Texas

Richman Group Breaks Ground on $51M Multifamily Project in Dallas

by Haisten Willis February 25, 2016

DALLAS — Richman Ascension, an affiliate of The Richman Group, has broken ground on its first multifamily project in Dallas. Named The Parc at White Rock, the $51 million development will span 291 units. The community will be a five-story complex with views of nearby White Rock Park. Offering studios, one- and two-bedroom units ranging from 580 to 1,230 square feet, The Parc will include private balconies and quartz or granite countertops in select units, as well as wood plank flooring throughout. A two-level clubhouse includes a clubroom, fitness center, media lounge, pool and four garden courtyards. The Parc is within walking distance of the White Rock DART station. The project is scheduled to open in fall 2016.

February 25, 2016

KDC, McCarthy Celebrate Topping Out of 1920 McKinney Office Tower in Uptown Dallas

by Haisten Willis February 25, 2016

DALLAS — KDC and McCarthy Building Cos. have celebrated the topping out of 1920 McKinney, a 12-story, 150,000-square-foot office building in Uptown Dallas. Located at 1920 McKinney Ave. at Harwood Street, the Class A office building features six stories of office space on top of a six-story parking structure with 8,500 square feet of ground-floor retail and restaurant space. Located one block from Klyde Warren Park, the tower will feature a ratio of three parking spots for every 1,000 square feet of office space. Construction on 1920 McKinney began in September 2014. BOKA Powell is the project architect, JLL is leasing the office space and The Retail Connection is responsible for ground-floor retail leasing. The project is scheduled for completion in April.

February 25, 2016

Retail Texas

GBT to Develop Second Sprouts Location in Frisco

by Haisten Willis February 25, 2016

FRISCO, TEXAS — GBT Realty Corp., a national real estate development company based in Brentwood, Tenn., will develop the second Sprouts Farmers Market in Frisco and the 40th in Texas. GBT acquired 2.3 acres of the 12-acre retail site at Eldorado and Teel parkways on Feb. 16 from CMTEX Inc. for $1.1 million. To date, GBT has developed four locations in two states for the grocer. The construction of Sprouts Farmers Market is in conjunction with a 63,900-square-foot retail center planned by CMTEX Inc. The store is scheduled to open in early 2017.

February 25, 2016

Loans Multifamily Texas

Berkadia Provides $24M Refinancing for Multifamily Property in Houston

by Haisten Willis February 25, 2016

HOUSTON — Berkadia has financed Villas at Cypresswood, a multifamily property located at 9844 Cypresswood Drive in Houston. Jonathan Gilfillan and Cutt Ableson of Berkadia’s Houston office worked to secure the seven-year, floating-rate refinancing loan for the borrower, Community Management. The $24 million loan, which also features an interest-only component combined with a 30-year amortization schedule, was originated through Berkadia’s Freddie Mac program. The 270-unit property, located 25 miles northwest of downtown Houston, features one-, two- and three-bedroom floor plans with faux wood floors and blinds, double paneled windows, home intrusion alarms and garden tubs. Community amenities include a pool, grilling areas, fitness center and controlled access gate.

February 25, 2016

Multifamily Texas

KWA Begins Construction on $200M Multifamily Project in Metro Dallas

by Haisten Willis February 25, 2016

ARLINGTON, TEXAS — KWA Construction has broken ground on Phase I of Arlington Commons, the largest multifamily redevelopment project in Arlington’s history. Designed by JHP Architecture/Urban Design, the 1,300-unit development will be located at 425 E. Lamar Blvd. near Globe Life Park. Developer The Nehemiah Co. expects the $200 million project to be completed in 2026. General contractor KWA Construction recently began demolition at the site. Phase I of the four-phase development will occupy 5.6 acres of the 22.2-acre site and consist of a four-story, 353-unit apartment complex and garage. Phase I will also include a 1,589-square-foot leasing office, 869-square-foot clubhouse, 1,173-square-foot fitness center and 2,100-square-foot lounge and conference area. The redevelopment has garnered $10.5 million in economic incentives from the Arlington City Council. Floor plans will consist of one- and two-bedroom units ranging from 777 to 1,281 square feet, with private balconies or patios available. Amenities at Arlington Commons will include a swimming pool, fountains, fire pit and outdoor kitchen. KWA Construction expects to complete Phase I in the next two years.

