AUSTIN, TEXAS — Thor Equities Group has purchased 1005 East St. Elmo Road, a 60,000-square-foot office campus in Austin, for $16 million. The property was built in 2017 and fully leased at the time of sale to tenants such as Skull Mechanix and Fuse Architecture Studio. The seller was not disclosed.
FORT WORTH, TEXAS — Hillwood will develop three buildings totaling approximately 1.5 million square feet on its AllianceTexas campus in Fort Worth. Two buildings (Buildings 4 and 5) will be developed on the Alliance Northport campus and one will be developed on the Alliance Westport campus. Hillwood expects to break ground on the new buildings, which are being developed on a speculative basis, in March and to complete them during the fourth quarter. RGA Architects designed the Northport buildings and GDA Architects designed the Westport building. Inwood Bank and Simmons Bank provided construction financing for Buildings 4 and 5, respectively, at Northport, while Bank of America originated construction financing for the Westport property.
DALLAS — Developers Westdale and KDC have announced the first tenants to join The Epic office tower, a 251,000-square-foot property in Dallas. The Epic is an eight-acre mixed-use development situated at the intersection of downtown Dallas, Deep Ellum and the Dallas Farmers Market. Westdale will occupy 39,124 square feet in the office tower beginning in June. Coworking firm Spaces has leased 47,026 square feet, and Asian restaurant and lounge Komodo will occupy a total of 22,200 square feet of interior and exterior seating space. The Epic’s office building will feature a fitness center, office terraces, multiple collaborative workspaces and a seventh-floor amenity deck with views of downtown Dallas.
ALLEN, TEXAS — New York-based development firm Sovereign Properties has broken ground on Sovereign at Twin Creeks, a $73 million project that will bring 366 multifamily units to the northeastern Dallas metro of Allen. Amenities will include a resort-style pool, fitness center, business lounge and a resident clubhouse. The development will also feature a 15,000-square-foot medical office building adjacent to the community. Davis Bros. Construction is the general contractor for the project, which is expected to be complete by late summer 2020.
HOUSTON — Lee & Associates has negotiated the sale of a 14,000-square-foot industrial asset located at 6635 Theall Road in Houston. According to LoopNet Inc., the single-tenant property was built in 2017 and features 28-foot clear heights. Robert McGee, Thomas Leger and Chase Cribbs of Lee & Associates represented the seller, Axis Texas Development Group LLC, in the transaction. Clint Hankla, also with Lee & Associates, represented the buyer, CCIRF LLC.
DALLAS — Greysteel has arranged the sale of Prospect Avenue Apartments, a 20-unit multifamily property in Dallas. The property was built in 1945 and renovated in 2018. Doug Banerjee, Boyan Radic, Andrew Mueller, Andrew Hanson, Scott Simon and Jack Stone of Greysteel arranged the transaction on behalf of the seller. Other terms of sale were not disclosed.
SAN ANTONIO — Local multifamily lender Mason Joseph Co. Inc. has provided a $29.2 million loan for the construction and permanent financing of Potranco Apartments, a 244-unit apartment project in San Antonio. Mason Joseph originated the loan, which features a fixed interest rate for the 18-month construction period and subsequent 40-year term, through the HUD’s 221(d)(4) program. The developer of the project is Lev Investments, which has offices in California and Dallas.
SAN ANTONIO — Dallas-based Westmount Realty Capital has acquired The Place at Houston Street, a 200-unit apartment community in San Antonio. Built in 2003, the property offers two- and three-bedroom residences and amenities such as a pool, fitness center, business center, resident clubhouse and a playground. Westmount will upgrade the property’s amenity spaces, landscaping and signage. Following this transaction, the seller in which was not disclosed, Westmount’s San Antonio portfolio consists of three properties totaling 684 units.
LAREDO, TEXAS — An affiliate of Fort Worth-based Tailwind Real Estate Equities LLC has acquired 10.5 acres in the south Texas city of Laredo for the development of a 132,000-square-foot warehouse. Building features will include 32-foot clear heights, 46 dock doors, administrative/office space and 76 trailer parking spaces. The development team includes Dallas-based Gulf Corp. USA and Laredo-based Park Avenue Construction. Completion is scheduled for early 2020.
DALLAS — Multifamily Property Group has purchased Smith Creek Apartment Homes, a 192-unit market-rate asset in Dallas. Built in 1983, the community offers amenities such as a pool, playground and onsite laundry facilities. Minneapolis-based Dougherty Mortgage LLC arranged a 12-year acquisition loan through a partnership with Old Capital Lending on behalf of Multifamily Property Group. Chris Deuillet and Chandler Sims of CBRE represented the undisclosed seller in the transaction. Smith Creek was 93 percent occupied at the time of sale.