HOUSTON — Partners Real Estate has brokered the sale of an industrial flex building located at 3611 Gulf Freeway, just southeast of downtown Houston. According to LoopNet Inc., the property was constructed in 1969 and renovated in 2022. Travis Land, Cole Popper and Braedon Emde of Partners represented the seller in the transaction. Zachary Green of Chodrow Realty Advisors represented the buyer. Both parties requested anonymity.
Affordable HousingContent PartnerDevelopmentFeaturesLoansMidwestMultifamilyNortheastSoutheastTexasWalker & DunlopWestern
LIHTC Program Offers Lifeline to Struggling Multifamily Developers
It’s a tough time for much of multifamily development, but the Low-Income Housing Tax Credit (LIHTC) program offers incentives that make much-needed affordable housing comparatively easier to achieve under the current economic conditions. Building is expensive and financing is tight in the current multifamily market. However, as it has for the last 30 years, the LIHTC program provides solutions that increase the ease of creating and sustaining affordable housing, even when the overall multifamily market faces challenges. The program not only promotes the construction and acquisition of housing but also enforces conditions that help maintain the stability and preservation of affordable properties. The program is also needed to address the demand for affordable housing. The National Low Income Housing Coalition estimates that extremely low-income households represent 25 percent of the nation’s 44.1 million renters and reports a shortage of 7.3 million affordable and available rental homes. Historical Financial Resilience “The LIHTC asset class is resilient, if not countercyclical, under challenging economic times,” says Katie Balderrama, executive vice president of affordable equity at Walker & Dunlop. The firm typically sees a foreclosure rate of under 1 percent on properties supported by LIHTC. “Overall, our affordable housing assets tend to perform fairly …
STAFFORD, TEXAS — A partnership between locally based developer Lovett Industrial and Los Angeles-based PCCP LLC has broken ground on Stafford Logistics Park, a 785,000-square-foot speculative industrial project that will be located on the southwestern outskirts of Houston. The development will consist of a 520,000-square-foot, cross-dock warehouse and a 265,000-square-foot, front-load warehouse. Building features will include 36- and 32-foot clear heights, respectively, as well as parking for 190 trailers and 380 cars. JLL will market the development for lease.
HOUSTON — Locally based brokerage firm NewQuest Properties has arranged the sale of a 139,538-square-foot retail building in West Houston. The vacant building, which is part of a larger development anchored by Target, Burlington and Marshalls, sits on 12 acres and was formerly owned and occupied by Sam’s Club. John Nguyen of NewQuest Properties represented the buyer, an entity doing business as SSS Marketplace on Eldridge LLC, in the transaction. James Namken and Kyle Knight of Weitzman represented the seller.
FRISCO, TEXAS — Three Pillars Capital has acquired Shops at The Gate, a 16,000-square-foot shopping center located north of Dallas in Frisco. The center was built on two acres in 2021 and consists of two buildings that were both fully occupied at the time of sale. The center is an outparcel to Domain at The Gate, a luxury apartment development fronting John Hickman Parkway. Mike Kennedy and Darrell Betts of Avison Young represented the seller, an undisclosed foreign investment group, in the transaction.
FORT WORTH, TEXAS — Lee & Associates has negotiated a 5,500-square-foot industrial lease in South Fort Worth. According to LoopNet Inc., the newly renovated building at 9727-9733 South Freeway was built in 1978 and totals 16,060 square feet. Taylor Stell and Schaefer Amos of Lee & Associates represented the landlord, Bleecker Partners, in the lease negotiations. The name and representative of the tenant were not disclosed.
CONROE, TEXAS — Law firm Griffin, Cain & Herbig has signed a 5,000-square-foot office lease in Conroe, about 40 miles north of Houston. The firm is taking space at the new Woodforest Bank Building, which occupies a full city block in the downtown area. Lisa Hughes of SVN | J. Beard Real Estate — Greater Houston represented Woodforest National Bank in the lease negotiations.
HOUSTON — New York-based global investment firm GTIS Partners has begun construction on Port 225 Commerce Center, a 484,000-square-foot industrial project located near Port Houston in southeast Houston. The development will consist of a 355,071-square-foot, cross-dock building and a 128,999-square-foot, rear-load building on a 26-acre site. Building features will include 36- and 32-foot clear heights, respectively, and combined parking for 382 cars and 93 trailers. Construction is scheduled for a fall completion. Other project partners include Angler Construction, Powers Brown Architecture, Langan Engineering and Cushman & Wakefield as the leasing agent.
HOUSTON — Midway has broken ground on CITYCENTRE Six, a 320,000-square-foot office building within the locally based developer’s CITYCENTRE mixed-use destination in West Houston. Additionally, Midway has named global chemical and building materials supplier Dow as the anchor tenant. Dow will occupy about 208,000 square feet within the 19-story building, which will include 12,000 square feet of retail and restaurant space and onsite parking. The design team includes architect of record Kirksey, Munoz + Albin Architecture & Planning and OJB Landscape Architecture. Construction is slated for a 2026 completion.
TEXARKANA, TEXAS — A joint venture between two investment firms, New Jersey-based Reynolds Asset Management and Dallas-based Newport Capital Advisors, has purchased two multifamily properties in Texarkana, located near the Texas-Arkansas border. The sales price was $23 million. The properties include Westridge Apartments (176 units) and Park at Summerhill (184 units). The seller was not disclosed. John Hamilton of Marcus & Millichap brokered the deal. Allan Edelson and Joe Tarantino of Walker & Dunlop originated an undisclosed amount of Fannie Mae acquisition financing on behalf of the joint venture, which plans to invest $3 million in capital improvements across both assets.