Texas

JPI Secures Construction Financing for 430-Unit Jefferson Central Apartments in Uptown Dallas

by Taylor Williams December 13, 2019

DALLAS — Locally based multifamily developer JPI has secured an undisclosed amount of construction financing for Jefferson Central, a 430-unit community in the Uptown neighborhood of Dallas. Scheduled to open in fall 2021, the property’s units will feature a minimum of 10-foot ceilings in every unit, island kitchens and hardwood-style flooring. Amenities will include a pool, fitness center with spin and yoga studios, business center, demonstration kitchen, a pet park with grooming station and a 1,675-square-foot lounge with views of downtown Dallas. BB&T served as the senior lender on the construction loan, specific terms of which were not disclosed.

December 13, 2019

Development Multifamily Texas

Leasing Underway at Alliance Residential’s 375-Unit Apartment Community in Houston

by Taylor Williams December 13, 2019

HOUSTON — Leasing activity is underway at Broadstone Summer Street, a 375-unit apartment community by Alliance Residential that is located in the Washington Arts District of Houston. The property offers one- and two-bedroom units averaging 793 square feet and featuring stainless steel appliances, quartz countertops and wood-plank flooring. Amenities include a pool, outdoor kitchen, gaming area and theater screening room. The property also offers 536 parking spaces.

December 13, 2019

Acquisitions Industrial Texas

Stan Johnson Co. Brokers Sale of 60,000 SF Industrial Facility in Austin

by Taylor Williams December 13, 2019

AUSTIN, TEXAS — Stan Johnson Co. has brokered the sale of a 60,000-square-foot industrial facility in Austin. The single-tenant facility is leased to ABC Supply Co., a distributor of building exteriors. Colin Couch and Jason Powell of Stan Johnson Co. represented the seller, a California-based private investor, in the transaction. A private investor based in Alaska purchased the asset at a cap rate of approximately 5.5 percent.

December 13, 2019

Acquisitions Healthcare Texas

JLL Negotiates Sale of Two Healthcare Facilities Totaling 35,000 SF in Central Texas

by Taylor Williams December 13, 2019

ROUND ROCK AND SAN ANTONIO — JLL has negotiated the sale of two healthcare facilities totaling 35,000 square feet in Round Rock, a northern suburb of Austin, and San Antonio. The properties serve as post-acute neuro-rehabilitation facilities for patients with brain and spinal cord injuries. Rick Goings and Kevin McConn of JLL represented the seller, an affiliate of Houston-based Simpkins Group, in the transaction. The buyer was an affiliate of Virginia-based Capital Square 1031.

December 13, 2019

Loans Multifamily Texas

Trevian Capital Provides $7.5M Acquisition Loan for Two Apartment Properties in Lubbock

by Taylor Williams December 13, 2019

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.

December 13, 2019

Market Reports Multifamily Texas Texas Market Reports

Dallas, Fort Worth Multifamily Markets Continue to Capitalize on New Development

by Taylor Williams December 13, 2019

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 …

December 13, 2019

Acquisitions Office Texas

Skanska Divests Majority Interest in Downtown Houston’s Bank of America Tower for $373M

by Taylor Williams December 12, 2019

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.

December 12, 2019

Acquisitions Office Texas

JLL Negotiates Sale of 155,047 SF Office Building in Houston’s Energy Corridor

by Taylor Williams December 12, 2019

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.

December 12, 2019

Development Office Texas

Zydeco Completes Two Office Buildings Totaling 140,000 SF at Austin’s MetCenter

by Taylor Williams December 12, 2019

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.

December 12, 2019

Development Multifamily Texas

Stillwater Capital Underway on Phase I of 750-Unit Apartment Project in Austin

by Taylor Williams December 12, 2019

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.

December 12, 2019

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