MINNEAPOLIS AND AUSTIN, TEXAS — NorthMarq Capital has acquired Austin-based Texas Realty Capital (TRC), a deal that adds a $900 million servicing portfolio to the Minneapolis-based intermediary’s holdings. The acquisition brings NorthMarq’s total servicing portfolio to more than $56 billion. Since TRC’s founding in 2006, the commercial mortgage banker has placed more than $3 billion in commercial debt with nearly 30 capital sources. TRC principals Jim Lemos, John Morran and Matt Counts, along with the firm’s five other employees, will all join NorthMarq. In business since 1960, NorthMarq Capital has grown to more than 550 employees. During the past 12 months, the company has added six investment sales offices, most recently in San Diego.
HOUSTON — Hines has broken ground on The Preston, a 46-story residential project located at the corner of Preston and Milam streets in downtown Houston. The tower will offer 373 for-rent residences and 6,800 square feet of ground-floor retail and restaurant space. The property will be situated near multiple public transit lines and adjacent to Hines’ 1 million-square-foot office project at 800 Texas Ave. The Preston will also be located within walking distance of about 50 bars and restaurants. Amenities will include a pool, cabanas, yoga lawn, fitness center, coworking office space and multiple social lounges with coffee bars. The project team includes design architect Munoz + Albin, landscape architect TBG, interior architect Ragni Studio and general contractor Harvey Builders. JLL arranged construction financing and equity for the project, completion of which is scheduled for the third quarter of 2022.
FARMERS BRANCH, TEXAS — Wood Partners, a multifamily investment and development firm with offices around the country, has opened Alta at Mercer Crossing, a 260-unit community located in the northern Dallas metro of Farmers Branch. The property offers one-, two- and three-bedroom units ranging in size from 638 to 1,500 square feet and featuring walk-in closets, maple shaker cabinets, in-unit laundry connections, quartz countertops and private yards. According to apartments.com, rents at Alta at Mercer Crossing range from $1,140 per month for a studio apartment to $2,076 for a three-bedroom unit. Communal amenities include a pool, fitness center, grilling area, entertainment kitchen and a game room.
HOUSTON — Houston-based LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged two loans for a pair of apartment properties totaling 560 units in the Houston area. In the first transaction, Kurt Dennis of LMI Capital placed a $9.5 million acquisition loan for a 120-unit complex in the Humble submarket. In the second deal, Brandon Brown of LMI Capital arranged a supplemental agency loan for a 440-unit asset in the Alief submarket. Supplemental agency loans offer subordinate financing options for multifamily properties with existing agency mortgage loans. The borrowers and property names were not disclosed.
HOUSTON — Lee & Associates has negotiated a 13,280-square-foot industrial lease in Houston. Mike Spears, Robert McGee and Mason Alsbrooks of Lee & Associates represented the landlord, 6811-6815 Gant Road LLC, in the lease negotiations. The tenant was Black Diamond Real Estate Inc., a Virginia-based property management firm.
FRISCO, TEXAS — A partnership between the Dallas Cowboys, former quarterback and developer Roger Staubach and Robert Shaw of Columbus Realty Partners, has begun leasing Twelve Cowboys Way. The 17-story, 160-unit residential tower overlooks The Star, the NFL team’s 91-acre headquarters campus in Frisco. Floor plans include one-, two- and three-bedroom units, with rates starting at $2,700 per month. Units will feature floor-to-ceiling windows, quartz countertops and hardwood floors. Residents will have access to a covered pool, members-only dining club and a 60,000-square-foot gym, as well as 24-hour concierge, dry cleaning, dog walking and grocery delivery services. O’Brien Architects designed the building, which will officially open in early 2020.
HOUSTON — Allied Orion Group has acquired Ashford Apartments, a 312-unit multifamily community located at 1200 N. Dairy Ashford Road in Houston. Built in 2017, the Class A property offers one- and two-bedroom units featuring granite countertops, custom backsplash options, upgraded cabinetry and built-in washers and dryers. Communal amenities include a pool, a two-story fitness center, outdoor grilling area, dog park, package lockers and electric vehicle charging stations. The seller was Trammell Crow Residential.
TULSA, OKLA. — JLL has arranged a $48.6 million acquisition loan for a portfolio of nine office buildings totaling more than 1 million square feet in Tulsa’s southern submarkets. Adam Schwartz, Aaron Appel, Keith Kurland, Jonathan Schwartz, Matt Collins and Sean Bastian of JLL placed the loan through Citigroup Inc. on behalf of the borrower, Group RMC, a New York-based office investment firm.
AUSTIN, TEXAS — Retail Solutions has negotiated a 15,606-square-foot lease at Riverside Plaza, located at 2237 Riverside Drive in Austin. Dave Burggraaf and Joey Mendez of Retail Solutions represented the landlord in the lease negotiations. Greg Pierce of CBRE represented the tenant, Ace Mart Restaurant Supply.
TOMBALL, TEXAS — The J. Beard Real Estate Co. has brokered the sale of Preserve Plaza, an 11,000-square-foot medical retail building in Tomball, a northern suburb of Houston. Lisa Hughes and Cathy Young of J. Beard represented the seller, EPB Land Developments LP, in the transaction. Duke Iqbal of IQ Realty Group represented the buyer, Spectre Innovations LLC. The property is currently leased to a dental practice, and the new owner will occupy the remaining space