DALLAS — Lee & Associates has negotiated a 13,297-square-foot office lease at 750 N. St. Paul St. in Dallas. Nathan Denton of Lee & Associates represented the tenant, Mayer LLP, in the lease negotiations. Ben Davis, Jackie Marshall and Fletcher Cordell of CBRE represented the landlord, Quadrant.
DALLAS AND FORT WORTH, TEXAS — Austin-based multifamily investment firm NAPA Ventures LLC has sold four communities totaling approximately 700 units in the Dallas-Fort Worth (DFW) area. The properties include Brandon Mill and Westwood in Dallas, Oates Creek in the eastern Dallas suburb of Mesquite and Ravenwood in Fort Worth. NAPA acquired the assets in 2016 and implemented value-add programs to the communities’ unit interiors and amenity spaces. The buyers were not disclosed.
HOUSTON AND KATY, TEXAS — LMI Capital, a Real Estate Capital Alliance (RECA) member, has placed two loans totaling $17 million for the refinancing of two multifamily properties in the Houston area. In the first transaction, Jamie Safier of LMI Capital arranged a $9.6 million agency loan for a 145-unit community in the Spring Branch submarket. The loan featured a fixed interest rate and five years of interest-only payments. In the second deal, Kurt Dennis of LMI Capital placed a $7.4 million loan for a 115-unit property in the western suburb of Katy. The loan carried a 10-year term. The names of the properties and the borrowers were not disclosed.
OKLAHOMA CITY — BMC Capital, a commercial lender with seven offices around the country, has arranged a $4.1 million bridge loan for the acquisition of an undisclosed apartment property in Oklahoma City. The loan, proceeds of which will be used to fund capital improvements at the Class C property, featured a fixed interest rate of 6.67 percent and a loan-to-cost ratio of 80 percent. The borrower was not disclosed.
OKLAHOMA CITY — CBRE has negotiated a 23,000-square-foot industrial lease at 6120 SW 29th St. in Oklahoma City for Niagara Bottling LLC, which services the bottled water industry. Randy Lacey and Austin Lacey of CBRE represented the landlord, HL Campus LLC, in the lease negotiations. Ryan Shaffer and Dwayne Flynn, also of CBRE, represented Niagara Bottling.
ARLINGTON, TEXAS — HFF has brokered the sale of a 6,400-square-foot medical clinic in Arlington that is net-leased to Dallas-based primary care provider QuestCare Partners. Marc Mandel, Steve Schrenk and Michael George of HFF represented the seller, Todd Interests, and procured the buyer, California-based Moss Group, in the transaction.
As expected and much anticipated, the global rise in oil prices has given the petroleum industry a significant boost and spurred Oklahoma City’s economic recovery. The resurgence, demonstrated in part by a three-year-high in hiring this year, is drawing out-of-state multifamily investors and bringing greater interest from companies looking to relocate or expand. In mid-October, FedEx more than doubled its warehouse space with the opening of a new 270,000-square-foot distribution facility in north Oklahoma City. The expansion came in response to the increase in outbound e-commerce volume, another indication that the local economy has turned a corner. Most of the new jobs created in Oklahoma City through September 2018 were professional and business positions. The sector grew by 4.4 percent year-over-year, easily the widest margin of any employment sector. Overall, the total number of jobs filled during that same period was 13,500, an increase of 2.1 percent. For the complete year, employers anticipate adding about 14,000 new positions. The rebound in hiring has led to the unemployment rate dropping to 3.2 percent, nearly its lowest level in a decade. Supply-Demand Balance The city’s economic recovery is particularly well-timed for multifamily investors, as it coincides with a reduction in the metro’s …
HOUSTON — HFF has negotiated the sale of Winding Trails, a 438-unit multifamily community in southwest Houston. Developed in 1979, the property features one-, two- and three-bedroom units averaging 803 square feet per unit and amenities such as a pool and onsite laundry facilities. Joey Rippel, Chris Young and Bailey Crowell of HFF represented the seller, Miami-based One Real Estate Investment, in the transaction. Robert Wooten and Michael Johnson of HFF secured acquisition financing through Ready Capital Structured Finance on behalf of the buyer, Austin-based GVA Real Estate Group.
CEDAR PARK, TEXAS — Sterling Real Estate Partners, a joint venture between Los Angeles-based Barker Pacific Group and Phoenix-based Pacific Real Estate Partners, has purchased Muir Lake Apartments, a 332-unit multifamily property in Cedar Park, a northwestern suburb of Austin. The Class A community was built in 2014 and is part of the 189-acre Lakeline Park master-planned community. Floor plans include studio, one- and two-bedroom units and amenities include a pool, fitness center, indoor spa, hiking trails, a dog park and a resident clubhouse and event space. Sterling acquired the property via a joint venture with a fund managed by DRA Advisors LLC. The seller was not disclosed.
WALLER, TEXAS — Dallas-based investment firm Oxford Enterprises Inc. has acquired The Ranch at Waller, a newly built, 224-unit multifamily asset in Waller, a northwestern suburb of Houston. The property offers one-, two- and three-bedroom units and amenities such as a resort-style pool with a spa, fitness center, game room and an outdoor cooking area. Will Balthrope, Drew Kile, Jennifer Campbell and Michelle Kneeland of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, T.R. Inscore LLC, in the transaction. The trio also procured Oxford Enterprises for the deal.