CARROLLTON, TEXAS — Conti Organization, a multifamily investment firm that owns approximately 7,800 units in the DFW metroplex, has acquired Dawntree Apartments, a 400-unit community in the northern Dallas suburb of Carrollton. Built in 1982 on 23 acres, the community features one- and two-bedroom units and amenities such as a pool, fitness center, tennis court, business center and a resident clubhouse. Conti purchased Dawntree Apartments from California-based Steadfast Income REIT and will rebrand the community as Bella Vista Apartments.
ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of Garden Park, a 252-unit multifamily property in Arlington. The property, which was built in 1969 and renovated in 2014, offers one- and two-bedroom units. Al Silva and Ford Braly of Marcus & Millichap represented the seller, a locally based private investor, in the transaction. The buyer was a Texas-based investment group with a portfolio of 17,000 units nationwide.
Austin’s retail and restaurant market is rapidly becoming one of the hippest and most dynamic scenes in the country, as new concepts are flocking to the state capital in lockstep with its remarkable job and population growth. The push by both new and established retailers and restaurants to grab a piece of the Austin pie has driven the city’s retail occupancy rate to roughly 93 percent. Annual rent growth has exceeded 10 percent at Class A properties in submarkets such as the Central Business District (CBD) and East Austin. But while demand for retail and restaurant space in Austin’s urban core is at an all-time high, so too are rates of turnover among these users. A Gentrified Market The driving factors behind these trends are fairly straightforward. Buoyed by the still-surging job growth in the tech industry, the median age of Austin’s population is getting lower, currently sitting at about 34 years. Many of these residents have high-paying jobs, are new to the city and are eager to take advantage of its thriving food, beverage and entertainment options. The gentrification of some of Austin’s historic neighborhoods is well underway and expected to continue in the near future as tech giants …
MCKINNEY, TEXAS — Cinemark Holdings Inc. (NYSE: CNK) has opened a 14-screen theater at the intersection of U.S. Highway 380 and Hardin Boulevard in the northern Dallas suburb of McKinney. The freestanding venue features wall-to-wall screens, oversized recliners with footrests, an arcade and a variety of food and beverage options. The theater is Cinemark’s 27th in the metroplex.
SAN ANTONIO — HFF has negotiated the sale of The Children’s Hospital of San Antonio Health Pavilion, a newly built, 57,250-square-foot hospital and medical office building located in the Stone Oak area of San Antonio. The property, which is situated adjacent to the 242-bed Methodist Stone Oak Hospital, was fully leased at the time of sale. Evan Kovac, Ben Appel, Andrew Milne, Matt DiCesare, Maria Poyer and John Taylor of HFF represented the seller, New York-based Seavest Healthcare Properties LLC, and procured the buyer, Chicago-based Harrison Street. John Chun of HFF arranged an undisclosed amount of debt for the acquisition.
HOUSTON — Marcus & Millichap has arranged the sale of a 34,000-square-foot industrial asset located at 11500 S. Sam Houston Parkway West in Houston. According to crexi.com, the property was built in 2001 and is triple net-leased to a single tenant. David Luther and Morgan Hansen of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was an out-of-state exchange investor. The asset had a list price of $3.95 million.
HOUSTON — Extended Stay America Inc. (NASDAQ: STAY) has opened Extended Stay America Houston IAH Airport, a 115-room hotel in Houston and the first franchise conversion in the brand’s history. The three-story property offers a business center, laundry facilities and in-suite kitchens and work desks. An affiliate of Dallas-based Provident Realty Advisors Inc., which recently purchased 16 Extended Stay America hotels, owns the all-suite property.
GALVESTON, TEXAS — Houston-based River Oaks Equity Partners has brokered the sale of Oasis Apartments, a 30-unit, Class C property in Galveston. Clint Roberts of River Oaks represented the seller and the buyer, both of which requested anonymity, in the transaction.
MINNEAPOLIS AND AUSTIN, TEXAS — NorthMarq Capital has acquired Austin-based Texas Realty Capital (TRC), a deal that adds a $900 million servicing portfolio to the Minneapolis-based intermediary’s holdings. The acquisition brings NorthMarq’s total servicing portfolio to more than $56 billion. Since TRC’s founding in 2006, the commercial mortgage banker has placed more than $3 billion in commercial debt with nearly 30 capital sources. TRC principals Jim Lemos, John Morran and Matt Counts, along with the firm’s five other employees, will all join NorthMarq. In business since 1960, NorthMarq Capital has grown to more than 550 employees. During the past 12 months, the company has added six investment sales offices, most recently in San Diego.
HOUSTON — Hines has broken ground on The Preston, a 46-story residential project located at the corner of Preston and Milam streets in downtown Houston. The tower will offer 373 for-rent residences and 6,800 square feet of ground-floor retail and restaurant space. The property will be situated near multiple public transit lines and adjacent to Hines’ 1 million-square-foot office project at 800 Texas Ave. The Preston will also be located within walking distance of about 50 bars and restaurants. Amenities will include a pool, cabanas, yoga lawn, fitness center, coworking office space and multiple social lounges with coffee bars. The project team includes design architect Munoz + Albin, landscape architect TBG, interior architect Ragni Studio and general contractor Harvey Builders. JLL arranged construction financing and equity for the project, completion of which is scheduled for the third quarter of 2022.