DALLAS — Mill Creek Residential will renovate the Lakewood on the Trail apartment complex in Dallas as part of its value-add joint venture with AEW Capital Management. Mill Creek purchased the 352-unit complex in September 2013 and completed a renovation of the clubhouse. The company plans to renovate the units. Each apartment unit at the complex, built in the 1980s, will undergo an extensive upgrade package, including the addition of custom cabinets, granite countertops, modern lighting and new faucets. The new clubhouse and leasing office features a brand-new fitness studio and a Starbucks coffee station. Located at 101 N Brookside Dr., Lakewood on the Trail offers direct access to the Santa Fe Trail and is adjacent to the Lakewood Country Club. Mill Creek owns and operates 560 apartment homes in the Dallas market, with an additional 507 apartments under construction.
HOUSTON — NAI Partners has negotiated the sale of 2610 W. Sam Houston Parkway,a 24,300-square-foot office building located just north of Westheimer Road. A local law firm purchased the two-story, multi-tenant office property. Doug Pack and Sam Hansen with NAI Partners negotiated the sale on behalf of the unnamed seller.
HOUSTON — HFF has secured $15 million in financing for the Trails of Ashford, a 514-unit apartment property in southwest Houston. HFF worked on behalf of the borrower, Bayshore Properties, to secure the 10-year, fixed-rate loan with Jefferies LoanCore LLC. Loan proceeds were used to refinance and recapitalize the asset. The Trails of Ashford consists of 34 two- and three-story buildings totaling 390,960 square feet. There are nine different floor plans with an average unit size of 751 square feet. The property features a fitness center, two swimming pools, sand volleyball court, a lighted tennis court and limited gate access. The property is situated on nearly 29 acres at 12710 Brant Rock Drive. The property is within 10 miles of both the 610 Loop and the Sam Houston Tollway (Beltway 8), which provides access to all other major highways in and around Houston. Jason Bond and Dan Kearns led the HFF debt placement team representing the borrower.
KATY, Texas — Satterfield & Pontikes Construction has been selected by Medistar Corporation to construct an 80-bed skilled nursing facility at Katy Fort Bend Road and Colonial Parkway in far west Harris County. Work on the 60,000-square-foot building is scheduled to begin early this year. Construction is expected to take approximately 11 months. The $12.3 million Kindred Parkwest Skilled Nursing Facility was designed by architect Davis Stokes Collaborative PC of Brentwood, Tenn. The 5-acre site will have room for future expansion to 120 inpatient rooms. The two-story building will feature a structural steel frame and an exterior façade of synthetic stucco, brick and stone. A separate generator with a weatherproof enclosure will be installed to provide emergency power. Medistar Corporation is a full-service real estate development company that specializes in the design, development, financing and construction of office buildings and other facilities for the healthcare industry.
The Amarillo Economic Development Corp. (EDC) is celebrating its 25th anniversary this year and it’s amazing to compare the state of our local economy in 1989 to today. Back then, Amarillo’s unemployment rate was higher than the national average and consumer activity was in a state of decline. What job opportunities did exist in Amarillo in the late 1980s were in a limited number of industry sectors. We were in a state of economic inertia. I joined the Amarillo EDC twenty years ago and thus have been able to witness and participate in the transformation that has followed. Legislation allowing the establishment of a local economic development sales tax, enacted in Texas in 1989, was overwhelmingly adopted by Amarillo voters that fall. Early on, that economic development sales tax revenue stream brought us about $6 million per year. Next year we expect those revenues will approach $18 million. That statistic alone is testament to the extent Amarillo’s economy has grown in 25 years. As Texans, we’ve been fortunate to have the nation’s strongest economy for several years and Amarillo has definitely contributed, having engaged in projects with companies like Tyson, AIG, Blue Cross Blue Shield and Atmos Energy. One of …
DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Bellagio at Bent Tree, 500-unit apartment community fronting Trinity Mills Road in Dallas. Will Balthrope and Drew Kile of IPA represented the seller, National Asset Services Inc. Willmax Capital was the buyer. Bellagio at Bent Tree is located within the North Dallas Platinum Corridor, which includes more than 30 million square feet of office space and six million square feet of shopping and retail. Located at 3901 Accent Drive, the community is one mile from the Dallas North Tollway and 1.5 miles from President George Bush Turnpike. Built in two phases between 1996 and 2000, Bellagio at Bent Tree includes 20 floor plans with 481,682 total rentable square feet and an average unit size of 963 square feet. Community amenities include three swimming pools, a game room with billiards, two clubhouses and an indoor basketball court.
DALLAS — Dougherty Mortgage LLC has originated a $19.3 million Fannie Mae loan for the acquisition of Mandalay Apartment Homes, a 281-unit apartment complex located in Dallas. The 10-year loan includes a 30-year amortization schedule and three years of interest-only payments. Dougherty’s Minneapolis office arranged the loan for the borrower, Mandalay Apartments LLC. The property is located near the University of Texas at Dallas and four major highways. Amenities include a fitness facility, two pools and a barbeque area. Apartments feature nine-foot vaulted ceilings, garden bathtubs, ceiling fans and walk-in closets.
FORT WORTH, TEXAS — Boxer Retail has arranged a lease with Town Center Bingo for 13,464 square feet of retail space at La Gran Plaza Mall in Fort Worth. Beatrice Townsend negotiated the lease on behalf of Boxer. La Gran Plaza is a regional mall located on the northwest corner of Seminary Drive and I-35. The mall includes more than 200 stores.
FLOWER MOUND, TEXAS — MYCON General Contractors has begun construction on the Parkview Commerce Center. Located on the southeast corner of Spinks and Gerault roads, the industrial complex will consist of three buildings totaling 276,054 square-feet. Building 1 is located at 1001 Spinks Road and will span 84,760 square feet. Building 2 is located at 901 Spinks Road and will span 50,590 square feet. Building 3 is located at 900 Gerault Road and will span 140,704 square feet. The three Class A buildings will include curtain wall features, LED lighting, sunshades, canopies and loading docks. All buildings are dock high and provide for flexible office or warehouse uses. Buildings 1 and 2 are designed to accommodate multiple users ranging from 8,000 to 85,000 square feet, while Building 3 is designed for one or two tenants ranging from 38,000 to 141,000 square feet. The project team includes owner/developer EastGroup Properties, Architects-Plus and MYCON General Contractors. The project is slated for completion in the summer of 2015.
HOUSTON — A development team including Jim Borders and Novare Group, with co-sponsor Batson-Cook Development Co., local development partner Peter W. Dienna, general contractor Batson-Cook Construction Co. and architectural firm Smallwood, Reynolds, Stewart, Stewart, has broken ground on SkyHouse Main. The development will be located at 1725 Main St. in Houston and will feature 336 residences across 24 stories, along with 7,200 square feet of street-level retail space. SkyHouse Main apartment homes will have floor-to-ceiling glass and high-end finishes, including stainless steel appliances, granite countertops, wood floors, balconies and high-speed Internet. The amenity package included a top floor featuring a club room, fitness center, pool and grilling area and unimpeded views of Houston. The project is within walking distance of more than 40 million square feet of office space, the Toyota Center, Minute Maid Park and BBVA Compass Stadium. The project will be adjacent to the Bell Station Metrorail stop, providing access to the Texas Medical Center. SkyHouse Main is the 14th SkyHouse-branded apartment community in the United States following projects in Dallas, Houston, Austin, Atlanta, Tampa, Orlando, Charlotte and Raleigh. The project will generate more than 500 temporary construction jobs and about 50 permanent jobs when finished. Batson-Cook Development …