Texas

Lynd Acquires Three Apartment Properties in Houston, Metro Austin for $150M

by Taylor Williams March 16, 2020

HOUSTON AND ROUND ROCK, TEXAS — San Antonio-based investment firm Lynd Acquisitions Group has acquired three multifamily properties, one in Houston and two in the northern Austin suburb of Round Rock, for $150 million. Lynd acquired the Houston property, the 282-units Royal Oaks at Westchase, in partnership with Miami-based Florida Value Partners. The Round Rock properties, the 411-unit Enclave Frontera and 366-unit Lakeside at La Frontera, were both built in 2001 and feature one-, two- and three-bedroom floor plans. Lynd will invest $15 million in capital improvements to the two Round Rock communities and $5 million in upgrades to the Houston community. The seller was Sy Li, a private investor that acquired all three properties from the original developers within the last 20 years and made no upgrades during that period.

March 16, 2020

Acquisitions Multifamily Texas

BSR REIT Buys Ariza Plum Creek Apartments in Metro Austin for $55M

by Taylor Williams March 16, 2020

KYLE, TEXAS — BSR REIT, an investment firm that specializes in garden-style multifamily properties in the Sun Belt region, has purchased the 349-unit Ariza Plum Creek Apartments in the Austin suburb of Kyle for $55 million. Built in 2018, the property features one-, two- and three-bedroom units and amenities such as a pool, dog park, fitness center and package lockers. The seller was not disclosed. With this transaction, BSR REIT now owns approximately 1,200 apartments in the greater Austin area.

March 16, 2020

Acquisitions Multifamily Texas

IPA Negotiates Sale of 216-Unit Towers at Clear Lake Multifamily Asset Near Houston

by Taylor Williams March 16, 2020

HOUSTON — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Towers at Clear Lake, a 216-unit multifamily asset situated on 11.8 acres in the southeastern Houston suburb of Clear Lake. Built in 1985, the property formerly offered a mix of apartments and condominiums. Will Balthrope, Drew Kile, Jennifer Campbell and William Griffin of IPA represented the seller, Dallas-based investment firm The ValCap Group, in the transaction. The team also procured the buyer, New Jersey-based Raamco International. IPA also recently brokered the sale of the 304-unit Trails at Lake Houston between The Valcap Group and Raamco.

March 16, 2020

Acquisitions Industrial Texas

Marcus & Millichap Arranges Sale of 19,360 SF Net-Leased Property in Odessa

by Taylor Williams March 16, 2020

ODESSA, TEXAS — Marcus & Millichap has arranged the sale of a 19,360-square-foot industrial property net-leased to QRC Valve Distributors in the West Texas city of Odessa. The building was constructed in 2019, and the tenant has 10 years remaining on the lease. David Houston and Patrick Doherty of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Nicholas Bushong, also with Marcus & Millichap, procured the buyer, a private investor.

March 16, 2020

Leasing Activity Office Texas

DPR Construction Signs 12,609 SF Office Lease Expansion at Houston’s Greenway Plaza

by Taylor Williams March 16, 2020

HOUSTON — Commercial contractor DPR Construction has signed a 12,609-square-foot office lease expansion at Phoenix Tower, a 34-story building located within Houston’s Greenway Plaza. Chris Nash and Walker Ryan of Colliers International represented DPR Construction in the lease negotiations. J.P. Hutcheson represented the landlord, Parkway, on an internal basis. Greenway Plaza is a 52-acre mixed-use campus situated between Houston’s Uptown and Downtown districts that comprises 11 buildings spanning 5 million square feet.

