Texas

Hunt Breaks Ground on Apartment Complex in Metro Dallas

by Haisten Willis May 8, 2015

RICHARDSON, TEXAS — Hunt Cos. has broken ground on a transit-oriented development located in Richardson. The 250,000-square-foot project is scheduled for completion in the summer of 2016. The development will include 280 market-rate apartments in a mix of one- and two-bedroom apartments and lofts. Situated within the Dallas-Fort Worth Metroplex and home to the Telecom Corridor,the five-acre site is located near the North Central Expressway and Campbell Road. This project will be the first of many where Hunt is leading the development with support of its affiliates Moss & Associates, as general contractor, and Pinnacle Property Management Services, as the property manager.

May 8, 2015

Signorelli Co. Breaks Ground on Valley Ranch Town Center in The Woodlands

by Haisten Willis May 8, 2015

THE WOODLANDS, TEXAS — The Signorelli Co. has broken ground on Valley Ranch Town Center, a 240-acre retail district slated to open in early 2016 inside the 1,400-acre master-planned community of Valley Ranch. Valley Ranch is situated at the intersection of U.S. 59 and the Grand Parkway just north of Kingwood. A 135-acre park called The Grove will border the retail district. Other developments in Valley Ranch include construction of new homes in a variety of price ranges in the new Azalea District, along with several new parks and green spaces throughout the area. At completion, Valley Ranch will include 2,500 homes and townhomes and 1,000 multifamily residences. Valley Ranch Commerce District, a 70-acre corporate office park, and Valley Ranch Medical District, planned to include two acute-care hospitals and a medical village with shopping, dining and multi-family residential, are also slated for development in the future. Valley Ranch is located near Bush Intercontinental Airport, Houston’s Central Business District, The Galleria/Uptown, The Woodlands, and ExxonMobil’s new 385-acre campus in Spring.

May 8, 2015

Office Texas

M&M Arranges Sale of Medical Office Building in Dallas

by Haisten Willis May 8, 2015

DALLAS — Marcus & Millichap has arranged the sale of Northpoint Medical Arts, a 116,875-square-foot multi-tenant medical office building in Dallas. Ron Hebert of Marcus & Millichap’s Dallas office represented the seller, Q Northpoint LP. The buyer, Gregory Interests LLC, was represented and procured by Trinity Interests, a Dallas-based commercial property management firm. The facility is located at 12606 Greenville Ave. near the intersection of I-635 and Greenville Avenue near Central Expressway. The two-story Northpoint Medical Arts building was built on five acres in 1979. Tenants include Concorde Career College, Northpoint Pediatrics, Preston Village Pharmacy, ROSA of North Dallas LLC, Texas Health Recourses, University of Texas Southwest Medical Center and Vivere Health Dallas LLC.

May 8, 2015

Multifamily Texas

Topping Out Ceremony Held for Three Hughes Landing, Embassy Suites The Woodlands/Hughes Landing

by Haisten Willis May 8, 2015

THE WOODLANDS, TEXAS — A topping out ceremony was recently held for Three Hughes Landing and the Embassy Suites The Woodlands/Hughes Landing. The two properties represent the newest additions to Hughes Landing in The Woodlands, a 66-acre mixed-use development offering views of 200-acre Lake Woodlands. Three Hughes Landing is a 12-story, 321,000-square-foot Class A office building designed for LEED Silver certification. The nine-story, 205-key Embassy Suites is an all-suite, full-service hotel for both business and leisure travelers. One Hughes Landing, a 197,719-square-foot, eight-story, Class A office building, opened September 2013. Two Hughes Landing, a 197,714-square-foot, eight-story, Class A office building, opened in May 2014.

May 8, 2015

Hospitality Texas

Hotel Equities and Owners Break Ground for Marriott Hotel in Waxahachie

by Haisten Willis May 7, 2015

WAXAHACHIE, TEXAS — Atlanta-based Hotel Equities and owners Thomas and Michael Chen of Scenic Capital Advisors have broken ground on a new Fairfield Inn & Suites by Marriott hotel in Waxahachie. The hotel will be located at 2020 Civic Center Lane at the intersection of I-35 E and Highway 287, 30 minutes south of Dallas. Expected to open in early summer 2016, the hotel will sit beside the Waxahachie Civic Center, and across from the newly completed Baylor Scott & White Hospital.

