DALLAS — Wood Partners LLC has begun construction on Alta Farmers Market, a 313-unit apartment community located near the Dallas Farmers Market in downtown Dallas. Wood Partners expects to deliver the property in late 2015, with pre-leasing to begin in the second quarter of 2015. The four-story community will feature a rooftop deck and lounge, parking garage, club room, fitness center, a swimming pool, two courtyards with water features, a grilling area, fire pit and covered lounge between the two courtyards. Good, Fulton & Farrell designed the apartment complex, which offers one-, two- and three-bedroom units with stainless steel appliances, recycled glass countertops, faux wood flooring and new fixtures and lighting.
Texas
McALLEN, TEXAS — Lockard Cos., a Cedar Falls, Iowa-based real estate firm, has sold a 7.2-acre land parcel in its Dove Town Square shopping center to Wal-Mart Stores Inc. The site, located at the northeast corner of North 23rd Street and West Dove Avenue in McAllen, will house a 41,117-square-foot Walmart Neighborhood Market.
TULSA, OKLA. — Johnson Capital has arranged a $13.3 million loan for Coppermill Apartments, a 544-unit multifamily community at 7110 S. Granite Ave. in Tulsa. The apartment complex, built in 1978, features a swimming pool, two tennis courts and a sand volleyball court. Brett Patrick of Johnson Capital arranged the 10-year loan with a 30-year amortization schedule through Fannie Mae on behalf of the borrower, a California-based investment group.
FORT WORTH, DALLAS AND HOUSTON — Love Funding has closed $12.6 million in loans to refinance a group of affordable seniors housing facilities in Texas. The properties include Park Meadow Apartments in Fort Worth, Prairie Creek Apartments in Dallas and Lakeview Place Apartments in Houston. A nonprofit subsidiary of Volunteers of America (VOA) owns and manages all three communities. Tammy Tate of Love Funding’s Knoxville, Tenn., office arranged the loans through HUD’s 223(f) program, replacing the former HUD 202 loans. The VOA has the option to use the loan proceeds to fund extensive upgrades to the three properties.
DALLAS — Resource Real Estate Opportunity REIT II Inc. has purchased its first asset, a 152-unit apartment community in the Platinum Corridor neighborhood in Dallas. The property, located close to the Dallas North Tollway will feature one- and two-bedroom units, as well as a swimming pool and business center. The REIT is planning upgrades to the community’s common areas, leasing center and individual units.
HOUSTON — Dougherty Mortgage has originated a $10 million Fannie Mae loan to refinance Villa Springs Apartments in Houston. The 216-unit community is an affordable housing property featuring a newly remodeled clubhouse, playground and fitness center. Dougherty’s Minneapolis office arranged the 15-year loan on behalf of the borrower, Houston Leased Housing Associates IV LP.
HOUSTON — Marcus & Millichap has arranged the sale of a 110,000-square-foot manufacturing facility in Houston. The property is fully leased to Lectrus Corp., an electrical system integrator and custom metal enclosure designer. Ben Tashakorian and Toby Boessen of Marcus & Millichap’s San Diego office represented the seller in the transaction. Timothy Speck of Marcus & Millichap assisted in the transaction.
IRVING, TEXAS — Hold-Thyssen has arranged the sale of a 106,500-square-foot research and development facility at 8600 N. Royal Lane in the Irving suburb of Dallas. The property is located in Freeport Business Park north of the Dallas-Fort Worth International Airport. The facility was fully leased at the time of the sale, with Siemens Real Estate occupying roughly 63 percent of the property. Richard Fisher of Hold-Thyssen represented the seller, a German-based real estate owner. Austin-based Goldstar Investments Ltd. purchased the asset for an undisclosed price.
STAFFORD, TEXAS — Prime Property Investors (PPI) has acquired Estates at Fountain Lake, a 306-unit multifamily property in the Houston suburb of Stafford. The 14-building, garden-style community includes one- and two-bedroom apartments with rents averaging $1,300 per month, as well as a swimming pool, clubhouse and fitness center. Constructed in 1998, the complex — which was previously branded as Alexan Fountain Lake and is fully leased — is located on Fountain Lake Drive, just east of South Dairy Ashford Road. Northbrook, Ill.-based PPI acquired the asset from Dallas-based Trammell Crow Residential and plans upgrades for both unit interiors and communal amenities. Matthew Rotan, David Oelfke, David Wylie and David Mitchell of ARA Capital Markets represented the seller in the transaction, and Adam Allen, also of ARA Capital Markets, assisted in the capitalization of the property.
HOUSTON — Marcus & Millichap has brokered the sale of a 110,000-square-foot industrial property in Houston. The manufacturing facility is located on more than 35 acres, in close proximity to I-45 and the George Bush International Airport. Lectrus Corp., an electrical system integrator and designer of custom metal enclosures, fully leases the building on a triple-net basis. Ben Tashakorian and Toby Boessen of Marcus & Millichap marketed the property on behalf of the unnamed seller. Timothy Speck, also of Marcus & Millichap, assisted in the transaction.