TEMPLE, TEXAS — A limited liability company has acquired Magnolia Greens Apartment Homes, a 116-unit multifamily asset located in the Central Texas city of Temple. The property was built in 1974 and features a pool, fitness center, playground, clubhouse, volleyball court and onsite laundry facilities. Dougherty Mortgage LLC arranged a $5 million Fannie Mae loan for the acquisition through a partnership with Old Capital Lending.
Throughout the first half of 2018, when oil prices appeared to be on a steady upward trajectory, Midland, Texas, saw a number of energy firms up their stakes in the city’s office market. Major names such as Chevron, Anadarko, Apache and Natural Gas Services Group announced build-to-suit office projects in Midland during this time, adding a significant amount of supply to this 6 million-square-foot market. In addition, strong leasing activity by an array of energy firms looking to bolster their operations in the Permian Basin helped the market’s occupancy rate rise to about 92 percent. This growth in occupancy was anchored by a low unemployment rate and accompanied by positive rent growth. Now, however, with oil prices down from their 2018 highs (West Texas intermediate traded at $56.11 per barrel at the time of this writing), there is more uncertainty in the Midland office market. While the office occupancy rate has held steady and rents have even grown slightly during the last year, currently clocking in at about $23 per square foot, Midland could see a significant amount of supply of office space returned to the market over the next six to 12 months. Examples in Action Chevron, which earlier …
HOUSTON — A joint venture between multifamily investment firm Fogelman Partners and New York-based DRA Advisors has acquired Retreat at Steeplechase, a 390-unit multifamily community in Houston. Built in 1998 on the city’s northwest side, the property offers one-, two- and three-bedroom units and amenities such as a pool and a clubhouse. The new ownership will implement a value-add program to the unit interiors, exteriors and amenity spaces of the property, which was 94 percent occupied at the time of sale.
HOUSTON — EastGroup Properties has broken ground on Northwest Crossing, a 278,000-square-foot industrial project in located near the Interstate 290 and State Highway 6 interchange in northwest Houston. The project will deliver a three-building, Class A complex that will offer both multi- and single-tenant spaces for office/warehouse, light manufacturing, research & development and assembly users. Building features will include 24- to 32-foot clear heights and 20-by-20 overhead doors. JLL will handle leasing of the facility, completion of which is slated for the second quarter of 2020.
ALVIN, TEXAS — Marcus & Millichap has arranged the sale of Oaks at Mustang, a 125-unit multifamily asset in Alvin, located south of Houston. Jeffrey Fript and Christian Mazzini of Marcus & Millichap represented the buyer, a limited liability company, in the off-market transaction. Other terms of sale were not disclosed.
DALLAS — Ready Capital has provided a $12.5 million bridge loan for the acquisition, renovation and stabilization of a 144-unit multifamily property located in the Lake Highland submarket of Dallas. Upon acquisition, the sponsor will implement a capital improvement plan and renovate existing units to maximize net operating income and increase property value. Ready Capital closed the non-recourse, fixed-rate loan, which featured a 60-month term, declining prepayment and a facility to provide future funding for the capital expenditures.
HOUSTON — Lee & Associates has negotiated a 72,319-square-foot industrial lease at 1903 Tellepsen Drive in Houston. Reed Vestal and Taylor Schmidt of Lee & Associates represented the tenant, PSC Industries Inc., in the lease negotiations. Dayne Wunderlich, Steve Hazel and Ryley Caton of Insite Realty represented the landlord, Billingsley Co.
DALLAS — When it comes to attracting the attention of students — and, more specifically, Generation Z — maintaining a positive and unique social media and digital marketing presence is critical. Most owners and operators of student housing today are pushing marketing dollars toward creating a digital brand in hopes of attracting a greater number of lease conversions. As an owner or operator, how do you allocate the right amount of funding to this segment of the business? And how do you know if it’s actually working? A panel of owners, operators and digital marketing strategists weighed in on this topic during the session, “How to Convince Owners/Operators to Allocate Budget to Social Media and Digital Marketing & How to Report and Validate Results and Maximize Conversions,” at the second annual LeaseCon: A Social Media, Digital & Traditional Marketing Boot Camp, held at The Westin Galleria in Dallas in September. Achieving optimal digital marketing results begins with transparent data on what works, and what doesn’t. “It’s really important to choose a digital marketing partner that is going to be as transparent as possible,” says Brian Garrigan, head of sales for the central U.S. at Simpli.fi. “A lot of organizations will …
HOUSTON — JLL has arranged the majority-interest sale of CityCentre Five, a 200,000-square-foot office building in Houston. The Class A, 15-story property is one of five office buildings in the CityCentre portfolio and was more than 95 percent leased at the time of sale. On behalf of a client, Lionstone Investments purchased the stake, the exact percentage of which was not disclosed, from Midway Cos. Kevin McConn, Rudy Hubbard, Rick Goings and Michael Zietsman of JLL represented Midway in the transaction.
HOUSTON — A joint venture between TriArc Real Estate Partners and Zeus Equity Group has acquired the Candlelight Portfolio, a 220-unit multifamily portfolio located in the Garden Oaks submarket of Houston. The portfolio consists of three properties on a combined 5.6 acres, all of which were built in the early 1970s. The new ownership will implement an $8 million capital improvement plan. The seller and property names were not disclosed.