HOUSTON — New York-based Arbor Realty Trust Inc. has provided a $28 million Fannie Mae loan for the refinancing of Casa Verde, a 384-unit apartment community in Houston. Built in 1973 and renovated in 2010, the property features one-, two-, three- and four-bedroom floor plans. Amenities include a pool, clubhouse and onsite laundry facilities. Brian Scharf of Arbor originated the loan on behalf of the undisclosed borrower.
WACO, TEXAS — Developer Heritage Hospitality Group is underway on construction of a 104-room Residence Inn by Marriott hotel in Waco. The four-story property, which is expected to open in mid-July, will feature a sport court, outdoor pool, fitness center and meeting rooms. Atlanta-based Hospitality Ventures Management Group will manage the hotel.
AUSTIN, TEXAS — Third Avenue Management LLC, an investment advisory firm based in New York City, has entered the Texas market with the opening of a new office in Austin. The firm has maintained a satellite office suite in downtown Austin since 2017 and is expanding it into a regional office as it adds staff to support its expansion efforts in the state capital. Ryan Dobratz, who oversees the management of the firm’s real estate fund, will lead the new office, which has also undertaken a specific initiative to invest in select real estate and businesses that have been adversely impacted by COVID-19.
AUSTIN, TEXAS — Rastegar Property Co., a private real estate owner and developer, has purchased two parcels in South Austin for the development of a new mixed-use project. The sites are located at 505 and 507 W. Live Oak St. and are the final leg of a 2.5-acre land assemblage that began with Rastegar’s purchase of a site last September. In January, the company bought two sites at 508 and 511 W. Live Oak St. that totaled a little more than a half-acre for an undisclosed price. The new development will sit at the corner of South 1st Avenue and West Live Oak Street near Barton Springs Road. The site is a few blocks from South Congress Avenue, as well as Austin’s central business district. Michael McKinley of St. Croix Capital represented Rastegar in the latest land transaction. “Once we secured the hard corner, things began to fall into place,” says McKinley. “All parties worked diligently to overcome obstacles related to COVID-19 in order to complete this 2.5-acre assemblage, due to the high demand for development sites in Austin’s urban core.” While still in the planning stages, Rastegar has disclosed that the property will include residences, entertainment uses and a …
AUSTIN, TEXAS — Nashville-based REIT Ryman Hospitality Properties Inc. (NYSE: RHP) has terminated its agreement to purchase Block 21, a mixed-use development that occupies a full city block in downtown Austin. Ryman initially agreed in December to purchase the property from Stratus Properties Inc. (NASDAQ: STRS) for $275 million, including a debt assumption of $142 million. As a result of the termination of the transaction, Ryman will forfeit its nonrefundable deposit of $15 million provided to Stratus in connection with the execution of the purchase agreement in December 2019. Originally developed in 2010, Block 21 houses the 2,750-seat Moody Theater, The project also features W Austin Hotel & Residences, 3TEN ACL Live club, 40,000 square feet of Class A office space and 18,000 square feet of retail and restaurants space.
AUSTIN, TEXAS — Locally based student housing developer Aspen Heights Partners has begun construction on a 323-unit apartment community that will be located less than one mile from Oracle’s campus in the East Riverside area of Austin. The four-story property will feature one- and two-bedroom units and amenities such as interior courtyards and a rooftop deck with a pool and a fitness center. Select units will also offer private balconies. The developer expects to begin leasing the property in November.
WYLIE, TEXAS — A partnership between investment firm Trez Capital and Houston-based developer Hines has acquired a 760-unit self-storage facility located at 570 Country Club Road in Wylie, a northeastern suburb of Dallas. The 11-building, Class A property spans 101,931 square feet and includes 75 RV storage spaces. The seller and sales price were not disclosed. CubeSmart operates the facility.
AUSTIN, TEXAS — A joint venture between national developer Patrinely Group and San Antonio-based USAA Real Estate has broken ground on Aspen Lake Three, a 128,990-square-foot build-to-suit office project in Austin for Q2 Holdings, a provider of cloud-based banking solutions based in the state capital. The four-story building will be located on the city’s north side and is expected to be complete in April 2021. Will Douglas, Russell Young and Harrison Schumacher of JLL represented Q2 Holdings in its site selection and lease negotiations for Aspen Lake Three, which is part of a three-building complex located on the city’s northwest side. Dennis Tarro of Patrinely Group represented the landlord internally along with Ben Tolson of local firm AQUILA Commercial.
FRISCO, TEXAS — The University of North Texas (UNT), a public college based in Denton, has signed an office lease renewal and expansion to now occupy 56,517 square feet at Hall Office Park in Frisco, where the university also has a campus. Jim Cooksey and Garrison Efird of Newmark Knight Frank represented UNT in the lease negotiations. Kim Butler, Brad Gibson and Cynthia Cowen represented the owner and developer, Hall Group, on an internal basis. Hall Office Park is a 162-acre campus with more than 2 million square feet of office space housing more than 10,000 employees.
AUSTIN, TEXAS — Texas Children’s Hospital will open a new, $450 million freestanding hospital for women and children near Lakeline Mall in North Austin. The 48-bed, 360,000-square-foot facility will include neonatal intensive care and pediatric intensive care services, as well as a children’s urgent care center and numerous pediatric subspecialty services. In addition, the new hospital will offer approximately 1,200 free parking spaces. International architecture firm Page is designing the project, and McCarthy Building Cos. is the general contractor. The project is expected to be complete in late 2023 and to bring as many as 400 new jobs to the Austin area.