AUSTIN, TEXAS — CWS Apartment Homes, a locally based multifamily developer and manager, will open The Clark, a new community located in downtown Austin, on June 15. Situated near an array of dining, shopping and entertainment venues, The Clark offers amenities including a pool, 24-hour fitness center with virtual classes, sky lounge, an outdoor kitchen and grill areas and a dog park with a grooming station. Units feature quartz countertops, marble tile backsplashes and smart front door locks and thermostats that can be controlled via smartphone. Oden Hughes Taylor Construction LLC served as the general contractor.
RICHWOOD, TEXAS — Bellomy & Co., a self-storage brokerage firm with offices in Houston and Austin, has arranged the sale of Richwood Self Storage, a 592-unit facility situated on 5.4 acres in Richwood, located about 50 miles south of downtown Houston. The facility spans 74,825 net rentable square feet and offers climate- and non-climate-controlled space. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the New York City-based seller in the transaction. The buyer was Merit Hill Capital, a Brooklyn-based self-storage investment and development firm.
DALLAS — Triten Real Estate Partners has purchased Tollway Place, a 90,795-square-foot office building located at 15110 North Dallas Parkway in Dallas in an off-market transaction. Triten is underway on a renovation program at the six-story building and plans to add a ground-floor restaurant space that will be occupied by Velvet Taco. Additional renovation plans include upgrades to the lobby and elevators, as well as the addition of a corporate lounge and conference center. Perkins + Will is the architect for the renovation project, which is expected to be complete this fall. CBRE is marketing Tollway Place for lease.
Twenty years ago, if you were to make the 100-mile drive along Interstate 5 from Los Angeles to San Diego, you’d be driving through crop fields, ranchlands and vast tracts of undeveloped land. Today, that same corridor in southern California is defined by commercial and residential development, so much so that it’s hard to tell where one city ends and another one begins. In recent years, California has become a feeder of the growing Texas population as businesses and households alike seek the tax benefits of relocating from the West Coast to Texas. Central Texas has been the landing spot for many of those firms and families as well. Consequently, the region’s overall population growth is laying the groundwork for a similar type of transformation along the Interstate 35 corridor connecting Austin and San Antonio. While retail normally follows rooftops, in Central Texas we see retail developers and investors — as well as their counterparts in the industrial space — targeting these markets in advance of the residential building boom that they feel is sure to come. In addition, the remarkable population growth of both of the corridor’s anchoring cities has cemented its role as a rising star in terms …
CLEAR LAKE, TEXAS — Austin-based Oden Hughes LLC has begun construction on a multifamily project in Clear Lake that will deliver 360 apartments and 20 townhomes. Located southeast of Houston, the community will be situated on 21 acres near an array of employment hubs, including the NASA-Johnson Space Center, Boeing Space Exploration Headquarters, the University of Houston at Clear Lake and the Port Houston Bayport Terminal. Floor plans for the apartments will consist of one-, two- and three-bedroom units, with rents ranging between $1,100 and $2,300 per month. Amenities will include a pool with cold spas, jogging trails, playground, dog walking area and coworking space. The community is scheduled to open in mid-2020.
LEWISVILLE, TEXAS — Locally based developer Bright Realty has broken ground on Phase II of Discovery at The Realm, a project that will expand the residential component within the company’s The Realm at Castle Hills mixed-use development by 312 apartments. Located in the northern Dallas suburb of Lewisville, Discovery at The Realm currently spans 423 units. With this phase, Bright Realty will also deliver new amenities, such as a dog park, a second fitness center and outdoor seating areas, as well as additional restaurant and retail space. The developer expects to deliver the first units in late 2020. 505Design is the architect for Phase II, and Andres Construction is the general contractor. First United Bank & Trust Co. and ORIX Public Finance LLC provided financing for the project.
GRAND PRAIRIE, TEXAS — JLL Income Property Trust has acquired a 145,000-square-foot distribution center located five miles south of Dallas-Fort Worth (DFW) International Airport in Grand Prairie. At the time of sale, the Class A property was fully leased to Fruit of the Earth, a producer of skin care products. The company’s lease runs through January 2027. This acquisition brings the trust’s total industrial allocation to about $670 million across 6.3 million square feet of space. The seller was not disclosed.
ALLEN, TEXAS — Henry S. Miller Brokerage (HSM) has negotiated the sale of a 62,000-square-foot retail property in the northeastern Dallas suburb of Allen. The sale included a 4.5-acre parking lot. Frank Bullock and Martin Gaines of HSM represented the seller, Denver-based Jumpstreet Trampoline Parks, in the transaction. Home décor retailer LoneStar Mercantile will occupy the remaining 22,000 square feet. Moon Kim of Lifestyles Realty represented the buyer, a Houston-based investment firm.
SHERMAN, TEXAS — Marcus & Millichap has brokered the sale of Texoma Square, a 14,823-square-foot retail center located in the North Texas city of Sherman. Vincent Knipp and Anthony Pucciarello of Marcus & Millichap represented the seller in the transaction. The buyer was a Texas-based investor that acquired the property via a 1031 exchange. Additional terms of sale were not disclosed.
HOUSTON AND STAFFORD, TEXAS — Blue Stone Premier Properties LLC, which has offices in Houston and Charlotte, has purchased six apartment communities in Houston and one in the southwestern suburb of Stafford. The properties total 2,239 units and were between 84.5 and 94 percent occupied at the time of sale. All seven communities will receive value-add upgrades and will be rebranded. Prime Finance provided debt for the acquisition that was placed by Meridian Capital Group. The seller and sales price were not disclosed.