AUSTIN, TEXAS — Bellwether Enterprise Real Estate Capital LLC has provided a $56 million Freddie Mac loan for the acquisition of Bridge at Asher Apartments, a 452-unit community in south Austin. The property is situated on 50 acres at 10505 South Interstate Highway 35 and features amenities such as two pools, a fitness center, game lounge and an outdoor fire pit. Approximately 51 percent of the units are reserved for renters earning 80 percent or less of the area median income. Kevin Bowen of Bellwether originated the loan on behalf of the undisclosed borrower.
HOUSTON — LMI Capital, a Real Estate Capital Alliance (RECA) member, has placed two loans totaling $13.5 million for a pair of multifamily assets in the greater Houston area. In the first transaction, Brandon Brown of LMI Capital arranged a $7.5 million loan for the refinancing of a 100-unit property in Fort Bend County. The loan carried a fixed 3.52 percent interest rate and five years of interest-only payments. In the second deal, Kurt Dennis of LMI Capital placed a $6 million loan for a 90-unit community in Texas City. That loan was structured with a fixed interest rate for seven years and three years of interest-only payments.
KATY, TEXAS — General contractor Allied Orion Group has broken ground on Territory at Greenhouse Apartments, a 288-unit multifamily project in the western Houston suburb of Katy. Developed by Dhanani Private Equity Group, the Class A community will be located near Houston Methodist Hospital, Texas Children’s Hospital and Cullen Park, as well as a multitude of dining, retail and entertainment options including LaCenterra in Cinco Ranch, City Centre, and Katy Mills Mall. Territory at Greenhouse’s units will feature one-, two- and three-bedroom units with stainless steel appliances, vinyl plank flooring and private balconies. Communal amenities will include a resort-style pool, fitness center, outdoor movie amphitheater, resident clubhouse and lounge, a business center and a dog park. Completion is slated for February 2020 and preleasing will begin this fall.
BRYAN, TEXAS — Multifamily investment firm West Shore LLC has acquired Broadstone Traditions, a 261-unit residential community located in the Central Texas city of Bryan. Broadstone Traditions will be integrated into the adjacent 8085 at Traditions community, a 396-unit property owned and operated by West Shore since 2018. Units feature quartz or granite countertops, stainless steel appliances, full-size washing machines and dryers, walk-in closets, private patios or balconies and wine refrigerators and beverage centers in select units. Amenities include three pools with cabanas and sun decks, three fitness centers, outdoor kitchens and grilling stations, an outdoor putting green, three dog parks with pet washing stations, two business centers with private conference rooms and complimentary Starbucks coffee bars.
DALLAS — Aligned Energy, a data center developer and operator, will build a 360,000-square-foot colocation facility in Dallas. The project represents an expansion of the company’s 19-acre DFW-01 campus and will increase the development’s critical power capacity by eight megawatts. Construction is underway and is expected to be complete by late November.
IRVING, TEXAS — Weitzman will renovate Irving Towne Center, a 240,000-square-foot retail center located at the intersection of State Highway 183 and North Belt Line Road in Irving. Originally built in 1986 and anchored by Target, the center houses tenants such as Tuesday Morning, On The Border and Anytime Fitness. Hodges & Associates is the architect for the renovation project, which is expected to begin in late 2019 or early 2020 and to be complete by the end of 2020.
FARMERS BRANCH, TEXAS — NAI Robert Lynn has arranged the sale of Midway Crowne Center, a 47,280-square-foot office building located at 14240 Midway Road in Farmers Branch, a northern suburb of Dallas. A California-based partnership sold the asset to Twinrose Investments for an undisclosed price. Jim Hancock and Chad Albert with NAI Robert Lynn handled the sale with Cullen Dickey of Dickey Property Co.
DALLAS — When developing multifamily product in a market that has added more than 20,000 new units in each of the past three years, distinguishing a community from its peers isn’t just important — it’s essential. According to data from CoStar Group, the Dallas-Fort Worth (DFW) metroplex added approximately 70,000 multifamily units between 2016 and 2018. The market has also absorbed more than 25,000 units over the last 12 months, a period in which only about 23,000 apartments were delivered. Vacancy currently sits at 7.5 percent. A panel of developers at the eighth annual InterFace Multifamily Texas conference discussed best practices for differentiating a property in a market that is not only teeming with new supply, but also home to segments of sophisticated renters. Held on Sept. 5 at the Westin Galleria hotel in Dallas, the event drew more than 225 attendees. Drew Kile, senior vice president at Institutional Property Advisors, a division of Marcus & Millichap, moderated the panel. Cultivating A Story Whether by the inclusion of an unusual amenity, the delivery of distinct unit mix that is perfectly targeted to the surrounding demographic or the ascription of a unique story behind the project, multifamily developers in DFW simply …
AUSTIN, TEXAS — New York-based investment firm Castle Lanterra Properties (CLP) has sold Array, a 370-unit apartment community located in the East Riverside area of Austin. The 14-acre property was originally constructed in 1973 and then completely renovated in 2013. Floor plans include one-, two- and three-bedroom apartments in 40 two-story residential buildings. Array features amenities such as two pools, two dog parks, a fully equipped fitness center with an elevated spinning room and yoga room, an outdoor sports court and a resident lounge. CLP acquired the asset in 2016 for $38.5 million before executing a value-add program.
HOUSTON — JLL has negotiated the sale of Westchase Place, a 150,000-square-foot office building located at 11200 Richmond Ave. in Houston. The property, which includes a three-level parking garage, was built in 1999 and renovated in 2009 and 2013. Rudy Hubbard, Kevin McConn and Rick Goings of JLL represented the seller, CAPSTAR Real Estate Advisors, in the transaction. Fuller Westchase Place Ltd., an entity affiliated with locally based Fuller Realty Partners, purchased the property for an undisclosed price.