FORT WORTH, TEXAS — Dallas-based retail investment brokerage firm STRIVE has arranged the sale of Fossil Creek Plaza, a 68,500-square-foot shopping center located at the intersection of Western Center Boulevard and North Beach Street in Fort Worth. The property was built in 1990. STRIVE represented the Los Angeles-based seller in the transaction, with the firm’s Sam House procuring a Dallas-based investor as the buyer.
DALLAS — Stream Realty Partners has brokered the sale of a 42,420-square-foot industrial warehouse located at 8400 Ambassador Row in northwest Dallas. The property was fully leased to two tenants at the time of sale. Jamie Jennings, Jason Moser and Andre Rabinovich of Stream Realty Partners represented the seller, a Dallas-based private partnership, in the transaction. The buyer was locally based investment firm PrattCo Creekway.
TOMBALL, TEXAS — PDGL Partners LP has purchased 2.8 acres in the northern Houston suburb of Tomball for the development of a 39,000-square-foot industrial project. The multi-tenant office/warehouse property will be constructed on a speculative basis and will be located within Tomball Business & Technology Park. The groundbreaking is slated for late 2020. Tom Condon Jr. of Colliers International represented the seller, Tomball Economic Development Corp., in the land sale.
HOUSTON — In response to the spread of COVID-19, Houston Mayor Sylvester Turner and Harris County Judge Lina Hidalgo have issued a stay-at-home order to residents of all municipalities in Harris County, according to multiple news outlets including The Houston Business Journal and KXAN, NBC’s Austin affiliate. Citing a press conference held Tuesday morning, the latter outlet reports that the directive will go into effect at midnight tonight and last until Friday, April 3. Essential services, including restaurant takeout, will remain open, but public gatherings of all types have been banned.
SCHERTZ, TEXAS — Cushman & Wakefield has negotiated the $25.7 million sale of a 101,347-square-foot industrial building that is fully leased to FedEx Freight in the Central Texas city of Schertz. John Kuhn, David Tighe and Daniel McBride of Cushman & Wakefield represented the buyer, S&B Detrick LP, in the transaction. Mollie Alteri Joey Odom, Mike Sladich, and Maggie Holmes of Stan Johnson Co. represented the seller.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Copper Creek, a 274-unit multifamily property in Fort Worth. The community was built on 12.4 acres in 1986 and was renovated in 2013 and 2017. Amenities include a pool, soccer field and a playground. Al Silva of Marcus & Millichap represented the seller, Florida-based DIJ Properties, in the transaction. Silva also procured the buyer, a Texas-based private investment firm.
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.