AUSTIN, TEXAS — Muskin Commercial LLC has arranged the sale of Palo Santo Apartments, a 72-unit community located in north central Austin. Units at the property feature hardwood-style flooring and upgraded appliances, and amenities include a pool and onsite laundry facilities. Muskin Commercial represented the seller, AL Rundberg Apartments LLC, in the transaction. James Young of Newmark Knight Frank represented the buyer, 1809 West Rundberg Lane LP.
Tony Schmitz, vice president and senior project manager at Dallas-based Hoefer Wysocki, has been leading the architecture and design firm’s sustainability initiatives across all sectors. With an academic foundation in environmental design, Schmitz has most recently taken his green building and design expertise to Collin College, in McKinney, Texas. Sustainability features of the up-and-coming campus include improvements in the areas of water conservation, design strategies and efficient technologies. At Collin College, Schmitz has made strides in the area of resource use reduction, primarily for water. As our most precious natural resource, water usage has recently come under scrutiny in the city of Dallas, where the city council unanimously passed the 2019 Water Conservation Plan. All of Schmitz’s projects have achieved or surpassed their goal of 40 percent water reduction for the last five years. This figure has become a standard for Schmitz, with a goal to increase to 50 percent water reduction and 100 percent for non-potable water reduction. Schmitz, spoke to Texas Real Estate Business about the process of integrating sustainability into all facets of the building industry, as well as the larger role design plays in the construction of highly adaptable and efficient facilities. His edited responses are …
GARLAND, TEXAS — CBRE has arranged the sale of Creekside on the Green, a 296-unit apartment community in Garland, a northeastern suburb of Dallas. Texas-based RS Creekside LLC sold the asset to Roseview Winn Acquisition LLC for an undisclosed price. Chris Deuillet, Chandler Sims and Danny Baker of CBRE arranged the transaction on behalf of the seller. Since 2016, Creekside on the Green has received more than $1 million in capital improvements, including full upgrades to approximately one-third of the units and improvements to the leasing office, fitness center and pool area.
ADDISON, TEXAS — Northwood Retail will reposition Prestonwood Place, a 133,000-square-foot retail center located at the corner of Beltline and Montfort streets in Addison, a northern suburb of Dallas. The project will convert part of the center into 50,000 square feet of office space, upgrade building façades and add a 15,000-square-foot park. Additional improvements will include reconfigured parking lots, new pedestrian walkways and refreshed landscaping. Construction will occur in four phases, with the overall completion slated for early 2021. Northwood Retail is based in Dallas and is an affiliate of Northwood Investors, a privately held investment firm that was founded in 2006 by former Blackstone executive John Kukral.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of The Monterrey, a 105-unit apartment community in Fort Worth. The property was built in 1968 and is located on the city’s southwest side. Al Silva of Marcus & Millichap represented the seller, locally based investment firm Napali Capital, in the transaction. Silva and Dan Mullen, also with Marcus & Millichap, procured the buyer, a Dallas-based limited liability company. The asset drew 13 offers during a four-week marketing period.
HOUSTON — CommonGrounds Workplace, a San Diego-based provider of coworking and flexible office space, has opened a 27,747-square-foot space at Houston’s Greenway Plaza. The company’s location at the 52-acre office campus is its second in Texas. The space serves up to 458 members and features private offices and team rooms, dedicated gathering spaces, wellness rooms, video-enabled conference rooms and phone booths. Ziegler Cooper Architects designed the space, and Arch-Con handled the build-out. Parkway Properties owns Greenway Plaza
HOOKS, TEXAS — Loc Performance Products Inc., a Michigan-based manufacturer that services military and commercial firms, has signed an industrial lease expansion in Hooks, located near Texarkana. The company will now occupy 22,150 square feet at TexAmericas Center, which owns and operates 3 million square feet of commercial and industrial space near the Texas-Arkansas border. Loc Performance will take occupancy of the space on Friday, Feb. 1. The move is expected to bring 20 new jobs to the trade area.
FRISCO, TEXAS — Bell Partners Inc., a North Carolina-based multifamily investment firm, has acquired The Emerson and Emerson Court, two adjacent communities in Frisco totaling 410 and 312 units, respectively. Both properties offer a resort-style pool with grilling stations and cabanas, indoor and outdoor gaming lounges and a fitness center. Bell Partners will merge the two properties, both of which were built within the last five years, into a single community that will be rebranded as Bell Frisco Market.
FRISCO, TEXAS — VanTrust Real Estate will develop The Offices Three at Frisco Station, a 210,000-square-foot office building located within the 242-acre Frisco Station mixed-use development north of Dallas. Construction of the six-story, speculative building will begin this week and is expected to be complete in 2021. Amenities will include structured parking, a fitness center, conference center and a tenant lounge. VanTrust previously developed Offices One at Frisco Station, which is 98 percent leased, and has completed shell construction of Offices Two at Frisco Station, which is 35 percent preleased. HKS Inc. is the project architect, and Manhattan Construction is the general contractor. Cushman & Wakefield will handle leasing.
BEDFORD, TEXAS — Denver-based investment firm PaulsCorp LLC has purchased The Morgan, a 464-unit multifamily community in Bedford, a northeastern suburb of Fort Worth. The seller, a partnership between Transwestern Investment Group and S2 Capital LLC, acquired the property in 2018 and upgraded roughly half the units with stainless steel appliances, quartz countertops and custom cabinetry. The partnership also upgraded the clubhouse, leasing office and fitness center. The Morgan was 91 percent occupied at the time of sale.