Texas

American Landmark Acquires 480-Unit Apartment Community in Plano

by Taylor Williams November 5, 2018

PLANO, TEXAS — Tampa-based multifamily owner-operator American Landmark has acquired Legends at Ridgeview Ranch, a 480-unit multifamily community in Plano. Built in 1999, the property offers one-, two- and three-bedroom units and amenities such as two pools, grilling stations, a fitness center, basketball court, resident clubhouse, business center and a dog park. American Landmark will invest approximately $3.6 million in capital improvements to the unit interiors and certain amenity spaces. The seller of the property, which was 96 percent occupied at the time of sale, was not disclosed.

November 5, 2018

Development Healthcare Texas

Caddis Breaks Ground on 34,650 SF Healthcare Facility in Frisco

by Taylor Williams November 5, 2018

FRISCO, TEXAS — Dallas-based Caddis has broken ground on Frisco Medical Pavilion, a 34,650-square-foot healthcare facility that will be located in the northeastern Dallas metro of Frisco. The Class A, single-story building is expected to be complete by summer 2019. Texas Health Physicians Group will be the anchor tenant. Two Dallas-area firms, Corgan and Novel Builders, are serving as architect and general contractor, respectively, for the project.

November 5, 2018

Acquisitions Multifamily Texas

Timberland Partners Buys 228-Unit Multifamily Asset in Norman, Okla.

by Taylor Williams November 5, 2018

NORMAN, OKLA. — Minneapolis-based investment firm Timberland Partners has purchased The Renaissance at Norman, a 228-unit multifamily asset in Norman. Situated about three miles south of the University of Oklahoma, the property was built in 1999 and features one-, two- and three-bedroom units. Amenities include a fitness center with a yoga studio, resort-style pool, an outdoor kitchen and a clubhouse. Allan Murow of N&M Brokerage Services and Ed Fleming of Colliers International represented the undisclosed seller in the transaction, which marks Timberland Partner’s third acquisition in Oklahoma and seventh of the year.

November 5, 2018

Industrial Leasing Activity Oklahoma Texas

Distribution Firm Signs 90,000 SF Industrial Lease in Oklahoma City

by Taylor Williams November 5, 2018

OKLAHOMA CITY — Veritiv Operating Co., a provider of packaging, paper products and distribution services, has signed a 90,000-square-foot industrial lease at 5200 S.W. 36th St. in Oklahoma City. According to LoopNet Inc., the property was built in 1999 and features 12 dock-high doors. David Portman of CBRE represented the landlord, EIP OKC LLC, in the lease negotiations. Caitlin Mazaheri, Jason Hammock, John Herrmann and Travis Price, also of CBRE, represented Veritiv Operating Co.

November 5, 2018

Development Mixed-Use Texas

RED Development Completes Phase I of 800,000 SF Mixed-Use Project in Dallas Arts District

by Taylor Williams November 2, 2018

DALLAS — Phoenix-based RED Development LLC has completed Phase I of The Union, an 800,000-square-foot mixed-use project in Dallas. Designed by HKS Inc., the development is located at the intersection of Field Street and Cedar Springs Road in the Arts District near downtown. The first phase delivered a 22-story, 420,000-square-foot office tower with 839 parking spaces. The building is more than 60 percent preleased to firms such as global investment firm HBK Capital Management and multifamily development firm StreetLights Residential, which will move in at year’s end. Phase II will deliver The Christopher, a 309-unit apartment community and a 60,000-square-foot Tom Thumb grocery store. Phase III will deliver retail space that is preleased to five food and beverage concepts. The remaining phases are expected to be complete within the next six months.

November 2, 2018

Acquisitions Industrial Self-Storage Texas

Pinnacle Storage Acquires 572-Unit Self-Storage Facility in Conroe, Texas

by Taylor Williams November 2, 2018

CONROE, TEXAS — Pinnacle Storage Properties, a self-storage development and investment firm based in the Houston area, has acquired Preferred Mini Storage, a 572-unit facility in Conroe, roughly 40 miles north of Houston. The property was built in 1996 and expanded in 2017. About 76 percent (434) of the units are climate-controlled. Daniel Hartnett of Greysteel arranged a non-recourse bridge loan on behalf of Pinnacle for the acquisition. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, Copra Holdings LLC.

November 2, 2018

Company News Healthcare Texas

Former Trammell Crow, CBRE Executives Start New Healthcare Venture

by Taylor Williams November 2, 2018

DALLAS AND HOUSTON — Former Trammell Crow Co. and CBRE healthcare executives Kevin O’Neil and Mark Allyn have launched Fidelis Healthcare Partners, a venture that will focus on developing and acquiring healthcare properties. The new company will be affiliated with Houston-based Fidelis Realty Partners Ltd. and will utilize the firm’s existing tools and relationships to align its operations with the growing trend of “retailization of healthcare.” Each founding member has more than 20 years of experience in commercial real estate.

November 2, 2018

Frankford-Station-Lofts-Carrollton-Texas

Development Multifamily Texas

Phoenix GC Breaks Ground on 204-Unit Apartment Community in Metro Dallas

by Taylor Williams November 2, 2018

CARROLLTON, TEXAS — Phoenix GC Services LLC, a Dallas-based construction firm, has broken ground on Frankford Station Lofts, a 204-unit multifamily community located in the northern Dallas metro of Carrollton. The transit-oriented property will feature a fitness center, courtyard pool, dog park, pet washing station, valet trash service and parcel lockers. The project is expected to be complete by late 2019.

November 2, 2018

Acquisitions Retail Texas

Weitzman Negotiates Sale of 86,777 SF Grocery-Anchored Center in Arlington

by Taylor Williams November 2, 2018

ARLINGTON, TEXAS — Weitzman has negotiated the sale of Matlock Oaks, an 86,777-square-foot retail center in Arlington. Specialty grocer Indo Pak World Market anchors the center, which was renovated in 2014. Other tenants include Subway, Allstate Insurance and Matlock Family Dental. Kevin Butkus of Weitzman represented the seller, a Dallas-based joint venture. Michael Uhm of The Michael Group represented the buyer. Both parties requested anonymity.

November 2, 2018

Market Reports Multifamily Texas Texas Market Reports

In Terms of Multifamily Demand, Far Northeast DFW Has It All

by Taylor Williams November 2, 2018

In the world of multifamily development, it’s rare to find a market that quite literally checks every box. But in Dallas-Fort Worth’s (DFW) Far Northeast submarket, which encompasses Plano, Frisco, Allen and McKinney, that’s precisely the case. In terms of fundamental demand drivers, Collin County is growing by about 80 new residents per day, one of the fastest rates in the country. The county’s population is expected to increase by nearly 800,000 over the next two decades, and to add more than 300,000 new jobs during that stretch as well. The region also epitomizes the corporate relocations for which DFW has become renowned. The arrivals of Toyota North America, JPMorgan Chase, Liberty Mutual and FedEx have already brought thousands of high-paying jobs to the Far Northeast submarket. Just as important, these companies have established precedents for medium-sized companies to follow suit and keep the job growth train rolling. The impacts of those demand drivers on multifamily growth in the region has been tremendous. But there’s more to the story of this area’s multifamily explosion than the increase in jobs and population. Lesser-Known Factors While corporate relocations have brought swaths of millennials to the area — in Frisco, that group comprises …

November 2, 2018

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