COLLEGE STATION, TEXAS — A joint venture of Houston-based Asset Plus Cos. and Baltimore-based Alex Brown Realty Inc. has sold Crossing Place Apartments, a 384-bed student housing facility at Texas A&M University in College Station. The complex, which is fully leased for the 2013-2014 school year, is located approximately one mile from campus at 400 Southwest Parkway. Seattle-based Horizon Realty Advisors LLC purchased the property, which underwent capital improvements under the previous owner. HFF represented the seller in the transaction.
Texas
PLANO, TEXAS — CBRE has brokered the sale of The Encore, a 240-unit apartment community in Plano. The Class A property, located at 4700 Tribeca Lane, offers one- and two-bedroom floorplans and was 95 percent leased at the time of the sale. Amenities include a clubhouse, business center, pool and fitness studio. Charles Cirar, Ryan Reid and Jeremy Faltys of CBRE represented the seller, Zale/Corson Group, which developed the property in 2012.
BEDFORD, TEXAS — Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, has brokered the sale of The Creek on Park Place, a 220-unit apartment complex. Located at 2001 Park Place Blvd. in Bedford, a suburb between the cities of Dallas and Fort Worth, the community offers one- and two-bedroom apartments plus amenities such as a swimming pool, dog park, playground, fitness center and laundry facility. The property also offers new interior finishes and proximity to the interchange of Highway 121 and Highway 183, Texas Health Harris Methodist Hospital and Dallas/Forth Worth International Airport. Will Balthrope and Drew Kile of IPA and Nick Fluellen and Bard Hoover of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was a 1031 tax-deferred exchange investor based on the West Coast.
FORT WORTH, TEXAS — DSW Designer Shoe Warehouse and Havertys will open locations at Alliance Town Center, the 1 million-square-foot retail component of the master-planned AllianceTexas community in Fort Worth. Construction of the 35,000-square-foot Havertys is set to begin in December, while the 15,000-square-foot DSW will break ground in later this year or early 2014. Both stores are scheduled to open Labor Day weekend of 2014, joining other retailers including Dick’s Sporting Goods, JCPenney, Best Buy, Kroger Marketplace and PetSmart. Alliance Town Center is a joint venture of developers Trademark Property Co. and Hillwood Investment Properties.
DALLAS — KBS Realty Advisors has acquired Highland Park Place, a 17-story, 164,011-square-foot office tower in the Preston Center submarket of Dallas for $31.4 million. The Class A building, located at 4514 Cole Ave., was 84 percent occupied at the time of the sale. Gary Carr, John Alvarado and Eric Mackey of CBRE represented the seller, Heitman. Newport Beach, Calif.-based KBS and its affiliated companies now own 13 office properties in the Dallas/Fort Worth Metroplex totaling more than 4.4 million square feet. Earlier this year, two office properties totaling nearly 750,000 square feet in the Preston Center submarket — Preston Commons and Sterling Plaza — were purchased by KBS REIT III.
HOUSTON — Meridian Capital Group LLC has arranged a $19.5 million loan for the acquisition of four Houston multifamily properties. The purchased portfolio includes the 228-unit Valencia at Spring Branch Apartments at 9550 Long Point Road, the 192-unit Forest Apartments at 22820 Imperial Valley Drive, the 300-unit Pine Creek Apartments at 470 Maxey Road and the 264-unit Kirkwood Landing Apartments at 9850 South Kirkwood Drive. Michael Brown and Brad Beattie of Meridian arranged the CMBS loan, which includes a five-year term at a fixed rate of 5.1 percent, for an undisclosed borrower.
SAN ANTONIO — Homewood Suites by Hilton, the upscale extended-stay brand of Hilton Worldwide, has opened its newest hotel in San Antonio. Homewood Suites by Hilton San Antonio/SeaWorld is a four-story, 109-suite property located 12 miles from downtown San Antonio and in close proximity to attractions such as SeaWorld, the Alamo, Six Flags Fiesta Texas, San Antonio Zoo and the San Antonio Riverwalk. SAT WestLakes Inc. owns the hotel, the third in the San Antonio area under the Homewood Suites by Hilton brand. Baywood Hotels Inc. manages the property, which features a 24-hour on-site pantry, fitness center, outdoor pool and 700 square feet of meeting space.
AMARILLO, TEXAS — Caddis Partners Inc. has broken ground on Heartis Amarillo, an 89-unit, 63,904-square-foot assisted living and memory care community in Amarillo. The facility will include 54 assisted living suites and a 35-bed memory care center, as well as amenities such as a theater, diner, arts and crafts shop, garage and three interior courtyards. Austin-based architects Katus designed the property, MAPP Construction is serving as general contractor, and Eugene, Ore.-based Good Neighbor Care will manage the property. Amegy Bank financed the facility, which Caddis owns under its Heartis brand and will be completed in fall 2014.
SAN ANTONIO — NorthMarq Capital has arranged a refinancing loan of $12 million for The Atrium, a 130,780-square-foot office building in San Antonio. The property, originally constructed in 1982, is located at 85 N.E. Loop 410 and features on-site security, 24-7 access and a conference room. Bryan Leonard of NorthMarq originated the five-year CMBS loan, which includes a 30-year amortization schedule. The borrower has owned the building for approximately 10 years.
HOUSTON — Pipeline Realty plans to develop up to five office/warehouse buildings totaling 90,000 to 130,000 square feet for Houston’s Cottingham Business Park, the company’s first industrial project in a decade. Pipeline recently acquired 12 acres at the intersection of South Sam Houston Parkway and Cottingham Road for the complex. Versa Integrity Group, an industrial inspection and maintenance company, has pre-leased the first building, which is already under construction. Pipeline will maintain management responsibilities after construction, and Mark Nicholas of Jones Lang LaSalle will lease the property.