HUTTO, TEXAS — Houston-based NewQuest Properties has begun construction on a two-building retail project that will add 15,560 square feet of new space to Hutto, a northern suburb of Austin. The project represents Phase II of Townwest Commons, a 32-acre retail center that is anchored by Lowe’s Home Improvement and fronts State Highway 79. Phase II of Townwest Commons is expected to be complete in early 2020.
KENEDY, TEXAS — Hunt Real Estate Capital has provided a $5.4 million Fannie Mae loan for the refinancing of Kenedy Heights Apartments, a 72-unit multifamily asset located about 60 miles southeast of San Antonio. Built in 2015, the property consists of 24 one-bedroom units, 40 two-bedroom units and eight three-bedroom units that were 98 percent occupied at the time of the loan closing. Amenities include a clubhouse with offices, sport court, community barbecue grills, onsite laundry facilities, a fitness center, a business center with WiFi and a playground. David Aycock of D. Ansley Co. Inc. arranged the seven-year, floating-rate loan with Hunt on behalf of sponsor Kenedy Heights LLC.
SACHSE, TEXAS — Marcus & Millichap has arranged the sale of Brookview Center, an 8,723-square-foot retail strip property located in Sachse, a northeastern suburb of Dallas. Philip Levy and Connor Zmolik of Marcus & Millichap represented the seller, a private investor, in the transaction. The property was built in 1985 and was fully occupied at the time of sale. All tenants are signed to triple-net leases.
FORT WORTH, TEXAS — Dallas-based Holt Lunsford Commercial has secured a 20,000-square-foot industrial lease at Mercantile Distribution Center in Fort Worth. Thomas Grafton and George Jennings with Holt Lunsford represented the tenant in the lease negotiations. Andrew Ward with Mercantile Partners represented the landlord.
HOUSTON — Celltex Therapeutics, a locally based biotechnology firm, has signed an 18,780-square-foot office lease renewal at 2401 Fountain View Drive in Houston. Justin Brasell of Transwestern represented the tenant in the lease negotiations. Jack Parsons of locally based brokerage firm Finial Group, which also manages the property, represented the undisclosed landlord.
HOUSTON — JLL has negotiated a 14,000-square-foot office lease at M-K-T, a mixed-use development by Triten Real Estate Partners and Radom Capital LLC that is located in The Heights area of Houston. Russell Hodges, Bubba Harkins, and Jenny Mueller of JLL handled the transaction on behalf of the landlord. The tenant, accounting firm Miller Grossbard Advisors LLP, will relocate in the second quarter of 2020. M-K-T is a collection of adapted industrial buildings being transformed into a creative mixed-use destination for office, retail, restaurants, health and fitness.
In 2019, Dallas/Fort Worth (DFW) once again represents the nation’s top metro for job creation and net migration. These market conditions are occurring at an opportune time as more than 26,000 multifamily units have been completed throughout the market this year, marking a record wave of annual deliveries. This influx of new apartments will increase the metro’s rental inventory by 3.3 percent, yet robust demand for new supply allows net absorption to match delivery volume, lowering overall vacancy by 20 basis points. Prolonged Absorption Over the past three years ending in June, DFW’s apartment stock expanded by 10 percent, or 74,000 units, yet vacancy adjusted moderately during this period. Unit availability hovered in the high-4 to high-5 percent range, with demand supported by the creation of 400,000 jobs, robust in-migration and the widening gap between a monthly mortgage payment and average rent. The extended period of strong leasing velocity was highlighted by the second quarter of 2019, when a record 12,000 apartments were absorbed. Performance during this three-month stretch lowered vacancy by 90 basis points on a quarter-over-quarter basis. With employment growth slated to further improve during the second half of this year — the result of corporate relocations and …
KILLEEN, TEXAS — Greystone has arranged the sale of The Willows Apartments, a 232-unit multifamily asset located in the Central Texas city of Killeen. Built in 1983, the property features one-, two- and three-bedroom units and amenities such as a pool and an outdoor picnic area. Nicholas Brown of Greystone represented the seller and procured the out-of-state buyer in the transaction. Both parties requested anonymity.
MCKINNEY, TEXAS — Draper & Kramer Inc. has purchased St. Paul’s Square, a 211-unit multifamily community in McKinney, a northeastern suburb of Dallas. The property offers one-, two- and three-bedroom units ranging in size from 735 to 2,073 square feet and featuring wood-plank flooring, granite countertops, stainless steel appliances and washer and dryer connections. Amenities will include a pool, fitness center, outdoor grilling areas, a coffee bar, business center and rentable storage units. The transaction marks Draper & Kramer’s third acquisition in Texas.Will Balthrope, Drew Kile, Tommy Lovell III, Joey Tumminello, Richard Robson and Grant Raymond of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Himalayan Ventures LLC in the transaction.
EL PASO, TEXAS — Atlanta-based hospitality investment and management firm Peachtree Hotel Group has acquired Home2 Suites by Hilton El Paso Airport, a 111-room hotel located at 6308 Montana Ave. in El Paso. The property, which is located less than two miles from El Paso International Airport, features amenities such as a fitness center, business center, outdoor pool and an airport shuttle service. The seller was not disclosed.
