CLEVELAND, TEXAS — Locally based brokerage firm Oxford Partners has negotiated the sale of a 16,000-square-foot industrial building located at 2024 County Road 388 in Cleveland, about 45 miles northeast of Houston. Matt Rogers of Oxford Partners represented the seller, BE Plastics Inc. in the transaction. Tim Larson of KW Commercial represented the undisclosed buyer.
DALLAS — General contractor Michael Walker Construction has completed the multimillion-dollar renovation of 2515 McKinney Avenue, an 18-story, 178,970-square-foot office building in Uptown Dallas. The project delivered a full facelift of the lobby and added new tenant amenities, including a fitness center, conference center, outdoor patio areas and expanded food-and-beverage options. Entos Design served as the project architect. Stream Realty Partners leases the building, which is owned by institutional investors advised by J.P. Morgan Global Alternatives.
TEXAS — Sherman & Roylance has arranged the sale of a 104-bed skilled nursing facility in Texas. A physician owner sold the asset to a California-based buyer for $8.1 million. The facility was built in 2018 and features 94 Medicare and 10 Medicaid beds. The name of the property, buyer and seller were not disclosed. Sherman & Roylance also arranged acquisition financing for the deal.
CLEBURNE, TEXAS — Marcus & Millichap has brokered the sale of Hidden Oaks Mobile Home Park, a 40-site manufactured housing property in Cleburne, a southern suburb of Fort Worth. Skyler Henderson, Brad Dorsey, Edgar Martinez and Blake Eisenberg of Marcus & Millichap brokered the deal. The names of the seller and Texas-based buyer were not disclosed.
BRENHAM, TEXAS — Locally based brokerage firm Cypressbrook Co. has negotiated a 12,000-square-foot industrial lease at 3265 U.S. Highway 290 in Brenham, about 75 miles northwest of Houston. George Montes of Cypressbrook represented the tenant, construction equipment dealer Berry Cos., in the lease negotiations. Lindi Braddock of Coldwell Banker Properties Unlimited represented the undisclosed landlord.
ARLINGTON, TEXAS — PDMS Design Group Inc. has signed an 8,653-square-foot office lease renewal at Arlington Downs Tower. According to LoopNet Inc., the building totals 87,411 square feet and was constructed in 1974. Erik Blais and Richmond Collinsworth of Bradford Commercial Real Estate Services represented the landlord in the lease negotiations on an internal basis. The tenant representative was not disclosed.
Affordable HousingContent PartnerFeaturesLoansLumentMidwestMultifamilyNortheastSoutheastTexasWestern
Agency Initiatives Entice Traditional Multifamily Owners, Investors to Workforce Housing
A trio of social-impact lending programs is enticing enough to convince market-rate multifamily owners and investors to dip their toes into the affordable housing sector. These recently launched initiatives all promote the creation and preservation of workforce housing. Unlike low-income housing tax credits, Section 8 rent vouchers and other longstanding programs centered on helping families with low and very-low incomes to afford housing, the newest offerings primarily aim to assist missing middle renters — or those with modest-to-low incomes. That’s according to Ian Monk, deputy chief production officer for conventional multifamily at Lument — which is educating its borrowers about the competitive pricing, generous proceeds and potential for lengthy amortization periods available from Fannie Mae and Freddie Mac. “By charter, the government-sponsored enterprises (GSEs) have a duty to help provide housing that is affordable to all people, including families with only moderately low incomes,” Monk says. “In the multifamily arena, they may serve those families in fully dedicated affordable communities, but they can also serve them in conventional, market-rate properties that adopt some affordability initiatives using one of these social-impact loan structures.” The GSEs are making a strong push in 2024 to expand participation in the three social-impact loan products, …
FORT WORTH, TEXAS — Wisconsin-based investment firm MLG Capital has sold Copperfield Apartments, a 323-unit multifamily community located on the southwest side of Fort Worth. Copperfield Apartments offers one- and two-bedroom units and amenities such as a pool, fitness center, outdoor grilling and dining stations, business center, package lockers and onsite laundry facilities. Michael Ware, Taylor Hill, Drew Kile, Joey Tumminello, Will Balthrope, William Hubbard and Cameron Purse of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented MLG Capital, which purchased the property in 2019, in the transaction. The team also procured the buyer, Dallas-based investment firm Rise48 Equity, which plans to invest about $9 million in capital improvements and rebrand the property as Rise Spring Pointe. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Zarouk, also with IPA, arranged an undisclosed amount of acquisition financing for the deal.
SUGAR LAND, TEXAS — JLL has brokered the sale of The Offices at Kensington, a 171,055-square-foot office complex located in the southwestern Houston suburb of Sugar Land. The complex consists of two four-story buildings that had a combined occupancy rate of 84 percent at the time of sale. Rick Goings and Marty Hogan of JLL represented the seller, California-based investment firm Buchanan Street Partners, in the transaction. Michael Johnson and Michael King, also with JLL, arranged an undisclosed amount of fixed-rate acquisition financing on behalf of the buyer, Houston-based private equity firm DML Capital.
ALLEN, TEXAS — Partners Real Estate has arranged the sale of a medical office building in the northeastern Dallas suburb of Allen. According to LoopNet Inc., the building totals 5,883 square feet, was built in 2002 and renovated in 2023. Ryan McCullough and Bennett Greenbaum of Partners represented the seller, an entity doing business as 107 Suncreek LLC, in the transaction. The buyer and sales price were not disclosed.