SAN ANTONIO — Marcus & Millichap has arranged the sale of Alcove at Alamo Heights, a 107-unit multifamily community located at 6419 N. Vandiver Road within a few miles of San Antonio’s CBD. Units at the property, which includes a resort-style pool with cabanas and poolside grills, average 923 square feet each. Will Balthrope, Drew Kile and Jordan Featherstone of Marcus & Millichap represented the seller, Stillwater Capital, in the transaction, and procured the undisclosed buyer.
MESQUITE, TEXAS — Stream Realty Partners has negotiated a 199,750-square-foot industrial lease renewal and expansion at 1201 Big Town Blvd. in the east Dallas suburb of Mesquite on behalf of CHEP USA, an Atlanta-based logistics solutions company. Cannon Green, Matt Dornak and Ryan Wolcott of Stream Realty represented the landlord, Huntington Industrial Partners, in the lease transaction. Cushman & Wakefield represented the tenant in the deal.
IRVING, TEXAS — CBRE has secured a 228,952-square-foot lease at 951 Valley View Lane in Irving on behalf of international supply chain operator Geodis Logistics LLC. Ann Huntington of CBRE represented Geodis in the lease transaction. The representative of the landlord, Liberty Property LP, was not disclosed.
HOUSTON — Prologis Inc. has purchased four Class B distribution warehouses totaling 809,196 square feet in Houston. The four buildings are located within West by Northwest Industrial Park, a 39.6-acre property situated near the intersection of Beltway 8 and U.S. Highway 290 on Houston’s northwest side. Rusty Tamlyn and Trent Agnew of HFF represented the seller, an affiliate of Nuveen Investments, a Chicago-based asset management firm. The sales price was undisclosed.
DALLAS — Baker Botts LP, an international law firm, has renewed its 104,179-square-foot lease at Trammell Crow Center, a 50-story, 1.1 million-square-foot office tower located at 2001 Ross Ave. in downtown Dallas. Ramsey March, Sara Terry and Scott Sowanick of Stream Realty Partners represented the landlord, Trammell Crow Co., in the negotiations. Phil Puckett and Harlan Davis of CBRE represented Baker Botts.
SPRING, TEXAS — Woodbine Development Corp., CDC Houston and USAA Real Estate have broken ground on a 337-room Marriott CityPlace hotel in Spring, a northern suburb of Houston. The 10-story hotel will anchor the eastern end of CityPlace, a 60-acre mixed-use development within the master-planned community of Springwoods Village. Amenities of the hotel, which is set to open in November 2018, include a pool with a bar, two ballrooms and an outdoor event area.
AMARILLO, PLAINVIEW AND LUBBOCK, TEXAS — Marcus & Millichap has arranged the sale of a nine-property portfolio of Extra Space Storage facilities located in Amarillo, Plainview and Lubbock. The 644,795-square-foot portfolio encompasses 1,237 climate-controlled units, 3,527 non-climate-controlled units and 18 offices. Brett Hatcher and Charles LeClaire of Marcus & Millichap represented the seller, a Texas-based limited liability company, and procured the buyer, also a limited liability company.
PORTER, TEXAS — Q10 Kinghorn, Driver, Hough & Co. (Q10 KDH) has arranged $2 million in financing for Gilbert House Apartments, a 35,900-square-foot multifamily complex in Porter, a city roughly 25 miles north of Houston. Larry Peters of Q10 KDH arranged the 10-year loan, which has a 30-year amortization schedule. The undisclosed borrower recently upgraded unit interiors at the 33-unit property, which is located at 24595 Gilbert Drive.
Tumbling rents, landlord concessions and weakening levels of absorption have defined Houston’s multifamily market for much of the duration of the oil bust that spanned from late 2014 to mid-2016, but the multifamily market is now on the mend, says a third-party multifamily data analyst. Bruce McClenny, president of Apartment Data Services, which tracks the vital signs of nearly 3,000 multifamily properties nationwide, believes Houston’s multifamily market is about nine months past the rock-bottom point. As the opening speaker at the Interface Houston Multifamily Conference before 170 industry professionals on Tuesday, March 28, McLenny explained why he believes that a turnaround, albeit a slow one, has already begun. “The first six months of 2016 was the bottom, economically,” McLenny said during the conference, which was held March 28 at the Royal Sonesta Hotel in Houston’s Galleria neighborhood. “Things have gotten better from that moment on. There’s absorption out there. Through the first two months of this year, we had more than 1,900 units absorbed.” In 2016, submarkets on the city’s south and east sides — Pearland West, Baytown, Pasadena, Galveston — fared markedly better than submarkets in other parts of town, according to McLenny. All four of these submarkets attained positive …
IRVING, TEXAS — Preston Hollow Capital, a Dallas-based finance firm, has arranged $115 million in financing for the construction of Westin Irving Convention Center Hotel, a 12-story, 350-room hotel development in Irving. The property will offer 16,000 square feet of ballroom and meeting space, restaurant and retail facilities and a parking garage. Texas-based architecture firm BOKA Powell designed the hotel, which will be situated on a 17-acre tract adjacent to the Irving Convention Center at Las Colinas. Austin Commercial LP is general contractor on the project, which is slated for an early 2018 opening.