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.
HOUSTON — Weitzman has brokered the sale of West Oaks Centre, a 13,454- square-foot retail center located at the intersection of Highway 6 and Westheimer Road in Houston. The center is located across from West Oaks Mall, which is being redeveloped, and is leased to internet-resistant tenants in the services and health and beauty sectors. An Austin-based investment firm purchased the asset from a Houston-based limited partnership. Evan Altemus and Brett Levinson of Weitzman handled the transaction.
GEORGETOWN, TEXAS — Greystone has provided an $8.9 million Fannie Mae Green Rewards loan for the refinancing of The Rail at Georgetown, a 113-unit apartment complex in Georgetown, a northern suburb of Austin. The property offers one- and two-bedroom units and amenities such as a playground, pet play area and onsite laundry facilities. D.J. Elefant of Greystone provided the loan, which was structured with a 10-year term and three years of interest-only payments, to The Rail at Georgetown LLC. The borrower will use a portion of the proceeds to implement water- and energy-saving measures.
ALLEN, TEXAS — The Allen City Council has approved a zoning proposal for Monarch City, a 261-acre mixed-use project by The Howard Hughes Corp. that will be developed on the northeastern outskirts of Dallas. According to the minutes from the council meeting, the council adopted an ordinance that establishes a “planned development zoning district with a base zoning of mixed-use.” The development will be located near State Highways 121 and 75 and currently calls for more than 10 million square feet of commercial and residential space, including office, retail, multifamily and hospitality uses. Omniplan is designing the project and JLL is marketing and leasing it on behalf of Howard Hughes Corp.
HOUSTON — Square Mile Capital Management LLC has provided a $46 million loan for the refinancing of 1885 St. James Place, a 165,000-square-foot office building located in the Galleria/Uptown area of Houston. The borrower, Mission Cos., an owner-operator that manages about 1 million square feet of office and medical space throughout Houston, developed the Class A property in 2016. John Ream of JLL placed the loan, a portion of which will be used to fund leasing costs.