Texas

Westmount Realty Capital Acquires 300-Unit Apartment Community in San Antonio

by Taylor Williams April 12, 2019

SAN ANTONIO — Dallas-based Westmount Realty Capital has acquired The Pointe at Ramsgate, a 300-unit apartment community in San Antonio. Built in 1975, the property offers one- and two-bedroom units averaging 682 square feet. Amenities include two pools, a fitness center, outdoor grilling area, resident clubhouse with a full kitchen and a dog park. Westmount will renovate the property’s unit interiors by upgrading the flooring, lighting, cabinetry and plumbing fixtures. Amenity spaces, as well as the signage, paint job and parking lot, will also be refreshed. The property will be rebranded Joule Apartment Homes.

April 12, 2019

Development Office Texas

Construction Begins on 150,000 SF Paycom Office in Grapevine, Texas

by Taylor Williams April 12, 2019

GRAPEVINE, TEXAS — Construction is underway on a new, 150,000-square-foot office in the Fort Worth metro of Grapevine for Paycom, an Oklahoma City-based provider of payroll and human resources software. The groundbreaking ceremony at the 14-acre site was held on Wednesday, April 10, and the company expects to move in to its new space some time in 2020. Paycom plans to accommodate as many as 1,000 employees at the property, the developer of which was not disclosed.

April 12, 2019

Acquisitions Retail Texas

STRIVE Brokers Sale of 30,255 SF Shopping Center in Arlington

by Taylor Williams April 12, 2019

ARLINGTON, TEXAS — Dallas-based STRIVE has brokered the sale of Arkansas Square, a 30,255-square-foot shopping center in Arlington. Surrouding national retailers include Walmart Neighborhood Market, Walgreens, Subway and Dollar General. Sam House of STRIVE represented the seller, a California-based investor, and procured the buyer, a locally based investor. Both parties requested anonymity.

April 12, 2019

Acquisitions Industrial Texas

REV Recreation Group Sells 58,736 SF Service Center in Alvarado, Texas

by Taylor Williams April 12, 2019

ALVARADO, TEXAS — REV Recreation Group (NYSE: REGV), a Milwaukee-based manufacturer of emergency and recreational vehicles, has sold a 58,736-square-foot service center in Alvarado, about 30 miles south of Fort Worth. The property, which includes 10,156 square feet of office space, was built in 2008 and expanded in 2017. The sale also includes 12 acres of land. Dan Spika of Henry S. Miller Brokerage represented REV Recreation Group in the sale. Mark Wussow of Commercial Real Estate Services LLC represented the buyer, Illinois-based National Retail Properties LP.

April 12, 2019

Market Reports Multifamily Texas Texas Market Reports

Austin Multifamily Market’s New Focus: Workforce Housing

by Taylor Williams April 12, 2019

As demand for housing increases with Austin’s growing population, all eyes are on the multifamily housing market. But with rents rising as well, pressure on the already-sparse affordable housing stock is more intense than ever. Traditionally, affordable housing has served as a resource for low-income residents, those who earn at or below 60 percent of the area median income (AMI). Providing affordable housing has become a major priority for Austin’s city council and developers during this cycle. But a growing concern involves the segment of the population caught in the middle: those who may not qualify to live in traditional affordable housing properties, but for whom market-rate apartment prices are getting uncomfortably high. The solution? Workforce housing. Rapid Residential Growth Average rent is increasing faster in Austin than in any other major metropolitan city in Texas. This activity is pushing workers out of housing they could afford in areas that are convenient for them and forcing many into long commutes from unfamiliar neighborhoods. According to industry data, in 2018, rents in Austin rose by 4.4 percent, in contrast to 3.8 percent in Fort Worth, 3.5 percent in San Antonio and 2.7 percent in Dallas. And the squeeze on lower-income residents …

April 12, 2019

Acquisitions Office Texas

Northridge Capital Acquires 378,401 SF Hewlett-Packard Office Campus in Metro Houston

by Taylor Williams April 11, 2019

SPRING, TEXAS — Washington, D.C.-based Northridge Capital LLC has acquired HP Plaza, the 378,401-square-foot Hewlett-Packard office campus located within CityPlace at Springwoods Village in Spring, a northern suburb of Houston. Hewlett-Packard occupies the entirety of the two-building campus, which was completed in 2018. The developer, Patrinely Group, sold the property in partnership with USAA Real Estate and CDC Houston. Jeff Hollinden and Trent Agnew of HFF served as listing agents for the transaction.

April 11, 2019

Development Industrial Texas

CT Realty Begins Construction of 882,565 SF Logistics Center at AllianceTexas in Fort Worth

by Taylor Williams April 11, 2019

FORT WORTH, TEXAS — CT Realty has begun construction of Westport Logistics Center, an 882,565-square-foot industrial project located within the Alliance submarket of Fort Worth. The facility, which is being developed in a joint venture with Mitsubishi’s Diamond Realty Investments, will be situated within a mile of Interstate 35 and adjacent to Fort Worth Alliance Airport, as well as the BNSF intermodal railway. The project will consist of two buildings in either single-sided or cross-dock configurations, with 32- and 36-foot clear heights, 185-foot truck courts and build-to-suit office spaces. Completion is slated for the fourth quarter. Westport Logistics Center is CT Realty’s fourth major industrial development in the DFW metroplex.

April 11, 2019

Acquisitions Multifamily Texas

JPI Sells 422-Unit Apartment Community in Irving’s Las Colinas District

by Taylor Williams April 11, 2019

IRVING, TEXAS — Locally based multifamily developer JPI has sold Jefferson LasCo, a 422-unit apartment community in Irving’s Las Colinas district. JPI completed the community, which offers proximity to Toyota Music Factory and a local DART station, in 2018. Floor plans consist of one-, two- and three-bedroom units and amenities include a pool with cabanas, fitness center, outdoor grilling stations, coffee bar, game lounge, conference room, package lockers and a rooftop terrace. Womack + Hampton designed the community. The buyer was California-based insurance giant Pacific Life.

April 11, 2019

Leasing Activity Retail Texas

PINSTACK to Open 50,000 SF Entertainment Venue in Austin

by Taylor Williams April 11, 2019

AUSTIN, TEXAS — PINSTACK, an entertainment concept that combines bowling with other activities, as well as food and beverages, will open a 50,000-square-foot venue at Tech Ridge Center in Austin. This will be the first location outside of the DFW metroplex for PINSTACK, which is owned by Entertainment Properties Group Inc. In addition to bowling, the Austin center will offer a rock climbing wall, virtual reality games, laser tag, bumper cars and a ropes course, as well as a chef-driven menu featuring craft cocktails, wine and draft beer. The opening is scheduled for late 2019.

April 11, 2019

Development Hospitality Texas

Cadence McShane Completes Dual-Branded Best Western Hotel in Austin

by Taylor Williams April 11, 2019

AUSTIN, TEXAS — Cadence McShane Construction Co. has completed an 86-room, dual-branded Best Western Plus and Executive Residency by Best Western hotel in Austin. The four-story property is located near the downtown area and features kitchenettes for extended-stay experiences in select rooms. Shared amenities among the two brands include a pool, fitness center and a gaming lawn. Local firm TAG International served as the project architect, and 28 Hospitality LLC will operate the hotel.

April 11, 2019

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