Texas

29th Street Capital Acquires Apartment Community in Metro Houston

by Haisten Willis October 1, 2015

PASADENA, TEXAS — 29th Street Capital (29SC), a privately held real estate firm, has acquired Casa Palmas, a 308-unit apartment community in the southeast Houston suburb of Pasadena. The transaction closed Sept. 29. 29SC purchased the asset from a Dallas-based investment group on an off-market basis. The asset, built in 1970, has undergone capital upgrades over the last 10 years, including new roofs and siding, as well as improvements to the amenities and interiors. 29SC plans to invest an additional $700,000 ($2,200 per unit) to install black appliances and upgrade plumbing, light fixtures and cabinet hardware. Casa Palmas, located at 3500 Red Bluff Road, is located near Beltway 8 and the Pasadena Freeway.

October 1, 2015

Thor Equities Secures Construction Financing for Kirby Collection in Houston

by Haisten Willis September 30, 2015

HOUSTON — Thor Equities has secured construction financing for Kirby Collection, a new mixed-use development at 3200 Kirby Drive in Houston. The 1 million-square-foot residential, office, retail and entertainment development is located in the River Oaks neighborhood of Houston, bounded by Kirby Drive and West Main, Colquitt and Lake streets. The project features a 25-story, 385,000-square-foot residential tower with 199 apartments comprising seven two-story townhomes and seven two-story loft spaces with private yards. The residences will overlook a deck with more than an acre of landscaped amenities, including a pool with cabanas, fire pits and a bar area. Kirby Collection’s 13-story, 210,000-square-foot, Class A office building is located near downtown Houston, the Galleria/Uptown District, Greenway Plaza and the Texas Medical Center. The development is scheduled to break ground in October and open in the fourth quarter of 2017. Richard Keating is the design architect for Kirby Collection, and Dianna Wong Architecture + Design is the interior designer. Houston-based Kirksey is the architect of record.

September 30, 2015

Healthcare Office Texas

Stage Equity Partners Acquires 37,000 SF MOB in Dallas

by Haisten Willis September 30, 2015

DALLAS — Chicago-based healthcare real estate investment company Stage Equity Partners LLC has purchased a 37,000-square-foot, multi-tenant medical office building in Carrollton, a northern suburb of Dallas. The property is Stage Equity’s fourth medical office acquisition in Dallas and its fifth overall in Texas. The single-story, Class A building was acquired in an off-market transaction from the physician owners of OrthoTexas, an orthopedic practice based in Dallas. As part of the transaction, OrthoTexas leased back the majority of the building under a long-term lease. MetroCrest Surgery Center — a joint venture between USPI, Baylor Scott & White Health and Tenet Health — leases the remainder of the building for the operation of an ambulatory surgery center. American Momentum Bank provided financing for the project. The property, located at 4780 North Josey Lane isfully leased. OrthoTexas has 27 physicians and more than 250 employees, and MetroCrest is a prominent surgery center in the region. The property is within 10 minutes of Baylor Carrollton Hospital and Texas Health Resources Presbyterian Plano Hospital.

September 30, 2015

Industrial Texas

Liberty Property Trust Acquires Three Industrial Buildings, 139 Acres in Metro Houston for $93M

by Haisten Willis September 30, 2015

LA PORTE, TEXAS — Liberty Property Trust has acquired three industrial buildings and 139 acres of additional land in La Porte, a suburb of Houston, for $93 million. The 100 percent leased buildings consist of two rail-served facilities and a cross-dock building totaling 921,196 square feet, and are located in the Port Crossing Commerce Center. The buildings are located in close proximity to both the Bayport container terminals and the Barbour’s Cut terminal at the Port of Houston. Tenants in the park include Anheuser-Busch, Gulf Winds, Ferguson Enterprises and Overland Distribution. Liberty plans to add an additional 2 million square feet of space to Port Crossing Commerce Center. Phase I of development, which could include a 408,000-square-foot cross-dock building and a 105,000-square-foot rear-load building, could commence in 2016.

