DALLAS — Virginia-based multifamily REIT AvalonBay Communities (NYSE: AVB) has agreed to acquire a portfolio of six multifamily properties totaling 1,844 units in the Dallas-Fort Worth (DFW) metroplex for $431.5 million. The seller is BSR REIT, and the deal is expected to close in the second quarter. The properties — Auberry at Twin Creeks, Satori Frisco, Vale Frisco, Aura Benbrook, Lakeway Castle Hills and Wimberly — were all built between 1995 and 2021 and range in size from 216 to 349 units. AvalonBay acquired the portfolio in conjunction with two Austin-area communities that sold for $187 million.
PLANO, TEXAS — California-based investment firm BH Properties, which also has two offices in Texas, has purchased Legacy R&D, a 374,085-square-foot business park in Plano that the company plans to convert to industrial use. The 40-acre property consists of seven buildings that were 58 percent leased at the time of sale. Elizabeth Malone and K.C. Scheipe of Eastdil Secured represented the undisclosed seller in the transaction. The new ownership has tapped Stream Realty Partners to lease the park, including to prospective life sciences users.
IRVING, TEXAS — Houston-based developer Alliance Industrial has broken ground on Airport Bend Commerce Center, a 201,221-square-foot distribution building in Irving. The 13.2-acre site formerly housed the office operations of retailer Michaels. The development will feature two rear-load buildings totaling 171,608 and 29,613 square feet with 32-foot clear heights. Project partners include Seeberger Architecture, Langan Engineering, Alliance Industrial Builders and Stream Realty Partners. Completion of Airport Bend Commerce Center is slated for the first quarter of 2026.
IRVING, TEXAS — Weitzman has completed the renovation of Grande Center, a 78,914-square-foot shopping center in Irving. The project involved resurfacing the center’s stucco façade and updating tenant and pylon signage with new lighting and color schemes. The renovation also revamped Grande Center’s signature building and created additional tenant visibility. Weitzman acted as the project manager, with Hodges & Associates and Preston Pierce Construction acting as architect and general contractor, respectively.
BAYTOWN, TEXAS — Locally based developer Welcome Group had delivered two industrial buildings totaling 40,080 square feet in Baytown, an eastern suburb of Houston. The twin buildings are situated on a 4.3-acre site within the TGS Cedar Port Industrial Park master-planned development. Project partners include Tomorrow Planning (architect), KDW (general contractor) and Simmons Bank (construction lender). Welcome Group is also leasing the buildings, each of which also houses 2,200 square feet of office space.
BEE CAVE AND GEORGETOWN, TEXAS — Virginia-based multifamily REIT AvalonBay Communities (NYSE: AVB) has agreed to acquire Cielo and Retreat at Wolf Ranch, two apartment communities in the Austin area, for a combined purchase price of $187 million. The seller is BSR REIT, and the deal is expected to close in late March. Cielo is a 554-unit apartment community in Bee Cave, located west of the state capital, that was built in 2015. Retreat at Wolf Ranch, a 303-unit community located in the northern suburb of Georgetown, was acquired by Arkansas-based BSR in summer 2020 for $51.6 million.
COPPELL, TEXAS — Houston-based developer Alliance Industrial has broken ground on 300 Freeport, a 186,291-square-foot distribution center in Coppell, located in the northern-central part of the metroplex. The site spans 13 acres, and the development will feature a rear-load configuration, 32-foot clear heights and 233 trailer parking stalls. Project partners include Seeberger Architecture, Langan Engineering, Alliance Industrial Builders and Stream Realty Partners. Completion of 300 Freeport is slated for the first quarter of 2026.
HOUSTON — JLL has brokered the sale of 1255 Enclave, a 171,091-square-foot office building in the Energy Corridor area of West Houston. Completed on 6.7-acres in 1999, the six-story building is situated within a 120-acre, 3 million-square-foot development known as The Enclave and offers amenities such as a fitness center and outdoor dining and gathering spaces. The sale also included a 676-space parking garage. Kevin McConn and Marty Hogan of JLL represented the undisclosed seller in the transaction. The buyer, Harmony Public Schools, plans to house back-office functions within the building.
BURLESON, TEXAS — Elevate Commercial Investment Group has purchased Camden Crossings, a 144-unit apartment complex located south of Fort Worth in Burleson. Built in 2023, Camden Crossings offers studio, one- and two-bedroom units that are furnished with granite countertops, stainless steel appliances and private balconies. Amenities include a pool, pickleball court and a pet park. The seller, the original developer, requested anonymity. The sales price was approximately $23 million, based on a stated per-door price of $160,000.
SAN ANTONIO — A partnership between OCI Development, Atlantic Pacific Cos. and Opportunity Home San Antonio has completed Vista at Silver Oaks, a 76-unit affordable housing project on the city’s north side. Residences come in two- and three-bedroom layouts and are entirely reserved for renters earning 60 percent or less of the area median income. In addition to business and fitness centers, residents have access to services such as monthly social events, tax preparation classes, health and wellness programming and afterschool care. Construction began in August 2023.