-Based Financial Intermediary LMI Capital

by Taylor Williams December 22, 2020

HOUSTON — Marcus & Millichap has acquired LMI Capital, a Houston-based financial intermediary and Real Estate Capital Alliance (RECA) member. LMI Capital, which was founded in 1999, arranges debt and equity across all property types throughout Texas and the greater Southwest region. The 10-member LMI team has completed more than $1.2 billion in transactions over the last three years. Most recently, LMI principal Brandon Brown arranged a $29 million bridge loan for the acquisition of a 460-unit multifamily asset located in the Northshore/Woodforest submarket of Houston. The loan was structured with a floating interest rate and three years of interest-only payments.

December 22, 2020

Acquisitions Affordable Housing Multifamily Texas

Steele Properties Buys Affordable Housing Complex in Dallas for $57.7M

by Taylor Williams December 22, 2020

DALLAS — Denver-based Steele Properties, in partnership with the Dallas Housing Finance Corp., has purchased Ridgecrest Terrace Apartments, a 250-unit affordable housing community. The sales price was $57.7 million. The property was built in 1969 on 16.2 acres and features one-, two- and three-bedroom units, as well as a playground and communal activity room. The new ownership will invest approximately $77,000 per unit in capital improvements, including new kitchens, appliances, cabinetry, toilets, flooring and fixtures, as well as mechanical system upgrades. The property’s parking lot, sidewalks, fencing and amenity spaces will also be upgraded.

December 22, 2020

Leasing Activity Office Texas

JLL Signs 81,999 SF Office Lease in Houston, Consolidates Footprint

by Taylor Williams December 22, 2020

HOUSTON — JLL has signed an 81,999-square-foot office lease at 200 Park Place, a 210,000-square-foot building in Houston’s Galleria neighborhood, in a deal that consolidates the commercial real estate giant’s Houston offices into a single location. JLL will occupy three floors at the 15-story building, which is owned by Stonelake Capital Partners and was completed in 2020. Ronnie Deyo and Beau Bellow represented JLL internally in the lease negotiations. William Peeples represented Stonelake Capital, also on an internal basis.

December 22, 2020

Market Reports Multifamily Texas Texas Market Reports

Austin Poised to Emerge From Pandemic as a Premier Multifamily Market

by Taylor Williams December 22, 2020

By Sean Sorrell, senior managing director, JLL As we enter 2021, there’s no doubt that we are emerging from one of the most unique and trying years that our modern civilization has ever confronted, and we all likely agree that we will never again endure a pandemic of this scale. As of the writing of this article, the first vaccines have arrived in Austin; our first responders have begun administering it to the public and we can finally see the light at the end of the tunnel. In the face of these challenges, Austin continues to flourish, at least on a relative basis, and its real estate industry is poised to take a firm lead as one of the strongest real estate markets in the nation, if not the world. A key discipline within the industry is the apartment rental market, which is currently facing obstacles but continues to successfully navigate market conditions all the same. The metro Austin apartment inventory is now approaching 200,000 units — a growth rate of 75 percent over the last eight years. While many cities would wilt under the pressure of this ongoing development surge, this market has flourished. The ongoing supply has marginally …

December 22, 2020

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 454-Unit Self-Storage Portfolio in Houston

by Taylor Williams December 21, 2020

HOUSTON — Marcus & Millichap has brokered the sale of a 454-unit self-storage portfolio in Houston. The portfolio, which is operated under the Bargain Storage brand, consists of two properties totaling 69,757 net rentable square feet of non-climate-controlled space. The portfolio also includes 68 portable units that were delivered in 2019. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, an Oregon-based limited liability company, in the transaction. New York-based Merit Hill Capital purchased the portfolio for an undisclosed price.

December 21, 2020

Affordable Housing Development Multifamily Texas

Avenue Breaks Ground on 70-Unit Mixed-Income Community in Houston

by Taylor Williams December 21, 2020

HOUSTON — Avenue, a locally based nonprofit developer, has broken ground on a 70-unit mixed-income multifamily community in Houston’s Oak Forest neighborhood. The unit mix will consist of 23 one-bedroom apartments, 27 two-bedroom units and 20 three-bedroom residences ranging in size from 706 to 1,201 square feet. While 14 units will be offered at market rates, income-restricted units will be designated for families making between $35,000 and $65,000 annually. In addition to amenities such as a playground, learning center and activity room, business center and fitness room, Avenue on 34th will offer resident services including after-school tutoring for children and credit-building and homebuyer education programs for adults. Block Cos. is the general contractor for the project, which is expected to be complete in mid-2022.

December 21, 2020

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