AUSTIN, TEXAS — TSB Realty has negotiated the sale of 21 Rio, a 296-bed student housing community located near the University of Texas at Austin. Built in 2009, the 21-story property features one-, two- and three-bedroom units and 2,680 square feet of ground-floor retail space. Amenities include a 24-hour fitness center, rooftop pool with a sundeck, resident lounge and a convenience store. Nimes Real Estate purchased the property from a joint venture between CA Student Living and Principal Real Estate for an undisclosed price. TSB Capital Advisors also arranged acquisition financing on behalf of the buyer.
DEL VALLE, TEXAS — Self-storage brokerage firm Versal has arranged the sale of FM 812 Storage, a 257-unit facility in Del Valle, a southeastern suburb of Austin. The facility spans approximately 43,250 net rentable square feet. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the buyer, an Austin-based family partnership, in the transaction. The seller and sales price were not disclosed.
NACOGDOCHES, TEXAS — Basis Multifamily Finance, a subsidiary of New York City-based Basis Investment Group, has provided an $12.1 million Freddie Mac loan for the refinancing of Sunridge Apartments, an affordable housing property located in the East Texas city of Nacogdoches. The property offers one-, two- and three-bedroom floor plans and amenities such as a pool, fitness center, business center and onsite laundry facilities. The sponsor was New Jersey-based Ambo Properties. Sunridge was 93 percent occupied at the time of the loan closing.
RICHARDSON, TEXAS — Texas-based owner-operator Franklin Park Senior Living has sold Appletree Court, a 112-unit assisted living facility in Richardson, a northeastern suburb of Dallas. The property was built in 1999 and was 90 percent occupied at the time of sale. Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin of Cushman & Wakefield represented Franklin Park in the transaction. The buyer was a partnership between Winterpast Capital Partners and Marcus Investments. Cushman & Wakefield also arranged acquisition financing through a regional lender for the deal.
GRAND PRAIRIE, TEXAS — BigShots Golf, a Dallas-based, tech-driven sports entertainment concept, will open an approximately 50,000-square-foot center in Grand Prairie, located roughly midway between Dallas and Fort Worth. The site spans 12 acres and is located within the EpicCentral entertainment district. The space will house a two-story driving range with 80 interactive, climate-controlled tee boxes, as well as a 27-hole indoor putting course, a 7,500-square-foot private event space and a full restaurant and bar. The venue will be the third in Texas for BigShots Golf and the concept’s eighth location nationally.
By Colin Grayson, Lument If you consider multifamily real estate assets to be a good investment, you are in good company. At mid-year, asset managers and private equity firms alone held an estimated $325 billion of levered dry powder set aside for this purpose, enough cash to finance nearly every acquisition closed in the United States in 2021, the highest investment sales volume on record. Despite nearly unanimous support for the asset class, however, multifamily transaction volume in the third quarter slumped year-over-year for the first time since the peak of the pandemic. The mainspring was a sharp rise in mortgage financing costs triggered by high inflation and the Federal Reserve’s commitment to raising rates to bring it under control. Generic rates for 65 percent loan-to-value (LTV) first mortgage debt stood on 5.71 percent at the end of November, representing an increase of 248 basis points since the beginning of the year. Even as financing costs soared, asset pricing changed very little. Initial net cash flow yields of transactions closed in the third quarter of 2022 averaged only 4.6 percent, according to Real Capital Analytics, an increase of 10 basis points from second-quarter 2022 levels. At the same time, cap …
AUSTIN, TEXAS — Seattle-based investment firm Security Properties has acquired Brightleaf at Lakeline, a 304-unit apartment complex in North Austin. Completed in 2022, Brightleaf at Lakeline consists of three buildings that house one- and two-bedroom units on a 12.3-acre site. Residences average 880 square feet and are furnished with stainless steel appliances, granite countertops and individual washers and dryers. Amenities include a pool, fitness center, clubhouse, business lounge, outdoor grilling and dining areas and a pet park. San Antonio-based multifamily owner-operator Embrey sold the property for an undisclosed price.
WACO, TEXAS — Greystone has arranged a $30 million loan for the refinancing of The Delaney at Waco, a 169-unit seniors housing property. The community offers independent living, assisted living and memory care services. Tyler Armstrong of Greystone originated the financing, which was structured with a floating interest rate, seven-year term and a 30-year amortization schedule. The borrower was Iowa-based owner-operator Life Care Services. An undisclosed bank provided the loan.
MAGNOLIA, TEXAS — Self-storage brokerage firm Versal has arranged the sale of Big League Storage, a 129-unit facility located about 45 miles northwest of Houston in Magnolia. The facility spans 22,800 net rentable square feet. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the seller, a Texas-based entity doing business as Big League Enterprises LLC, in the transaction. The team also procured a North Carolina-based limited liability company as the buyer.
HOUSTON — Callon Petroleum has signed a 107,171-square-foot office headquarters lease in Houston’s Memorial City District. The energy firm will occupy five floors at 9753 Katy Freeway, a 190,000-square-foot building, beginning in the second half of 2024. Brad MacDougall and Warren Alexander represented the landlord, MetroNational, in the lease negotiations on an internal basis. Joseph Peddie and Morgan Relyea Colt of Cushman & Wakefield represented the tenant.