Texas

Ventures Development Begins Construction on South 400 Apartments in Fort Worth

by Haisten Willis October 7, 2015

FORT WORTH, TEXAS — Ventures Development Group (VDG) has begun construction on the first multifamily development in the Near Southside Community of downtown Fort Worth. The 2.1-acre parcel is located at the corner of Jennings and Broadway avenues across the street from the Broadway Baptist Church. In conjunction with the development, the local tax increment district has approved infrastructure improvements, updated streetscapes and environmental remediation. VDG has engaged the multifamily division of Stream Realty Partners to manage the five-story, 209-unit community, which will also include 2,600 square feet of ground-floor retail space and four live/work studio lofts. South 400 Apartments will include amenities such as a sky lounge overlooking the Fort Worth skyline and private terraces.

October 7, 2015

HFF Arranges Sale, Financing for 376-Unit Apartment Community in Houston

by Haisten Willis October 7, 2015

HOUSTON — HFF has arranged the sale and financing for Summer Cove, a 376-unit apartment community in southeast Houston. HFF marketed the property on behalf of the seller, Edgewood Properties. Westmount Realty Capital purchased the asset for an undisclosed amount. In addition, HFF secured a seven-year, 3.9 percent, fixed-rate acquisition loan on behalf of the buyer through Freddie Mac’s CME program. The securitized loan will be serviced by HFF through its Freddie Mac program plus seller/servicer program. Situated on 13.8 acres, Summer Cove is located at 725 FM 1959 just off I-45. The property is 99.5 percent occupied and includes one- and two-bedroom floorplans averaging 729 square feet. Community amenities include three swimming pools, a fitness center, business center, covered parking and gated access. Todd Stewart, Todd Marix, Chris Curry and JC Clemens led the HFF investment sales team representing the seller. Tyler Ford led HFF’s debt placement team.

October 7, 2015

Hospitality Texas

Marcus & Millichap Arranges Sale of 167-Room Hotel in College Station

by Haisten Willis October 7, 2015

COLLEGE STATION, TEXAS — Marcus & Millichap has arranged the sale of Aggieland Inn (formerly Ramada), a 167-room hospitality property located in College Station. Chris Gomes of Marcus & Millichap’s Dallas office, along with Allan Miller of the firm’s San Antonio office and Jake Gaddy of the Austin office, marketed the property on behalf of the seller, a limited liability company. Gomes procured the buyer, a private investor. Nick Fluellen and Bard Hoover of Marcus & Millichap’s Dallas office referred the seller to Gomes. Fluellen and Hoover previously represented the seller during the acquisition and disposition of student housing apartment assets. Aggieland Inn is located at 1502 Texas Ave. S., one block from the Texas A&M University campus. Built in 1972, the hotel is situated on roughly four acres. The hotel includes an outdoor swimming pool, a banquet hall and a restaurant and lounge. The buyer is planning a multimillion-dollar renovation before reopening in the first quarter of 2016.

October 7, 2015

Multifamily Texas

Palladium to Build 30-Story Multifamily High-Rise in Plano’s Legacy West

by Haisten Willis October 6, 2015

PLANO, TEXAS — Palladium USA International has purchased 2.1 acres in Plano’s Legacy West development to build a 30-story high-rise. The apartment tower will feature 312 rental homes and will be located at the southwest corner of the future Columbus Avenue and Windrose Avenue. Palladium USA worked with the Legacy West master developer, Fehmi Karahan, in the architectural design of the building. The development will be the tallest building in Collin County and will include an eight-level parking garage under the residential tower containing 500 parking spaces. The gross building area will exceed 410,000 square feet, with an average unit size of 1,070 square feet. The tower will be a glass curtain wall system in an oval design. Humphreys & Partners Urban Architecture is the architect for the development. A 9,000-square-foot leasing/lobby center on the ground floor will contain a bike storage room with maintenance and wash area to accommodate 60 bicycles. Other amenities include seven car-charging stations, a pet washing and grooming room, conference room and business lounge and a separate lounge with catering kitchen and outdoor patio. On the ninth floor there will be a pool, 2,300-square-foot gym, 3,800-square-foot spa and a 3,800-square-foot bar/lounge. The 27th floor will …

October 6, 2015

Healthcare Office Texas

M&M Arranges Sale of 10,453 SF Net Leased Property in Fort Worth

by Haisten Willis October 6, 2015

FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Complete Emergency Care, a 10,453-square-foot net-leased medical property located in Fort Worth. Philip Levy and Chris Gainey of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. Levy and Gainey also secured the buyer, a limited liability company. Complete Emergency Care is located at 6006 Camp Bowie Blvd. The triple-net lease has a corporate guarantee. Four years remain on the primary term with annual CPI adjustments, and the tenant has one, 10-year option for renewal. The building was constructed in 1990 and sits on 0.8 acres.

