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.
MCKINNEY, TEXAS — Marcus & Millichap has arranged the sale of McKinney Self Storage, a 586-unit facility located about 25 miles north of Dallas. The 72,485-square-foot property features 402 climate-controlled units and 184 drive-up units. Brandon Karr and Danny Cunningham of Karr Self Storage, a division of Marcus & Millichap, represented the seller, a private investor. A California-based self-storage owner/operator purchased the asset for an undisclosed price.
BEDFORD, TEXAS — Arlington-based 180 Multifamily Capital has acquired Surrey Oaks, a 152-unit apartment community in Bedford, located on the northeastern outskirts of Fort Worth. Built in 1983, the community is situated directly off State Highway 121 next to Glade Parks, a shopping and dining destination. Floor plans consist of one- and two-bedroom units and amenities include a pool, fitness center, business center, tennis court and onsite storage space. The seller was not disclosed. The new ownership will rebrand and renovate the property.
THE WOODLANDS, TEXAS — Energy giants Entergy and ExxonMobil have both signed office leases at Lake Front North in Hughes Landing, a mixed-use development by The Howard Hughes Corp. (NYSE: HHC). The property is located in The Woodlands, about 30 miles north of Houston. Entergy’s new lease totals 54,010 square feet and ExxonMobil’s new lease spans 26,103 square feet. Entergy assumed occupancy in November 2018 and ExxonMobil expects to move in this month.
