SAN ANTONIO — Hunt Real Estate Capital has provided a $45 million bridge loan for the refinancing of a portfolio of 645 multifamily units in San Antonio and nearby Universal City. The sponsor was LYND Co., a locally based investment and development firm. The portfolio includes the 224-unit Auburn Creek in San Antonio; the 205-unit Fairways 5 in San Antonio; and the 216-unit Meadows Apartments in Universal City, all of which were built in the mid-1970s. LYND will use a portion of the proceeds to renovate the properties and upgrade countertops, backsplashes, cabinetry, plumbing fixtures, flooring and appliance packages.
HOUSTON — LandPark Advisors LLC has brokered the sale of a 68,000-square-foot office building located at 397 N. Sam Houston Parkway in Houston. The building is situated on three acres near Beltway 8, Interstate 45 and George Bush Intercontinental Airport and includes a three-story parking deck. Will McGrath and Ryan Burnaman of LandPark Advisors represented the seller, JLC Omni LLC, in the transaction. Other terms of sale were not disclosed.
AUSTIN, TEXAS — A joint venture between global private investment manager Partners Group and Florida-based Accesso has sold Riata Corporate Park, a 688,100-square-foot office campus in Austin. The joint venture acquired the property, which was developed by CarrAmerica between 1998 and 2000, in 2015. The ownership also implemented a value-add program that increased the occupancy rate from 85 to 99 percent. Riata’s amenities include a fitness center, basketball court and an outdoor courtyard with food trucks. The buyer and sales price were not disclosed.
AUSTIN, TEXAS — Multifamily finance firm Walker & Dunlop has announced the formation of a new investment sales team in Austin, which represents the company’s first office in the state capital. Managing directors Matt Pohl and Forrest Bass and vice president Spencer Roy, all of whom previously worked at HFF prior to its acquisition by JLL, will lead the team in the sourcing and execution of multifamily deals. The team will focus on Texas and markets in the Southeastern United States. The office is located at 501 Congress Ave and is open for business.
SAN ANTONIO — Newmark Knight Frank (NFK) has negotiated the sale of Rivera, a 302-unit apartment community located along San Antonio’s Broadway Corridor between downtown and the Pearl District. Built in 2017, the property features a pool, fitness center, rooftop lounge, business center, a dog park and ground-floor retail space. Patton Jones and Matt Michelson of NKF represented the seller, Austin-based Cypress Real Estate Advisors. The buyer was Houston-based investment and management firm Barvin.
NASSAU BAY, TEXAS — Birmingham, Ala.-based Hoar Construction has broken ground on Houston Methodist Clear Lake Medical Office Building, a 158,000-square-foot project that represents the first phase of the hospital’s master-planned site in Nassau Bay, located southeast of Houston. The six-story building will house orthopedics and sports medicine practices with two floors devoted to physical therapy and a sports medicine gym and clinic. Completion is scheduled for the first quarter of 2021. Houston Methodist current operates a major facility at Texas Medical Center in addition to six community hospitals throughout the greater Houston area.
KYLE, TEXAS — Marcus & Millichap has arranged the sale of Kyle Parkway Self Storage & Mini Offices, a 305-unit facility that spans 41,283 net rentable square feet and is located in the Central Texas city of Kyle. The property also includes seven mini-office spaces. The self-storage component consists of 138 climate-controlled units and 167 non-climate-controlled units. Jon Danklefs of Marcus & Millichap handled the transaction on behalf of the undisclosed seller. The buyer was Dallas-based Montfort Capital Partners.
Innovative new retail experiences are appearing across the United States, and Texas is no exception. We started with food halls and experiential outings like escape rooms and now see even more creativity, from axe-throwing bars and esports arenas to Instagram-worthy art installations like Candytopia and experience-driven restaurants and bars like Pinewood Social. Throughout the country, there is a preferential trend toward experiential retail — businesses that provide consumers with unique, unforgettable encounters — and it’s simply a response to changing consumer tastes. Typically, a shopper visits a particular store for one of three reasons: convenience, value or experience. Today, we enjoy greater shopping convenience than ever before. In many areas of the country, we can get nearly everything we need from internet retailers, often with same-day or two-day shipping. According to PwC’s Global Consumer Insights Survey 2018, 41 percent of consumers are willing to pay extra in order to get same-day delivery, while 23 percent are willing to pay for delivery within three hours. Meanwhile, companies that provide exceptional value are showing growth compared to their peers. For example, the parent company of T.J. Maxx and Marshall’s showed steady positive increases in annual sales growth from 6 percent in 2015 …
IRVING, TEXAS — Greystone has purchased C-III Asset Management (C3AM), an Irving-based special servicer, as well as the firm’s $20.7 billion portfolio. C3AM offers fund management, principal investment, mortgage origination, loan servicing, investment sales, property management and brokerage services for its U.S. clients, according to Bloomberg. These clients include third-party portfolio owners, CMBS trusts, CDOs (collateralized debt obligation) and government agencies. The company was previously a wholly owned subsidiary of New York-based C-III Capital Partners LLC. Paul Smyth will lead Greystone’s newly created special servicing group. Smyth, who recently joined Greystone, was the former president of C3AM before taking an executive role at Credit Suisse in New York for the past several years. New York-based Greystone is a real estate lender, investor and advisor in the multifamily and healthcare real estate sectors. The company offers agency, CMBS, HUD, bridge and proprietary financing through its platforms such as Greystone Servicing Co., Greystone Funding Co. and other affiliates.
SAN ANTONIO — Casoro Group, an Austin-based investment firm formerly known as The PPA Group, has purchased The Jax in San Antonio. The recently upgraded, 322-unit apartment community is located at 12222 Vance Jackson Road on the city’s northwest side. The purchase price was not disclosed, but Austin Business Journal reports the property traded for $90 million. Mark Brandenburg of JLL arranged a $35.5 million acquisition loan on behalf of Casoro. Nexbank provided the five-year, floating-rate loan. Units at The Jax feature a mix of one-, two- and three-bedroom floor plans ranging from 692 to 1,545 square feet. Community amenities include a swimming pool, courtyards with barbecue grills, children’s play area, 24-hour fitness center, clubhouse and a business center. CLEAR Property Management, an affiliate of Casoro, manages The Jax. The seller was not disclosed.