Texas

Novare, Batson-Cook Begin Work on 25-Story Apartment Tower Within Frisco Station

by Taylor Williams February 16, 2018

FRISCO, TEXAS — A partnership between two Atlanta-based firms, Novare Group and Batson-Cook Development Co. (BCDC), has begun work on SkyHouse Frisco Station, a 332-unit multifamily tower that will be located within the Frisco Station mixed-use development north of Dallas. The 25-story building will offer studio, one-, two- and three-bedroom units and amenities such as a rooftop deck, resort-style pool, 24-hour fitness center, business center with a coffee bar, conference room, and an outdoor kitchen with lounge seating. The development is the second multifamily project under construction at Frisco Station behind Station House, a 301-unit community whose first residences will become available for occupancy this summer. SkyHouse Frisco Station is slated for a 2019 completion.

February 16, 2018

Bluerock Sells 320-Unit Multifamily Community in San Antonio

by Taylor Williams February 16, 2018

SAN ANTONIO — Bluerock Value Exchange, an affiliate of New York-based Bluerock Real Estate LLC, has sold Grand at the Dominion, a 320-unit multifamily community in San Antonio. The Class A property, which was acquired via a 1031 exchange program, is located within The Dominion Country Club on the city’s northwestern outskirts. Grand at the Dominion consists of one-, two- and three-bedroom units averaging 1,018 square feet per unit. Amenities include a resort-style pool with cabanas, a theater, indoor golf simulator, business center and a fitness center. Bluerock acquired the property in the fall of 2017 from Embry, a San Antonio-based development and management firm.

February 16, 2018

Multifamily Texas

Greystar to Develop Adjacent Multifamily, Seniors Housing Properties in Dallas

by Taylor Williams February 16, 2018

DALLAS — Greystar will develop Elan Inwood and Forestwood Active Adult, two multifamily properties totaling 377 units in Dallas. The properties will be built adjacent to one another on a 22.7-acre site at the corner of Inwood Road and Forest Lane. Elan Inwood will comprise 168 rental townhome units and 12 single-family homes, while Forestwood will be a seniors housing community with 197 units. Amenities at Forestwood will include a fitness center, game room, media room, demonstration kitchen for cooking classes and a 12,000-square-foot amenity center. Both properties are slated for a late 2019 completion. Andy Scott, Michael Cosby and Sarah Anderson of HFF arranged an undisclosed amount of financing for both developments through CIT Group Inc.

February 16, 2018

Loans Multifamily Texas

Dougherty Closes $6.6M Acquisition Loan for 100-Unit Apartment Community in Dallas

by Taylor Williams February 16, 2018

DALLAS — Dougherty Funding LLC has closed a $6.6 million loan for the acquisition of Rosemont at Timber Creek, a 100-unit affordable multifamily community in Dallas. The property, which is located about 11 miles south of the CBD, features amenities such as a pool, fitness center, on-site laundry facilities and children’s play area. Dougherty served as lead lender and servicer for the loan, which was secured on behalf of Texas Timbercreek Housing LP.

February 16, 2018

Multifamily Texas

Marcus & Millichap Brokers Sale of 120-Unit Apartment Asset in Dallas

by Taylor Williams February 16, 2018

DALLAS — Marcus & Millichap has brokered the sale of Quail Hollow, a 120-unit multifamily property in east Dallas. Al Silva and Mark McCoy of Marcus & Millichap represented the seller and procured the buyer, a California-based investor. The new buyer plans to upgrade the unit interiors and lease the 45 on-site self-storage units that were included in the sale.

February 16, 2018

Market Reports Office Texas Texas Market Reports

Office Market in Austin CBD Shows No Signs of Slowing Down

by Taylor Williams February 16, 2018

The story of the office market in Austin’s central business district (CBD) begins in 2008. With the national economic downturn just beginning, a new, 44-story high-rise residential building had just been completed and the millennial generation was slowly starting to enter the workforce. At that time, the total inventory of office product in Austin’s CBD was approximately 8.44 million square feet. These properties posted a vacancy rate of about 12.9 percent. Several major factors would soon come to play a role in transforming the submarket from professional and typical into tech-savvy and hip. First, Facebook arrived in Austin in 2010, bringing with it an ethos of, “it’s not a job, it’s an adventure.” The social media giant quickly took 20,000 square feet at 300 W. 6th St., its largest office outside its Silicon Valley headquarters. Additional moves were precipitated in part by an increase in personal income taxes in California, which put the highest earners in the state at a combined state and federal income tax rate of 51.9 percent, among the highest in the nation. In addition, the age demographics of the 2010 U.S. population indicated that there were 13 percent more persons aged 18 to 24 in 2010 …

February 16, 2018

Hospitality Loans Texas

BBVA Compass Provides $28.1M Refinancing for 312-Room Hotel in Houston

by Taylor Williams February 15, 2018

HOUSTON — BBVA Compass, a Birmingham, Ala.-based bank, has provided a $28.1 million loan for the refinancing of Hotel Derek, a 312-room hotel located in Houston’s Galleria neighborhood. The hotel features a 24-hour fitness center, outdoor pool, more than 10,000 square feet of meeting space and an outdoor movie theater. Colby Mueck and Scott Hall of HFF arranged the loan on behalf of the borrower, Lowe Enterprises Investors, a Los Angeles-based advisory and management firm. Lowe has invested more than $8.8 million in upgrades into the property since 2012.

February 15, 2018

Retail Texas

Urban Air to Open 37,000 SF Trampoline Park in Greater Houston

by Taylor Williams February 15, 2018

SHENANDOAH, TEXAS — Urban Air Trampoline & Adventure Park will open a 37,000-square-foot venue at Sam Moon Center in Shenandoah, a northern suburb of Houston. The venue will offer trampoline activities, indoor skydiving, ropes courses, climbing walls and a café. Michael Stern of Edge Realty Partners represented Urban Air in the lease negotiations. Steve Greenberg and Kendall Isben of The Retail Connection represented the landlord, Sam Moon Group. The opening is slated for July.

February 15, 2018

Healthcare Texas

Caddis Acquires 30,960 SF Medical Center in Metro Houston

by Taylor Williams February 15, 2018

HUMBLE, TEXAS — Dallas-based healthcare investment firm Caddis has acquired Atascocita Medical Center, a 30,906-square-foot medical center located in the northern Houston metro of Humble. The property opened in 2015 and is currently 94 percent leased to urgent care clinic Memorial Hermann Medical Group Pediatrics Atascocita, as well as primary and specialty care practices. Caddis also recently re-acquired the 43,119-square-foot Prairie View Medical Plaza in Flower Mound, which it developed in 2012 and sold in 2015. The seller of Prairie View Medical Center, which is 100 percent leased, was Ridgeline Capital Partners.

February 15, 2018

Industrial Lee & Associates Texas

Lee & Associates Negotiates 40,000 SF Industrial Lease in Metro Dallas

by Taylor Williams February 15, 2018

GARLAND, TEXAS — Lee & Associates has negotiated a 40,000-square-foot industrial lease at 850 S. Jupiter Road in the northeastern Dallas metro of Garland. Brett Lewis and Corbin Blount of Lee & Associates represented the tenant, supply chain management firm Galaxy Global Logistics. Michael Peinado of Lincoln Property Co. represented the undisclosed landlord.

February 15, 2018

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