AUSTIN, TEXAS — Realtex Development Corp., in conjunction with Generation Housing Development, has opened Windy Ridge Apartments in Austin. The complex is a 120-unit affordable housing community. Situated on 11.9 acres at 10910 Ranch Road 620, the development consists of six residential buildings spanning two and three stories, as well as a community/leasing clubhouse. Windy Ridge Apartments offers one-, two- and three-bedroom units, and each unit comes with a covered entry, coat closet and a covered patio or balcony. Each bedroom includes a walk-in closet. Community amenities include a full perimeter fence and controlled access gates, swimming pool, picnic areas with barbeque grills, fitness center, business/computer center, furnished community room and on-site property management staff.
GRAND PRAIRIE, TEXAS — JLL has brokered an 86,100-square-foot industrial lease for Shorr Packaging in Grand Prairie. The packaging solutions company’s new distribution center will be in Wildlife Commerce Park, Building II located at 2250 Lion Country Parkway. This is the company’s first location in Texas. JLL’s Craig Jones and Elizabeth Jones negotiated the lease on behalf of the tenant. Will Mundinger, John Bateman and Drew Tappan internally represented the landlord, Crow Holdings. Shorr Packaging is based in Aurora, Ill., and currently has 15 locations across the United States.
DENTON, TEXAS — Marcus & Millichap has arranged the sale of Palmwood, a 16-unit apartment property located in Denton. Nick Fluellen, Bard Hoover and Evan Burke of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Fluellen, Hoover and Burke also procured the buyer, an individual/personal trust. Palmwood is located at 1100 Palmwood Place. Constructed in 1970, Palmwood consists of 16 one-bedroom units, each spanning 710 square feet. The property recently underwent more than $149,000 in capital improvements, including a new asphalt parking lot, coin-operated laundry facility and 30-year dimensional shingle roof. The property is situated within three miles from both Texas Woman’s University and the University of North Texas.
Outsiders looking at the Houston industrial real estate market may automatically presume doom and gloom for all commercial real estate segments due to the significant downturn in the oil and gas industry during 2015 and 2016. When it comes to the Houston industrial sector, we caution not to jump to that conclusion too fast! In 2016, the Houston regional economy has much more going for it that creates industrial real estate demand than simply oil and gas. Momentum from economic drivers not dependent upon the oil and gas industry are stabilizing industrial real estate. They are also helping counter the drag on the area’s economy that may be attributed to excess inventory and price deflation in oil and gas. Through the end of the year, we expect activity in industrial leasing to remain relatively stable and to offer rental rates that are comparable to early 2016. Our confidence in the stability of industrial real estate is partially based on our fundamental understanding about segmentation in the energy industry that directly impacts Houston’s industrial real estate utilization. Oil and gas is not a simple, homogenous industry with all segments moving in lock step. Clearly, the energy downturn has hit oil and …
TULSA, OKLA. — CBRE has brokered the sale of 21 Lewis Plaza, a 58,934-square-foot office building in Tulsa. 21 LP LLC purchased the asset from Acron 21 Lewis Plaza LP for an undisclosed price. Mary Martin and Leslie Kirkpatrick of CBRE’s Tulsa office represented the seller. Kelly McKoy with McKoy Co. in Tulsa represented the buyer. Tulsa Retina Consultants PLLC will be occupying the entire second floor of 21 Lewis Plaza. The building is located at 2424 E. 21st St. near its intersection with South Lewis Avenue. 21 Lewis Plaza was 70 percent occupied at the time of sale to tenants including Oklahoma National Bank, G4s Secure Solutions Inc., River Parks Authority and Gilbert Audiology & Hearing.
KILLEEN, TEXAS — Muskin Commercial has negotiated the sale of The Willows Apartments in Killeen. A California-based investor purchased the asset for an undisclosed price. Ellen Muskin and Daniel Elam of Muskin Commercial LLC represented the sellers in the transaction. Rich Heine of Southwest Investment Properties represented the buyer. First State Bank of Killeen provided financing for the 232-unit asset, which will be managed by Houston-based Asset Plus Management. Built in 1983 by the current owners on an 8.2-acre site, the property features brick construction with pitched composition shingle roofs. The apartments include one-, two- and three-bedroom units in 15 buildings. The property has an average unit size of 715 square feet and includes two swimming pools.
LEWISVILLE, TEXAS — Allied Orion Group has been selected to manage Provenza at Windhaven in Lewisville, adding a 324-unit, Class A community to its Dallas area portfolio. Located at 4900 Windhaven Parkway in the Castle Hills master-planned area, Provenza at Windhaven offers one-, two- and three-bedroom floor plans. Owned by Momentum Real Estate Partners, the apartment homes feature granite countertops and prep islands, stainless steel appliances, wood-style flooring and wood cabinetry. Amenities include a swimming pool and cabanas, grilling stations, fitness center, private courtyards, club lounge, game room, dog park and dog wash stations. Situated off the Sam Rayburn Tollway near the North Dallas Tollway, Provenza at Windhaven is located near employers like Toyota, FedEx, JPMorgan Chase and Fannie Mae.
DALLAS — Marcus & Millichap has arranged the sale of Candlewick, an 11-unit apartment property located in Dallas. Scott Ogilvie of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a partnership, and procured the buyer, a limited liability company. Nick Fluellen and Bard Hoover, also of the firm’s Dallas office, assisted with the transaction. Candlewick is located at 5444 Gaston Ave. and consists of eight one-bed/one-bath units, one two-bed/one-bath unit and two two-bed/1.5-bath units. The asset was 91 percent occupied upon execution of the contract. Candlewick, built in 1961, is situated in the historic district of Old East Dallas.
DALLAS — Lee & Associates has negotiated the sale of a 10,500-square-foot office/retail building located at 1528 Slocum St. in Dallas. Nathan Denton of Lee & Associates’ Dallas/Fort Worth office represented the buyer, Tatum Brown Custom Homes. Doug Molny with Jim Lake Cos. represented the seller, Mark Modares.
IRVING, TEXAS — Tandy Lofland of Intergroup Realty and Mark Rome of MJ Rome represented the seller in the recent sale of the Hyatt Place Dallas/Las Colinas in Irving. The 122-room hotel is located in the 12,000-acre Las Colinas mixed-use development, one of the largest master-planned communities in the country. An affiliate of Summit Hotel Properties sold the hotel to a private investment group from the Dallas area. The hotel will undergo upgrades and improvements and will continue to operate as a Hyatt Place franchise.