Texas

Oden Hughes Breaks Ground on 279-Unit Multifamily Project in East Austin

by Taylor Williams August 20, 2019

AUSTIN, TEXAS — Oden Hughes LLC has broken ground on Lenox 7th, a 279-unit multifamily project that will be located within one of East Austin’s opportunity zones. Designed by Davies Collaborative, the project will include 28 affordable housing units. Floor plans will consist of one- and two-bedroom units ranging in size from 528 to 1,157 square feet. Amenities will include two pools, a skyline terrace and coworking office space. Rents are expected to start at $1,560 per month. The opening is slated for early 2021.

August 20, 2019

Leasing Activity Office Texas

Coworking Firm to Open Four DFW Locations Totaling 173,395 SF

by Taylor Williams August 20, 2019

DALLAS AND PLANO, TEXAS — Coworking firm Spaces will open four new coworking facilities totaling 173,395 square feet in the metroplex over the next few months. Spaces will occupy 48,171 square feet at Legacy Central, 47,046 square feet at the Shops at Legacy, 31,152 square feet in West Plano Village and 47,026 square feet at The Epic in Deep Ellum. Baron Aldrine, Steve Rigby, Mike Cleary, Mike Kay and Pete Danna of CBRE represented Spaces in the lease negotiations.

August 20, 2019

Industrial Leasing Activity Texas

American Specialty Health Signs 164,000 SF Office Lease in Fort Worth

by Taylor Williams August 20, 2019

FORT WORTH, TEXAS — American Specialty Health, a provider of musculoskeletal and fitness solutions, has signed a 164,000-square-foot office lease at Heritage Commons IV at AllianceTexas in Fort Worth. Steve Aldrich and Ian Kinne of Hillwood represented the landlord, Griffin Capital Essential Asset REIT, in the lease negotiations. Jenny Schreiner and Jon Altschuler of Altschuler & Co. represented the tenant. Mercedes-Benz Financial Services previously occupied the building before moving into a new space at AllianceTexas.

August 20, 2019

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 823-Unit Self-Storage Portfolio in Odessa

by Taylor Williams August 20, 2019

ODESSA, TEXAS — Marcus & Millichap has brokered the sale of the Guardian Self-Storage portfolio, which comprises 823 units across three facilities. The facilities span 143,000 net rentable square feet. Brandon Karr of Marcus & Millichap represented the seller, a private investor based in the Permian Basin that developed the portfolio in 2000. Karr also secured the buyer, a Texas-based private investment group.

August 20, 2019

Acquisitions Multifamily Texas

Western Wealth Capital Acquires Two Multifamily Assets Totaling 939 Units in Texas

by Taylor Williams August 19, 2019

DALLAS AND HOUSTON — Multifamily investment firm Western Wealth Capital has acquired two apartment properties totaling 939 units, one of which is located in Dallas and the other in Houston. The undisclosed properties were built in 1980 and 1976, respectively. Western Wealth Capital, which now owns five multifamily assets in Dallas and seven in Houston, will upgrade the communities’ unit interiors. Newmark Knight Frank worked with Clint Duncan and Matt Phillips of CBRE to broker the deal.

August 19, 2019

Acquisitions Multifamily Student Housing Texas

Vie Management Buys 252-Bed Student Housing Property in San Marcos

by Taylor Williams August 19, 2019

SAN MARCOS, TEXAS — Vie Management has purchased Ella Lofts, a 252-bed student housing property located within walking distance of Texas State University in San Marcos, a city situated between Austin and San Antonio. The 75-unit mid-rise building features one-, two- and four-bedroom floor plans and amenities such as a fitness center, yoga studio, pool, coworking space, study lounge and a coffee shop. Vie Management will undertake a $1 million renovation program over the next several months. The seller was not disclosed.

August 19, 2019

Company News Texas

Sterling Construction to Acquire Plateau Excavation for $400M

by Taylor Williams August 19, 2019

THE WOODLANDS, TEXAS — Sterling Construction Co., a general contractor based in the Houston area, has entered into an agreement to acquire Georgia-based specialty contractor Plateau Excavation Inc. for $400 million. The sales price includes $375 million in cash and $25 million in Sterling’s common stock and seller notes. The deal is expected to close near the end of the third quarter. Plateau had revenues of approximately $290 million in 2018.

August 19, 2019

Industrial Leasing Activity Texas

NAI Partners Negotiates 41,866 SF Industrial Lease in Houston

by Taylor Williams August 19, 2019

HOUSTON — NAI Partners has negotiated a 41,866-square-foot industrial lease at 4300 Windfern Road in Houston for Henry Avocado Corp., a year-round grower and distributor of the fruit. Darren O’Conor and John Ferruzzo of NAI Partners represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.

August 19, 2019

Acquisitions Multifamily Texas

180 Multifamily Properties Buys 65-Unit Community in Arlington

by Taylor Williams August 19, 2019

ARLINGTON, TEXAS — 180 Multifamily Properties has purchased Summit Plaza, a 65-unit apartment community located adjacent to University of Texas at Arlington. The new ownership will implement a value-add program that will convert the Class C property into a Class A community. The seller was a local investor. 180 Multifamily now owns five assets in Arlington.

August 19, 2019

Development Industrial Texas

Panattoni Development Breaks Ground on 642,994 SF Industrial Project Near Port Houston

by Taylor Williams August 16, 2019

PASADENA, TEXAS — Panattoni Development Co. and its equity partner MetLife Investment Management have broken ground on Bayport South, a 642,994-square-foot industrial project located at 10575 Red Bluff Road in Pasadena, an eastern suburb of Houston. The cross-dock facility will be situated near both the Bayport Container Terminal and the Barbours Cut Container Terminal. Building features will include 36-foot clear heights, 150 trailer parking spaces, 330 automobile parking spaces and 180-foot truck court depths. JLL will market the facility for lease. Construction is expected to be complete in the first quarter of 2020.

August 16, 2019

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