MANOR, TEXAS — KeyBank has provided $87.8 million in financing for Cantarra Apartments, a 325-unit mixed-income project that will be located in the northeastern Austin suburb of Manor. Approximately half (166) of the units will be reserved for renters earning 60 percent or less of the area median income (AMI), and the remainder will be earmarked for households earning 120 percent or less of AMI. Amenities will include three courtyards, two fitness rooms and a spin room, mail and parcel rooms, bike storage space and pet play and wash areas. Jeremiah Drake and Hector Zuñiga Jr. of KeyBank originated the financing, which consists of a $41.6 million construction loan and a $46.2 million forward commitment for Freddie Mac permanent financing upon stabilization of the property. The borrower and developer is Austin-based JCI Residential.
HOUSTON — California-based investment firm Sunstone Two Tree has acquired Villas Del Paseo, a 384-unit apartment community in Houston’s Westchase neighborhood, for $28.9 million. Built in 1978, the market-rate property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, playground, business center, package services and outdoor grilling and dining stations. Mark Saunders of Newmark represented the seller, Comunidad Partners, in the transaction. The new ownership plans to invest about $10.5 million in capital improvements. Unit interiors will receive new flooring, counters, lighting, appliances and cabinetry. Building exteriors will be upgraded with new paint, roofing, lighting, landscaping and signage. Sunstone will also repair balconies and parking lots, update the clubhouse and pool and add dog parks.
HOUSTON — Austin-based developer OHT Partners has broken ground on a 293-unit multifamily project in Houston’s Lazybrook/Timbergrove area. Lenox Timbergrove will be a five-story building that will house studio, one- and two-bedroom units ranging in size from 500 to 1,500 square feet. Residences will be furnished with stainless steel appliances, quartz countertops and various pieces of smart-home technology. Amenities will include a pool, outdoor kitchen and dining areas, a coworking lounge, indoor pet spa and an artificial turf lawn for games. Completion is slated for late 2025.
RICHARDSON, TEXAS — A joint venture between two locally based firms, 2GR Equity and SHOP Development, has acquired the 177,000-square-foot Promenade North Shopping Center in the northeastern Dallas suburb of Richardson. The center was roughly 70 percent leased at the time of sale to tenants such as Verizon Wireless, Papa Murphy’s and WingStop. The seller and sales price were not disclosed. The new ownership plans to implement a value-add program that will include landscape and parking lot improvements, along with new paint, LED lighting and signage upgrades.
SAN MARCOS, TEXAS — Partners Capital, the investment platform of Partners Real Estate, has purchased a 107-room Hilton Garden Inn hotel in San Marcos, located roughly midway between Austin and San Antonio. The hotel offers traditional guestrooms and suites and amenities such as a fitness center, business center, pool, meeting and event space and an onsite restaurant and bar. The seller and sales price were not disclosed.
DALLAS — Seven new tenants have joined the roster at Work/Shop, a 216,500-square-foot mixed-use development in North Dallas. EVO Entertainment Prestonwood debuted at the development in November, and Local Jonny’s, MAI (My Aesthetics Intelligence), Rose Couture Nail Bar and [solidcore] are slated to open later this year. Toast and juice bar Toastique will also open this month and eatery Crisp & Green is now open. Houston-based Triten Real Estate owns Work/Shop, which features 81,500 square feet of retail space in addition to 135,000 square feet of office space and 30,000 square feet of green space.
BROOKSHIRE, TEXAS — Lee & Associates has negotiated a 167,120-square-foot industrial lease in the western Houston suburb of Brookshire. The tenant, SOLogistics, has leased the entirety of Westside 10 Industrial Park, a front-load building that features 32-foot clear heights, 38 dock doors, two overheard doors, 145-foot truck court depths and parking for 227 cars and 15 trailers. Robert McGee, Taylor Schmidt and Austin Bartula of Lee & Associates represented the landlord, a partnership between Growth Capital Partners and Phelan Development Co., in the lease negotiations. Will Clay of JLL represented SOLogistics.
BAYTOWN, TEXAS — Locally based developer Triten Real Estate Partners has completed Thompson Road Distribution Center, a 130,755-square-foot industrial project located near Port Houston in Baytown. The site spans eight acres, and the building features 32-foot clear heights, 18 dock-high doors, two drive-in ramps, 80 trailer drops and 62 car parking spaces. Method Architecture designed the project, and Angler Construction served as the general contractor. Boyd Commercial is the leasing agent.
HOUSTON — Game Time, a Florida-based entertainment concept that includes bowling, arcade games and dining will open a 69,105-square-foot center in North Houston. The space within the 140,377-square-foot Willowbrook Pavilion shopping center, which is owned by NewQuest Properties, was formerly home to IT’Z Entertainment. The theater portion of that space has since been backfilled by EoS Fitness, which plans to open this summer. Game Time signed the 10-year lease after acquiring the former anchor tenant’s furniture, fixtures and equipment.
IRVING, TEXAS — Freedom Furniture & Design has signed a 15,340-square-foot lease at Royal Jetstar Tech Center, a 92,052-square-foot industrial flex facility in Irving. The lease term is seven years, and the tenant plans to take occupancy in May. Jason Finch and Michael Spain of Bradford Commercial Real Estate Services represented the landlord, an entity doing business as Pre DFW Airport LLC, in the lease negotiations. Daniel Rudd of Avison Young represented the tenant.