CORPUS CHRISTI, TEXAS — Stan Johnson Co., an Oklahoma-based brokerage firm specializing in net-leased assets, has negotiated the $4 million sale of a single-tenant office building in Corpus Christi. The Texas Department of Family & Protective Services occupies the 51,307-square-foot property and has less than a year remaining on its lease. Brian Corriston of Stan Johnson Co. represented the seller, a Texas-based developer, in the transaction. The buyer was a group of individual investors from the Midwest that acquired the asset in an off-market transaction.
TOMBALL, TEXAS — Locally based investment and brokerage firm Finial Group has arranged the sale of an 11,200-square-foot industrial building in Tomball, a northern suburb of Houston. Doc Perrier and Gerald Leveritt of Finial Group represented the buyer, Reliant Pest Management, in the transaction. A.J. Williams and Travis Land of NAI Partners represented the seller, Nelson Protector Services LLC.
HUMBLE, TEXAS — Dallas-based GenCap Partners Inc. has begun construction on The Sarah at Lake Houston, a 350-unit multifamily project in the northern Houston suburb of Humble. Situated on 17 acres, the community will offer one-, two- and three-bedroom units ranging in size from 560 to 1,616 square feet. Units will feature nine-foot ceilings, wood-style flooring, quartz countertops with tile backsplashes, custom cabinets and stainless steel appliances. Amenities will include a club area with flat-screen TVs, a private party room, fitness center, pool with a sundeck and cabanas, an onsite spa and a pet park. Completion is slated for the second quarter of 2020. JHP Architects is designing the project, and Oden Hughes Taylor Construction is the general contractor. Amegy Bank provided construction financing. Chris Bergmann Jr. of JLL, along with Anne Vickery & Associates, represented GenCap Partners in the land acquisition.
AUSTIN, TEXAS — A joint venture between debt and equity provider The Community Development Trust, the Housing Authority of the City of Austin and its nonprofit affiliate, the Austin Affordable Housing Corp., has purchased The Bridge at Asher Apartments for $70 million. The 452-unit affordable housing community was built in 2003 and is located on the city’s southwest side. The seller was not disclosed. With this acquisition, the joint venture now owns 1,716 units of affordable housing in the state capital.
AUSTIN, TEXAS — Hunt Real Estate Capital has provided a $55.2 million Freddie Mac acquisition loan for Hyde Park at Wells Branch, a 576-unit multifamily property in Austin. Built in 1999 on 29.3 acres, the property offers two pools, outdoor grilling areas, a fitness center and a dog park. Hunt provided the seven-year, fixed-rate loan to a joint venture between an equity investor and Florida-based multifamily investment firm American Landmark. The new ownership will implement a capital improvements program that will upgrade units’ cabinets, lighting and plumbing, as well as enhance Hyde Park’s amenity spaces.
HOUSTON — Local investment firm Three Pillars Capital Group has acquired Pine Lake Village Apartments, a 96-unit asset in Houston. Spanning 3.5 acres, the Class B community was built in 1984 and features amenities such as a pool, dog park and a playground. Three Pillars, whose affiliate will also manage the property, plans to invest $1 million in renovations, with specific upgrades still to be determined.
FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of a 62-room Country Inn & Suites hotel located at 2730 Cherry Lane in Fort Worth. Joseph Jacques and Chris Gomes of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The duo also procured the buyer, a private investor. Additional terms of sale were not disclosed.
TAMPA, FLA. — Tampa-based multifamily investment firm American Landmark has acquired four communities totaling 1,616 units throughout the Dallas-Fort Worth (DFW) metroplex. The properties include Meadows at Bedford, a 490-unit community in Bedford; Remington Hill, a 440-unit property in Fort Worth; Rock Ridge Apartments, a 226-unit asset in Arlington; and Summer Villas, a 460-unit community in Dallas. Other than Rock Ridge, which was built in 2003, all the properties were built in the 1980s and were between 91 and 96 percent occupied at the time of sale. The properties were acquired in conjunction with a 232-unit asset near Nashville, yielding a five-property portfolio that fetched a sales price of $246.7 million. American Landmark, which will invest about $18 million in capital improvements across the portfolio, now owns approximately 28,000 multifamily units throughout the Southeast and Texas.
HOUSTON — Wood Partners, a multifamily development and investment firm with offices around the country, has broken ground on Alta West Alabama, a 304-unit apartment community that will be located between the River Oaks and Greenway/Upper Kirby neighborhoods in Houston. The property will feature one-, two- and three-bedroom units with stainless steel appliances, quartz countertops, tile backsplashes and individual washer and dryers. Amenities will include a pool, outdoor kitchen area, resident clubroom, business center, gaming lounge and a conference space. The opening is slated for the third quarter of 2020.
DALLAS AND LANCASTER, TEXAS — Marcus & Millichap has arranged the sale of two industrial properties totaling 192,797 square feet in the Dallas-Fort Worth (DFW) metroplex. One property totals 66,307 square feet and is located at 4343-4345 Sigma Drive in Dallas, and the other spans 126,490 square feet and is located in the southern suburb of Lancaster. Adam Abushagur of Marcus & Millichap represented the sellers and the buyers in both transactions. Sales prices were not disclosed.