HOUSTON — JLL has negotiated the sale of Villa Nueva, a 542-unit apartment community located at 5300 W. Gulf Bank Road in Houston. The property was built in phases between 1980 and 1983 and features one- and two-bedroom units. Amenities include multiple pools, storage rooms and onsite laundry facilities. Chip Nash, Bob Heard and Greg Austin of JLL represented the seller, Claro Villanueva, in the transaction. Iliad Realty Group purchased the asset for an undisclosed price.
DALLAS — Chicago-based Convexity Properties will renovate and rebrand the Magnolia Hotel Park Cities, a 297-room hotel that anchors the 12-acre Eastline development in Dallas. The six-month construction project will enhance 297 guest rooms, introduce a café and grab-and-go market and curate a lobby lounge with a gastro-pub concept and live music. Dallas-based Yost Architects and Studio 11 Design have partnered in planning and designing the improvements. The renovated hotel, which will be rebranded as The Beeman Hotel at Eastline, will offer amenities such as 12,000 square feet of meeting space, a pool, fitness center and a business center.
RICHARDSON, TEXAS — Cambria Hotels has opened a 119-room property adjacent to the CityLine mixed-used development in Richardson, a northeastern suburb of Dallas. The hotel features a bistro and full-service bar, pool, fitness center and multi-functional meeting space. Best Hospitality and Dallas-based investor Vipin Nambiar developed the property, which is the sixth Cambria-branded hotel in Texas.
NEW BRAUNFELS, TEXAS — California-based investment and development firm Passco Cos. has acquired Lakeview Villas, a 313-unit apartment community in New Braunfels, a northeastern suburb of San Antonio. The community’s one and two-bedroom units feature stainless steel appliances, hardwood-style flooring, granite countertops, brushed nickel hardware, gooseneck faucets in the kitchen and private detached garages. Amenities include a resort-style pool with tanning ledge and outdoor kitchen, poolside lounge and fire pit, as well as a fitness center, a resident clubhouse and a walking trail surrounding a lake on the grounds. Will Balthrope, Jordan Featherston and Drew Garza of Institutional Property Advisors, a division of Marcus & Millichap, brokered the sale on behalf of the seller.
SUGAR LAND, TEXAS — Songy Highroads LLC, an Atlanta-based investment and development firm, has acquired Sugar Creek Place I, a 151,722-square-foot office building located in the southwestern Houston suburb of Sugar Land. The six-story, Class A building was 86 percent leased at the time of sale. Sugar Creek Place I recently received more than $1.7 million in capital improvements, including the addition of a new conference facility, tenant lounge and common area, as well as an upgraded lobby and corridors. Marty Hogan and Dan Miller of JLL represented the seller, HighBrook Investors, in the transaction, while Ed Coco, Matt Casey and Michael Johnson of JLL arranged acquisition financing on behalf of Songy Highroads. Transwestern Commercial Services handles leasing of the property, which was 86 percent occupied at the time of sale.
AUSTIN, TEXAS — Austin-based Roscoe Property Management (RPM) has been awarded the B/K portfolio, which consists of 14 apartment communities totaling approximately 3,500 units, the majority of which are located in the Dallas-Fort Worth (DFW) and Houston markets. RPM has now added more than 50 communities to its management portfolio in 2019 alone.
DALLAS — Global architecture and engineering firm Page has signed a 34,000-square-foot office lease extension at the historic Mercantile National Bank Building in downtown Dallas. The firm has operated out of the property, located at 1800 Main St., since 2011 and will add an additional seven years to its lease term. Matt Heidelbaugh and Billy Gannon of Cushman & Wakefield represented Page in the lease negotiations.
HOUSTON — JLL has negotiated the sale of the historic Dakota Lofts apartment building, a 53-unit property in Houston’s Warehouse District. The property was originally built in 1911 and housed the Bute Paint Factory. The Randall Davis Co. renovated the building in 1993, when the facility was converted to multifamily housing featuring vintage loft-style units. Chip Nash and Bob Heard of JLL, along with Jim Hurd and Bishale Patel of Houston Income Properties, represented Randall Davis in the sale. Dakota Lofts was more than 90 percent occupied at the time of sale.
MCKINNEY, TEXAS — Locally based developer KDC has topped out the new 100,000-square-foot office headquarters building in McKinney for SRS Distribution Inc., a provider of building products and supplies. The four-story, Class A property is located on the corner of the Sam Rayburn Tollway and Alma Road on the northern outskirts of Dallas. The new headquarters features an array of indoor and outdoor amenities, as well as conference and meeting space. Completion is scheduled for spring 2020. Gensler is serving as the design architect, and Adolfson & Peterson is the general contractor. SRS plans to add about 150 new jobs to the local economy over the next decade.
SAN ANTONIO — SmartStop Self Storage, a self-managed REIT that owns 112 operating and under-development self-storage properties across 17 states and Toronto, has sold a 440-unit facility in San Antonio. The property, which spans 83,400 net rentable square feet, was acquired in January 2016 by Strategic Storage Growth Trust Inc. (SSGT) and was part of the portfolio merger between SmartStop and SSGT that was completed in January 2019. The undisclosed buyer plans to redevelop the site into a mixed-use property with office and multifamily uses.