October 6, 2015

Multifamily Student Housing Texas

Alex. Brown Realty, Asset Campus Housing Acquire Student Housing Project in San Marcos

by Haisten Willis October 6, 2015

SAN MARCOS, TEXAS — Alex. Brown Realty Inc. (ABR) and Asset Campus Housing have acquired a student housing project near the main campus of Texas State University in San Marcos. ABR Chesapeake Fund IV, a value-add real estate fund sponsored by ABR, invested $4.6 million in the joint venture. The acquisition was financed with a first mortgage loan from Amegy Bank. Currently known as University Springs, the 488-bed student housing property will be rebranded as The Reserve at West Avenue and will undergo capital improvements focused on interior and exterior upgrades. At closing, the property was 98 percent pre-leased for the 2015-2016 academic school year. Texas State University has seen enrollment growth for the past 16 consecutive academic school years. Built in 1998, the property’s 152 units range from two-, three- and four-bedroom units. Asset will serve as property manager of the asset.

October 6, 2015

Industrial Texas

NAI Partners Represents IEK Holdings in 20,700 SF Industrial Lease in Houston

by Haisten Willis October 6, 2015

HOUSTON — NAI Partners has represented IEK Holdings in leasing a freestanding 20,700-square-foot industrial warehouse/distribution building located at 7310 W. Road in Houston. Michael Keegan of NAI Partners represented the landlord, IEK Holdings, during the negotiations, while Gary Horn with Mohr Partners represented the tenant.

October 6, 2015

Loans Multifamily Retail Texas

BMC Capital Arranges Trio of Loans in Metro Dallas

by Haisten Willis October 6, 2015

GRANBURY AND PLANO, TEXAS — BMC Capital’s Dallas office has arranged a trio of loans in the metro Dallas cities of Granbury and Plano. Brian Gramlich of BMC arranged all three transactions, and all were arranged through one of BMC Capital’s correspondent banking relationships. In the first transaction, BMC arranged a $662,500 purchase loan for an apartment property located in Granbury. The loan featured a five-year fixed term with a 4.5 percent fixed interest rate and a 30-year amortization schedule. In the second transaction, BMC arranged a $6.1 million purchase loan for an apartment property in Plano. The loan featured a six-year fixed term with a fixed 4 percent interest rate and a 30-year amortization schedule. In the third transaction, BMC arranged a $1.9 million purchase loan for a Sherwin Williams multi-tenant property in Plano. The loan featured a five-year fixed term with a fixed 4 percent interest rate and a 25-year amortization schedule.

October 6, 2015

Hotel-ZaZa-Memorial-City-Houston-MetroNational[3]

Hospitality Texas

MetroNational to Break Ground on Hotel Zaza Memorial City in Houston

by Haisten Willis October 5, 2015

HOUSTON — MetroNational, a Houston-based real estate investment, development and management company, has partnered with Z Resorts to construct Hotel ZaZa Memorial City at the intersection of I-10 and Bunker Hill Road in Houston. Hotel ZaZa Memorial City is the brand’s second Houston location. Kirksey Architecture will oversee the design and Anslow Bryant Construction is the general contractor of the property, which is slated to open in summer 2017. Hotel ZaZa Memorial City will include 159 guest rooms, along with 10,000 square feet of event and meeting spaces. Amenities will include a pool with bar and cabanas, a restaurant and lounge. MetroNational and Z Resorts are dedicating four levels of the 17-story hotel to 130 apartment units, with guests having access to all ZaZa amenities. Hotel ZaZa Memorial City will be located at 9787 Katy Freeway and will be the third property opening for the brand in 2017, joining Hotel ZaZa Austin in downtown Austin and Hotel ZaZa Wade Park in the north Dallas suburb of Frisco.

October 5, 2015

Office Texas

Construction to Begin on New Capital One Office Building in Metro Dallas

by Haisten Willis October 5, 2015

PLANO, TEXAS — Capital One will begin construction this week on a new office building expected to house between 1,000 and 1,200 employees. The new building is an expansion of Capital One’s corporate campus located at 8058 Dominion Parkway in Plano, and will be the seventh office building on the campus. The four-story building will include six training rooms, a cafeteria, collaboration spaces and a game room. The Capital One Plano campus is located on 75 acres, with six current office buildings, three parking garages and a multi-purpose conference center. The combined space covers 1.3 million square feet and houses 5,900 employees. Construction of the new building is scheduled to be complete in the first quarter of 2017.

October 5, 2015

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