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DevelopmentMultifamilyTexas

Oden Hughes Breaks Ground on 287-Unit Multifamily Community in Dallas

by Taylor Williams

DALLAS — Austin-based developer Oden Hughes has broken ground on Phase I of Lenox Maplewood, a project that will add 275 apartments and 12 townhomes to the Dallas Medical District. Floor plans will include one- and two-bedroom apartments and three-bedroom townhomes. The first units are scheduled to open in late 2020. Oden Hughes has the ability to build at least one more phase, but the timing of any additional phases has not been determined. Zoning on the property allows the developer to build a total of up to 800 units on the site. BGO Architects is handling design of the project.

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DevelopmentMultifamilyStudent HousingTexas

Parallel Co. Begins Construction on 18-Story Student Housing Tower Near UT Austin

by Taylor Williams

AUSTIN, TEXAS — The Parallel Co. has begun construction on an 18-story, 558-bed student housing community located near the University of Texas at Austin. The property will offer 153 fully furnished units. Shared amenities will include a coffee bar, rooftop sky lounge, study lounges with conference rooms, fitness center, package room with lockers and a rooftop pool area with outdoor TVs, grills, hot tub and a fire pit. A timeline for delivery was not announced. Parallel recently opened the 502-bed MUZE community, which is located nearby and also serves students attending the University of Texas at Austin.

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IndustrialLeasing ActivityLee & AssociatesTexas

Lee & Associates Negotiates 88,000 SF Industrial Lease in Houston

by Taylor Williams

HOUSTON — Lee & Associates has negotiated an 88,000-square-foot industrial lease at 701 Plastics Ave. in Houston. According to LoopNet Inc., the property was built on 6 .2 acres in 1979 and includes 3,520 square feet of office space. Trey Erwin, Robert McGee and Dalton Knipe of Lee & Associates represented the undisclosed landlord in the lease negotiations. The tenant was Grow Texas Plastics LLC.

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AcquisitionsIndustrialOklahomaTexas

DealPoint Merrill Acquires 47,521 SF Industrial Property in Tulsa

by Taylor Williams

TULSA, OKLA. — DealPoint Merrill, a commercial owner-operator with offices in California and Nevada, has acquired the former Tulsa World Warehouse, a 47,521-square-foot industrial property situated on two acres in the city’s business and arts district. DealPoint Merrill plans to develop a $10 million self-storage facility on the site that is scheduled to open in May 2020. The seller was not disclosed.

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AcquisitionsMultifamilyTexas

Marcus & Millichap Arranges Sale of 72-Unit Apartment Complex Near Houston

by Taylor Williams

LAKE JACKSON, TEXAS — Marcus & Millichap has arranged the sale of Pearl at Oyster Creek, a 72-unit apartment complex in Lake Jackson, located south of Houston. Jeffrey Fript and Chris Mazzini of Marcus & Millichap represented the seller and buyer, both of which were limited liability companies that requested anonymity, in the transaction. The buyer plans to upgrade the property’s exterior and unit interiors.

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DevelopmentHospitalityMultifamilyTexas

JMJ Development to Build 548,811 SF Hotel, Condo Project in Dallas’ Turtle Creek District

by Taylor Williams

DALLAS — JMJ Development will build a 25-story project in the Turtle Creek neighborhood of Dallas that will house a 177-room hotel and 97 condominium units. The site, which will include 387 parking spaces, is located just north of downtown Dallas. JMJ is currently negotiating with five-star hotel brands for the hospitality component of the project. New York City-based Madison Realty Capital provided a $32.5 million loan for the acquisition of the land. A construction schedule is still being finalized.

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LoansOfficeTexas

JLL Arranges Permanent Financing for Dallas Office Buildings Totaling 467,366 SF

by Taylor Williams

DALLAS — JLL has arranged an undisclosed amount of permanent financing for 3000 and 3100 Olympus Boulevard, two office buildings totaling 467,366 square feet in Dallas. Allianz Real Estate of America provided the 15-year, fixed-rate loan, proceeds of which will be used to retire construction debt following the stabilization of the buildings. Trey Morsbach and Jim Curtin of JLL placed the debt on behalf of the borrower, locally based developer Billingsley Co.

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DevelopmentMultifamilyTexas

Paragon Underway on Renovation of 450-Unit Multifamily Asset in The Woodlands

by Taylor Williams

THE WOODLANDS, TEXAS — General contractor Paragon Services Inc. is underway on the renovation of Boardwalk at Town Center, a 450-unit apartment community in The Woodlands, about 30 miles north of Houston. The project, which began last fall and is now 40 percent complete, will upgrade unit interiors with quartz countertops, stainless steel appliances, pendant lighting and wood-style flooring. Amenities at the property include two pools, a rooftop lounge, business center with a coffee bar, fitness center and a clubroom with a gourmet kitchen. Bentall GreenOak, an investment firm formed by the recent merger of Bentall Kennedy and GreenOak Real Estate, owns the asset.

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AcquisitionsHospitalityTexas

Marcus & Millichap Brokers Sale of 146-Room Hotel in North Dallas

by Taylor Williams

DALLAS — Marcus & Millichap has brokered the sale of Courtyard by Marriott Dallas Northwest, a 146-room hotel located at 2930 Forest Lane on the city’s north side. Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, a private investor. Both parties requested anonymity.

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AcquisitionsRetailTexas

STRIVE Negotiates Sale of 17,836 SF Retail Strip Center in Arlington

by Taylor Williams

ARLINGTON, TEXAS — Dallas-based retail brokerage firm STRIVE has negotiated the sale of Cooper Oaks Shopping Center, a 17,836-square-foot retail strip center in Arlington, for $3 million. Built in 1996 and shadow-anchored by Kroger, the property was fully occupied at the time of sale. Sam House of STRIVE represented the seller, a California-based private investor, in the transaction. Will Merritt of STRIVE secured the buyer, a local investor.

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