FORT WORTH, TEXAS — Atlanta-based developer RangeWater Real Estate is underway on construction of 120 build-to-rent (BTR) homes and 325 apartment units in Fort Worth. Both complexes will be situated on a 23-acre site in the city’s Beechwood neighborhood. The townhome-style units of Palo, the BTR community, will come in three-bedroom formats and will include private patios. Palo will also have its own pool. Ellianna’s rental apartments will feature one-, two- and three-bedroom floor plans, and residents will have access to a separate pool, a fitness center, clubhouse, outdoor kitchen and a dog park. Construction began in June, and the first units are expected to be complete in the third quarter of 2023.
HOUSTON — Berkadia has brokered the sale of Westchase Forest, a 400-unit apartment community located at 11355 Richmond Ave. in Houston. Westchase Forest offers one-, two- and three-bedroom apartments ranging in size from 570 to 1,242 square feet. Units feature stainless steel appliances, breakfast bars, private patios and in-unit washer and dryers. Communal amenities include a business center, clubhouse, internet café, media room, picnic area with a barbecue pavilion, two pools and a fitness center. Chris Young, Joey Rippel, Kyle Whitney, Jeffrey Skipworth, Chris Curry and Todd Marix of Berkadia represented the seller, Southern California-based investment firm Nimes Real Estate, in the deal. The buyer was not disclosed.
ARANSAS PASS AND ROCKPORT, TEXAS — Dallas-based RREAF Holdings and its two Florida-based equity partners, DLP Capital and Miami-based 3650 REIT, have purchased two residential properties totaling 371 units that are located on the outskirts of Corpus Christi. Windy Shores is a 155-unit build-to-rent community in Aransas Pass that was constructed in 2004, and Pearl Point is a 216-unit, garden-style apartment complex in Rockport that was completed in 2020. Nathan Stone and Guy Griffith of Berkadia provided an undisclosed amount of Freddie Mac acquisition financing to the partnership, which plans to renovate unit interiors and common areas at both properties.
SAN ANTONIO — San Diego-based investment firm Westcore has acquired Eisenhauer Business Park, a 377,318-square-foot industrial development in San Antonio, for $36.6 million. The newly built, four-building property was 95 percent leased at the time of sale. Building features include dock-high and grade-level loading doors and clear heights ranging from 28 to 32 feet. Michael Kent of Stream Realty Partners represented the seller, NIT Industrial, in the transaction. Westcore was self-represented.
FRISCO, TEXAS — Crow Holdings Development (CHD), a Dallas-based real estate development firm and subsidiary of Crow Holdings, has released plans for The Offices at Southstone Yards, a mass timber office building in Frisco. The 235,000-square-foot property will anchor Southstone Yards, a 45-acre mixed-use development that will feature over 1 million square feet of office space at full buildout. In addition to offices, Southstone Yards will feature shops, restaurants, hotels, nine acres of green space, and more than 1,000 apartments and townhomes, including a five-story, 355-unit property that North Carolina-based LMC is developing. The Dallas Morning News reports that the mixed-use development is valued at $850 million. The seven-story office building represents the first mass timber office building in North Texas, according to CHD. Compared to common building materials like steel and concrete, developers are utilizing mass timber construction because they find it’s more sustainable, provides greater design flexibility, results in a lighter environmental footprint, offers higher thermal insulation and creates a warmer aesthetic. The Dallas Business Journal reports that The Offices at Southstone Yards will be among the largest mass timber office buildings in the United States at completion. The property will feature raised floors, which provides flexibility for …
SUNNYVALE, TEXAS — Locally based brokerage firm Paladin Partners has negotiated a 643,760-square-foot industrial lease at 100-200 Planters Road, a newly built property located in the eastern Dallas suburb of Sunnyvale. Conrad Madsen and Greg Nelson of Paladin Partners represented the landlord, a partnership between locally based developers Langford Property Co. and Flaherty Development, in the lease negotiations. Adam Curran and Jay Benner of Cushman & Wakefield represented the tenant, an undisclosed, locally based manufacturer.
DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Mosaic Dallas, a 440-unit multifamily property in downtown Dallas. Constructed as office buildings in the 1950s, Mosaic Dallas was converted into apartments in 2006. The two high-rise buildings also house 8,766 square feet of ground-floor retail space. Amenities include a rooftop pool, indoor putting lounge, valet and concierge services, dry cleaning service and a fitness center. Joey Tumminello, Drew Kile, Taylor Hill, Michael Ware, Grant Raymond and Will Balthrope of IPA represented the seller, Olympus Property, and procured the buyer, a New York-based investment manager, in the deal.
SAN ANTONIO — North Texas-based developer Jackson-Shaw has broken ground on Phase II of Centerpoint Logistics Park, a project in San Antonio that will add 416,707 square feet of industrial space to the local supply. The site spans 64 acres on the city’s northeast side. Phase II will consist of a 139,427-square-foot, rear-load building and a 277,280-square-foot, cross-dock building. Greystar is Jackson-Shaw’s equity partner on the project. R.C. Page Construction is the general contractor, with design led by Beaty Palmer Architects. Kimley-Horn is the civil engineer, and Veritex Community Bank is providing construction financing. Stream Realty Partners will manage and market the project for lease. Jackson-Shaw broke ground on the 302,518-square-foot initial phase of the project in late 2020.
HOUSTON — JLL has brokered the sale of Oak Park Office Center II, a 206,362-square-foot office building in Houston that houses the headquarters operations of apparel retailer Men’s Wearhouse. The building, which is located in Houston’s Westchase District, was 49 percent occupied at the time of sale. Kevin McConn, Marty Hogan and Jack Moody of JLL represented the seller, metro Boston-based REIT Office Properties Income Trust, in the transaction. The buyer was an undisclosed, Houston-based investment firm.
KATY, TEXAS — Wan Bridge, a developer of build-to-rent residential communities, is underway on The Enclave at Mason Creek, a 192-unit project that will be located in the western Houston suburb of Katy. Construction began in early July, and the first residences are expected to be complete at the beginning of 2023. Homes will come in three- and four-bedroom formats and range in size from 1,430 to 1,750 square feet. Amenities will include parks, playgrounds and walking trails. BMO Harris Bank provided construction financing for the project.