IRVING, TEXAS — Local general contractor DDG Construction will soon begin construction of a 157-room Element Hotel. The 12-story property will be part of the Marriott International’s family of hotels and will be located within the 12,000-acre Las Colinas business district. Amenities will include a 2,300-square-foot ballroom and an enlarged fitness area. Houston-based Lodgic Hospitality will own and operate the new hotel. Dallas-based Mayse & Associates Inc. provided design services.
AUSTIN, TEXAS — KeyBank has secured $38.4 million for the construction of Del Valle Apartments, an affordable housing community in Austin. The project will be developed in a public-private partnership between NRP Group and Strategic Housing Finance Corp. of Austin County. Key’s Commercial Mortgage Group secured a $29.4 million Freddie Mac Tax Exempt Loan (TEL) that follows a three-year forward commitment with one, six-month extension. Upon conversion to a permanent loan, the TEL will carry a fixed interest rate and a 35-year amortization schedule. KeyBank Community Development Lending and Investment also provided a $9 million equity bridge loan for the development, which will consist of 302 units, 286 of which will be reserved for residents earning 60 percent or less of the area median income. The developers are also reserving seven units for households earning 40 percent of the AMI and nine units for households earning 30 percent. Kyle Kolesar and Jeff Rodman of KeyBank arranged the project’s financing. Navistone Partners and U.S. Bank also provided additional sources of financing for the development.
SAN ANTONIO — The PPA Group LLC, an Austin-based investment firm, has acquired 5Fifty Apartment Homes, a 204-unit multifamily community in San Antonio. Floor plans feature one- and two-bedroom units. Amenities include a pool, clubhouse with java bar, fitness center, basketball court and a business center. Mark Brandenburg and Clint Coe of JLL secured an undisclosed amount of acquisition financing for the transaction through Bridge Investment Group. The seller was Frontline Holdings.
HOUSTON — Lee & Associates has brokered the sale of a 76,026-square-foot industrial facility located at 8130 McHard Road in Houston. The Class B, single-tenant property was built in 2013. Mike Spears and Thomas Leger of Lee & Associates represented the buyer, LHI LCC, in the transaction. Amy Silvey, also with Lee & Associates, represented the seller, Clay-McHard Road Partners LP.
AUSTIN, TEXAS — A joint venture between two California-based firms, Dekel Strategic Investors and Arrowroot Real Estate, has purchased Mueller Place, an 86-unit multifamily property in Austin. The new ownership will treat the investment as a value-add opportunity and renovate the unit interiors and property exteriors. The seller was not disclosed.
PLANO, TEXAS — Atlanta-based Core5 Industrial Partners will develop Core5 Business Center at Plano, a 259,882-square-foot industrial facility situated on 22.9 acres in Plano. The project will deliver two buildings totaling 164,842 square feet that will feature 24- to 26-foot ceiling heights and parking for 383 cars. Core5 is reserving a third building totaling 95,040 square feet for a build-to-suit opportunity. Citadel Partners will handle the project’s leasing assignment.
HOUSTON — Canadian investment firm Nicola Crosby Real Estate has acquired Westgate I, a 248,707-square-foot office building in west Houston. The Class A property was completed in 2014 and was 95 percent leased at the time of sale to tenants such as Subsea 7 and Atkins PLC, both of which are engineering firms. Westgate I includes a café, fitness center and a five-story parking garage. Cortney Cole of HFF arranged a seven-year, fixed-rate acquisition loan through Principal Real Estate Investors for the transaction. The seller was not disclosed.
PLANO, TEXAS — Plano-based JC Penney will introduce expanded baby shops in 500 of its stores. Beginning Aug. 30, in-store shoppers will have access to a larger selection of cribs, high chairs, strollers and other childcare items, some of which were previously only available online. Most of the 500 stores in question are located near former Babies ‘R’ Us stores, which closed as part of the Toys ‘R’ Us bankruptcy liquidation that was filed earlier this year.
ARLINGTON, TEXAS — SVN | Investment Sales Group has arranged the sale of Pioneer Creek Townhomes, a 211-unit apartment community in Arlington. The property, which was 74 percent occupied at the time of sale, features one- and two-bedroom units. Amenities include a pool, community grilling area and onsite laundry facilities. Mark Allen and Todd Franks of SVN | Investment Sales Group represented the seller and procured the buyer in the transaction.
HOUSTON — NAI Partners, through its Investment Fund II vehicle, has purchased Wells Fargo Business Park, a 104,212-square-foot flex office park in north Houston. The two-building property, which will undergo capital improvements, was 88 percent leased at the time of sale. San Francisco-based Berkeley Partners sold the asset and Green Bank provided debt for the acquisition. NAI Partners will handle leasing and management of the property.
