ARLINGTON, TEXAS — PDMS Design Group Inc. has signed an 8,653-square-foot office lease renewal at Arlington Downs Tower. According to LoopNet Inc., the building totals 87,411 square feet and was constructed in 1974. Erik Blais and Richmond Collinsworth of Bradford Commercial Real Estate Services represented the landlord in the lease negotiations on an internal basis. The tenant representative was not disclosed.
Affordable HousingContent PartnerFeaturesLoansLumentMidwestMultifamilyNortheastSoutheastTexasWestern
Agency Initiatives Entice Traditional Multifamily Owners, Investors to Workforce Housing
A trio of social-impact lending programs is enticing enough to convince market-rate multifamily owners and investors to dip their toes into the affordable housing sector. These recently launched initiatives all promote the creation and preservation of workforce housing. Unlike low-income housing tax credits, Section 8 rent vouchers and other longstanding programs centered on helping families with low and very-low incomes to afford housing, the newest offerings primarily aim to assist missing middle renters — or those with modest-to-low incomes. That’s according to Ian Monk, deputy chief production officer for conventional multifamily at Lument — which is educating its borrowers about the competitive pricing, generous proceeds and potential for lengthy amortization periods available from Fannie Mae and Freddie Mac. “By charter, the government-sponsored enterprises (GSEs) have a duty to help provide housing that is affordable to all people, including families with only moderately low incomes,” Monk says. “In the multifamily arena, they may serve those families in fully dedicated affordable communities, but they can also serve them in conventional, market-rate properties that adopt some affordability initiatives using one of these social-impact loan structures.” The GSEs are making a strong push in 2024 to expand participation in the three social-impact loan products, …
FORT WORTH, TEXAS — Wisconsin-based investment firm MLG Capital has sold Copperfield Apartments, a 323-unit multifamily community located on the southwest side of Fort Worth. Copperfield Apartments offers one- and two-bedroom units and amenities such as a pool, fitness center, outdoor grilling and dining stations, business center, package lockers and onsite laundry facilities. Michael Ware, Taylor Hill, Drew Kile, Joey Tumminello, Will Balthrope, William Hubbard and Cameron Purse of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented MLG Capital, which purchased the property in 2019, in the transaction. The team also procured the buyer, Dallas-based investment firm Rise48 Equity, which plans to invest about $9 million in capital improvements and rebrand the property as Rise Spring Pointe. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Zarouk, also with IPA, arranged an undisclosed amount of acquisition financing for the deal.
SUGAR LAND, TEXAS — JLL has brokered the sale of The Offices at Kensington, a 171,055-square-foot office complex located in the southwestern Houston suburb of Sugar Land. The complex consists of two four-story buildings that had a combined occupancy rate of 84 percent at the time of sale. Rick Goings and Marty Hogan of JLL represented the seller, California-based investment firm Buchanan Street Partners, in the transaction. Michael Johnson and Michael King, also with JLL, arranged an undisclosed amount of fixed-rate acquisition financing on behalf of the buyer, Houston-based private equity firm DML Capital.
ALLEN, TEXAS — Partners Real Estate has arranged the sale of a medical office building in the northeastern Dallas suburb of Allen. According to LoopNet Inc., the building totals 5,883 square feet, was built in 2002 and renovated in 2023. Ryan McCullough and Bennett Greenbaum of Partners represented the seller, an entity doing business as 107 Suncreek LLC, in the transaction. The buyer and sales price were not disclosed.
DALLAS — Accounting firm Carter & Co. has signed a 7,205-square-foot office lease renewal in North Dallas. The company renewed a year before the expiration of its lease at Highland Park West, a 51,847-square-foot complex that is now 96 percent leased. Jared Laake and Richmond Collinsworth of Bradford Commercial Real Estate Services represented the landlord in the lease negotiations. Bill Zei of McLeod-Zei Inc. represented the tenant.
HOUSTON — Locally based brokerage firm Cypressbrook Co. has negotiated a 6,874-square-foot office lease at The Meadows at Interwood in North Houston. According to LoopNet Inc., the building was constructed in 1984 and spans 146,685 square feet. John Hornbuckle of Cypressbrook represented the tenant, ABM Insurance & Benefit Services, in the lease negotiations. Valere Costello of Brummett & Co. represented the landlord.
ROBINSON, TEXAS — Walmart (NYSE: WMT) will open a dairy processing plant in Robinson, located just south of Waco in Central Texas, in a move that represents a capital investment of about $380 million in the regional economy. The Arkansas-based retailer also expects that the project, which will comprise 310,000 square feet of production and distribution space within Robinson Business Park, will result in the creation of about 400 jobs. Cushman & Wakefield represented Walmart in its site selection and purchase of the 79-acre tract on which the facility will be developed. The opening is scheduled for 2026.
FORT WORTH, TEXAS — CBRE has negotiated a 221,444-square-foot industrial lease near Dallas-Fort Worth International Airport. The tenant, Big Ass Fans, will occupy the entirely of Building A at Fort West Commerce Center, a three-building, 531,601-square-foot development that sits on a 30-acre site. Buildings are designed to accommodate users with requirements from 34,041 to 221,444 square feet and feature 32- to 36-foot clear heights. Gordon Benedict, Courtney Oldenburg and Tim Vogds of CBRE represented the tenant in the lease negotiations. Matt Carthey and George Jennings of Holt Lunsford Commercial represented the landlord, Phoenix-based Creation.
FORT WORTH, TEXAS — Texas-based investment firm Stonelake Capital Partners has purchased a 119,995-square-foot distribution facility in Fort Worth. The building at 4400 Diplomacy Drive, which was fully leased at the time of sale to Litex Industries, is located just south of DFW International Airport in the central part of the metroplex. Jim Carpenter, Jud Clements, Robby Rieke and Madeleine Supplee of Cushman & Wakefield represented the undisclosed seller in the transaction. Coleman Brown, Michael Massad, Will Thomas and Keontae Burns represented Stonelake on an internal basis.