SAN ANTONIO — Chicago-based NXT Capital has provided a $30 million acquisition loan for an undisclosed, Class B apartment community in San Antonio. The 300-unit property is located roughly 10 miles north of downtown San Antonio and features amenities such as a resident clubhouse, business center, fitness center and two pools. Tip Strickland, David Schwarz and Kevin Amend of Newmark Knight Frank placed the debt with NXT Capital on behalf of the undisclosed borrower.
HOUSTON — Locally based investment firm The Richland Cos. has acquired Corporate Centre Webster, a 49,793-square-foot office park located at 16969 Texas Ave. in Houston. The property was 84 percent leased at the time of sale and offers proximity to Clear Lake Medical Center, Johnson Space Center and Baybrook Mall. The seller was not disclosed.
LAKE JACKSON, TEXAS — Marcus & Millichap has arranged the sale of The Springs at Lake Jackson, a 153-unit apartment community in Lake Jackson, located south of Houston. Christian Mazzini and Jeffrey Fript of Marcus & Millichap represented the buyer, a limited liability company, in the off-market transaction. Additional terms of sale were not disclosed.
Technology and data are here to make things easier, faster and more accurate than ever before. However, some industries have lagged behind. This inspired Walker & Dunlop and its data science partner, GeoPhy, to fulfill a need in the market related to multifamily valuation. “We built Apprise because we saw a significant opportunity to improve a critical part of the underwriting and valuation process that has largely gone unchanged for decades,” says Brad Savage, Chief Product Officer for Apprise by Walker & Dunlop. “It is the natural and needed progression of any industry to harness the power of technology to make its practitioners more efficient and more informed. This is something we’re seeing in nearly all industries, except commercial real estate valuation…until now.” Apprise by Walker & Dunlop integrates data feeds and business processes that cover 80 percent of the steps in the traditional appraisal process. This can often result in appraisals in five days or less, compared to up to three weeks for traditional reports. The process is powered by GeoPhy’s Automated Valuation Model (AVM), which automates data feeds and can pre-populate relevant fields, preventing errors or duplicate entries that can happen with manual submissions. Selection bias is also reduced with the …
It’s no secret America is in a housing crisis, but the problem is easier to identify than it is to tackle. David Leopold, senior vice president and head of affordable housing for Berkadia, believes it can be tackled, however, if the industry’s best and brightest can collaborate on a nationwide strategy. Finance Insight (FI): What is your view on the affordable housing market? Leopold: It’s an exciting time in the affordable housing market. There’s massive demand for affordable housing nationwide, which means new opportunities for innovation and new needs to be fulfilled. There’s also a real sense of urgency and commitment galvanizing players across the industry to pursue innovative solutions that will result in decent, affordable and safe housing in every single community across the country. This extends to developers, lawmakers, real estate professionals and beyond. It’s a tall order, but this work is essential to the well-being of our communities. FI: Speaking of tall orders, what are some of the challenges facing the affordable housing industry? Leopold: Rent control is certainly a hot topic and will remain one in the year ahead. Last year was a significant chapter in the rent control debate, with comprehensive statewide reform enacted in …
DALLAS — Amazon has signed a 419,626-square-foot, 10-year industrial lease at Eastpoint Distribution Center, located at 8901 Forney Road in east Dallas. Freight company Shippers most recently occupied the rail-served property, which also offers proximity to Interstates 30 and 635. Matt Dornak and Ryan Wolcott of Stream Realty Partners represented the landlord, Dalfen Industrial, in the lease negotiations. Ryan Keiser and Dan Mulford of CBRE represented Amazon. The Seattle-based e-commerce giant will utilize an onsite 12-acre parcel for van, truck and car parking, according to Dalfen Industrial.
AUSTIN, TEXAS — Drawbridge Realty, a California-based investment and development firm, is underway on construction of Phase II of Uplands Corporate Center, an office project in southwest Austin. Phase I of the project delivered a 167,369-square-foot building that is now fully leased. Phase II, completion of which is slated for the fourth quarter, will deliver a three-story, 124,405-square-foot building and expand the existing parking garage that serves the Class A campus. CBRE handles leasing of the property.
IRVING, TEXAS — Draper & Kramer Inc. has purchased Crest at Las Colinas, a 374-unit apartment community in Irving. The property was built in 2017 and was 95 percent occupied at the time of sale. Units range in size from 600 to 1,500 square feet and feature hardwood-style plank flooring, espresso-stained kitchen cabinetry, granite countertops and stainless steel appliances. Amenities include a resident lounge, flexible workspaces, fitness center, pool and a coffee bar. Draper & Kramer acquired the asset from an undisclosed seller via a 1031 exchange.
LUBBOCK, TEXAS — EXP Realty Advisors, a boutique investment sales firm focused on retail assets, has brokered the sale of The HUB, a 50,196-square-foot shopping center in Lubbock. Situated on 5.5 acres, the center houses tenants such as Tea2Go, Cyclebar and Urban Brick’s Pizza. Andrew Greenberg of EXP Realty Advisors represented the buyer, a 1031 exchange investor, in the transaction. Coldwell Banker represented the seller, a California-based investor. Both parties requested anonymity.
HOUSTON — Berkadia has arranged the sale of Magnolia Grove, a 268-unit apartment community in Houston’s Southbelt/Ellington neighborhood. Built in 1984, the property features one- and two-bedroom units and amenities such as a pool, fitness center, resident clubhouse and outdoor grilling area. Ryan Epstein, Jennifer Ray and Scott Bray of Berkadia represented the seller, Dallas-based Lantower Residential, in the transaction. John Koeijmans and Austin Blankenship of Berkadia arranged a 10-year, floating-rate acquisition loan through Freddie Mac on behalf of the Dallas-based buyer.
