Texas

Brandywine to Convert Broadmoor Campus in Austin into Mixed-Use Development

by Taylor Williams July 2, 2018

AUSTIN, TEXAS — Brandywine Realty Trust (NYSE: BDN) will convert IBM’s Broadmoor campus in Austin, which spans more than 65 acres and houses more than 1 million square feet of office space, into a mixed-use, transit-oriented development. The first phase of the redevelopment, which is expected to be complete by early 2019, will revamp two office buildings. The overall project will create more public green space, walking trails and recreation areas to leverage the property’s proximity to The Domain, a shopping and entertainment destination that connects to the campus. Brandywine acquired Broadmoor, which has been discussed as a potential site for Amazon’s HQ2, about three years ago. The campus was developed as a build-to-suit for IBM, which still occupies most of the space, in the early 1990s.

July 2, 2018

Acquisitions Multifamily Texas

American Landmark Acquires 334-Unit Apartment Community in Metro Fort Worth

by Taylor Williams July 2, 2018

MANSFIELD, TEXAS — Multifamily owner-operator American Landmark has acquired Advenir at Mansfield, a 334-unit apartment community located in the southern Fort Worth metro of Mansfield. Built in 2010, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, outdoor grilling areas, business center and a dog park. Mitch Sinberg, Matt Robbins, Bob Falese and Matt Cullison of Berkadia arranged a $32.9 million Freddie Mac green loan, which features 4.16 percent interest and 70 percent loan-to-value, for the acquisition. The new ownership will implement a capital improvement program valued at approximately $1.5 million.

July 2, 2018

Loans Multifamily Texas

TRC Arranges Construction Loan for 238-Unit Apartment Project in Metro Austin

by Taylor Williams July 2, 2018

LEANDER, TEXAS — Austin-based mortgage banking firm Texas Realty Capital (TRC) has arranged a construction loan for Hermosa Village, a 238-unit apartment project that recently broke ground in the northern Austin suburb of Leander. The loan featured a 75 percent loan-to-cost (LTC) structure, including both bank financing (64 percent) and preferred equity (11 percent). TRC arranged the loan on behalf of the sponsor, IMPACT Developers, an Austin-based multifamily development group. The loan amount was not disclosed.

July 2, 2018

Acquisitions Retail Texas

STRIVE Negotiates Sale of 43,000 SF Shopping Center in Dallas

by Taylor Williams July 2, 2018

DALLAS — Dallas-based retail brokerage firm STRIVE has negotiated the sale of Glen Oaks Crossing, a 43,000-square-foot shopping center in Dallas. Shadow-anchored by Walmart, the Class A property was developed in 2015. Jason Vitorino of STRIVE represented the seller, a local developer, in the transaction. Glen Oaks Crossing was 100 percent leased at the time of sale.

July 2, 2018

Loans Lument Multifamily RED Capital Group Texas

RED Capital Provides $52.5M in Financing for 805-Unit Multifamily Community in Houston

by Taylor Williams June 29, 2018

HOUSTON — RED Mortgage Capital LLC, the debt banking arm of Columbus, Ohio-based RED Capital Group LLC, has provided $52.5 million in financing for Vista on Gessner, an 805-unit affordable housing community in Houston. The financing, which was arranged on behalf of Dallas-based Dalcor Holdings LLC, included a first lien $50 million Fannie Mae loan and a second lien $2.5 million co-terminus taxable loan. Vista on Gessner was built in 1977 and offers amenities such as a resident clubhouse, three pools, on-site laundry facilities and a library. Dalcor will implement a renovation project to upgrade the property’s unit interiors, parking, landscaping and utility systems, as well add fitness and business centers. Following the renovation, all units will be available to renters earning up to 60 percent of the area median income.

June 29, 2018

Acquisitions Industrial Self-Storage Texas

SkyView Brokers Sale of 784-Unit Self-Storage Facility in San Antonio

by Taylor Williams June 29, 2018

SAN ANTONIO — Tampa-based SkyView Advisors has brokered the sale of a 784-unit Extra Space Storage facility in San Antonio. Situated on 3.3 acres, the property totals 88,875 net rentable square feet of climate-controlled space. Ryan Clark of Skyview Advisors represented the seller in the transaction. The buyer and seller were not disclosed.

June 29, 2018

Acquisitions Healthcare Office Texas

CBRE Arranges Sale of Two Office/Medical Buildings Totaling 170,111 SF in Dallas

by Taylor Williams June 29, 2018

DALLAS — CBRE has arranged the sale of Lakewood Towers, two office/medical buildings totaling 170,111 square feet in East Dallas. The property, which includes a five-level parking garage, was recently renovated and includes a tenant lounge and a conference center. John Alvarado, Gary Carr, Robert Hill, Eric Mackey, Evan Stone and Jared Chua of CBRE represented the seller, Highland Lakewood LLC, in the sale. An affiliate of Dallas-based Caddo Holdings acquired the property for an undisclosed price. Lakewood Towers was 99 percent leased at the time of sale to tenants such as Wells Fargo, Texas Neurology and Health Texas.

June 29, 2018

Acquisitions Industrial Self-Storage Texas

Merit Hill Acquires 782-Unit Self-Storage Facility in Metro Houston

by Taylor Williams June 29, 2018

BAYTOWN, TEXAS — New York-based Merit Hill Capital has acquired Safe-Keeping Self Storage, a 782-unit facility located in the eastern Houston metro of Baytown. The property totals 76,485 net rentable square feet and offers climate-controlled units, electronic access control and 24-hour surveillance. Steve Mellon and Brian Somoza of JLL represented the seller, Weiss Realty Group Inc., in the transaction. The property was 93 percent leased at the time of sale.

June 29, 2018

Loans Multifamily Texas

Hunt Mortgage Finances Acquisition of 160-Unit Apartment Property in Austin

by Taylor Williams June 29, 2018

AUSTIN, TEXAS — Hunt Mortgage Group has provided a $12.6 million first mortgage bridge loan to enable the acquisition of an undisclosed, 160-unit multifamily community in Austin. The garden-style property was built in 1984 and consists of 10 three-story buildings and a leasing office. The 36-month loan was structured with floating-rate debt, part of which will be used to implement a capital improvement plan. The borrower was not disclosed.

June 29, 2018

Market Reports Multifamily Texas Texas Market Reports

Soaring Home Prices Drive Multifamily Absorption, Sales in Fort Worth

by Taylor Williams June 29, 2018

The Dallas-Fort Worth (DFW) metroplex will lead the nation in absolute job creation for a third consecutive year in 2018. Strong employment gains have produced healthy household formation trends as new residents migrate to the market and young adults continue to move out on their own. As a result, many new residents are filtering into apartments as homeownership in the metro falls out of reach. Pricing Concerns Since the end of 2012, median home prices in DFW have increased nearly 60 percent to more than a quarter of a million dollars, with median prices in some core neighborhoods reaching well above half a million dollars. At the same time, the projected minimum qualifying income rose marginally in comparison. The gap in growth between these two metrics makes single-family homeownership unattainable for a number of residents. And although the homeownership rate has ticked up over the past couple of years, it remained below the national average in the first quarter of 2018. These trends bode well for the apartment sector, ensuring overall absorption will be healthy at a time when developers are adding a record number of units to inventory. Households, whether renting or owning, are searching for affordable living options …

June 29, 2018

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