AUSTIN, TEXAS — Houston-based investment firm Disrupt Equity has acquired Cascade, a 198-unit multifamily property located just south of downtown Austin, for $30.1 million. Built in 1971 and renovated in 2016, Cascade offers one-, two- and four-bedroom units as well as a fitness center, multiple pools, recreation areas and onsite laundry facilities. Disrupt Equity plans to continue with capital improvements to interiors of select units and amenity spaces. The seller was not disclosed.
HOUSTON — Commercial finance and advisory firm Axiom Capital Corp. has arranged a permanent loan of an undisclosed amount for the acquisition of a 131,250-square-foot flex property in Houston. The property, which sits on a 12.1-acre site roughly four miles from William P. Hobby Airport, consists of two industrial buildings and one office building. The lender was an unspecified credit union, and the borrower was undisclosed.
GRAND PRAIRIE, TEXAS — A joint venture between two investment firms, Fort Worth-based PHP Capital and Southern California-based CapRock Partners, has purchased a 95,250-square-foot industrial property in the central metroplex city of Grand Prairie. The four-building complex sits on five acres and was roughly 90 percent leased at the time of sale. The seller and sales price were not disclosed. The new ownership plans to implement a value-add program.
By Jake Snyder, director of preconstruction, Hoar Construction Thanks to its rich culture, technology-friendly atmosphere and eclectic music scene, Austin has blossomed over the past decade into a hotspot for businesses and residents alike that are seeking to ride the wave of the city’s phenomenal growth story. Just last year, the U.S. Census Bureau reported that Austin is the fastest-growing major metro area in the country, posting a 3 percent increase in population between 2020 and 2021. Pair that recent growth with a global pandemic, and you have an urgent need for increased healthcare development to accommodate the number of people moving into the city. However, as with most other facets of commercial real estate, construction took a proverbial uppercut blow from COVID-19. Project delays, price hikes and material shortages have made every aspect of the construction life cycle more difficult, but not impossible. According to Associated Builders and Contractors, nearly 650,000 additional workers are currently needed to meet the demand for labor on construction sites, while an estimated 1.2 million will leave their jobs this year to work in other industries. A recent report from labor market research firm JobsEQ also found that the Austin area could be short …
IRVING, TEXAS — JLL has negotiated the sale of 1925 West John Carpenter, a 403,151-square-foot office building located within Irving’s Las Colinas district. The six-story, recently renovated building sits on 30 acres and includes a 1,200-space parking garage. The property was fully leased at the time of sale to Vista Energy, which houses its corporate headquarters within the building. JLL represented the seller, JP Realty Partners Ltd., in the transaction. The buyer and sales price were not disclosed.
HOUSTON — Berkadia has brokered the sale of The Life at Spring Estates, a 372-unit apartment community in Houston’s North View neighborhood. The Life at Spring Estates features one-, two- and three-bedroom units ranging from 1,017 to 1,332 square feet. Amenities include a pool, fitness center, business center, clubhouse, bark park, picnic areas and parcel lockers. Chris Young, Joey Rippel, Kyle Whitney, Jeffrey Skipworth, Todd Marix and Chris Curry of Berkadia represented the seller, New York City-based Olive Tree Holdings, in the transaction. The buyer, Nashville-based Inman Equities, purchased the asset for an undisclosed price.
LEAGUE CITY, TEXAS — Memphis-based investment firm Fogelman Properties has acquired The Moorings, a 201-unit apartment complex in League City, a southeastern suburb of Houston. The Moorings, which was 95 percent occupied at the time of sale, offers recently upgraded units in one- and two-bedroom floor plans. Amenities include a pool, fitness center, game room, outdoor lounge areas and Amazon package lockers. The seller and sales price were not disclosed.
MOORE, OKLA. — Northmarq has arranged a $9.2 million bridge loan for the acquisition of Mansions South Apartments, a 146-unit multifamily property in Moore, a southern suburb of Oklahoma City. Built in 1972, the property comprises 12 two-story buildings that house one-, two- and three-bedroom units. Amenities include a pool, fitness center, clubhouse, volleyball and basketball courts and a playground. Bob Harrington of Northmarq arranged the loan, which features two years of interest-only payments. The borrower and direct lender were not disclosed.
KATY, TEXAS — Partners Capital, an affiliate of Partners Real Estate Co., has sold Royal Montreal Plaza, a 40,094-square-foot shopping center located in the western Houston suburb of Katy. Josh Lass-Sughrue and Davis Amanyisye of NAI Partners, the real estate services arm of Partners Real Estate, represented the seller in the transaction. The buyer was not disclosed. Partners Capital originally acquired the asset in August 2018.
DALLAS — JLL has negotiated the sale of a portfolio of 19 industrial buildings totaling 764,156 square feet. The buildings are located in various cities throughout the Dallas-Fort Worth metroplex. At the time of sale, the portfolio was 96 percent leased to 29 tenants with an average remaining lease term of 4.3 years. Stephen Bailey, Dustin Volz, Dom Espinosa, Wells Waller, Pauli Kerr and Cole Sutter of JLL represented the seller, Dallas-based investment firm MoxieBridge, in the transaction. Arden Logistics Park, the industrial investment arm of Philadelphia-based Arden Group, acquired the portfolio in partnership with global investment management firm Arcapita.