Texas

IPA Negotiates Sale of 422-Unit Hanover Midtown Park Apartments in Dallas

by Taylor Williams December 16, 2020

DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Hanover Midtown Park, a 422-unit multifamily community located in the Preston Hollow area of Dallas. The property was built on 11 acres in 2018 and features one-, two- and three-bedroom units with an average size of 895 square feet. Amenities include a pool, media center, clubhouse, conference room and a bocce ball court. Drew Kile, Will Balthrope, Joey Tumminello and Grant Raymond of IPA represented the seller, Houston-based Hanover Co., in the transaction. The IPA team also procured the buyer, Florida-based Waypoint Real Estate Investments.

December 16, 2020

Acquisitions Multifamily Texas

Newmark Brokers Sale of Two Austin Apartment Communities Totaling 560 Units

by Taylor Williams December 16, 2020

AUSTIN, TEXAS — Newmark has brokered the sale of Elan Apartment Homes and Parmer Place, two multifamily communities in Austin totaling 560 units. Elan Apartment Homes was built in 2007 and totals 270 units, while Parmer Place was constructed in 2008 and consists of 290 units. The two properties, which were both 95 percent occupied at the time of sale, were sold as part of a portfolio deal that also included the disposition of a 266-unit community in Morrisville, N.C. Sean Wood and Patton Jones of Newmark represented the seller, New York-based Gamma Real Estate, in the transaction. The buyer was Bluerock, a New York-based institutional alternative asset manager.

December 16, 2020

Acquisitions Industrial Texas

MAG Capital Partners Sells 126,000 SF Industrial Complex in Mansfield, Texas

by Taylor Williams December 16, 2020

MANSFIELD, TEXAS — Locally based investment firm MAG Capital Partners LLC has sold a 126,000-square-foot industrial complex at 601 Airport Drive in Mansfield, a southern suburb of Fort Worth. The six-building site spans 7.5 acres and includes a newly built 22,000-square-foot office building and land for future expansion. The buyer was NexPoint, a Dallas-based alternative investment firm. The tenant, Gamma Aerospace LLC, will continue to occupy the complex for the long term. Peter Bauman and Tivon Moffitt of the Scottsdale, Arizona, office of Institutional Property Advisors, a division of Marcus & Millichap, represented both MAG Capital Partners and the Wisconsin-based buyer in the transaction.

December 16, 2020

Industrial Leasing Activity Texas

S.I. Warehousing Signs 252,203 SF Industrial Lease at Monument Business Park Near Houston

by Taylor Williams December 16, 2020

DEER PARK, TEXAS — Logistics firm S.I. Warehousing Co. Inc., a subsidiary of St. Louis-based Slay Industries, has signed a 252,203-square-foot industrial lease at Monument Business Park in Deer Park, an eastern suburb of Houston. Monument Business Park consists of a 414,900-square-foot cross-dock building and a 194,610-square-foot front-load building that were completed in the fourth quarter of 2019. The buildings feature 32- to 36-foot clear heights and ample trailer parking. David Munson of Boyd Commercial represented the owner and developer, Molto Properties, in the lease negotiations. Kelley Parker, Coe Parker and John Littman of Cushman & Wakefield represented the tenant.

December 16, 2020

Acquisitions Industrial Texas

Hines Acquires 1.2 MSF Fulfillment Center Leased to Amazon in Schertz, Texas

by Taylor Williams December 15, 2020

SCHERTZ, TEXAS — Hines Global Income Trust, an institutional investment arm of the Houston-based real estate giant, has acquired a 1.2 million-square-foot fulfillment center leased to Amazon in Schertz, located northeast of San Antonio. The property is situated along the Interstate 35 corridor. The seller and sales price were not disclosed.

December 15, 2020

Development Multifamily Texas

Kairoi, NREA Underway on 146-Unit Multifamily Project in Uptown Dallas

by Taylor Williams December 15, 2020

DALLAS — San Antonio-based Kairoi Residential, in partnership with National Real Estate Advisors (NREA), is underway on construction of a 146-unit multifamily project at 2620 Maple St. in Uptown Dallas. The 12-story building will include 14 penthouse-level suites and will aim to capture the atmosphere of a boutique hotel with its various amenities. Completion is scheduled for September 2022.

December 15, 2020

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 105-Unit Apartment Complex in West Houston

by Taylor Williams December 15, 2020

HOUSTON — Marcus & Millichap has brokered the sale of Vanderbilt Lodge Apartments, a 105-unit multifamily complex located at 12660 Medfield Drive in West Houston. Jeffrey Fript and Christian Mazzini of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity. The new ownership will implement a value-add program to unit interiors and building exteriors.

December 15, 2020

Development Multifamily Seniors Housing Texas

SilverPoint, Journey Capital Begin Work on 93-Unit Seniors Housing Community in Saginaw, Texas

by Taylor Williams December 15, 2020

SAGINAW, TEXAS — A partnership between management firm SilverPoint Senior Living and developer Journey Capital has begun construction on Edition Senior Living, a 93-unit community in Saginaw, a northern suburb of Fort Worth. The 6.1-acre property will consist of 22 independent living cottages, 54 assisted living units and 19 memory care residences. Residents will have access to resort-quality amenities, chef-prepared meals and concierge-style services. A tentative completion date was not disclosed.

December 15, 2020

Loans Multifamily Texas

Colliers Provides $6.2M Fannie Mae Acquisition Loan for San Antonio Apartments

by Taylor Williams December 15, 2020

SAN ANTONIO — Colliers Mortgage has provided a $6.2 million Fannie Mae acquisition loan for Bellevue at Windcrest, a 124-unit apartment community in San Antonio. Built in 1984, the property features one- and two-bedroom units and amenities such as a pool and onsite laundry facilities. Colliers originated the loan, which carried a 10-year term and a 30-year amortization schedule, through a partnership with Old Capital Lending for borrower Boardwalk at Windcrest LLC.

December 15, 2020

Company News Texas

Reports: Oracle to Relocate Headquarters from Silicon Valley to Austin

by Taylor Williams December 14, 2020

AUSTIN, TEXAS — Multinational computer software firm Oracle (NYSE: ORCL) will relocate its headquarters from Redwood Shores, Calif., to Austin, according to reports from multiple outlets including Business Insider and The Austin-American Statesman. Oracle, which has been based in Silicon Valley since its founding in 1977, opened its new Austin campus in 2018. Oracle’s commitment to Austin is the latest move by major tech firms to target the state capital for relocation or other sizable investment, following Tesla’s summer announcement to open a $1.1 billion manufacturing plant in Austin. Oracle’s stock price opened at $60.83 per share on Monday, Dec. 14, up from $54.60 per share a year ago.

December 14, 2020

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