AUSTIN, TEXAS — California-based investment firm ASAP Holdings Inc. has purchased a former Crowne Plaza hotel in Austin with plans to convert the 293-room property into a Delta Marriott hotel. The seller, Lockwood Development Partners, purchased the asset in 2021 as part of a 10-property portfolio sale. The hotel was originally constructed in 1977. Eddy Nevarez of Marcus & Millichap represented both parties in the deal.
SHERMAN, TEXAS — Dallas-based Linesight Development has sold a 19.5-acre multifamily development site that is located within the Hickory Hill master-planned community in the North Texas city of Sherman. Josh Watson of Land Advisors Organization represented Linesight Development in the deal. The name of the buyer and specific plans for the site were not disclosed.
DALLAS — National multifamily advisory firm GREA has arranged the sale of Luna Blanca, a 161-unit apartment complex in the North Oak Cliff neighborhood of Dallas. According to Apartments.com, the property features one-, two- and three-bedroom units and amenities such as a pool, outdoor grilling and dining areas and onsite laundry facilities. Mark Allen of GREA represented the seller and out-of-state buyer, both of which requested anonymity, in the transaction. The new ownership plans to implement a value-add program.
ALLEN, TEXAS — Chicken N Pickle, a Kansas City-based concept that combines dining with pickleball and other outdoor games, will open a restaurant and entertainment venue in the northeastern Dallas suburb of Allen. The tenant will launch at The Farm, a 135-acre mixed-use development by JaRyCo, in late 2023. Chicken N Pickle also has locations in the Dallas-Fort Worth metros of Grand Prairie and Grapevine, as well as San Antonio, and has committed to a new space in Webster, a southwestern suburb of Houston.
Can you dig it? Possibly, but site civil engineers can help determine if construction can rock on without running into rocky situations. Thorough site civil due diligence is the foundation for developing a project with minimal delays. Keeping land development projects moving forward — especially during construction — requires highly informed due diligence processes and expertise when it comes to approvals and plans. Site civil engineering design with constructability in mind can support general contractors while streamlining the overall bidding and construction process. But what are best practices when it comes to ensuring a successful project? REBusinessOnline spoke to two experts who specialize in high-quality construction documents: Benjamin Plumb, P.E. project manager, and Keith Simpson, director of engineering, work for Bohler, a land development consulting and technical design company. You Never Know What You’ll Find Before You Dig — However, These Tips Can Help Uncertainty is part of any development project, but Simpson outlines two scenarios that make up the majority of the challenges he sees: 1. Existing underground utilities that are not reflected in plans. 2. Soils that differ from what was expected from the geotechnical report. In some cases, slowdowns are unavoidable and will cause delays, but due diligence can …
AUSTIN, TEXAS — A partnership between High Street Residential, MSD Partners and River Street Partners has broken ground on 700 River, a 43-story apartment tower in Austin’s Rainey Street District. The 500-foot building will house 377 units in a mix of studio to three-bedroom residences, as well as several penthouses and 3,400 square feet of retail space. In addition, 700 River will feature more than 30,000 square feet of indoor and outdoor amenity space. HKS is the project architect, and DPR Construction is the general contractor. Completion is slated for late 2024.
HUTTO, TEXAS — Dallas-based investment firm SPI Advisory has acquired Skyview North, a 336-unit apartment community in the northern Austin suburb of Hutto. Formerly known as Prose Horizon, the property offers one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops, tile backsplashes and full-size washers and dryers. Amenities include a pool, fitness center, clubhouse and a playground. Fritz Waldvogel of Colliers Mortgage originated an undisclosed amount of Fannie Mae acquisition financing for the deal. The seller and sales price were not disclosed.
BRYAN AND COLLEGE STATION, TEXAS — The Jenkins Organization, a Houston-based owner-operator, has opened Great Escapes RV Resorts Bryan College Station, an 87-acre development in Central Texas. In addition to 334 sites, the development houses 64 cabins, a clubhouse with multiple games, two pools, pickleball courts, a fitness center and laundry facilities.
WESLACO, TEXAS — Glazer’s Beer & Beverage will open a 250,000-square-foot distribution center in the Rio Grande Valley city of Weslaco. The wholesale alcoholic beverage distributor will be the anchor tenant of Mid Valley International Industrial Park, a 122-acre master-planned development on which the Weslaco Economic Development Corp. recently broke ground. The move is expected to add about 200 new jobs to the local economy.
ARLINGTON, TEXAS — Texas Almet, a supplier of aircraft parts, has signed a 42,850-square-foot industrial lease at 501-509 106th St. in Arlington. According to Propertyshark.com, the single-tenant building was constructed on two acres in 1980. Canon Shoults of Holt Lunsford Commercial represented the undisclosed landlord in the lease negotiations. Scott Voelkel of Dickey Property Co. represented the tenant.