DALLAS — Darwin German Real Estate has received a $21.4 million Freddie Mac acquisition loan for Gold Creek Apartments, a 255-unit multifamily community in Dallas. The Class A property was built in 2016 on 11.6 acres and was 97 percent occupied at the time of sale. Steven Yazdani of Los Angeles-based financial advisory firm Nova Capital handled the transaction on behalf of Darwin German, which will also use $6 million in equity to fund the acquisition.
DALLAS — Barclays Capital has provided a $7.6 million acquisition loan for The Burgundy, a multifamily asset in Dallas that consists of 111 apartments and 69 condominiums. Melissa Marcolini Quinn and Will Hancock of NorthMarq arranged the loan, which carried a 10-year term, three years of interest-only payments and a 30-year amortization schedule. The borrower was not disclosed. NorthMarq also arranged the sale of the asset.
The U.S. economy’s continued expansion, combined with the migration of people from high-tax states in the Northeast and California, bodes well for multifamily real estate investment in metros across the Southeast and Texas. Many cities in the so-called “Sun Belt” will continue to experience strong demand for apartments thanks to the low cost of living and new jobs stemming from corporate investment across the region. The Fort Worth market has been a beneficiary of all of these dynamics, and there are a plethora of compelling reasons why multifamily investors are eager to invest in the Panther City. Population Boom Fort Worth’s population has seen considerable expansion over the past decade, serving as a catalyst for Texas to become a leader in this key fundamental. U.S. Census Bureau data shows that from 2010 to 2018, Texas led the nation in population growth with over 3.5 million new residents, 1 million of which moved to the DFW area between 2010 and 2019. Just this past year alone, Texas continued to be a national leader in population growth, with Tarrant County coming in at No. 3 for total new out-of-state residents, according to the Texas Association of Realtors®. In terms of how this …
AUSTIN, TEXAS — The Texas Supreme Court voted late last week to delay residential evictions across the state through April 19 as part of the state’s response to the spread of COVID-19, the disease caused by the coronavirus. The order includes limited exceptions in cases where a renter poses an imminent threat of physical harm to others or engages in criminal activity. In voicing its support of the decision, the Texas Apartment Association, which comprises some 12,000 member companies that own and operate more than 2.2 million rental homes, encouraged landlords and managers to waive late fees and negotiate payment plans to help keep residents in their homes.
DALLAS — Texas-based entertainment concept Studio Movie Grill will temporarily close all locations nationwide in an effort to combat the spread of COVID-19. The company, which has 14 venues in Texas, said it would refund pre-purchased ticket sales and suspend billing on all subscription plans until its theaters have fully reopened. The company also pledged to actively maintain health insurance benefits for employees and to create a fund to support team members’ in dire financial circumstances.
ROWLETT, TEXAS — Barings Real Estate Capital has provided a loan of an undisclosed amount for the refinancing of Terra Lago, a 451-unit apartment community located in the northeastern Dallas suburb of Rowlett. The property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, outdoor grilling areas, a business center and a bocce court. The borrower was a partnership between Transcontinental Realty Investors Inc. and Abode Properties.
HOUSTON — Belvoir Real Estate Group LLC has acquired a 110,529-square-foot office building located at 7660 Woodway Drive in Houston. The property was built in 1982 and was 90 percent occupied at the time of sale. Danny Miller and Marty Hogan of JLL represented the undisclosed seller in the transaction. Matthew Goldsby and Bradley Smith handled the acquisition for Belvoir Real Estate on an internal basis. The new ownership plans to implement a value-add program.
PASADENA, TEXAS — Lee & Associates has negotiated a 29,954-square-foot industrial lease at 4111 Greenshadow Drive in Pasadena, an eastern suburb of Houston. Reed Vestal and Taylor Schmidt of Lee & Associates represented the landlord, Vigavi Zen LLC, in the lease negotiations. Carlton Anderson of CBRE represented the tenant, plastics fabricator Johnson Controls Inc.
HOUSTON — Bolour Associates, an investment and development firm based in Southern California, has begun work on the redevelopment of Bella Luna and San Lucas, two multifamily communities totaling 780 units in Houston. The properties are situated on a combined 20 acres and feature one-, two- and three-bedroom units, as well as townhomes. Amenities include pools, playgrounds and onsite laundry facilities. The redevelopment will deliver new kitchens and bathrooms, upgraded interiors and renovated landscaping, common areas and exteriors. Completion is slated for September.
THE WOODLANDS, TEXAS — Energy firm Western Midstream Partners LP has signed a 133,948-square-foot office lease at The Woodland Towers at The Waterway in The Woodlands. Located within The Woodlands Town Center, the building features a two-story fitness center with basketball and volleyball courts, a 33,000-square-foot rooftop terrace, conference facilities and a café. Robert Parsley, Norman Munoz and Jillian Fredericks of Colliers International represented the landlord, The Howard Hughes Corp., which acquired the asset from Occidental Petroleum in late 2019, in the lease negotiations. James Bailey, Chad Beck and Rich Claussen of Cushman & Wakefield represented Western Midstream Partners.
