HUNTSVILLE, TEXAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Lexington Center, a 40-unit assisted living facility in Huntsville, approximately 70 miles north of Houston. A local family owner-operator exiting the industry was the seller. An independent, Houston-based owner-operator bought the property for $3.4 million. The 35,686-square-foot community sits on 6.7 acres and was built in 2004. The Lexington Center’s occupancy rate was 83 percent at the time of sale. Matthew Alley of SLIB arranged the transaction.
FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Tribecca Pointe, a 175-unit multifamily community in Hurst, located northeast of Fort Worth. Built in 1969, the property offers one-, two- and three-bedroom units and amenities such as a pool and a business center. Al Silva and Ford Braly of Marcus & Millichap represented the seller and procured the buyer, both of which were Dallas-based investment firms that requested anonymity.
NORMAN, OKLA. — Denver Realty Group has purchased Broadmoor 24 and Plaza 24, a two-property, 165-unit multifamily portfolio located in Norman, a southern suburb of Oklahoma City. Both properties were built around 1970 and feature one- and two-bedroom units as well as pools and onsite laundry facilities. The seller and sales price were not disclosed. With this acquisition, Denver Realty Group now has a portfolio of 768 residential units in Oklahoma
AUSTIN, TEXAS — Transwestern Development Co. has acquired land across the street from the newly renovated Austin Community College campus for the development of a new multifamily project. The new community will feature 147 micro apartments and 3,600 square feet of ground-floor retail space. Construction is scheduled to begin in summer 2020 and to be complete in 2022. TDC is also developing Block 36, a micro-unit community between East Third and East Fourth streets in downtown Austin. Additionally, TDC completed The Indie, its first micro-unit project in Austin, in 2018.
LEWISVILLE, TEXAS — NAI Robert Lynn has arranged the sale of a 68,676-square-foot industrial building in Lewisville, a northern suburb of Dallas. Ryan Lee and Jim Hancock of NAI Robert Lynn represented the undisclosed seller in the transaction. The buyer, SSC Properties LLC, will consolidate three of its existing locations into the facility.
BAYTOWN, TEXAS — JLL has negotiated a 67,427-square-foot industrial lease at Cedar Crossing Distribution Center in the eastern Houston metro of Baytown. According to LoopNet Inc., the property was built in 2014, spans 540,000 square feet and features 30-foot clear heights. Richard Quarles and David Holland of JLL represented the landlord, Mountain West, in the lease negotiations. The tenant was locally based firm Merih Cotton Corp.
The unprecedented job and population growth that Dallas-Fort Worth (DFW) has experienced during this cycle has brought a plethora of new buyers to the Class B multifamily space, and the simple economics of high demand and low supply are re-shaping the landscape of the investment market. According to CoStar Group, the average price per unit in the Class B space has increased by 4.3 percent year-to-date, and deal volume on sales of Class B assets is down from 2017. These trends attest to the strong impact price escalation has had on the market. A more crowded buyer pool is also breeding competition and pushing prices upward. The metroplex’s growth cycle dates back to the beginning of the expansion. Data from the U.S. Census Bureau shows that between 2010 and 2018, the metroplex added about 1.1 million people, or 122,000 per year. Earlier this year, Cushman & Wakefield released a report stating that DFW added approximately 754,000 jobs between 2009 and 2018, or 75,000 per year. This convergence has significantly boosted apartment demand in the metroplex, ushering in waves of competition for older multifamily assets, many of which are positioned for value-add investment and subsequent rent bumps. Price escalation caused by …
ARLINGTON, TEXAS — Dallas-based developer StreetLights Residential has broken ground on The Jackson, a 340-unit multifamily community located within the Viridian master-planned development in Arlington. The property will offer studio, one-, two- and three-bedroom units in addition to limited two-story floor plans known as “carriage units.” Residences will range in size from 588 to 1,671 square feet and feature granite countertops, custom cabinetry and spa-inspired bathrooms. Amenities will include coworking spaces, a creative makerspace with a chef’s kitchen, a private lounge with a coffee bar, fitness center with a flex room for yoga and spin, a resort-style pool and outdoor courtyard spaces. WDG Architecture designed the project, and SLR Construction LLC is serving as the general contractor. Residences are expected to be available for occupancy in fall 2020.
HOUSTON — Stonelake Capital Partners, a private equity firm with offices in Dallas, Houston and Austin, has topped out 200 Park Place, a 210,000-square-foot office building located within the Park Place | River Oaks development in Houston. Designed by Beck Architecture and constructed by Harvey Builders, the 15-story building will feature ground-floor restaurants, a conference center and tenant lounge and access to a landscaped terrace and park. The property, which is 30 percent preleased, is expected to be available for occupancy by June 2020.
HOUSTON — JLL has negotiated the sale of The Mix @ Midtown, a 73,000-square-foot retail center that occupies a full city block in Houston’s Midtown neighborhood. The property was fully leased at the time of sale to tenants such as 24 Hour Fitness, Jinya Raman Bar, Artisans Restaurant, Gen Korean BBQ, Piola, Kung Fu Tea and Cloud 10 Creamery. Rusty Tamlyn, John Indelli, Michael Johnson and Bryan Strode of JLL represented the seller, Crosspoint Properties, which developed the center in 2008, in the transaction. A joint venture between Houston-based Fifth Corner and Pointer Real Estate Partners purchased the asset for an undisclosed price.