ARLINGTON, TEXAS — New York City-based Ready Capital has closed a $28 million loan for the acquisition, renovation and stabilization of an unnamed 310-unit apartment community in Arlington. The nonrecourse, interest-only loan was structured with a floating interest rate, 36-moth term, two extension options and a facility to fund future capital expenditures. The undisclosed sponsor plans to implement a value-add program.
HOUSTON — Arden Logistics Group, the industrial investment arm of Philadelphia-based Arden Group, has purchased the 861,046-square-foot Hardy Light Industrial Portfolio in Houston. The portfolio consists of 34 multi-tenant warehouses that are located in the metro’s North Hardy Toll Road submarket. Dustin Volz, Stephen Bailey, Trent Agnew and Zach Riebe of JLL brokered the sale. Dustin Stolly, Jordan Roeschlaub and Chris Kramer of Newmark arranged acquisition financing through Rialto Capital Management on behalf of the new ownership. The seller was an undisclosed institutional investor that had owned the portfolio since 2006.
STAFFORD, TEXAS — Partners Capital, the investment management platform and development arm of Partners Real Estate Co., has sold Commerce Center, a 245,495-square-foot industrial flex property located in the southwestern Houston suburb of Stafford. The property comprises 16 single-story buildings on a 14.5-acre site. Trent Agnew and Charlie Strauss of JLL represented the seller in the transaction. Los Angeles-based Rising Realty Partners purchased the asset for an undisclosed price.
ARLINGTON, TEXAS — Fort Worth-based investment firm Fort Capital has acquired Ballpark Circle, a 236,547-square-foot industrial and office complex in Arlington. Ballpark Circle, located at 1401 and 1501 Nolan Ryan Expressway, consists of a 74,739-square-foot light industrial building and a 161,808-square-foot office building. The seller and sales price were not disclosed.
WAXAHACHIE, TEXAS — Locally based developer Kalterra Capital Partners has broken ground on The Hamilton, a 175-unit active adult community that will be located on a 7.8-acre site in the southern Dallas suburb of Waxahachie. Amenities will include a fitness center, salon, theater, golf simulator and outdoor putting green, dog park and bocce ball and pickleball courts. The project is slated for a fourth-quarter 2022 opening.
ARLINGTON, TEXAS — New York City-based Ready Capital has closed a $28 million loan for the acquisition, renovation and stabilization of a 310-unit apartment community in Arlington. The nonrecourse, interest-only loan carried a floating interest rate, a 36-month term, two extension options, flexible prepayment options and a facility to fund future capital improvements. The name of the property and the borrower were not disclosed. Renovations will be focused on unit interiors, building exteriors and amenity spaces.
BAYTOWN, TEXAS — TGS Cedar Port Partners, an affiliate of Trans-Global Solutions, has begun construction on two industrial buildings in Baytown totaling 646,421 square feet. The properties will be situated within TGS GS Cedar Port Industrial Park, a master-planned, rail-and-barge-served development near Port Houston. The buildings, which are being developed on a speculative basis, will total 496,421 square feet and 150,000 square feet. The larger of the two buildings will be expandable to 917,172 square feet and will feature 40-foot clear heights, 185-foot truck court depths and an ESFR sprinkler system. The second facility will be expandable to 600,000 square feet and will feature 36-foot clear heights. Powers Brown Architecture is designing the project, and E.E. Reed Construction is the general contractor. NAI Partners is the leasing agent. Completion is slated for the second and third quarters of next year, respectively.
HUTTO, TEXAS — Titan Development has broken ground on a 197,621-square-foot industrial project in the northern Austin suburb of Hutto. The facility is part of the 100-acre second phase of Titan Innovation Business Park. The rear-load building will offer 32-foot clear heights, 54 dock-high doors and an ESFR sprinkler system. Titan Development expects to deliver the building in late 2022.
CARROLLTON, TEXAS — An affiliate of private equity firm Livingston Street Capital has acquired Atlas Point at Prestonwood, a 183-unit active adult community in the northern Dallas suburb of Carrollton. The property offers one-, two- and three-bedroom units with walk-in closets, granite countertops, hardwood-style flooring and stainless steel appliances. Amenities include a pool, outdoor lounge with a kitchen, salon, fitness center and a pet washing station. The seller was not disclosed.
GEORGETOWN, TEXAS — Wan Bridge, a Texas-based builder and operator, is underway on construction of Georgetown Heights, a 50-unit build-to-rent community that will be located on the northern outskirts of Austin. The community will feature three- and four-bedroom, two-story duplexes ranging in size from 1,400 to 2,100 square feet, as well as walking trails and green space. The development team is aiming to deliver the first model home by February.