September 30, 2015

Multifamily Oklahoma Texas

Steadfast Apartment REIT Acquires Two Multifamily Properties for $88.5M

by Haisten Willis September 30, 2015

OKLAHOMA CITY AND EULESS, TEXAS — Steadfast Apartment REIT has acquired apartment communities in separate transactions in Oklahoma City and metro Dallas totaling 654 units for an aggregate purchase price of $88.5 million. Steadfast Apartment REIT entered the state of Oklahoma with the purchase of The Shores, a 300-unit, Class A apartment community that was constructed in 2013 on 22 acres. The complex includes a clubhouse/leasing center, 11 three-story apartment buildings and 12 two-story townhome buildings boasting one-, two- and three-bedroom configurations. Apartment homes range from 649 to 1,288 square feet with average in-place rents of $1,030. The Shores was 93.7 percent occupied at the time of sale. Monticello by the Vineyard is located in Euless, 25 miles from both Dallas and Fort Worth. Built in 2002, Monticello features 21 three-story apartment buildings, five garage buildings and a leasing office/clubhouse on approximately 20 acres. The property offers 354 one-, two- and three-bedroom apartment homes in 21 different layouts averaging 993 square feet. Average in-place rents are $1,245 and the community was 96.9 occupied at the time of sale.

September 30, 2015

Multifamily Texas

KWA Construction Completes Millennium Apartments in Metro Dallas

by Haisten Willis September 30, 2015

MCKINNEY, TEXAS — KWA Construction, a general contractor specializing in multifamily developments, has completed the Millennium, a 162,440-square-foot affordable housing project, on behalf of GroundFloor Development. Located in McKinney, 130 of the 164 residences will be reserved for low-income residents as an affordable housing option. The Millennium is KWA’s third construction assignment completed for GroundFloor Development. The four-story multifamily rental development features one-, two- and three-bedroom units that offer nine-foot ceilings, patios and balconies and high-end appliances. Amenities in the Millennium include a community center with a swimming pool, library, business and fitness centers, a porch and cookout area. The location allows for children living in the Millennium to attend schools in the Frisco Independent School District and adults to have access to financial planning and health and nutrition classes. The Millennium affordable housing project is a joint effort between not-for-profit organization Inclusive Communities Project, which works to create and expand affordable housing opportunities, and McKinney’s Housing Authority, whose mission is to serve the housing needs of low to moderate-income families in the authority’s jurisdiction.

September 30, 2015

Multifamily Texas

Greysteel Arranges Sale of Country Oaks Apartment Complex in Metro Dallas

by Haisten Willis September 29, 2015

WEATHERFORD, TEXAS — Greysteel, a Washington, D.C.-based real estate investment services firm, has arranged the sale of Country Oaks, a 64-unit multifamily community in Weatherford. Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss of Greysteel represented the seller, Weatherford Country Oaks LLC, in the sale. The buyer, Mercury Metroplex Real Estate VI LLC, purchased the asset for an undisclosed price. Located on Santa Fe Drive, Country Oaks offers one- and two- bedroom units and has undergone exterior and interior renovations including new vinyl flooring, ceiling fans, resurfaced kitchen and bathroom countertops and new appliances. The property is located one mile from downtown Weatherford.

September 29, 2015

Restaurant Retail Texas

Trademark Property Co. Launches Local Micro-Restaurant Program at Waterside Mixed-Use Development

by Haisten Willis September 29, 2015

FORT WORTH, TEXAS — Trademark Property Co. is launching a micro-restaurant program dedicated to attracting unique restaurant concepts to Waterside, a 63-acre mixed-use development under construction at Bryant Irvin Road and Arborlawn Drive in Fort Worth. Trademark will lease three or four micro-restaurant spaces ranging between 600 and 1,000 square feet to local and regional businesses. The micro-restaurants will be located around The Grove, Waterside’s central public space. The Grove will serve as the heart of the development, featuring outdoor seating for restaurants, public art and the re-use of existing playground and amusement ride equipment. Waterside broke ground on its first phase of development in 2014 and later announced its first anchor tenant, a 45,000-square-foot Whole Foods Market, the first in Fort Worth. The Grove and the first 383 multifamily units will be substantially complete by spring 2016 when the retail and restaurants are projected to open.

September 29, 2015

Office Texas

Lee & Associates Negotiates 17,387 SF Office Sale in Metro Dallas

by Haisten Willis September 29, 2015

RICHARDSON, TEXAS — Lee & Associates has arranged the sale of a 17,387-square-foot office building located at 3313 Essex Drive in Richardson. Mark Graybill of Lee & Associates’ Dallas/Fort Worth represented the buyer, Denkmann Associates. Brett McMillian of Paladin Partners represented the seller, Vantage Development.

September 29, 2015

Office Texas

PMG Renews, Expands Office Lease in Dallas

by Haisten Willis September 29, 2015

DALLAS — Principal Management Group has renewed a lease of 16,527 square feet at 3 Park Central and signed a new lease for 6,683 square feet at 4 Park Central in Dallas. Al Paniagua of Swearingen Realty Group represented the tenant. Heather Shover, Kathy Permenter and Sean Dalton of Younger Partners represented the landlord.

September 29, 2015

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