HOUSTON — South Carolina-based development and management firm Greystar has begun leasing Ltd. Med Center, a newly built apartment community in Houston that totals 378 units, according to Apartments.com. Located near Texas Medical Center on the city’s south side, the property offers one- and two-bedroom units and amenities such as a pool, fitness center, dog park, resident lounge and a gaming area. Information on starting rents was not disclosed.
AUSTIN, TEXAS — Avia Equities, an investment firm with offices in Dallas and Los Angeles, has sold The Wayman, a 284-unit apartment community in North Austin. The Wayman offers one- and two-bedroom units as well as a pool, coffee bar and outdoor grilling and dining areas. Avia Equities invested in capital improvements during its hold of the property, including replacing roofs and windows, painting building exteriors, enhancing amenity spaces and rebranding the property. The buyer and sales price were not disclosed.
DALLAS — Houston-based investment and development firm Triten Real Estate Partners has completed the redevelopment of Work/Shop, a mixed-use complex in Dallas that features 135,000 square feet of office space and 81,500 square feet of retail, restaurant and entertainment space. Work/Shop also houses 30,000 square feet of open and green space with views of the Prestonwood Country Club. The redevelopment involved major renovations to the south office building, including a redesign of the 65,000-square-foot building’s façade and common areas, as well as the addition of new amenities. Triten is also upgrading various components of the retail space. CBRE has been tapped to lease the renovated office space.
GRAND PRAIRIE, TEXAS — Lee & Associates has negotiated a 14,522-square-foot industrial lease in the central metroplex city of Grand Prairie. According to LoopNet Inc., the property at 1209 W. Carrier Parkway was built in 1980, totals 34,673 square feet and has 16-foot clear heights. Mark Graybill and Reed Parker of Lee & Associates represented the landlord, Link Industrial Properties, in the lease negotiations. Jamie White of Jamie White Commercial Real Estate represented the tenant, Team Rubicon, a nonprofit provider of disaster relief services.
The recent Silicon Valley Bank and Signature Bank collapses — and the takeover of First Republic Bank — have revived regulatory scrutiny on bank risk to a degree that is reminiscent of the financial crisis 15 years ago. Suddenly, it seems, everyone is concerned about the trillions of dollars in commercial real estate debt held at banks — and regional and community banks in particular — and whether it can be refinanced at higher interest rates as it matures over the next couple of years. The same holds for hundreds of billions of dollars of commercial mortgage-backed securities. The conditions are exacerbating a pullback in credit that started last year, which, along with the elevated interest rate environment, has depressed commercial real estate investment sales. In February, property sales dropped 51 percent, from $54.9 billion to $26.9 billion from a year earlier, according to MSCI Real Assets. Taken together, the wall of maturities, higher interest rates, bank collapses and a slumping economy have largely spooked the investment market, suggests Spencer Lund, chief investment officer with NAI Legacy in Minneapolis, Minn. (which also serves Chicago, Denver and Scottsdale, Ariz.) Still, it’s also the type of environment that breeds opportunity as prices …
MANSFIELD, TEXAS — Locally based development and investment firm Wildcat Management will build Castle Ranch, a $150 million mixed-use project that will be located in the southern Fort Worth suburb of Mansfield. Castle Ranch will include apartments, townhomes, retail and restaurant space and coworking office space, as well a multitude of pocket parks, walkable streets, sidewalks and pedestrian paths. The development will also connect to a new city park and trail system, both of which under construction. The groundbreaking of Castle Ranch is slated for 2024.
LITTLE ELM, TEXAS — New York City-based Dwight Capital has provided a $31.4 million HUD-insured loan for the refinancing of The Village at Lakefront, a 242-unit multifamily property located in the North Texas community of Little Elm. The property was built on 6.4 acres in 2017 and consists of two four-story apartment buildings, a clubhouse with a community room, fitness center and a leasing office. Brandon Baksh of Dwight Capital originated the financing through HUD’s 223(f) program on behalf of the borrower, ChadNic Properties.
HOUSTON — Avison Young has arranged the sale of a 234,215-square-foot industrial building in northwest Houston. The building sits on a 15-acre site at 4414 Hollister Road and features 25-foot clear heights, 150-foot truck court depths, 25 dock-high doors, 155 car parking spaces and 2.5 acres for additional parking or outdoor storage. Drew Coupe and Dawson Smith of Avison Young represented the seller, Austin-based private equity firm Frontera Capital Partners, in the transaction. Nick Peterson of Transwestern represented the undisclosed buyer.
HOUSTON — Puttshack, an entertainment concept centered on minigolf, has opened a 26,000-square-foot center at The Highlight at Houston Center, a retail and office complex located at 1200 McKinney St. in the downtown area. The venue offers four nine-hole minigolf courses, two bars serving craft cocktails and beers, a formal dining area and a private event space that can accommodate more than 100 guests. Brookfield Properties owns The Highlight, which also houses an Immersive Gamebox entertainment center.
ROCKPORT, TEXAS — Partners Real Estate has arranged the sale of Shorty’s RV Park, a 30,056-square-foot property in Rockport, located near Corpus Christi in South Texas. The property at 716 S. Doughty St. includes a single-family home. Landan Dory and Eli Buck of Partners represented the seller, private investor Wanda Walker, in the transaction. The name and representative of the buyer were not disclosed.
