AUSTIN, TEXAS — Johnson Capital has secured $11.7 million in acquisition financing for Cascades Apartments, a 198-unit multifamily complex in Austin. Located at 1221 Algarita Drive in the Travis Heights neighborhood and just one block west of I-135, the 15-building property was originally built in 1971. Jason Pumpelly of Johnson arranged the loan through a regional bank. The sponsor, Firmus Equity Partners, acquired the property with plans to renovate both unit interiors and building exteriors.
Texas
AUSTIN, TEXAS — BMC Capital has secured an $18.5 million acquisition loan for Shadow Creek, a 420-unit multifamily property in Austin. The complex, located at 9200 N. Plaza, offers one-, two- and three-bedroom floor plans plus amenities such as three swimming pools, four laundry centers, a fitness center and resident garden. The 80 percent loan-to-cost financing includes a term of 10 years at a fixed rate of 4.99 percent and a 30-year amortization. Beck Beckham of BMC arranged the loan through an agency correspondent.
PASADENA AND HUMBLE, TEXAS — NorthMarq Capital has arranged nearly $17 million in financing for the purchase of three market-rate apartment properties in the Houston area totaling 564 multifamily units. Ashwood Park Apartments is located at 3520 Burke Road in Pasadena, a southeastern inner-ring suburb. Parkside Place Apartments is positioned at 3101 Spencer Highway, also in Pasadena. Meadowbrook Apartment Homes is situated at 515 S. Bender Ave. in Humble, approximately 18 miles northeast of downtown Houston. The loan includes a five-year term, 18 months of interest-only payments and a 30-year amortization schedule. Marty Meagher and Gardiner Champlin of NorthMarq arranged the financing for the undisclosed borrower through a CMBS conduit lender.
ROSENBERG, TEXAS — The San Antonio office of Transwestern has brokered the sale of Rosenberg Center, a 113,430-square-foot shopping center in the southwest Houston suburb of Rosenberg. Originally constructed in 1986, the facility is located at 5101 U.S. Highway 90-A. Previously anchored by Kroger, the property today is considered a value-add asset, as it is situated in Fort Bend County, touted as the 14th fastest-growing county in the country. Andy Besing of Transwestern represented the buyer, a private investor. The seller was Rosenberg Station LLC.
HOUSTON — NAI Houston has arranged the lease of 22,240 square feet for Tuff Shed, a provider of installed storage buildings and garages, in Houston’s Southwest Outer Loop industrial submarket. The tenant will occupy the entire freestanding warehouse facility located at 11526 Harwin Drive. Chris Kugle of NAI represented the tenant in the negotiations, while Clay Rubel of Colliers International represented the undisclosed landlord.
CIBOLO, TEXAS — Developer WholeLife Traditions has received a $55 million tax-exempt bond from the Bexar County Commission for a new active adult living community in Cibolo, a suburb of San Antonio approximately 20 miles northeast of downtown. Samarian Housing, a 501(c)3 non-profit organization, will own the 154-unit development. Plans include landscaping, sidewalks and streetlights to create the feel of a neighborhood, as well as a WholeLife club facility for gatherings, events, a fitness center, pool and game room.
HOUSTON — The Mansour Group of Marcus & Millichap has brokered the sale of an LA Fitness facility in Houston for $12 million. The 45,000-square-foot property is located at 9633 Westheimer Road, in close proximity to Walmart, Home Depot, Target, Kroger and PetSmart, among other retailers. Alvin Mansour of the Mansour Group represented the seller, a major national REIT, in the transaction. Another institutional REIT was the buyer.
FLOWER MOUND, TEXAS — Henry S. Miller Brokerage has arranged the sale of a 25,000-square-foot industrial asset in Flower Mound, a suburb approximately 23 miles north of Fort Worth. Located at 1000 Spinks Road, the freestanding warehouse facility features seven grade-level doors and two dock doors. Dan Spika of Henry S. Miller represented the seller, Creative Wood Concepts Inc. Todd Weaver of Weaver Commercial represented the buyer, Solinski Enterprises RE.
HOUSTON — Panoptic Realty Group has closed the sale of a 16,000-square-foot flex building in Houston’s Energy Corridor for $1.6 million. Located at 17555 Groeschke Road, the facility includes both office and warehouse space. The buyer was Monarch Pools LLC, a builder of large-scale swimming pools. The seller was Mustang Laser LLC. Michael Blount Jr. of Panoptic represented both the buyer and seller in the transaction.
THE COLONY, TEXAS — ARA has brokered the sale of Bristol Oaks, a 304-unit, Class A multifamily property in The Colony, a suburb of Dallas approximately 25 miles north of downtown. The community, which includes one-, two- and three-bedroom units plus amenities such as a putting green, playground area and resort-style pool, was 93.5 percent occupied at the time of the sale. Built in 1998, the property is located at 4777 Memorial Drive. Brian O’Boyle Sr., Brian O’Boyle Jr. and Brian Murphy of ARA marketed the asset on behalf of the seller, The Pinnacle Family of Companies. Cortland Partners, an Atlanta-based real estate investment firm, purchased Bristol Oaks.