May 7, 2015

Multifamily Texas

Marcus & Millichap Arranges Sale of Apartment Complex in Fort Worth

by Haisten Willis May 7, 2015

FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Forest Apartments, a 24-unit apartment property located in Fort Worth. Trey McGhin and John Barker of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. McGhin and Barker also represented the buyer, a private investor that purchased the property in a 1031 exchange. Forest Apartments is located at 3200 Lake Como Drive. The property includes access to the Camp Bowie cultural district, I-30 and is five miles from Downtown Fort Worth. Each unit has one bedroom and one bathroom, with laminate and carpet flooring.

May 7, 2015

Office Texas

Planned Community Developers Acquires Property in Metro Houston

by Haisten Willis May 7, 2015

SUGAR LAND, TEXAS — Planned Community Developers has acquired a five-acre lakefront site in Sugar Land for the development of a Class A office building with structured parking and a planned 134-room hotel. The site is within walking distance of dining, shopping, residential and medical properties, including Whole Foods Market, 14 restaurants, Lifetime Fitness and 320 town homes, patio homes and lifestyle garden homes.

May 7, 2015

Loans Multifamily Texas

KeyBank Provides $10M in Financing for Apartment Complex in Tulsa

by Haisten Willis May 7, 2015

TULSA, OKLA. — KeyBank Real Estate Capital has secured a $10 million interim loan for Fairmont Terrace Apartments, an affordable housing complex located in Tulsa. The 336-unit, garden-style apartment property was built in 1975 and will be renovated using low-income housing tax credits and HUD financing. Kelly Frank of Key’s Community Development Lending Group arranged the financing on behalf of Millennia Housing Development, which was used to acquire the property.

May 7, 2015

Texas

Thrive Launches $50M Debt Fund Serving Texas Investments

by Haisten Willis May 7, 2015

AUSTIN, TEXAS — Thrive FP, an Austin-based commercial real estate investment and lending firm, is launching a new, $50 million fund as part of an effort to boost its private lending business throughout Texas. Thrive FP created the subsidiary Thrive Lending Fund LLC to manage and oversee its private lending and debt business. Justin Brogna, a banking industry executive with 19 years of experience, will run the operations. Since its inception in 2007, Thrive FP and its affiliates have invested over $100 million in debt and equity with over $350 million of real estate purchased. Thrive and its affiliates hold interests in over 4,000 apartment units that are valued at over $225 million and have lent more than $65 million in private money loans.

May 7, 2015

Hospitality Texas

New Luxury Hotel, Conference Center Planned in Metro Dallas

by Haisten Willis May 6, 2015

FLOWER MOUND, TEXAS — New Era Hotels & Resorts and Sunset Legacy LP plan to develop a 12-story, 220-room luxury hotel and conference center overlooking Lake Grapevine in Flower Mound. The development, which will be called The Pearl on the Peninsula Hotel & Conference Center, will overlook the Grapevine Lake from 40-foot bluffs. It will be the centerpiece of the southern 25-acre peninsula, which is part of the 150-acre mixed-use development, Lakeside DFW. The Tarwater and Stewart families, who have collectively owned the property since the 1890s, are driving the development of The Pearl on The Peninsula Hotel & Conference Center. The Flower Mound Town Council approved a measure that will assist New Era Hotels & Resorts in developing the hotel and conference center. The 12-story hotel will include a 32,000-square-foot conference center. The developer plans to seek LEED certification. Tarwater and New Era Hotels & Resorts are leading the development effort and DePalma Hotels & Resorts will manage the property. The project team includes Merriman Associates/Architects, TBG (landscape design), Duncan, Miller, Ullmann Design (interior design), Gateway Planning (master planning) and Kimley-Horn (engineering). Balfour Beatty is acting as design builder.

May 6, 2015

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