SAN MARCOS, TEXAS — Z Modular LLC will construct Cheatham Street Flats, a 175-unit apartment community in the Central Texas city of San Marcos. The five-story property will offer studio, one-, two- and three-bedroom units with rents starting around $700 per month. The property will also house ground-level restaurant space and will be marketed to students at nearby Texas State University.
MIDLAND, TEXAS — Newmark Knight Frank (NKF) has arranged the sale of The Azure, a 156-unit apartment community in the West Texas city of Midland. The Class A property, which was built in 2015 and was 100 percent occupied at the time of sale, is located near numerous retail and restaurant destinations, as well as employment hubs and parks. Floor plans consist of one-, two- and three-bedroom units, and amenities include a pool, fitness center, business center and a resident clubhouse. Bart Wickard, Brian Murphy and Brian O’Boyle Jr. of NKF represented the seller, Odyssey Residential Holdings LLC, in the sale. The buyer and sales price were not disclosed.
HOUSTON — Three new food and beverage concepts will open at Memorial City, a 265-acre mixed-use development in Houston owned by local firm MetroNational. A 7,000-square-foot space will be built for alcoholic beverage provider Kirby Ice House, with construction beginning this summer and the bar opening in fall 2020. A 5,830-square-foot space will be constructed for burger and milkshake concept Mia’s Table, and a 4,550-square-foot space will be built for Austin-based Torchy’s Tacos. Construction of both of those venues will begin this spring, with openings slated for next spring.
DALLAS — Arbor Realty Trust Inc. (NYSE: ABR) has provided $29.5 million in Fannie Mae acquisition financing for Alexan Riveredge, a 309-unit apartment community in Dallas. Built in 2016, the property offers amenities including a resort-style pool, rooftop lounge, fitness center, jogging trails, business center and a game room. Units feature granite countertops, walk-in closets, washer and dryer connections and private balconies in select residences. Greg Gillam of Arbor Realty Trust originated the loan, which carries a 10-year term and a fixed interest rate, on behalf of the undisclosed borrower.
AUSTIN, TEXAS — Baceline Investments LLC, a Denver-based boutique real estate investment firm, has acquired Dakota Plaza, a 21,700-square-foot retail center in Austin, for $4.2 million. The property, which was built in 2006 and is located at 8516 Anderson Mill Road, was acquired in conjunction with shopping centers in Milwaukee, Louisville, Ky., and Maybrook, Ill.
The Austin apartment market is currently experiencing significant growth. Increasing demand is driving more intensive development and developers are addressing tenants’ desire for a better experience. The result is the development of communities that capitalize on space to the fullest extent. Architects are providing extremely detailed designs of common area “living experiences” before properties are constructed. Examples of such designs include the final positioning of equipment in fitness centers, pool/cabana layouts, rooftop lounges and Zen gardens that are thoughtfully and efficiently planned to maximize the effect while being cost-conscious. The importance of garage layouts and identifying necessary parking needed has increased as we become more dependent on ride-sharing services like Uber and Lyft, as well as Lime and Bird scooters to move around the city. Job, Population Growth The key to the success of new developments and long-term investments is the ongoing population and job growth, future projections of which remain extremely positive. Austin enjoys a prime age (25 to 34) rental percentage that reportedly exceeds 30 percent, approximately 44 percent higher than the national average of 20.9 percent. Additionally, we must take into consideration locals opting to move from single-family homes to rental communities in favor of more services …
AUSTIN, TEXAS — California-based Arrimus Capital has acquired Villas on 26th, a 182-bed student housing property serving the University of Texas at Austin. The seller, Texas-based Zucker Properties, developed the community in 2014, delivering 49 units in various formats from studio to six-bed residences. Each unit features granite countertops, walk-in closets and built-in washers and dryers. Communal amenities include a pool-sized hot tub, 24-hour fitness center and an outdoor lounge with TVs and stereo. The deal marks Arrimus Capital’s seventh student housing acquisition since 2017, yielding a $320 million portfolio spanning 3,894 beds.
DALLAS — Marcus & Millichap has brokered the sale of Enchanted Hills, a 229-unit multifamily community situated on 11.7 acres in Dallas. The property was built in 1964 and has a land use restrictive agreement attached to it. Floor plans include one-, two- and three-bedroom units and amenities include a pool and a playground. Al Silva and Ford Braly of Marcus & Millichap represented the seller, a local private investor that owned the property for 22 years, in the sale. The duo also secured the buyer, a Dallas-based investment group.
HOUSTON — Life Time Inc., an owner-operator of health clubs across the country, will bring a 56,000-square-foot athletic facility and 38,000-square-foot coworking space to GreenStreet, an office and retail property in downtown Houston by local developer Midway. The facility will be located at 1201 Main St. and will offer two floors featuring a range of health and wellness amenities combined with coworking space. The opening is scheduled for 2020.
PASADENA, TEXAS — NAI Partners has negotiated a 25,695-square-foot retail lease at 1222 S. Shaver St. in Pasadena, a southeastern suburb of Houston. Lesley Rice and Andy Parrish of NAI Partners represented the landlord in the lease negotiations. Chris Holder, also with NAI Partners, represented the tenant, Crazy Boss, which expects to open 10 additional stores over the next two to three years.