CYPRESS, TEXAS — Carroll Organization, an Atlanta-based real estate firm specializing in multifamily properties, has purchased Lakeview Lofts in Cypress, approximately 25 miles northwest of Houston. The 366-unit apartment community, located at 17807 Lakecrest View Drive, was 93 percent occupied at the time of the sale. Apartment Realty Advisors marketed Lakeview Lofts on behalf of the seller, TLMF 1 LP, the firm which also built the apartments. Carroll, which expands its Houston-area portfolio to more than 3,000 units with this acquisition, plans to rebrand the property as ARIUM Towne Lake.
Texas
IRVING, TEXAS — Marcus & Millichap has brokered the sale of Falcon Apartments, a 33-unit, garden-style multifamily community in Irving, situated approximately 10 miles west of downtown Dallas. The property, which was originally constructed in 1961, was 95 percent occupied at the time of the sale. Clint Roberts of Marcus & Millichap’s Fort Worth office represented the seller, Delicias Investments Inc., and also secured the buyer, a local private investor.
PASADENA, TEXAS — Newmark Grubb Knight Frank has arranged a 24,000-square-foot build-to-suit lease for Holman Boiler Works Inc. at Bayport North Industrial Park II in Pasadena, a southeastern suburb of Houston. Rob Stillwell of NGKF’s Houston office represented the tenant, a boiler solutions provider headquartered in Dallas and in business for 65 years. Holman’s new facility will be located at Underwood Road and New Decade Road within the complex, which is near the intersection of Highway 146 and Fairmont Pkwy. B. Kelley Parker III of Cushman & Wakefield represented the property owner and landlord, a Texas limited partnership.
PASADENA, TEXAS — Moody Rambin has arranged an industrial lease of 10,500 square feet at the Jasmine Warehouse Project in Pasadena, about 15 miles southeast of Houston. FlexiPlus LLC, a packaging and container company, signed on to be the newest tenant at the 1905 Jasmine Drive facility. Dan Nguyen and Doyle Toups of Moody Rambin represented the landlord, V & W Leasing, in the negotiations.
SAN ANTONIO — KeyBank Real Estate Capital has arranged a $32.5 million Fannie Mae loan for the acquisition of Franklin Park at Sonterra, a 202-unit independent and assisted living community in San Antonio. A joint venture between Harrison Street Real Estate Partners IV and Franklin Cos. purchased the property, which was developed by Franklin Development and is operated by a Franklin-affiliated management company. Franklin Cos. currently owns and operates seven seniors housing properties in the Dallas and San Antonio metro areas.
HOUSTON — HFF has brokered the sale of a 57,811-square-foot office building located at 14811 St. Mary’s Lane in Houston’s Energy Corridor submarket. The property, part of a master-planned business park near the intersection of Interstate 10 and Dairy Ashford Road, was 87.7 percent leased at the time of the sale. Dan Miller, senior managing director, led the HFF team that represented the seller, BGK Integrated Group. Mission Equities was the purchaser.
COLLEYVILLE, TEXAS — Baylor Healthcare and Emerus, an emergency facility operator based in The Woodlands, have partnered to bring the first hospital to the city of Colleyville, approximately 18 miles northeast of Fort Worth. Construction has begun on the Baylor-Emerus Emergency Medical Center, which will total 16,719 square feet and includes seven exam room beds and eight inpatient beds. The new hospital, scheduled to open in August 2014, will also provide X-ray, CT scan and ultrasound services.
CARROLLTON, TEXAS — Lee & Associates has arranged an 11,200-square-foot lease for Dallas Label & Packaging in Carrollton, situated about 20 miles north of Dallas. The lease is for industrial space located at 2502-2510 Camp Avenue, which is in close proximity to the interchange of President George Bush Turnpike and Interstate 35. Nathan Denton of Lee & Associates represented the landlord, Marks Property Management, while Rosana Shekman of Dallas Prestige Realty represented the tenant.
Population and employment growth are providing a substantial boost to the Austin apartment market. Metro-wide vacancy is hovering in the mid-4 percent range and is 150 basis points below the average historical rate. Rents also increased measurably. In addition to rising job and resident totals, limited new apartment product in recent years supported an average quarterly rent growth of 1.2 percent, compared to three-month gains of roughly 1 percent in the year prior to the recession. The most notable economic news in the metro is Apple Inc.’s substantial expansion. Over the next eight years, the company will construct and staff a 1 million-square-foot, 39-acre development in Austin’s Far Northwest submarket. Day-to-day operations will yield more than 3,600 new hires, doubling the metro’s number of Apple employees. In the near-term, LegalZoom Inc. plans to add 600 new employees before the end of the year. Additionally, Accenture and General Motors hired a combined 700 workers during the first half of 2013. Beyond the large job announcements, both small and large businesses are hiring, attracting new residents and fueling apartment demand. In the 12-month period ending in the second quarter of this year, total nonfarm employment in Austin increased by 28,900 positions, a …
DALLAS — Financial services firm Civitas Capital Group has secured $53.5 million in construction financing for The Alexan Skyline, an apartment complex planned for Goat Hill, located northwest of downtown Dallas. Trammell Crow Residential, in collaboration with Behringer Harvard Multifamily REIT I Inc., is developing the 10-story property. The Alexan Skyline will offer 365 units ranging from 436 to 1,865 square feet, plus amenities such as two swimming pools, abundant outdoor patio space and ground-floor retail. This is the eighth investment for Civitas, which focuses on alternative investments, EB-5 funds and wealth management.