March 16, 2020

Features Hospitality Industrial Midwest Multifamily Northeast Office Retail Southeast Texas Western

Coronavirus Resources for the Commercial Real Estate Industry

by Jaime Lackey March 13, 2020

REBusinessOnline has compiled a number of commercial real estate industry reports and webinars to help readers find the information they need regarding coronavirus (COVID-19) and commercial real estate. The reports are organized by relevance and timeliness. (This page is no longer updated as of June 1, 2020.) Interested in coronavirus-related news items posted by REBusinessOnline? Click here for the feed. Interested in commercial real estate-related webinars focusing on responses to the pandemic? Click here for the list. Webinars Student Housing Business Up Close with Bill Bayless (05/04/2020) How to Maintain Leasing Velocity in Today’s Environment (04/30/2020) COVID-19 & the Impact on Student Housing: The CEO Perspective (04/17/2020) The Impact of COVID-19 on Student Housing (03/25/2020) Marcus & Millichap Marcus & Millichap Special Update: Multifamily Legislation (05/13/2020) The Shape of Things to Come: How Will the Economy and Retail Real Estate Look After the Global Health Crisis? (05/18/2020) InterFace Conference Group Seniors Housing Marketing and Sales During the Pandemic and Beyond (Upcoming 05/20/2020) California Retail Reboot — How Will California’s Retail and Restaurant Sector Recover Post-Coronavirus? (05/21/2020) Atlanta Retail Reboot (05/08/2020) Texas Retail Reboot (05/07/2020) The Short- and Long-term Impact of COVID-19 on Healthcare and Medical Office Real Estate (04/14/2020, Fee is …

March 13, 2020

Development Mixed-Use Texas

High Street Residential to Develop 280,000 SF Mixed-Use Project in East Austin

by Taylor Williams March 13, 2020

AUSTIN, TEXAS — High Street Residential, a subsidiary of Trammell Crow Co., will develop The Block Yard, a 280,000-square-foot mixed-use project in Austin. Designed by JHP Architecture, the transit-oriented development will be situated on four acres at 2900 E. Martin Luther King Blvd, adjacent to the Capital Metro MLK Light-Rail Station and just two miles north of downtown. Plans for the project currently call for 302 residential units, 63,800 square feet of office space and 4,200 square feet of ground-floor retail space. Construction of the office and residential components is expected to be complete in July 2021 and January 2022, respectively. LEVY Architects has been tapped to design the commercial component and project interiors, and CBRE will handle leasing of the commercial space.

March 13, 2020

Acquisitions Office Texas

Entrada Partners Buys 151,736 SF Travis Park Plaza Office Building in San Antonio

by Taylor Williams March 13, 2020

SAN ANTONIO — Los Angeles-based investment firm Entrada Partners has purchased Travis Park Plaza, 151,736-square-foot office building located at 711 Navarro St. in San Antonio’s central business district. Built in 1970 and renovated in 2001 and 2009, the seven-story building was 82 percent leased at the time of sale to tenant such as Conviva Care Solutions, Kairoi Residential and Tetra Tech. Todd Mills, Carrie Caesar and Hunter Mills of Cushman & Wakefield represented the undisclosed seller in the transaction. De’On Collins of JLL arranged acquisition financing for Entrada Partners, which will implement a multimillion-dollar capital improvement program. Transwestern has been tapped to lease and manage the property.

March 13, 2020

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 176-Unit Casa Bella Apartments in Dallas

by Taylor Williams March 13, 2020

DALLAS — Marcus & Millichap has brokered the sale of Casa Bella, a 176-unit apartment community in Dallas. According to apartments.com, the property was built in 1974, features one-, two-, three- and four-bedroom units and offers amenities such as a pool, playground and outdoor grilling area. Nick Fluellen and Bard Hoover of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The duo also procured the buyer, a private investor. Both parties requested anonymity.

March 13, 2020

Acquisitions Industrial Texas

CanTex Capital Acquires 92,000 SF Industrial Property in Dallas

by Taylor Williams March 13, 2020

DALLAS — Dallas-based investment firm CanTex Capital has acquired a 92,000-square-foot industrial complex in Dallas. The property is situated on two contiguous lots and is located within two miles of Dallas Love Field Airport. CanTex will implement a capital improvement program at both buildings on the property, which will be rebranded as Stemmons Design Center. Stream Realty Partners will handle leasing of the upgraded space.

March 13, 2020

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