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DevelopmentMultifamilyTexas

High Street Residential Breaks Ground on 289-Unit Multifamily Project in Metro Houston

by Taylor Williams

KINGWOOD, TEXAS — High Street Residential has broken ground on Residences at Kingwood, a 289-unit multifamily project that will be located on the northern outskirts of Houston. High Street Residential is developing the project, which will consist of 240 apartments and 49 townhomes, in partnership with Japanese homebuilder Daiwa House Group. Residences will come in one-, two- and three-bedroom formats and will be furnished with stainless steel appliances, custom cabinetry and individual washers and dryers. Select units will also feature private balconies/patios and garages. Amenities will include a pool, grilling areas, fitness center with a yoga/Pilates studio, an outdoor workout area, resident lounge with an art gallery and an entertaining kitchen and a conferencing and remote-work suite. Residents will also have access to a putting green, bocce ball courts, pickleball court, multiple outdoor dining areas and the Kingwood Greenbelt trail system. W Partnership is the development’s architect, and Robinson & Co. will lead the landscape design. Cadence McShane is the general contractor. Completion is slated for late 2023.

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AcquisitionsLee & AssociatesRetailTexas

Lee & Associates Arranges Sale of 80,000 SF Retail Property in West Houston

by Taylor Williams

HOUSTON — Lee & Associates has arranged the sale of an 80,000-square-foot retail property in West Houston that houses a car dealership. The 7.7-acre site at 6737 Southwest Freeway was originally built in 1965, according to LoopNet Inc. Nathan Denton, Justin Tunnel and Chase Cribbs of Lee & Associates represented the buyer, HGreg Investment of California, in the transaction. The seller and sales price were not disclosed, although LoopNet identified a listing price of roughly $19 million.

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Troubadour-Apartments-Austin
AcquisitionsMultifamilyTexas

Wayfinder Real Estate Sells 321-Unit Troubadour Apartments in Austin

by Taylor Williams

AUSTIN, TEXAS — Locally based development and investment firm Wayfinder Real Estate has sold Troubadour, a 321-unit apartment community in Austin. The newly built property offers one-, two- and three-bedroom units, with 16 residences reserved for households earning 80 percent or less of the area median income. Amenities include a pool, multiple courtyards, an outdoor movie theater and a rooftop terrace. Preleasing of Troubadour began in January, and Wayfinder expects the property to reach a stabilized occupancy rate of 93 percent by the end of the month. An affiliate of Austin-based Christopher Investment Co. purchased the asset for an undisclosed price in an off-market transaction.

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AcquisitionsMultifamilyTexas

TA Realty Acquires 293-Unit Elm at River Park Apartments in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Boston-based investment firm TA Realty has purchased The Elm at River Park, a 293-unit apartment community in Fort Worth. The property offers one-, two- and three-bedroom units that are furnished with stainless steel appliances and granite countertops. Amenities such as a pool, dog park, fitness center with on-demand programs and a business center with micro-offices and a conference center. San Antonio-based Embrey sold The Elm at River Park for an undisclosed price and will continue to manage the property.

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DevelopmentLoansMultifamilyTexas

Colliers Mortgage Provides $17.7M HUD-Insured Construction Loan for Active Adult Project Near Fort Worth

by Taylor Williams

NORTH RICHLAND HILLS, TEXAS — Colliers Mortgage has provided a $17.7 million HUD-insured construction loan for Village Cooperative of Century Hills, a 55-unit active adult project in North Richland Hills, a northern suburb of Fort Worth. The property will be reserved for renters age 62 and above. Units will range in size from 889 to 1,770 square feet, and amenities will include a fitness center, clubroom, arts and crafts room, reading areas and garden plots. The borrower was not disclosed.

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IndustrialLeasing ActivityTexas

Riad Tile Signs 49,000 SF Industrial Lease Near Downtown Dallas

by Taylor Williams

DALLAS — Home improvement products provider Riad Tile has signed a 49,000-square-foot industrial lease at 5200 E. Grand Ave., located just east of downtown Dallas. According to LoopNet Inc., the property was built in 1952, renovated in 1986 and spans 344,000 square feet. Josh Barnes and Canon Shoults of Holt Lunsford Commercial represented the landlord, Frontier Equity, in the lease negotiations. Alex Coe of Cresa represented the tenant.

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DevelopmentOfficeRetailTexas

Long View Equity, Endeavor to Develop 27,000 SF Office, Retail Project in Metro Austin

by Taylor Williams

DRIPPING SPRINGS, TEXAS — A partnership between two Austin-based firms, Long View Equity and Endeavor Real Estate Group, has acquired 5.6 acres in the western Austin suburb of Dripping Springs for the development of a 27,000-square-foot office and retail project. Branded Sawyer Ranch, the development will comprise 13,000 square feet of office space and 14,000 square feet of retail space. Construction is scheduled to begin in the first quarter of 2023 and to be complete in the fourth quarter of 2023. Sawyer Ranch is 55 percent preleased to date.  

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AcquisitionsMultifamilyTexas

Wayfinder Real Estate Sells 321-Unit Troubadour Apartments in Austin

by Taylor Williams

AUSTIN, TEXAS — Locally based development and investment firm Wayfinder Real Estate has sold Troubadour, a 321-unit apartment community in Austin. The newly built property offers one-, two- and three-bedroom units, with 16 residences reserved for households earning 80 percent or less of the area median income. Amenities include a pool, multiple courtyards, an outdoor movie theater and a rooftop terrace. Preleasing of Troubadour began in January, and Wayfinder expects the property to reach a stabilized occupancy rate of 93 percent by the end of the month. An affiliate of Austin-based Christopher Investment Co. purchased the asset for an undisclosed price in an off-market transaction.

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AcquisitionsMultifamilyTexas

TA Realty Acquires 293-Unit Elm at River Park Apartments in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Boston-based investment firm TA Realty has purchased The Elm at River Park, a 293-unit apartment community in Fort Worth. The property offers one-, two- and three-bedroom units that are furnished with stainless steel appliances and granite countertops. Amenities include a pool, dog park, fitness center with on-demand programs and a business center with micro-offices and a conference center. San Antonio-based Embrey sold The Elm at River Park for an undisclosed price and will continue to manage the property.

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DevelopmentLoansMultifamilyTexas

Colliers Mortgage Provides $17.7M HUD-Insured Construction Loan for Active Adult Project Near Fort Worth

by Taylor Williams

NORTH RICHLAND HILLS, TEXAS — Colliers Mortgage has provided a $17.7 million HUD-insured construction loan for Village Cooperative of Century Hills, a 55-unit active adult project in North Richland Hills, a northern suburb of Fort Worth. The property will be reserved for renters age 62 and above. Units will range in size from 889 to 1,770 square feet, and amenities will include a fitness center, clubroom, arts and crafts room, reading areas and garden plots. The borrower was not disclosed.

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