SUGAR LAND, TEXAS — California-based direct lender Money360 has closed a $16 million bridge loan for the refinancing of an undisclosed office building in Sugar Land, a southwestern suburb of Houston. The nonrecourse loan was structured with a floating interest rate, three-year term and a 75 percent loan-to-value ratio. The borrower was also not disclosed.
Gregg Gerken, head of U.S. Commercial Real Estate at TD Bank, appreciates what millennials have done for the nation’s multifamily market. Factors contributing to multifamily’s success in recent years include millennials’ desire to live close to where they work and play, their tendency to delay marriage and kids and their social preferences that often involve roommates or the sharing economy. However, millennials are growing up — and many are aging out of the rental market. For many, those delayed life milestones are upon them. Other generations are waiting in the wings, but will they be enough to sustain the current level of multifamily supply and demand? Gerken tackles all of this and more in the Q&A below. Finance Insight (FI): Multifamily has been a strong performer for a while now. Do you expect this to continue in 2020 and beyond, particularly as millennials start to enter their traditional marrying and childbearing years? Gerken: For 2020, multifamily will continue to be a strong performer. When you look at the long-term demographic trends, however, this activity will trail off a bit as the millennial generation starts to age out of the key renter cohort, which is between the ages of 25 and …
BOERNE, TEXAS — Berkadia has brokered the sale of Vantage at Boerne, a 288-unit apartment community located on the northwestern outskirts of San Antonio in Boerne. The property features one-, two- and three-bedroom units with individual washers and dryers and digital thermostats. Amenities include a fitness center, pool, business center, clubhouse, a pet park and outdoor grilling stations. Michael Miller, Will Caruth and Cody Courtney of Berkadia represented the seller, Texas-based American Opportunity for Housing. The buyer was not disclosed.
AUSTIN, TEXAS — JRK Property Holdings, a Los Angeles-based investment firm, has purchased a portfolio of five Marriott-branded hotels in Austin for $65 million in an all-cash deal. The 602-room portfolio includes hotels under the Courtyard by Marriott, Residence Inn, SpringHill Suites and Fairfield Inn & Suites brands. JRK plans to invest more than $40,000 per room in capital upgrades to the hotels, which originally opened between 1996 and 2001. JLL represented the seller, Maryland-based hospitality REIT RLJ Lodging Trust, in the transaction.
DALLAS — Weitzman has arranged the sale of Lake Highlands Village, a 100,000-square-foot retail and office property located at 9090 Skillman St. in Dallas. Shadow-anchored by a Tom Thumb grocery story, the property’s tenant roster includes The UPS store as well as several restaurant, service and medical users. Derek Schuster and Kevin Butkus of Weitzman represented the seller in the transaction. The buyer was Dallas-based JAH Realty LP, which plans to renovate the 50,000-square-foot retail building and upgrade the office component.
PORTLAND, TEXAS — Houston-based investment firm McLeod Sears has begun construction on a seven-acre retail redevelopment project in Portland, a city in South Texas near Corpus Christi. The project will convert a site that previously housed an 82,939-square-foot Kmart into a 25,200-square-foot high-end shopping center that will also feature a number of restaurant and retail pad sites, one of which has been leased Chick-fil-A. McLeod Sears expects to complete the project by summer 2021.
HOUSTON — NAI Partners has negotiated a 9,703-square-foot office lease renewal for P.O.& G. Resources, a privately held oil and gas company, at 5847 San Felipe St. in Houston’s Galleria submarket. Dan Boyles and Michael Mannella of NAI Partners represented the tenant in the lease negotiations. Rima Soroka and Eric Siegrist represented the landlord, Parkway, on an internal basis.
GRAPEVINE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of The Asher, a 450-unit apartment community in the Fort Worth suburb of Grapevine. The property was built on 19 acres in 2019 and features studio, one-, two- and three-bedroom units. Amenities include a pool, fitness center, business center, resident lounge with a coffee bar, children’s play room, conference room, two dog parks and a demonstration kitchen. Will Balthrope, Drew Kile, Joey Tumminello and Grant Raymond of IPA handled the transaction. The seller and buyer were not disclosed, but the property page indicates that the community has been rebranded as Bexley Grapevine, a brand of Virginia-based Weinstein Properties.
HOUSTON — Lee & Associates has arranged the sale of Sterling Plaza, a 102,292-square-foot office building located at 10101 Southwest Freeway in Houston. The Class B property was built in 1982 and renovated in 2001. Robert LaCoure and Ryan Young of Lee & Associates represented the buyer, Tristar Alliance Properties, which plans to upgrade the lobby, roof and HVAC systems, in the transaction. Patrick O’Connell of O’Connell Realty represented the seller, Mykawa Hso LP.
DALLAS — MRT Avenido LLC has acquired Avenida Crossing, a 464-unit apartment community in Dallas. The property features newly renovated one- and two-bedroom units with fully equipped kitchens and amenities such as two pools and a playground. Dougherty Mortgage LLC arranged an undisclosed amount of acquisition financing for the buyer. The loan was secured through a partnership with Old Capital Lending and was structured with a 12-year term and a 30-year amortization schedule.