FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Spanish Village, a 145-unit multifamily property in Fort Worth. Located at 5700 Meadowbrook Drive, the apartment community offers studio, one- and two-bedroom floor plans as well as two on-site laundry facilities and a playground. The complex was originally constructed in 1969 and consists of 21 two-story buildings. Boyan Radic, Doug Banerjee, John Barker and Mason Green of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The same team secured and represented the buyer, a limited liability company.
Texas
BEDFORD, TEXAS — Bradford Commercial has brokered the sale of a 43,428-square-foot office asset in Bedford, a suburb approximately 15 miles northeast of Fort Worth. The two-story, Class B building, located at 1320 Tennis Drive, previously housed restaurant software developer Aloha POS. Originally developed in 1981 as a health club, the property features amenities including a basketball court, two racquetball courts, commercial kitchen and covered swimming pool. Karen Simon and Erik Blais of Bradford represented the seller, Sapience Partners Ltd., in the all-cash transaction. Josh Born of Keep Real Estate Holdings LLC represented the buyer, a financial services company that will use the facility as its new headquarters.
HASLET, TEXAS — Bentall Kennedy has acquired a 1.1 million-square-foot distribution center in the Fort Worth suburb of Haslet. The facility, fully leased by Amazon.com for the next 15 years, is located within the 18,000-acre, master-planned AllianceTexas. Hillwood Development Co. sold the property on behalf of an institutional investor. Features include proximity to Westport Parkway, high clear-height ceilings and a high parking ratio.
HOUSTON — Grandbridge Real Estate Capital LLC has arranged a $17 million first mortgage for the Briar Club, a 56,353-square-foot recreational and social club in Houston. Located at 2603 Timmons Lane, the family-centered facility features two swimming pools, tennis courts and a 22,000-square-foot fitness and wellness complex. The 15-year loan includes a fixed rate of five percent, 36 months of interest-only payments and a 20-year amortization schedule. Greg Young led the Grandbridge team in securing the financing through a life insurance company correspondent.
CORSICANA, TEXAS — The firm of Bellomy & Co. has brokered the sale of a 250-unit, 31,150-square-foot self storage facility in Corsicana, approximately 55 miles southeast of downtown Dallas. Operated as Amy’s Attic Self Storage, the Class A property was constructed in 2002 and expanded in 2007. Bill Bellomy, Michael Johnson and John Owens of Austin-based Bellomy & Co. represented the seller, Temple, Texas-based RAS Investments. Bellomy, Johnson and Owens also secured the buyer, Corsicana Self Storage LLC.
AUSTIN, TEXAS — Atlantic | Pacific Cos. has completed the renovation of The Atlantic | Grand Oaks, a multifamily property it owns in Greater Austin. The 240-unit complex, previously known as The Crossing, underwent improvements to the clubhouse, fitness center and unit interiors. The renovation also included the addition of a private, fenced dog park. Located at 9323 Manchaca Road, The Atlantic | Grand Oaks offers units ranging from one to four bedrooms.
Strong job and household growth across the San Antonio metro will boost demand for apartments this year, tightening vacancy and pushing rents higher. Apartment developers are preparing to build more units in the upcoming quarters thanks to the formation of new households throughout the metro. However, the development of new rental housing will not jeopardize the operations of existing properties and will keep the investors very active in the coming months. Job creation in the metro is supported by the Eagle Ford Shale, the primary driver of a booming oil industry in South Texas. Exploration and extraction are creating thousands of jobs and bringing billions of dollars to Bexar County. Overall, the economic impact of the Eagle Ford Shale will continue to increase as Kinder Morgan expands its crude and condensate pipeline 31 miles into Karnes County. In addition, plans call for a 400-acre rail park in the South submarket to meet heightened demand for rail-based logistics and warehousing related to Eagle Ford Shale oil production. As employment opportunities grow, the metro’s population will grow 2 percent by the end of 2013, two times the U.S. population growth rate. Of the roughly 46,000 new residents projected this year, approximately one-quarter …
HOUSTON — MetLife Inc. has arranged and provided a $161.5 million loan for the previously reported acquisition of Houston’s Marathon Oil Tower by CBRE Strategic Partners U.S. Value 6, a fund sponsored by CBRE Global Investors. The property, located at 5555 San Felipe St. in the Galleria submarket, is a Class A office asset totaling 41 stories and 1.2 million square feet. Hanover Real Estate Partners sold the building, which is LEED Silver certified. Clint Culp and John Hall of MetLife Real Estate Investors originated the loan.
HOUSTON — Steadfast Income REIT Inc. has acquired a six-property multifamily portfolio in Houston totaling 1,692 apartments. The purchased properties include Villas at Huffmeister, Waterford Place at Riata Ranch, Carrington Place and Carrington Park in the suburb of Cypress; Carrington at Champion Forest in the Champions submarket; and Villas of Kingwood in the master-planned community of Kingwood. The complexes feature similar amenities, including a clubhouse, swimming pool, business center and fitness center. A joint venture between Lane Co. and Lubert-Adler is the seller. Steadfast represented itself in the transaction.
SAN ANTONIO — Developer Franklin Cos. and architect three: living architecture will break ground in February 2014 on Franklin Park, a new $30 million, 217-unit seniors housing facility in San Antonio’s Alamo Heights neighborhood. The property will total 315,000 square feet and include 115 independent living units, 62 assisted living units and 40 memory care units, as well as a coffee house and art gallery open to the public. Faulkner Design Group is serving as interior designer on the project, and Mesa is working as landscape architect.