THE WOODLANDS, TEXAS — Howard Hughes Corp. will develop a 386-unit apartment community in The Woodlands, located about 30 miles north of downtown Houston. The lakefront property, which will offer one-, two- and three-bedroom units, will feature ground-floor retail and restaurant space. Amenities will include a pool, fitness center, yoga room, sky lounge on the top floor and free kayaks and bikes for resident use. Construction is expected to be complete by spring 2020.
SPRING, TEXAS — A joint venture led by Patrinely Group has broken ground on CityPlace 1, a 149,600-square-foot office building in Spring, a northern suburb of Houston. The property will include 26,900 square feet of retail space and a parking structure that will be delivered as part of the project, which is slated for a second-quarter 2019 completion. Other developers in the joint venture include San Antonio-based USAA Real Estate and CDC Houston
FRISCO, TEXAS — Dallas-based hospitality developer NewcrestImage has begun work on Canopy by Hilton Dallas Frisco Station, a 150-room hotel located within the 242-acre Frisco Station mixed-use development on the northern outskirts of Dallas. The property is part of a larger hotel campus that includes an AC Hotel, a Residence Inn and a Hyatt Place, each of which has 150 rooms. The opening of the Hilton hotel is slated for late 2019.
BEDFORD, TEXAS — Lucky Penny Cycles, a seller of pre-owned motorcycles, will open five new dealerships in Texas by 2019, including locations in Dallas-Fort Worth, Houston, Austin and San Antonio. The company’s first store, which opened in the Fort Worth suburb of Bedford in 2016, features an 18,000-square-foot showroom and offers brands including Harley-Davidson, Honda, Suzuki and Yamaha. The store also sells clothing and other biker-themed merchandise.
ADDISON, TEXAS — SVN | Dunn Commercial has arranged the sale of a 24,190-square-foot industrial asset in Addison, a northern suburb of Dallas. The property, which includes 8,000 square feet of office space and a fenced outside storage area, is leased to a company that manufactures semiconductors. David Dunn and Courtney Dunn of SVN | Dunn Commercial represented the seller in the transaction. Other terms of sale were not disclosed.
CEDAR PARK, TEXAS — iSports Real Estate Development LLC, an Austin-based partnership, will develop a 157,000-square-foot athletic training and performance center in Cedar Park, a northwestern suburb of Austin. The facility will include an ice rink and indoor and outdoor turf fields. The project developers are also seeking tenants to operate competitive cheerleading and gymnastics, sand volleyball courts and a medical and sports rehabilitation practice, as well as sports retail stores. Plans for a family entertainment center with dining options and private events have also been introduced. The groundbreaking is slated for early fall.
HOUSTON — The Praedium Group, a New York-based investment firm, has acquired Discovery at Mandolin Apartments, a 260-unit multifamily asset in Houston. Built in 2009, the property consists of one-, two- and three-bedroom units averaging 972 square feet per unit. Amenities include a pool, fitness center, clubhouse, outdoor grilling area and a dog park. The seller was not disclosed.
GRAND PRAIRIE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Villas Central Park, a 249-unit multifamily property located in the Dallas metro of Grand Prairie. Built in 2016, the property features a pool, fitness center, dog park, grilling areas, coffee bar and a game room. Will Balthrope, Drew Kile and Joey Tumminello of IPA represented the seller, Texas-based Carleton Residential Properties and M.R. Development. The team also procured the buyer, Virginia-based Weinstein Properties, which has since rebranded the asset as Bexley Central Park.
CONROE, TEXAS — Houston-based Hilltop Residential has acquired Landmark of Conroe, a 200-unit multifamily community in Conroe, about 45 miles north of downtown Houston. The property consists of one-, two- and three-bedroom units averaging 1,159 square feet. Amenities include a pool, basketball and tennis courts, picnic areas, fitness center and a clubhouse. Cortney Cole and Jett Lucia of HFF arranged a seven-year acquisition loan with a fixed interest rate of 4.57 percent for the transaction.
HOUSTON — LMI Capital has arranged two loans totaling $17.3 million in the greater Houston area. In the first transaction, Brandon Brown of LMI Capital arranged a $10.6 million fixed-rate permanent loan for a 150-unit multifamily complex in north Houston. In the second deal, Jamie Safier of LMI Capital placed a $6.7 million fixed-rate acquisition loan for a 140-unit complex in the Spring Branch submarket. The names of the properties were not disclosed.
