SPRING, TEXAS — Locally based developer Fein has acquired 17.4 acres in the northern Houston suburb of Spring for the development of The Canopy at Springwoods Village, a 332-unit apartment community. The property will be located within the 2,000-acre Springwoods Village mixed-use development, which is situated at the confluence of Interstate 45, Hardy Toll Road and the Grand Parkway. Designed by Steinberg Dickey Collaborative, the community will offer one-, two- and three-bedroom units ranging in size from 552 to 1,705 square feet. Unit interiors will feature stone countertops, tile backsplashes, custom cabinetry, stainless steel appliances and full-sized washers and dryers. Amenities will include a clubroom with a golf simulator and billiard and ping pong tables, a fitness center with yoga and spin studios, pool with tanning ledges and cabanas and a 1.5-acre lake with surrounding walking trails. The groundbreaking is scheduled for January 2020, and completion is slated for the fourth quarter of 2021.
DALLAS — Truist Financial Corp., the entity formed by the merger of BB&T and SunTrust, has provided a $39.1 million Fannie Mae acquisition loan for Reserve at White Rock, a 312-unit apartment community in Dallas. The Class A property was built in 2000 in multiple phases and offers one-, two- and three-bedroom units. Amenities include a pool, fitness center, social area with a lounge and kitchen, theater room, business center, outdoor grilling stations, conference room and a jogging trail. Evan Hom of Truist originated the loan, which carries a 10-year term, four years of interest-only payments and a 30-year amortization schedule, on behalf of a New York-based private equity firm. Reserve at White Rock was 95 percent occupied at the time of the loan closing.
AUSTIN, TEXAS — Amtex Multi-Housing LLC has broken ground on Limestone Ridge Senior Apartments, a 225-unit affordable housing project in Austin for seniors earning 60 percent or less of the area median income. Slated to be complete in fall 2021, the community will offer 223 one- and two-bedroom units plus a pair of two-bedroom units allocated for onsite managers. Amenities will include a resident clubhouse, pool, walking trails and a community garden.
IRVING, TEXAS — The Meritex Co. has acquired Jetstar 114 Business Center, a three-building industrial complex totaling 84,080 square feet in Irving. Developed in 1999 by Jackson-Shaw, the buildings are situated adjacent to Dallas-Fort Worth (DFW) International Airport and feature 18-foot clear heights and both dock-high and drive-in loading platforms. The property was fully occupied at the time of sale. The seller was not disclosed.
HOUSTON — JUSDA Supply Chain Management Corp. has signed a 62,261-square-foot industrial lease in northwest Houston. The company will occupy Building 1 at 8801 Fallbrook Drive, which is owned by Liberty Property LP. Joshua Brown and Reggie Beavan III of Newmark Knight Frank represented the tenant in the lease negotiations.
HOUSTON — A partnership between two locally based developers, Nitya Capital and Tema Development, will build Two Hermann Place, a 32-story multifamily high-rise building that will be located in Houston’s Museum District. The property will offer 295 units in 13 different floor plans that will feature quartz countertops and backsplashes, walk-in closets and smart thermostats. The average unit size will be 1,076 square feet. Amenities will include a pool with cabanas, sky lounge, café bar, dog park and a fitness center. The groundbreaking is scheduled for the first quarter of 2020, and completion is slated for winter 2022.
AUSTIN, TEXAS — Shorenstein Properties has broken ground on the Alpha Building, a 210,500-square-foot office property located within Austin’s Mueller Business District. Mueller Business District comprises three development sites with the capacity to house four office buildings totaling roughly 800,000 square feet of space. Designed by architecture firm Page, the Alpha Building will be located across the street from an Alamo Drafthouse Cinema and the site of the future Origin Hotel and will include 26,000 square feet of ground-floor retail space. AQUILA Commercial handles leasing of the building, which is scheduled to be complete in the first quarter of 2021.
IRVING, TEXAS — Lee & Associates has negotiated a 335,480-square-foot industrial lease renewal at 9400 N. Royal Lane in Irving. According to LoopNet Inc., the rail-served property was built in 2004 and totals 447,400 square feet. Tom Walrich of Lee & Associates represented the tenant, supply chain operator KGP Logistics Co. Mitch Pruitt represented the landlord, Prologis, on an internal basis.
HALTOM CITY, TEXAS — Chicago-based NXT Capital has provided a $37.8 million acquisition loan for an undisclosed, 312-unit apartment community in Haltom City, about eight miles north of downtown Fort Worth. The property features a pool, fitness center, business center, playground, outdoor grilling station, game room and a sport court. Alex Inman of Walker & Dunlop placed the loan with NXT Capital on behalf of the undisclosed borrower.
DALLAS — Hospitality development and investment firm NewcrestImage has acquired the 148-room SpringHill Suites by Marriott hotel in downtown Dallas. The hotel is an adaptive reuse of a historic 10-story building and features a fitness center, complimentary breakfast and 615 square feet of meeting space. NewcrestImage will undertake further renovations to the property that will take about four months to complete, during which time the hotel will remain open. The seller of the hotel was not disclosed.