LEANDER AND AUSTIN, TEXAS — Dallas-based Stillwater Capital has broken ground on a multifamily project in the northern Austin suburb of Leander and acquired land for the development of a second apartment community in Austin’s Riverside area. The Leander project will deliver 259 units with stainless steel appliances, custom cabinetry and other custom finishes. The Riverside project, located within a designed opportunity zone, will deliver a four-level complex with surface parking and units that feature quartz countertops and wood-like floors. Both properties will offer pools, outdoor grilling stations and fitness centers. The Leander project is slated to open in late 2019, and the Riverside project is set to open in fall 2020.
HALTOM CITY, TEXAS — Miami-based DIJ Properties has purchased Rio Vista, a 246-unit multifamily asset in Haltom City, located northeast of downtown Fort Worth. The property was built in 1968. DIJ will implement a capital improvement program that will renovate the unit interiors and upgrade the amenity spaces, including the addition of a soccer court, playground and tutoring center for children. The seller was not disclosed.
MCKINNEY, TEXAS — Weitzman has negotiated the sale of McKinney Marketplace, a 16,900-square-foot retail center located approximately 30 miles north of downtown Dallas. Sprouts Farmers Market and LA Fitness shadow-anchor the Class A property, which is leased to tenants such as Hollywood Feed and Little Caesars. Derek Schuster and Kevin Butkus of Weitzman represented the Plano-based buyer in the transaction. Jason Vitorino of STRIVE represented the seller, Malouf Interests, Inc.
ROSENBERG, TEXAS — CBRE has arranged the sale of La Quinta Inn & Suites, a 56-room hotel located at 28332 Southwest Freeway in Rosenberg on the southwestern outskirts of Houston. Illinois-based Imeri Enterprises Inc. purchased the asset from Houston-based Gayatri International LLC. Michael Yu, Rahul Bijlani, Tyler Bean, Dennis Drake and Manasvini Sridhar of CBRE handled the transaction.
DALLAS — NorthMarq Capital has brokered the sale of Montecito Creek, a 650-unit multifamily community in Dallas. The property was built in 1983 on 23 acres and features five pools, two spas, a business center and onsite laundry services. Taylor Snoddy, Philip Wiegand and James Roberts of NorthMarq represented the seller, NAPA Ventures, in the transaction. The buyer was Exponential Property Group, a locally based investment firm, which will upgrade the interior and exterior elements of the property.
OKLAHOMA CITY — Gardner Tanenbaum Holdings will develop Liberty Creek Village, a 516-unit apartment community in Oklahoma City. Designed by Gardner Architects, the property will offer two pools, outdoor entertainment areas, a full-size basketball court, fitness center and a dog park. Units will feature quartz countertops, stainless steel appliances and washer/dryer connections. Liberty Creek Village is expected to open in 2020.
LUBBOCK, TEXAS — Berkadia has provided a $48.6 million Freddie Mac loan for the refinancing of Capstone Cottages of Lubbock, a 969-bed student housing community in the West Texas city of Lubbock. Built in 2017. The property features 216 units in one-, two-, three-, four- and five-bedroom configurations. Amenities include a pool, business center, resident clubhouse, conference room and outdoor grilling and picnic area. Charles Foschini, Mitch Sinberg, Christoper Apone, Lourdes Carranza-Alvarez and Shannon Wilson of Berkadia placed the debt on behalf of the borrower, a partnership between Florida-based Kayne Anderson Capital Advisors LP and Alabama-based Capstone Collegiate Communities. The loan carried a floating interest rate, seven-year term and a 65 percent loan-to-value structure.
FREDERICKSBURG, TEXAS — Bridgeview Realty Capital, in collaboration with ACRON USA, Tulsa OK and First Capital Bank of Texas, has completed construction of a seniors housing community in the central Texas city of Fredericksburg. Development costs were estimated at $21 million for the 73,000-square-foot property, which was not named and offers 60 assisted living units and 24 memory care units. Approximately 50 percent of the newly delivered space is preleased, and Bridgeview is planning a second phase to add independent living units.
HOUSTON — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged two acquisition loans totaling $17.1 million for a pair of apartment properties in the Houston area. In the first transaction, Brandon Brown of LMI Capital arranged an $8.7 million bridge loan for a 170-unit property in Brazoria County. In the second deal, Jamie Mullin of LMI Capital placed an $8.4 million loan for a 100-unit asset in Galveston County. The property names and borrowers were not disclosed.
HOUSTON — Illinois-based industrial developer Molto Properties has broken ground on 290 Northwest Business Center, a 136,651-square-foot distribution center that will be located in northwest Houston. The property, which is expected to be complete by August, will be able to accommodate one or two tenants. Building features will include 32-foot clear heights, an ESFR sprinkler system, 2,586 square feet of office space, 121 parking spaces and a loading area with 30 dock-high doors. Lee & Associates will handle leasing of the facility.