FARMERS BRANCH, TEXAS — Wood Partners, a multifamily investment and development firm with offices around the country, has opened Alta at Mercer Crossing, a 260-unit community located in the northern Dallas metro of Farmers Branch. The property offers one-, two- and three-bedroom units ranging in size from 638 to 1,500 square feet and featuring walk-in closets, maple shaker cabinets, in-unit laundry connections, quartz countertops and private yards. According to apartments.com, rents at Alta at Mercer Crossing range from $1,140 per month for a studio apartment to $2,076 for a three-bedroom unit. Communal amenities include a pool, fitness center, grilling area, entertainment kitchen and a game room.
Texas
HOUSTON — Houston-based LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged two loans for a pair of apartment properties totaling 560 units in the Houston area. In the first transaction, Kurt Dennis of LMI Capital placed a $9.5 million acquisition loan for a 120-unit complex in the Humble submarket. In the second deal, Brandon Brown of LMI Capital arranged a supplemental agency loan for a 440-unit asset in the Alief submarket. Supplemental agency loans offer subordinate financing options for multifamily properties with existing agency mortgage loans. The borrowers and property names were not disclosed.
HOUSTON — Lee & Associates has negotiated a 13,280-square-foot industrial lease in Houston. Mike Spears, Robert McGee and Mason Alsbrooks of Lee & Associates represented the landlord, 6811-6815 Gant Road LLC, in the lease negotiations. The tenant was Black Diamond Real Estate Inc., a Virginia-based property management firm.
FRISCO, TEXAS — A partnership between the Dallas Cowboys, former quarterback and developer Roger Staubach and Robert Shaw of Columbus Realty Partners, has begun leasing Twelve Cowboys Way. The 17-story, 160-unit residential tower overlooks The Star, the NFL team’s 91-acre headquarters campus in Frisco. Floor plans include one-, two- and three-bedroom units, with rates starting at $2,700 per month. Units will feature floor-to-ceiling windows, quartz countertops and hardwood floors. Residents will have access to a covered pool, members-only dining club and a 60,000-square-foot gym, as well as 24-hour concierge, dry cleaning, dog walking and grocery delivery services. O’Brien Architects designed the building, which will officially open in early 2020.
HOUSTON — Allied Orion Group has acquired Ashford Apartments, a 312-unit multifamily community located at 1200 N. Dairy Ashford Road in Houston. Built in 2017, the Class A property offers one- and two-bedroom units featuring granite countertops, custom backsplash options, upgraded cabinetry and built-in washers and dryers. Communal amenities include a pool, a two-story fitness center, outdoor grilling area, dog park, package lockers and electric vehicle charging stations. The seller was Trammell Crow Residential.
TULSA, OKLA. — JLL has arranged a $48.6 million acquisition loan for a portfolio of nine office buildings totaling more than 1 million square feet in Tulsa’s southern submarkets. Adam Schwartz, Aaron Appel, Keith Kurland, Jonathan Schwartz, Matt Collins and Sean Bastian of JLL placed the loan through Citigroup Inc. on behalf of the borrower, Group RMC, a New York-based office investment firm.
AUSTIN, TEXAS — Retail Solutions has negotiated a 15,606-square-foot lease at Riverside Plaza, located at 2237 Riverside Drive in Austin. Dave Burggraaf and Joey Mendez of Retail Solutions represented the landlord in the lease negotiations. Greg Pierce of CBRE represented the tenant, Ace Mart Restaurant Supply.
TOMBALL, TEXAS — The J. Beard Real Estate Co. has brokered the sale of Preserve Plaza, an 11,000-square-foot medical retail building in Tomball, a northern suburb of Houston. Lisa Hughes and Cathy Young of J. Beard represented the seller, EPB Land Developments LP, in the transaction. Duke Iqbal of IQ Realty Group represented the buyer, Spectre Innovations LLC. The property is currently leased to a dental practice, and the new owner will occupy the remaining space
Mixed-use properties come in all shapes, sizes and locations, but developers say the most effective projects are those that transform multi-use real estate developments into unique destinations with vibrant social scenes. In Texas’ biggest markets, robust job and population growth have bolstered demand for more apartments and hotels, as well as office, retail and restaurant space. But it takes a developer that understands human psychology and social behaviors to successfully combine three or more of these uses into a final product that receives equal levels of demand for each use. To that end, the “live, work, play” notion has become a catchphrase that to some extent figures into the branding and marketing campaigns of virtually every mixed-use project that comes out of the ground. However, the developments that become real hubs for social gathering, new experiences and the general passing of time are those in which uses complement one another, and in which the site supports all uses evenly. “The concept behind ‘mixed-use’ — a smaller environment where uses aren’t as clearly separated and people conduct their home, work and entertainment lives in the same place — really defines how people live in many other parts of the world,” says …
HALTOM CITY, TEXAS — Marcus & Millichap has brokered the sale of Rio Vista, a 246-unit multifamily community in Haltom City, located northwest of downtown Fort Worth. The property was built in 1969 and features amenities such as a pool, playground, picnic area and volleyball court. Al Silva and Ford Braly of Marcus & Millichap represented the seller, a California-based private investment group, in the transaction. The duo also procured the buyer, a Florida-based investment firm. The new ownership will invest $2.5 million in capital upgrades to the property.