February 25, 2016

Office Texas

KDC to Develop 150,000 SF Office Building in Dallas

by Haisten Willis February 24, 2016

DALLAS — KDC plans to develop a multi-story office building within the $200 million West Love mixed-use project near Dallas Love Field Airport. Located at 2345 W. Mockingbird Lane, KDC’s 150,000-square-foot office building will include structured parking along with views of Love Field and downtown Dallas. The office building is a key element in the mixed-use plan for West Love, located on 37 acres between Maple Avenue and Forest Park Road. In addition to the office building, West Love’s initial phase includes two Starwood hotels, 368 apartment homes and 65,000 square feet of retail and restaurant space. A later phase will include an additional 750 apartments. West Love will be a pedestrian-friendly community with extensive landscaping. Starwood Hotels & Resorts Worldwide, Atlantic Hotels Group and Civitas Capital Group are developing the 224-room, dual-branded Aloft and Element hotel project, now under construction and slated for completion in December. Highridge Partners and affiliates will develop the apartments and retail spaces, which are expected to be completed in mid-2017.

February 24, 2016

Harbor-Walk-apartments-league-city-texas

Multifamily Texas

29SC Acquires Apartment Portfolio in Metro Houston

by Haisten Willis February 24, 2016

LEAGUE CITY, TEXAS — 29th Street Capital (29SC), a privately held real estate investment and advisory firm, has acquired a 314-unit multifamily real estate portfolio in League City. The two apartment communities are located within 1.5 miles of each other in the Clear Lake submarket of Houston. The deal closed Feb. 19 and includes: Crow’s Nest Apartments, a 176-unit complex built in 1984 with mostly one- and two-bedroom units; Harbor Walk Apartments, a 138-unit complex built in 1987 and made exclusively of two- and three-bedroom units. 29SC purchased the assets on an off-market basis from a regional owner. The firm plans $1.6 million worth of renovations, which include a new appliance package, microwaves, better kitchen lights and accent walls. Exterior improvements are planned as well.

February 24, 2016

Office Texas

Oldham Goodwin Arranges Office Lease in Bryan

by Haisten Willis February 24, 2016

BRYAN, TEXAS — Oldham Goodwin Group, in conjunction with Cresa Boston, has represented Wayfair Inc. in the lease of a new 51,185-square-foot customer service center located at 3101 University Drive E. in Bryan. Wayfair has one of the world’s largest online selections of furniture, home furnishings, décor and goods, including more than 7 million products from over 7,000 suppliers. The low-rise office building will serve as the location for Wayfair’s new Bryan/College Station customer service center. The Bryan/College Station customer service center is expected to bring 450 jobs to the Research Valley area and is scheduled to open in Spring 2016. Jody Slaughter of Oldham Goodwin Group, along with David Ross, Matt Harvey and Tim Myllykangas of Cresa Boston, represented Wayfair in lease negotiations.

February 24, 2016

Retail Texas

Weitzman Negotiates Retail Lease for Cinépolis USA in Metro Dallas

by Haisten Willis February 24, 2016

EULESS, TEXAS — Cinépolis USA has signed a lease for 52,000 square feet in the second phase of Glade Park, a new power retail project located at the southwest corner of SH-121 and Glade Road in Euless. Blake Shipp of The Weitzman Group handled negotiations for Cinépolis USA as the theater chain’s tenant representative in metro Dallas. Neil Baron represented the cinema chain as its in-house representative. Cinépolis USA will develop a multi-screen cinema at Glade Park that will feature automated recliners, a bar and gourmet snacks. The location is set to open in summer 2017.

February 24, 2016

Multifamily Texas

BMC Capital Provides $1.7M Loan for Apartment Community in Austin

by Haisten Willis February 24, 2016

AUSTIN, TEXAS —Hank Crane of BMC Capital’s Austin office has arranged a $1.7 million loan for the refinancing of Woodland Corners, a 63-unit apartment community in Austin. The loan features a five-year fixed term at 4 percent interest and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent agency relationships.

February 24, 2016

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