SAN ANTONIO — Investors Management Group, a multifamily investment firm with offices on the West Coast, has acquired Hardy Oak, a 312-unit apartment community in San Antonio. Built in 2020, the property offers one-, two- and three-bedroom units ranging in size from 791 to 1,446 square feet. Amenities include a pool, coworking space, outdoor kitchen and walking trails. Will Balthrope and Drew Garza of Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the deal. Charlie Mentzer of Capital One originated Freddie Mac acquisition financing for the deal.
FORT WORTH, TEXAS — New York City-based Ready Capital Corp. has closed a $19.2 million loan for the acquisition, renovation and stabilization of an unnamed, 212-unit apartment community in southeast Fort Worth. The nonrecourse, interest-only loan was structured with a 36-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The undisclosed sponsor plans to implement a value-add program.
AUSTIN, TEXAS — Austin-based investment firm Casoro Group has sold five multifamily properties totaling 1,070 units that are located throughout the Dallas-Fort Worth metroplex. The 216-unit Mariposa Villas and the 332-unit Vistas at Pinnacle Park were both constructed in 2003 and are located in Dallas. The 198-unit Huntington Ridge was built in 2007 in the southern suburb of DeSoto, and the 180-unit River Oaks is located in nearby Wylie and was built in 2002. Rounding out the portfolio is Savoy of Garland, located northeast of Dallas, which totals 144-units and was built in 2008. The buyer and sales price were not disclosed.
RICHMOND, TEXAS — JLL has negotiated the sale of The Shops of Bella Terra, a 271,157-square-foot regional power center in the southwestern Houston suburb of Richmond. Built in phases between 2008 and 2013, the property was 93 percent leased at the time of sale to tenants such as 24 Hour Fitness, Total Wine & More, Best Buy, Five Below, Ulta Beauty, Chick-fil-A and Whataburger. Barry Brown, Adam Howells, George Cushing, Wendy Vandeventer, Ethan Goldberg and Erin Lazarus of JLL represented the undisclosed seller in the transaction. Colby Mueck, James Brolan and Stuart Hepler of JLL arranged a 10-year, fixed-rate acquisition loan through Morgan Stanley on behalf of the buyer, Fidelis Realty Partners.
FORT WORTH, TEXAS — Dallas-based global investment management firm Civitas Capital Group has acquired Rocco Apartments, a 312-unit community located on the east side of Fort Worth. Built in 1984, the property offers one- and two-bedroom units that are furnished with stainless steel appliances and faux granite or quartz countertops, with individual washers and dryers and private balconies/patios available in select units. Communal amenities include a pool, fitness center, dog park, business center, clubhouse and a playground. The seller and sales price were not disclosed.
MCKINNEY, TEXAS — EastGroup Properties has broken ground on Phase I of McKinney 121, a 212,200-square-foot industrial project that will be located on the northern outskirts of Dallas. The site, which offers proximity to State Highway 121, can support an additional 168,800 square feet of new development. Completion of the two-building Phase I is slated for summer 2022. Lee & Associates is leasing the project.
BOERNE, TEXAS — California-based investment firm Brixton Capital has purchased Carrington Place, a 172-unit apartment community in the San Antonino suburb of Boerne that was built in 2003. Colton Burch of Rowan Multifamily Advisors represented Brixton Capital in the transaction, while Robert Arzola of JLL represented the seller, Dallas-based MHP Capital Partners. Brixton Capital plans to rebrand the property and upgrade building exteriors, amenity spaces and unit interiors.
When the pandemic engulfed the world last year, few analysts predicted that the multifamily sector would flourish and thrive so well. Most suspected that the sector would be on life support. Yet, despite a year-long national eviction moratorium, there hasn’t been a better time to be a big apartment-building landlord. Multifamily-property values have increased 13 percent since before the pandemic and more money is being invested now in apartment buildings than in any other type of commercial real estate. How did this happen and what explains this? Lee & Associates’ research will delve into why the multifamily sector, contrary to past predictions and present-day misperceptions, is flourishing as never before. 1. Measured on an annual basis, national asking rents rose 10.3 percent in August. That marked the first double-digit increase in the more than 20 years the data of 13 million professionally managed apartments has been collected, and in several cities, the rent increases were much more significant than the national figure.[1] August rents rose more than 20 percent year-over-year in Phoenix, Las Vegas and Tampa. Similarly, monthly rents were up more than 20 percent in comparable markets such as Boise, Idaho and Naples, Florida. 2. Multiple factors explain this …
GEORGETOWN, TEXAS — Dallas-based Green Point Property Co. will develop GTX Logistics Park, an industrial project in the northern Austin suburb of Georgetown that will ultimately consist of roughly 3 million square feet of space on a 231-acre site. Phase I of the project will center on a 409,822-square-foot warehouse that will have 36-foot clear heights, 66 dock doors and 2,500 square feet of office space. Completion of this building, which will be located within a Qualified Opportunity Zone, is slated for the third quarter of 2022. Colliers has been tapped to lease GTX Logistics Park. Clint Coe, Chris McColpin and Dom Espinosa of JLL arranged construction financing through Community Bank of Texas on behalf of Green Point.
DALLAS — A joint venture between Eagle Property Capital Investments, a multifamily investment firm focused on the Florida and Texas markets, and Mexico City-based private equity firm Promecap have acquired two apartment communities in Dallas totaling 958 units. The 466-unit Enclave at Prestonwood was built in 1978 and is located on the city’s north side, and the 492-unit Residences at Mesa Ridge was built in 1983-1984 and is located on the northeast side. Enclave at Prestonwood features one- and two-bedroom units ranging in size from 480 to 944 square feet, and Residences at Mesa Ridge offers one-, two- and three-bedroom apartments ranging in size from 500 to 1,186 square feet. Both properties have amenity packages that include pools and clubhouses. Enclave at Prestonwood also offers a fitness center, dog park and a children’s play area, while Residences at Mesa Ridge has a tennis court. The new ownership plans to implement value-add programs at both properties. Taylor Hill, Joey Tumminello, Will Balthrope, Michael Ware, Drew Kile and Asher Hall of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Exponential Property Group, in the transaction and procured the joint venture as the buyer.