CORPUS CHRISTI, TEXAS — The residential branch of Thompson Thrift, a development and investment firm with offices in Indiana, Phoenix and Houston, has sold The Retreat, a 324-unit apartment community in Corpus Christi. Developed in 2017, the community comprises 14 three-story buildings with one-, two- and three-bedroom units. Residences feature granite countertops, full-sized washers and dryers, private balconies and detached garages. Amenities include a pool, fitness center, clubhouse, technology center, movie lounge, gaming den, a bark park and a package handling system. Kelly Witherspoon, Justin Cole and Adam Sumrall of Berkadia brokered the sale. The buyer and sales price were not disclosed. The Retreat was 96 percent occupied at the time of sale.
SAN ANTONIO — Prime Finance has provided a $47.3 million acquisition loan for Lantower Alamo Heights, a 312-unit multifamily property in San Antonio. Built in 2015, Lantower Alamo Heights offers one-, two- and three-bedroom units and was 93 percent occupied at the time of sale. The amenity package consists of a pool, conference room, courtyard, dog park, pet wash station, fire pit, fitness center, a game room and outdoor grilling areas. Marko Kazanjian, Chris McColpin, Max Herzog and Andrew Cohen of JLL arranged the floating-rate loan, as well as a preferred equity investment with Connecticut-based Sound Mark Partners, on behalf of the borrower, Austin-based Old Three Hundred Capital.
Colliers Mortgage Provides $25.4M HUD-Insured Construction Loan for Metro Dallas Multifamily Project
GARLAND, TEXAS — Colliers Mortgage has provided a $25.4 million HUD-insured construction loan for The Draper, a 155-unit multifamily project that will be located in the northeastern Dallas suburb of Garland. The Draper will offer a mix of one- and two-bedroom, market-rate units. Colliers arranged the loan, which carries a 40-year term and amortization schedule, through HUD’s 221(d)(4) program. The borrower was an entity doing business as GFNT Opportunity II LP.
MCKINNEY, TEXAS — AHV Communities will develop a 157-unit single-family rental project in the northern Dallas suburb of McKinney. The development will sit on a 38-acre site along U.S. Highway 380 and will house three- and four-bedroom homes with private backyards and two-car garages. The community will offer several amenities, including a pool, fitness center, dog park, grilling and picnic areas, clubhouse and a bocce ball/game court. Construction is scheduled to begin in early 2023.
HOUSTON — Locally based private equity firm Three Pillars Capital Group has acquired Del Mar Apartments, a 544-unit multifamily community in Houston’s Edgebrook neighborhood. Built in 1972, the property offers one-, two- and three-bedroom units that are furnished with built-in bookshelves, passthrough kitchen bars and individual washers and dryers. Amenities include three pools and a fitness center. Jim Hurd of Houston Income Properties represented Three Pillars Capital, which plans to implement a capital improvement program, in the deal. Houston-based First Choice Management sold the property for an undisclosed price.
HOUSTON — The Frankforter Group has purchased The Regard at Medical Center, a 319-unit apartment community located within Texas Medical Center in Houston that was built in 2013. Units come in studio, one- and two-bedroom floor plans and range in size from 638 to 1,418 square feet. The amenity package comprises a pool, fitness center, business center, clubhouse, conference room, courtyards wit fire pits, outdoor grilling stations and a dog park. Frankforter Group will implement a value-add program. The seller and sales price were not disclosed.
BAYTOWN, TEXAS — Chicago-based Dayton Street Partners will develop a 164,640-square-foot speculative industrial project near Port Houston. The facility will be situated on a 47.4-acre site within the 15,000-acre TGS Cedar Port Industrial Park in Baytown and function as a truck terminal as well as a storage and distribution center. Building features will include 24-foot clear heights, 214 dock doors and 6,000 square feet of office space. Completion is slated for the second quarter of 2023. Veritex Community Bank is providing construction financing NAI Partners will market the project for lease.
GRAND PRAIRIE, TEXAS — Global Real Estate Advisors (GREA) has negotiated the sale of Vista Terraza, a 192-unit multifamily property located in the central metroplex city of Grand Prairie. According to Apartments.com, the property offers one-, two and three-bedroom units and amenities such as a pool, playground and onsite laundry facilities. A locally based seller sold the asset to a New Jersey-based investor, with both parties requesting anonymity. Mark Allen, Zac Thomas and Byron Griffith of GREA brokered the deal.
HOUSTON — Colliers has brokered the sale of a 180,030-square-foot office building located at 450 Gears Road in North Houston. The eight-story building, which was originally constructed on 4.5 acres in 1984, includes a four-story parking garage and a conference center. David Carter, Doug Pack and Sam Hansen of Colliers represented the seller in the transaction. Evens Grandoit of Krueger Real Estate represented the buyer. Both parties requested anonymity.
EULESS, TEXAS — JLL has negotiated the sale of Glade Parks Town Center, a 559,457-square-foot retail power center located in the eastern Dallas suburb of Euless. Built in phases between 2014 and 2018, the property houses tenants such as Dick’s Sporting Goods, Total Wine & More, Cinepolis, Ulta Beauty, Belk, Michael’s, HomeGoods, EoS Fitness, First Watch, Hopdoddy, Daiso, Old Navy, Burlington, DSW and Massage Envy. Barry Brown, Chris Gerard, Ryan Shore, Greyson Fewin and Matthew Barge of JLL represented the seller, a joint venture led by Iron Point Partners, an investment firm with offices in Dallas and Washington, D.C., in the transaction. Charlotte-based Big V Property Group acquired the asset for an undisclosed price.