SAN MARCOS, TEXAS — Student housing developer EdR has opened The Local Downtown, a 304-bed, pedestrian-to-campus student housing property located at 210 N. Edward Gary St. in San Marcos. The property is located less than half a mile from Texas State University. Amenities include a pool, clubhouse, game room and a fitness center with a sauna.
NORMAN, OKLA. — A joint venture between Balfour Beatty Campus Solutions LLC and Provident Resources Group (PRG) has broken ground on the first phase of a $194 million mixed-use project at the University of Oklahoma in Norman. The development will expand the university’s on-campus living options for upperclassmen as part of a public-private partnership. Located on more than 10 acres in the southern part of OU’s campus, the project will include four mid-rise buildings with 1,231 beds. Plans also call for 40,000 square feet of retail and academic space, as well as a 1,000-car parking garage. Construction of the project is slated for completion in August 2018 in preparation for the 2018-2019 academic year. OU and Balfour Beatty Communities will jointly operate and manage the housing component of the development. JE Dunn Construction is leading the project’s design/build team, in collaboration with Clark Nexsen and Oklahoma City-based Studio Architecture. RBC Capital Markets is the financial underwriter for the project. Balfour Beatty Campus Solutions provides development, asset/property management and other real estate services to higher education with a focus on public-private partnerships. PRG is a national non-profit organization that develops, owns and operates educational, healthcare, seniors housing and multifamily properties. To …
At the end of the first quarter 2017, the Houston industrial market finds itself in very familiar territory, with several dominant trends largely maintaining course. Despite continued struggles within the oilfield manufacturing sector, the overall market is still in very good shape. Large consumer goods distributors driven by population growth in the greater Houston area and plastics users responding to increased demand from expanded chemical plant capacities produce the headliner transactions in the current market. This has been the case for the last 12 to 24 months. While leasing and sales for existing manufacturing facilities have slowed in recent years, there are some bright spots to report. CoStar notes an overall market vacancy increase of less than 0.5 percent to a still-historically low 5.7 percent. Northwest and Southeast Houston lead the way in terms of major activity. Northwest Houston currently has 5.1 percent vacancy, driven by consumer product companies like Serta Mattresses, which leased 268,482 square feet at Trammell Crow’s Fallbrook Pines, and Shaw Carpet, which leased 201,600 square feet at Prologis Jersey Village. These firms are inking long-term deals for manufacturing and distribution hubs, reflecting their confidence in the area’s long-term consumer growth. Multiple large positions from FedEx and …
HOUSTON — HFF has arranged a $66 million construction loan for Phase I of Buffalo Heights, a mixed-use development that will be located at 3663 Washington St. in Houston. Phase I will be anchored by a 90,000-square-foot H-E-B. The project will ultimately deliver 2,200 square feet of inline retail, 36,800 square feet of office space and a 232-unit luxury apartment building. Completion is slated for 2019. Colby Mueck and Matthew Putterman of HFF arranged the loan on behalf of the owner, BKR Memorial II LP, and developer, Midway. New York-based U.S. Trust, Bank of America Private Wealth Management provided the funds.
ROUND ROCK, TEXAS — California-based investment and development firm Mark IV Capital has broken ground on Summit II at La Frontera, a 95,000-square-foot, Class A office building in the greater Austin area. The two-story building located near the intersection of Interstate 35 and SH 45 is the largest office property under construction in the Round Rock submarket. Amenities will include a 10,000-square-foot courtyard with Wi-Fi and food truck services, as well as a fitness center.
FAIRVIEW, TEXAS — Azure Partners LLC has received a $32 million acquisition loan for Sorrel Fairview, a 267-unit, Class A multifamily property located at 351 Sugarloaf Trail in the North Texas city of Fairview. The property features a pool, game room, fitness center and an on-site car wash. Abe Hirsch, Moshe Majeski and Zev Karpel of Meridian Capital arranged the five-year loan, which features a fixed 4 percent interest rate and three years of interest-only payments.
PASADENA, TEXAS — Keener Investments, a Houston-based investment firm, has acquired Parkside Place, a 321-unit apartment community located at 3101 Spencer Highway in the Houston metro of Pasadena. The company plans to renovate the interiors of the units, which range in size from 963 to 1,256 square feet. The property offers a pool, clubhouse, storage space and a laundry facility. The name of the seller was not disclosed.
DENTON, TEXAS — Inland Real Estate Acquisitions Inc. has purchased Denton Village, a 46,300-square-foot shopping center located at 2341 Hickory Creek Road in Denton. Built in 2016 and anchored by Sprouts Farmers Market, the center also houses tenants such as Pet Supermarket, T-Mobile and Domino’s Pizza. Matt Tice and David Neboyskey of Inland negotiated the transaction on behalf of an institutional fund advised by Inland Institutional Capital LLC. Inland Real Estate Acquisitions is the purchasing arm for various entities that are part of The Inland Real Estate Group of Cos. Inc.
FLOWER MOUND, TEXAS — Newstream Commercial will develop Lakeside Crossing, a 12-acre mixed-use project near the intersection of Long Prairie Road and Lake Forest Boulevard in the Dallas metro of Flower Mound. The development will include 100,000 square feet of retail, restaurant and office space, as well as 15 luxury townhomes. The project also includes a 134-room hotel with a rooftop lounge and 4,000 square feet of meeting space. Lakeside Crossing is scheduled to open in 2019.
AUSTIN, TEXAS — A partnership between Phoenix Capital Partners Ltd. and Austin-based Ardent Residential has broken ground on Palo Verde, a 296-unit apartment community located at the corner of U.S. Highway 290 and FM 1826 in Austin. Amenities will include a clubhouse with a business center and conference rooms, a dog park, pool and a fitness center with a yoga studio. Construction is expected to be complete by the second quarter of 2019.
