Texas

Morgan Opens 444-Unit Luxury Apartment Complex in Austin

by Christina Cannon July 7, 2016

AUSTIN — Morgan has completed Pearl Lantana, a 444-unit luxury apartment complex in southwest Austin. The newly finished property offers one-, two- and three-bedroom options that range from 660 to 1576 square feet. Residents will have views of the Barton Creek Greenbelt and the downtown Austin skyline. Interior amenities include open floor plans, wood-style floors, quartz countertops with tile backsplash, gas appliances, full size washers and dryers, tankless hot water heaters, under-mount sinks, walk-in closets, USB outlets, and patios or balconies. Common areas are solar powered and include a resident e-lounge and cafe, athletic club, three pool areas with sundecks, an infinity-edge pool, lap pool, hammock spaces, covered kitchen, dog park and footpaths throughout the property. Morgan is a Houston-based developer and operator of Class A multifamily properties.

July 7, 2016

IPA Brokers Sale of 296-Unit Apartment Property in Houston

by Christina Cannon July 7, 2016

HOUSTON — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of a 296-unit apartment property in Houston, for an undisclosed price. Retreat at Cypress Station, located at 18200 Westfield Place Drive, features amenities such as a swimming pool, clubhouse, playground, fitness center, business center and picnic area. The undisclosed buyer plans to renovate the property and complete unit renovations such as new vinyl plank flooring, stainless steel appliances, hardware fixtures and lighting. Retreat at Cypress Station was built in 2004. Will Balthrope, Drew Kile, Jennifer Campbell and Jeffrey Fript of Marcus & Millichap represented the undisclosed seller in the transaction and procured the buyer.

July 7, 2016

Loans Multifamily Texas

CBRE Arranges $6.7M Loan for 120-Unit Apartment Complex in Irving, Texas

by Christina Cannon July 7, 2016

IRVING, TEXAS — CBRE Group Inc. has arranged a $6.7 million refinancing loan for Rochelle Plaza, a 120-unit apartment complex in Irving, approximately 10 miles northwest of Dallas. The fixed-rate, non-recourse loan features a 35-year term and was placed with HUD’s section 223(f) program. The Class B Rochelle Plaza was built in 1978. The complex offers 40 one-bedroom units, 64 two-bedroom units and 16 three-bedroom units. Rochelle Plaza Associates Ltd. was the borrower and plans to use the funds to rehabilitate the property. Chad Ricks and Jeff Shaw of CBRE originated the loan.

July 7, 2016

Industrial Texas

Lee & Associates Brokers 11,209 SF Industrial Lease Renewal in Richardson

by Christina Cannon July 7, 2016

RICHARDSON, TEXAS — Lee & Associates has arranged an 11,209-square-foot industrial lease renewal at 1380 Presidential Drive in Richardson. Nathan Denton of Lee & Associates’ Fort Worth office represented the tenant, Vac-Tech, a vacuum pump servicer, in the lease transaction. Ryan Rubenkoenig represented the landlord, Red Tail, internally.

July 7, 2016

Multifamily Texas

ARA Newmark Brokers Sale of 300-Unit Apartment Property in Austin for Fourth Time in Eight Years

by Christina Cannon July 6, 2016

AUSTIN — ARA Newmark has brokered the sale of a 300-unit apartment property in Austin. The Current, formerly known as Bluffs at Town Lake and Longhorn Station, was 93 percent occupied at the time of sale. Austin-based Thrive FP sold the asset to Avesta for an undisclosed price. This transaction is the fourth time in eight years that ARA Newmark has led the sale of the property. Constructed in 1974, the garden-style community offers studio, one- and two-bedroom units. Amenities at The Current include an indoor sports court, electric vehicle charging stations, a fitness center, swimming pool with grill and picnic area and sand volleyball court. Andrew Shih and James Young of ARA Newmark represented the seller in the transaction.

July 6, 2016

Retail Texas

Phillips Edison Acquires 218,598 SF Grocery-Anchored Shopping Center in Murphy

by Christina Cannon July 6, 2016

MURPHY, TEXAS — Phillips Edison Grocery Center REIT I Inc., a non-traded retail REIT, has acquired Murphy Marketplace, a 218,598-square-foot, Sprouts-anchored shopping center located in Murphy, a suburb 25 miles northeast of Dallas. The center is home to tenants including Michaels, 24 Hour Fitness, Tuesday Morning, T-Mobile, Chick-fil-A, Einstein Bros. Bagels, Chipotle Mexican Grill, Firehouse Subs and Dunkin’ Donuts. As of June 29, Phillips Edison Grocery Center REIT I owns and manages a retail portfolio consisting of 149 shopping centers totaling approximately 15.9 million square feet.

July 6, 2016

Texas

DPR Construction Delivers Data Center in Richardson

by Christina Cannon July 6, 2016

RICHARDSON, TEXAS — DPR Construction has delivered a 70,000-square-foot data center at 907 Security Row within Digital Realty’s Data Center Campus in Richardson. Alliance Architects designed the facility, which is the sixth project that Alliance has designed on the Richardson campus. The facility features 33,000 square feet of exterior equipment yard, an on-site power substation, 2MW generators and air-cooled chillers. The facility provides access to over 100 provider networks and dual authentication access with biometric and card key access control. Alliance Architects’ team members included Chad Michel and Tegene Mariam. DPR Construction provided general construction and construction management services.

July 6, 2016

Texas

Cushman & Wakefield Brokers Sale of Self Storage Facility in Texarkana

by Christina Cannon July 6, 2016

TEXARKANA, TEXAS — Cushman & Wakefield’s Self Storage Practice Group in San Diego has brokered the sale of New Boston Storage, a newly constructed, 50,100-square-foot self storage facility in Texarkana. Greg Wells and Jim Lewis of Cushman & Wakefield represented the seller, the original developer of the property. A regional operator that owns several stores in the Texarkana area purchased the property for an undisclosed price.

July 6, 2016

Office Texas

IMG Financial Signs 12,127 SF Lease Renewal for Office Space in Houston

by Christina Cannon July 6, 2016

HOUSTON — IMG Financial Group Inc. has signed a 12,127-square-foot lease renewal for its headquarters at 4550 Post Oak Place in Houston. IMG Financial is the largest tenant in the building, which recently underwent a $1.5 million renovation that included upgrades to the lobby, hallways and restrooms, as well as the addition of a digital directory board. Marshall Clinkscales of Colliers International represented IMG Financial in the transaction. Steve Rocher, Kristen Rabel and Parker Duffie of CBRE represented the landlord, Unilev Management Corp.

July 6, 2016

Loans Multifamily Texas

CBRE Arranges $34.5M Acquisition Loan for Apartment Community in Lewisville

by Christina Cannon July 5, 2016

LEWISVILLE, TEXAS — CBRE has arranged a $34.5 million loan for the acquisition of Provenza at Windhaven, a 324-unit, Class A apartment community located at 4900 Windhaven Parkway in Lewisville. Built in 2015, the property’s units feature granite countertops, kitchen islands, stainless steel appliances, wood-style flooring and wood cabinetry. Community amenities include a resort-style swimming pool with cabanas, grilling stations, a fitness center, private courtyards, club lounge, dog park with a wash station and a game room. Christopher Apone and Charles Foschini of CBRE’s Miami office arranged the eight-year loan through USAA on behalf of the borrower, Momentum Real Estate Partners.

July 5, 2016

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