PLANO, TEXAS — In a joint venture, Olympus Property and Artemis Real Estate Partners have acquired Legends at Ridgeview Ranch, an apartment complex in Plano. The property is a Class A, 480-unit community built in 1999. It sits on 34 acres along the Ridgeview Ranch Golf Course near Legacy Business Park. The joint venture plans to spend about $2 million to complete an interior renovation and to enhance common areas. Olympus Property will manage the property.
ODESSA, TEXAS — Homewood Suites by Hilton has opened a new hospitality property in Odessa. The four-story hotel is owned by HWODS Property and features 121 suites. This is the 50th Homewood Suites in Texas. The property is located at 7221 Tres Hermanas Blvd. just off Highway 191 in Parks Legado Town Center. The hotel is located near the University of Texas of the Permian Basin, Midland International Airport and the Ector County Coliseum.
HOUSTON — HFF has arranged financing for Seventeen15 Enclave, a 206-unit, Class A apartment complex in Houston. HFF worked on behalf of the borrower, Allen Harrison Co., to secure the 10-year, fixed-rate loan with five years of interest-only payments through MC Five Mile Commercial Mortgage Finance. The property is located at 1715 Enclave Pkwy. near Eldridge Parkway and Briar Forest Drive in west Houston. The apartment property is 95 percent leased and offers one- and two-bedroom floor plans ranging between 733 square feet and 1,205 square feet. Amenities include a swimming pool, gym, clubhouse, game room and coffee bar. Cortney Cole and Chris Rider led HFF’s debt placement team.
IRVING, TEXAS — CBRE Debt & Structured Finance has arranged a $51 million bridge loan on behalf of Brookwood Financial Partners for the acquisition of two office properties in Irving. The buildings are located at 125 E. John Carpenter Freeway and 5100 N. O’Connor Blvd. Blackstone of New York provided the interest-only, two-year bridge loan at a 73.5 percent loan-to-cost ratio. The two buildings span a total of 443,273 square feet and are located in Irving’s Las Colinas submarket. Charles Foschini, Christopher Apone and Christian Lee of the CBRE Capital Markets South Florida Institutional Properties team arranged the loan.
PRINCETON, TEXAS — Dougherty Mortgage has arranged a $1.2 million Fannie Mae loan for the refinancing of Hazelwood Apartments, a multifamily property located in Princeton. The 10-year loan includes a 30-year amortization schedule and was arranged by Dougherty’s Dallas office for the borrower, Tenant Landlord Connection Properties LLC.
RICHARDSON, TEXAS — Chef Kent Rathbun’s Jasper’s “Gourmet Backyard Cuisine” restaurant concept will join CityLine, a 186-acre mixed-use project in Richardson. The restaurant is scheduled to open in summer 2015. KDC is the developer of the project. The restaurant will be located at the corner of Plano Road and State Street and features a casual design with a menu focused on America’s regional cuisine. Jasper’s will be open for lunch and dinner. The restaurant will include a boardroom and private dining rooms available for presentations, social events or business meetings. The Richardson location will also offer an outdoor dining area, bar and lounge.
HOUSTON — Q10 | Kinghorn, Driver, Hough & Co. has arranged a $9.75 million, 10-year, fixed-rate CMBS loan for the acquisition of an office building in the Westchase District of Houston. The two-story structure includes 95,000 square feet of space and is located on five acres.
FARMERS BRANCH, TEXAS — Lee & Associates has brokered the sale of a 31,204-square-foot industrial building located at 3320 Beltline Road in the Dallas suburb of Farmers Branch. Nathan Denton of Lee & Associates’ Dallas/Fort Worth office represented the buyer, Lina Ramey & Associates. Adam Curran with Mercer Co. represented the seller, HYJY Investments.
AUSTIN — CBRE has brokered the sale of McNeil 1, a 246,390-square-foot industrial complex in north Austin. Glendale, Calif.-based PS Business Parks purchased the asset from Investors Warranty of America Inc. for an undisclosed price. McNeil 1 is located at 12317 Technology Blvd. in Austin and includes 140,000 square feet of space available for lease. The building is located near several companies including Flextronics, Luminex and VISA. Mark Emerick, John Barksdale and Darryl Dadon of CBRE represented the seller and retained the leasing assignment on behalf of the buyer.
FORT WORTH — Marcus & Millichap has arranged the sale of Marine Creek Business Park, a 50,050-square-foot office property located in Fort Worth. Ron Hebert of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Wayne Bares, also of the firm’s Dallas office, secured and represented the buyer, a limited liability company. The buyer aims to maximize value through lease up, increasing leases to current market rents and through improved management of expenses. Marine Business Park is located at 3501-3529 N. W. Loop 820 northeast of Azle Avenue. The building was built in 1982 and sits on 3.5 acres. The property was renovated in 2009 and was 95 percent occupied at the time of sale.
