LUBBOCK, TEXAS — New York-based Trevian Capital has provided a $7.5 million bridge loan for the acquisition of two apartment communities totaling 173 units in the West Texas city of Lubbock. A portion of the proceeds will be used to fund capital improvements at both properties. The borrower was a partnership between three undisclosed investors. The sellers and property names were also undisclosed.
Known for both its big-city excitement and suburban living options, the Dallas-Fort Worth (DFW) metroplex is now the fourth-largest metropolitan area in the country with 7.5 million residents. At this rate of growth, DFW is poised to surpass Chicago as the third-most populous metroplex in the country within the next two decades. Although DFW is commonly recognized as a shared marketplace, it’s important to understand that Dallas and Fort Worth are two separate cities with separate real estate markets. Fort Worth’s downtown area and Western charm have attracted a total population of about 880,000 compared to Dallas’ international and metropolitan mecca of roughly 1.34 million, according to U.S. Census Bureau. As Dallas and Fort Worth continue to provide a record number of jobs to accommodate this growth, multifamily development is keeping pace. In the past year, 81 multifamily developments with 23,916 units opened in DFW, of which the market absorbed 20,456 units in that same period, reaching an occupancy rate of 91.8 percent. The strong job market and affordable cost of living throughout the metroplex continue to have a positive impact on multifamily development and construction, bringing a plethora of new players to the space. However, we continue to see …
HOUSTON — Sweden-based international developer Skanska has divested its 90 percent interest in Bank of America Tower, a 780,000-square-foot office building in downtown Houston, for $373 million. Construction of Bank of America Tower, which houses tenants such as Bank of America, Waste Management, Winston & Strawn LP, Quantum Energy Partners and Skanska, began in 2017 and was completed earlier this year. The property features an open-air community hub that includes a full-service restaurant and a culinary market with seven chef-driven concepts and a cocktail bar. Skanska sold its majority interest to an affiliate of Boston-based Beacon Capital Partners. Eastdil secured arranged a $240 million acquisition loan through PGIM Real Estate Finance for the transaction.
HOUSTON — JLL has negotiated the sale of 1311 Broadfield Boulevard, a 155,047-square-foot office building located in the Energy Corridor area of Houston. Built in 2000, the Class A building is situated on 3.9 acres within the Park 10 Regional Business Center and was 66 percent leased at the time of sale. Kevin McConn, Rudy Hubbard and Rick Goings of JLL represented the seller in the transaction and procured the buyer, an affiliate of Houston-based Rycore Capital LP. Matt Kafka, Cameron Cureton and Michael Johnson of JLL arranged a three-year, floating-rate acquisition loan for the buyer through Boston-based Crossharbor Capital Partners.
AUSTIN, TEXAS — Locally based Zydeco Development has completed two office buildings totaling 140,000 square feet at MetCenter, the developer’s 550-acre business park in Austin. The campus offers outdoor amenities like food trucks with seating areas, ping pong tables, basketball and tennis courts, hiking and biking trails and a disc golf course. Office users at MetCenter include Arrive Logistics, PHRG, Ascension and Kapsch. JLL handles leasing of the property.
AUSTIN, TEXAS — Dallas-based Stillwater Capital is underway on construction of Phase I of a 750-unit apartment project in Austin. The development will feature a mix of studio, one- and two-bedroom units averaging 830 square feet. Amenities will include a pool, fitness center, outdoor grilling area, resident lounges and a clubhouse. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia secured an overseas institutional family office as Stillwater Capital’s joint venture equity partner for the project.
ARLINGTON, TEXAS — Hunt Real Estate Capital has provided a $12 million Fannie Mae acquisition loan for Cedar Ridge, a 124-unit multifamily asset in Arlington. The property was built in 1980 on 7.8 acres and consists of 31 two-story buildings. The loan carries a 12-year term and two years of interest-only payments. The borrower and previous owner were not disclosed.
FRISCO, TEXAS — Developers Novare Group and Batson-Cook have opened SkyHouse Frisco Station, a 332-unit apartment community located within the 242-acre Frisco Station mixed-use development on the northern outskirts of Dallas. The property features a 25th-story amenity deck with a pool, outdoor kitchen, lounge seating and TVs. Additional amenities include a 24-hour fitness center, business center with a coffee bar and a conference room.
SAN ANTONIO — Locally based developer Koontz Corp. has sold Savannah Oaks Luxury Apartment Homes, a 332-unit multifamily property in San Antonio. Completed by Koontz in 2016, the property features one- and two-bedroom units that are equipped with hardwood-style flooring, granite countertops, stainless steel appliances, individual washers and dryers and private patios and garages. Amenities include a pool with a tanning ledge and outdoor kitchen, fitness center and a clubhouse. The buyer was Chicago-based Sherman Residential. Will Balthrope, Drew Garza and Jordan Featherston represented the seller and procured the buyer in the transaction.
RICHARDSON, TEXAS — Pavilion Properties, a holding company owned by Methodist Health System of Dallas, has acquired a 120,000-square-foot medical office building located at 3001 President George Bush Tollway in Richardson, a northeastern suburb of Dallas. Citadel Partners brokered the sale of the two-story building between Pavilion Properties and seller Pillar Commercial. The sales price was not disclosed.