COPPERAS COVE, TEXAS — Boston Capital is investing in the construction of Constitution Court Apartments Phase II, a 72-unit apartment complex Copperas Cove. Commonwealth Development and KJK Enterprises are the general partners. The complex will be built with tax credit equity from the Low Income Housing Tax Credit program. Units will be available to individuals and families earning 60 percent or less of the area median income. Constitution Court Apartments will be the second phase of an existing 108-unit tax credit development built in 2011, which was financed with Tax Credit Exchange Program funds. The apartment community will feature 20 one-bedroom/one-bath, 32 two-bedroom/two-bath and 20 three-bedroom/two-bath units in six, two-story garden-style buildings. The construction of the second phase of Constitution Court Apartments will generate more than $5.1 million in local salaries and create nearly 80 new jobs in the Copperas Cove area. Boston Capital’s investment in this development adds 72 affordable homes to its apartment portfolio. To date, Boston Capital has invested in more than 21,900 affordable apartments in Texas.
CORPUS CHRISTI, TEXAS —Marcus & Millichap has arranged the sale of Glen Willows Apartments, a 233-unit apartment complex in Corpus Christi. Zar Haro of Marcus & Millichap’s San Antonio office, along with Mike Moffitt Jr. of the firm’s Austin office, represented the seller, a limited partnership. The buyer is a limited liability company. Built in 1973 on 10.3 acres, Glen Willows Apartments is located at 5802 Everhart Road. Floor plans at the property include 32 one-bedroom, 128 two-bedroom and 47 three-bedroom single-level units, along with 26 two-bedroom/one-and-one-half-bath townhomes. The units feature central air conditioning, all-electric kitchens, spacious closets, patios and second-floor balconies. Community amenities include controlled access gates, two on-site laundry rooms, two swimming pools and a playground.
DALLAS — Law firm Strasburger & Price LLP will renew its lease at the Bank of America Plaza in downtown Dallas. Jim Graham and Travis Ewert of Colliers International represented Strasburger in the transaction, while Joel Pustmueller and Sarah Hinkley of Peloton Commercial Real Estate were the landlord representatives. Strasburger was one of the original tenants in the Bank of America Tower when it opened in 1985. Strasburger will move from floors 43, 44 and 45 and will now occupy roughly 66,000 square feet on floors 60 and 61 along with a portion of floor 62. Strasburger is expecting to move into its new space in 2016. Noel Ragin and Carolyn Norman of Colliers affiliate Charter Acquisitions will be handling the project management for the company’s office renovation.
HOUSTON — Transwestern has arranged the sale of four multifamily properties totaling 704 units in Houston. Ed Cummins, Tim Gregory, Guadalupe Olivares and Ryan Mendez of Transwestern represented the sellers. Transwestern arranged the sale of Cancun Apartments, a 324-unit, garden-style community located at 1855 Wirt Road, purchased off-market for an undisclosed amount by DCM Cancun LP. Transwestern represented the seller, Elite Spring Branch Properties LLC, in the transaction; Huntington at Stonefield, a 264-unit, garden-style community located at 13100 Stonefield Drive, purchased by a first-time Houston buyer for an undisclosed amount and financed with a Fannie Mae loan. Transwestern represented the seller, CRP TBG Huntington Green LP, in the transaction; Legacy Apartments, a 70-unit, garden-style community located at 3905 and 4515 Lockwood Drive, a recent foreclosure that was purchased by an in-state buyer for an undisclosed amount. Transwestern represented the seller, SAMC REO 2013 01 LLC, in the transaction; Hidden Pines, a 46-unit, garden-style community located at 7611 Jalna St., purchased for an undisclosed amount by a private investment group. Transwestern represented the seller, Fat Property LLC in the transaction.
FORT WORTH, TEXAS — HopFusion Ale Works, a new Fort Worth brewery, has leased 8,500 square feet of industrial space in the building located at 200 E. Broadway St., known as the Texaco Building, in Fort Worth’s Southside. Located one block east of South Main between Vickery Boulevard and Pennsylvania Avenue, the building was constructed in 1950. LHS 200 Broadway LLC owns the property. HopFusion Ale Works will be leasing the larger of the two spaces available in the building, and construction will soon start on the brewery, which is set to open later this year. Co-owners Macy Moore and Matt Hill plan to use the space not only as a production brewery, but also as an art gallery featuring local artists. Four beers will be featured when the brewery opens, with additional beers to follow soon after the opening.
HURST, TEXAS — Marcus & Millichap has arranged the sale of Sutton Square Apartments, a 154-unit apartment property located in Hurst. John Barker of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a limited liability company. Barker also represented the buyer, another limited liability company. Sutton Square Apartments is located at 601 Bellaire Drive. The location provides access to State Highway 10 and State Highway 183.
SAN ANTONIO — San Antonio Commercial Advisors (SACA), an independently owned and operated member of the Cushman & Wakefield Alliance, has brokered the sale of The Place at Commerce, a 184-unit apartment community located in east San Antonio. The buyer was a Texas-based private investor, and the seller was a California-based partnership.
HOUSTON — HFF has arranged the sale of Pines of Louetta North, a 71,090-square-foot retail strip center in northern Houston. HFF arranged the sale of the property on behalf of the seller, Pines of Louetta North. Built in stages from 2009 to 2014, Pines of Louetta North is comprised of three buildings that are 92 percent leased to national and regional tenants including Spec’s Wine, Spirits & Finer Foods, Dickey’s Barbecue Pit, Chipotle Mexican Grill, Schlotzsky’s and Salata. Located at 1600-1620 Louetta Road, the property is just west of I-45. The property is 26 miles north of downtown Houston. Ryan West Matt Berry and Robbie Kilcrease led the HFF investment sales team representing the seller.
OKLAHOMA CITY — The RADCO Cos. (RADCO) has acquired Warwick West, an apartment complex located in the Northwest submarket of Oklahoma City. The 424-unit property was purchased for $31.2 million. RADCO financed the acquisition with private capital, in addition to a bridge loan from NXT Capital. Since August 2011, the company has raised more than $226 million of private equity to fund its purchases. Warwick West was originally built in 1978 on 17.4 acres in the city’s Northwest submarket. It features 16 floor plans, including 195 one-bedroom apartments, 199 two-bedroom units, 29 three-bedroom units and one five-bedroom layout. In addition, 16 of its units are townhomes. Community amenities include three swimming pools, a fitness facility, rentable event space, tennis courts and a picnic area with barbeque grills. The property is situated along the Northwest Expressway, which connects Oklahoma City residents with downtown, and is next door to the 511-bed Integris Baptist Medical Center.
AUSTIN AND ROUND ROCK, TEXAS — KFG Investment Co. has acquired an eight-building, 271,060-square-foot industrial portfolio in metro Austin. The company’s flex industrial portfolio in the area now includes 598,900 square feet. The acquisition includes Techni Center 6 and 7, located at 3714 Bluestein Drive in Austin, totaling 124,390 square feet; the five-building flex project known as Cameron Center, located at 8200 Cameron Road in Austin, totaling 94,770 square feet; and Amorron 6, located at 800 Paloma Drive in Round Rock, totaling 51,900 square feet. The portfolio is 96 percent leased. TA Associates and Clarion were the sellers. Tenants in the portfolio include Chip Semiconductor, Action Box Co., GTECH Corp., and Busch Semiconductor Vacuum Group.