Texas

Berkadia Provides $47.2M Construction Loan for Metro Dallas Apartment Project

by Taylor Williams August 15, 2019

ALLEN, TEXAS — Berkadia has provided a $47.2 million HUD construction loan for Stacy Pointe Apartments, a 326-unit multifamily community in the northeastern Dallas suburb of Allen. The property will offer one- and two-bedroom floor plans and amenities such as a pool, fitness center, business center, media areas and coworking office space. Chad Bedwell of Berkadia secured the loan through HUD’s 221(d)(4) program on behalf of Texas-based Stacy Pointe Partners LP. The loan carried an 85 percent loan-to-cost structure.

August 15, 2019

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Arranges Sale of 355-Unit Self-Storage Facility in Laredo

by Taylor Williams August 15, 2019

LAREDO, TEXAS — Marcus & Millichap has arranged the sale of Mines Road Self Storage, a 355-unit facility located in the South Texas city of Laredo. The property spans 47,830 net rentable square feet and is located on a thoroughfare that sees approximately 52,000 vehicles per day. Jon Danklefs of Marcus & Millichap represented the seller, a partnership, in the transaction. The buyer was Store It All Storage, which has 17 locations in Texas.

August 15, 2019

Acquisitions Industrial Self-Storage Texas

JLL Negotiates Sale of 709-Unit Self-Storage Facility in Houston

by Taylor Williams August 14, 2019

HOUSTON — JLL has negotiated the sale of Safe Keeping Self Storage, a 709-unit facility located at 6610 Highway 6 N. in Houston. Approximately 62 percent of the units feature climate-controlled space. Steve Mellon and Brian Somoza of JLL represented the seller, Safe Keeping, in the transaction. The buyer was Merit Hill Capital, a Brooklyn-based self-storage investment and development firm, which acquired the asset for an undisclosed price.

August 14, 2019

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 265-Unit Apartment Complex in Fort Worth

by Taylor Williams August 14, 2019

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Manitoba, a 265-unit multifamily complex in Fort Worth. Built in 1971, the property offers amenities such as two pools, a playground, afterschool center and onsite laundry facilities. Al Silva of Marcus & Millichap represented the seller, a Dallas-based nonprofit that owned the asset for 18 years, in the transaction. Silva and Ford Braly, also with Marcus & Milichap, secured the buyer, a Dallas-based investment firm that will renovate the property’s exteriors, unit interiors and amenity spaces.

August 14, 2019

Loans Multifamily Texas

Dougherty Arranges Acquisition Financing for 253-Unit Multifamily Asset in Dallas

by Taylor Williams August 14, 2019

DALLAS — Minneapolis-based Dougherty Mortgage has arranged an undisclosed amount of acquisition financing for Sedona Ranch, a 253-unit multifamily asset in Dallas. The property features one-, two- and three-bedroom units and amenities such as a two pools, a picnic area and onsite laundry facilities. Dougherty arranged the loan, which carried a 12-year term and a 30-year amortization schedule, through a partnership with Old Capital Lending on behalf of the borrower, 2749 Sedona Ranch LLC.

August 14, 2019

Development Hospitality Texas

Todd Interests Completes 226-Room Hotel Conversion Project in Houston

by Taylor Williams August 14, 2019

HOUSTON — Developer Todd Interests has completed a project in at 1314 Texas Ave. in Houston that converted the historic Great Southwest Building, a property that was built in 1926, into a 226-room Cambria Hotel. Amenities at the new property, which also houses ground-floor retail and restaurant space, include a fitness center, ballroom and meeting and event space. Merriman Anderson Architects handled design of the project, and Andres Construction served as the general contractor. Cambria is part of the Choice family of hotels, which includes Comfort Inn, Sleep Inn and Econo Lodge.

August 14, 2019

Acquisitions Multifamily Seniors Housing Texas

Blueprint Negotiates Sale of 33-Unit Memory Care Community in Dallas

by Taylor Williams August 14, 2019

DALLAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 33-unit memory care community in the Turtle Creek neighborhood of Dallas. A publicly traded REIT sold the property, the name of which was not disclosed, to local owner-operator Iris Senior Living. Blueprint’s Ben Firestone and Joshua Salzman handled the transaction.

August 14, 2019

Development Retail Texas

NewQuest Properties to Develop 200,000 SF Retail Project in Metro Houston

by Taylor Williams August 13, 2019

RICHMOND, TEXAS — Houston-based NewQuest Properties will break ground in the coming weeks of the first phase of Grand at Aliana, a 200,000-square-foot retail project in Richmond, a southwestern suburb of Houston. The property is preleased to an array of national tenants, including 24 Hour Fitness, Burlington, Ross Dress for Less, Michaels, Petco, Ulta Beauty, Five Below, Bath & Body Works and Skechers. Grand at Aliana will also house a 10,454-square-foot healthcare clinic that will be occupied by Baylor St. Luke’s Medical Group and provide urgent and primary care services. Out-parcels have been ground-leased to McDonald’s, Jason’s Deli, Freddy’s Frozen Custard & Steakburgers, Timewise and Express Oil. The opening is scheduled for the second quarter of 2020.

August 13, 2019

Industrial Leasing Activity Texas

Building Supply Firm Inks 171,850 SF Industrial Lease in Houston

by Taylor Williams August 13, 2019

HOUSTON — Builders FirstSource, a supplier of structural components for the construction industry, has signed a 171,850-square-foot industrial lease at 16245 Port NW Drive in Houston. According to LoopNet Inc., the property was built in 2014 and features 160-foot truck court depths, 28-foot clear heights and an ESFR sprinkler system. Reid Bassinger and Trey Fricke of Lee & Associates represented Builders FirstSource in the lease negotiations. Brian Gammill of Transwestern represented the landlord.

August 13, 2019

Development Industrial Texas

HDA Architects Completes 70,000 SF Distribution Center in Ennis, Texas

by Taylor Williams August 13, 2019

ENNIS, TEXAS — St. Louis-based HDA Architects has completed a 70,000-square-foot distribution center for Price Distributing, which services the beer industry, in Ennis, a southern suburb of Dallas. The tilt-wall facility includes approximately 62,000 square feet of warehouse space, 3,500 square feet of cooler space and office space. Construction began in 2018.

August 13, 2019

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