NEW BRAUNFELS, TEXAS — Houston-based development and management firm Allied Orion Group has begun leasing Riverhaus Creekside, a 281-unit apartment community in the San Antonio suburb of New Braunfels. Floor plans feature one-, two- and three-bedroom units ranging in size from 722 to 1,440 square feet. Riverhaus Creekside offers amenities such as a pool, fitness center, dog park and a resident clubhouse with a cyber lounge. Move-ins are expected to begin later this month.
CARROLLTON, TEXAS — JK & JY Development LLC has broken ground on The View Condominiums, a 268-unit residential project in the northern Dallas suburb of Carrollton that will also include 31,000 square feet of retail and restaurant space. Designed by locally based firm Humphreys & Partners Architects, the property will offer amenities such as a pool, social lounge, fitness center, game room, business center and a fully equipped kitchen and bar. Construction is expected to be complete by early 2022.
AUSTIN, TEXAS — PCCP LLC has provided a $46 million acquisition loan for Indie and Candela, two adjacent apartment communities totaling 258 units in Austin. Indie was completed in mid-2018, totals 139 units and includes ground-floor retail space. Candela was completed in mid-2019 and features 119 units and various amenities on the ground floor. The seller was Transwestern Development Co. The borrower was not disclosed.
Many of today’s headlines about multifamily housing have focused on the market’s two extremes: homelessness and high-end penthouses. Meanwhile, a crisis has been growing in the “missing middle;” there is a shortage of affordable rental housing for middle-class workers like teachers, firefighters and police officers. In recent years, middle-income families have been struggling with flat wages and rising childcare, education and healthcare costs. Not only are families being priced out of homeownership, but they’re finding fewer rental units in their price range. Indeed, rents have been rising, particularly in cities with booming economies. Nationwide, only 37 percent of all available units rent out at or below $1,200 per month, according to the National Low Income Housing Coalition (NLIHC) Out of Reach report and the Joint Center for Housing Studies of Harvard University. Yet only in 13 states do workers earn an average of at least $22.96 per hour, the amount required to comfortably afford a $1,200/month apartment. Charlotte is short 34,000 affordable housing units and Salt Lake City lacks 54,000. In total, there is a need for hundreds of thousands more affordable rental units. The problem is a matter of supply as well as demand. Formidable obstacles currently impede the …
PLAINVIEW, TEXAS — The City of Plainview and Hale County are nearing completion of Hale County Business Park, a 150-acre industrial development in West Texas. The site is located along the Interstate 27 corridor in Plainview, roughly midway between Amarillo and Lubbock. The park is also situated on the BNSF Rail Line, which runs adjacent to the southern boundary. An official ribbon-cutting ceremony will be held on Tuesday, March 24. Western Equipment, a provider of John Deere tractors and parts, has signed a 45,000-square-foot lease as the park’s first tenant.
OKLAHOMA CITY — A partnership between investment firm GMF Capital and Oklahoma-based Vesta Capital has acquired Sycamore Farms, a 398-unit apartment community in Oklahoma City. Built in 1998, the property offers one-, two- and three-bedroom units ranging in size from 692 to 1,300 square feet. Amenities include two pools, a 24-hour fitness center, outdoor grilling and picnic areas, a business center and a dog park. Mitch Sinberg, Matthew Robbins and Abigail Beauchamp of Berkadia secured a $33.8 million Freddie Mac acquisition loan for the deal on behalf of the buyer. That loan carried a 10-year term, a fixed interest rate and five years of interest-only payments.
MANSFIELD, TEXAS — Institutional Property Advisors, a division of Marcus & Millichap, has brokered the sale of The Julian at South Pointe, a 225-unit apartment community located in the Fort Worth suburb of Mansfield. The property was built on 9.7 acres in 2019 and features one- and two-bedroom units with stainless steel appliances, granite countertops, tile backsplashes and washer and dryer hook-ups. Amenities include a pool, fitness center, clubhouse, outdoor grilling area and a pet park. Drew Kile, Will Balthrope and Joey Tumminello of IPA represented the seller, a partnership between Carleton Cos. and M.R. Development Corp., in the transaction. The trio also procured the buyer, Short Real Estate.
AUSTIN, TEXAS — Sonnenblick-Eichner Co., a California-based investment banking firm, has arranged a CMBS loan for the refinancing of Lone Star Court, a 123-room hotel in Austin. Designed to resemble old-fashioned motor courts, the property is located within the 303-acre Domain mixed-use development on the city’s north side. Amenities include an onsite bar and restaurant called Water Trough, 1,933 square feet of meeting space, 3,341 square feet of outdoor event space, a fitness center, pool and 154 parking spaces. An undisclosed Wall Street lender provided the loan, which was structured with a 3.49 percent interest rate. The loan features interest-only payments for the entire 10-year term. The borrower and loan amount were not disclosed.
ARLINGTON, TEXAS — Senior Living Investment Brokerage (SLIB) has negotiated the $12.5 million sale of Greenfield Residences of Arlington, a 178-unit independent living community located in the center of the Dallas-Fort Worth metroplex. The property was built on 5.8 acres in 2002 and features 24 studio units, 130 one-bedrooms residences and 24 two-bedroom units. A publicly traded investor sold the property to a locally based owner-operator that will implement a value-add program. Matthew Alley and Patrick Burke of SLIB handled the transaction.
LEWISVILLE, TEXAS — Locally based firm Bright Realty has received approval from the City of Lewisville to move forward with the development of Crown Centre, a 140-acre mixed-use project that will be located along State Highway 121 on the northern outskirts of Dallas. The site is approved for up to 2,000 multifamily units, 3 million square feet of office space, 500 hotel rooms and covered parking, as well as 140,000 square feet of retail and open green space. The development will also feature three open spaces with lakes and trails that will connect the buildings, as well as outdoor event space. Construction of a 109,000-square-foot office building is underway at the site and is expected to be complete later this year.
