Texas

Marcus & Millichap Brokers Sale of Luxury Apartment Community in Houston

by Madison Pettway August 9, 2021

HOUSTON — Marcus & Millichap has brokered the sale of Territory at Greenhouse, a 288-unit luxury apartment complex located in West Houston’s Energy Corridor. The price was undisclosed. Marcus & Millichap represented the seller, Mayde Creek Apartments LLC, and procured the buyer, Civitas Capital Management II LLC, in the transaction. Marcus & Millichap Capital Corp. arranged the acquisition financing. Dhanani Private Equity Group developed the 13-building, garden-style property in 2019. The one-, two- and three-bedroom units feature in-unit washers and dryers, private balconies and wood flooring. Amenities include an amphitheater and resort-style pool. Territory at Greenhouse is located within a five-minute drive time from I-10, Beltway 8, and Grand Parkway. Nearby national and regional employers include Wood Group, BP America, Shell Oil Co., ConocoPhillips, Gulf States Toyota PCL Industrial Construction Co., Citgo, Memorial Hermann Health System, Chase Bank and Houston Methodist Hospital.

August 9, 2021

Development Multifamily Texas

Venterra Realty to Develop 336-Unit Multifamily Community in Metro Houston

by Taylor Williams August 6, 2021

CYPRESS, TEXAS — Venterra Realty has acquired a 12.8-acre site in the northwestern Houston suburb of Cypress for the development of a 336-unit multifamily community. Units will feature stainless steel appliances and shaker cabinets. Amenities will include an 8,600-square-foot clubhouse, a pool, fitness center, package lockers and a business center. A construction timeline for the project is still being finalized.

August 6, 2021

Loans Multifamily Northmarq Texas

NorthMarq Arranges $32M Loan for Refinancing of Gessner Apartments in Houston

by Taylor Williams August 6, 2021

HOUSTON — NorthMarq has arranged a $32 million loan for the refinancing of Gessner Apartments, a 500-unit community in southwest Houston. Warren Hitchcock of NorthMarq arranged the fixed-rate loan, which was structured with a seven-year term and two years of interest-only payments followed by a 25-year amortization schedule. The borrower and direct lender were not disclosed.

August 6, 2021

Acquisitions Multifamily Texas

FCP, VaultCap Acquire 275-Unit Corey Place Apartments in Grand Prairie, Texas

by Taylor Williams August 6, 2021

GRAND PRAIRIE, TEXAS — A partnership between Maryland-based investment firm FCP and VaultCap Partners has acquired Corey Place Apartments, a 275-unit community located in the central metroplex city of Grand Prairie. The property, which according to Apartments.com was built in 1970, offers one-, two- and three-bedroom units. NorthMarq represented the undisclosed seller in the transaction and arranged debt and equity on behalf of the buyer. The new ownership intends to implement a value-add program to add a pool, turf soccer field and outdoor kitchen, as well as to renovate common area and make sustainability improvements.

August 6, 2021

Acquisitions Industrial Texas

Marcus & Millichap Brokers Sale of 110,400 SF Industrial Complex in Metro Dallas

by Taylor Williams August 6, 2021

LEWISVILLE, TEXAS — Marcus & Millichap has brokered the sale of a three-building, 110,400-square-foot industrial complex located in the northern Dallas suburb of Lewisville. Andes Coil Processors occupies the property, which sits on 7.6 acres. Adam Abushagur of Marcus & Millichap represented the seller and buyer, both of which were private investors that requested anonymity, in the transaction.

August 6, 2021

Leasing Activity Office Texas

McGuireWoods Signs 30,000 SF Office Lease at Texas Tower in Downtown Houston

by Taylor Williams August 6, 2021

HOUSTON — International law firm McGuireWoods has signed a 30,000-square-foot office lease at Texas Tower, a 47-story tower under construction in downtown Houston by Hines and Ivanhoe Cambridge. Under the terms of the 11-year lease, the tenant will take occupancy of the 24th floor beginning in June 2022. Bob Parsley, Darren Gowell and Taylor Wright with Colliers International represented the tenant in the lease negotiations. Michael Anderson with Cushman & Wakefield represented the landlord. Construction of Texas Tower, which is now 42 percent preleased, is expected to be complete in the fourth quarter.

August 6, 2021

Development Mixed-Use Texas

Centurion American to Develop 3,200-Acre Mixed-Use Project in Celina, Texas

by Taylor Williams August 5, 2021

CELINA, TEXAS — Locally based firm Centurion American Development Group will develop Legacy Hills, a 3,200-acre mixed-use project that will be located in Celina, about 45 miles north of Dallas. Preliminary plans call for 7,000 single-family homes, 4,100 multifamily units, 100 acres of commercial development, a 27-acre sports park, a golf course and walking trails. In addition, the site includes two 12-acre parcels that will house future schools within the Celina Independent School District. Construction of the first phase is scheduled to begin in late 2021.

August 5, 2021

Acquisitions Multifamily Texas

Bell Partners Acquires 435-Unit CityLine Park Apartments in Metro Dallas

by Taylor Williams August 5, 2021

RICHARDSON, TEXAS — North Carolina-based investment firm Bell Partners has acquired CityLine Park, a 435-unit apartment community located within the CityLine mixed-use development in the northeastern Dallas suburb of Richardson. Built in 2019, the property features studio, one-, two- and three-bedroom units and amenities such as a pool, fitness center and a clubhouse with a coffee bar. Bell Partners will rebrand the property as Bell CityLine.

August 5, 2021

Development Multifamily Texas

Presidium Begins Leasing 370-Unit Multifamily Project in Northwest San Antonio

by Taylor Williams August 5, 2021

SAN ANTONIO — Texas-based developer Presidium has begun leasing Presidium Chase Hill, a 370-unit multifamily project in northwest San Antonio. Designed by REES Associates Inc., the community will be situated on a 17-acre site near La Cantera Resort & Spa, which USAA Real Estate recently sold. Units will feature stainless steel appliances, granite countertops and walk-in closets. Amenities will include a pool, outdoor kitchens with grilling areas, a playground, dog park, fitness center, media room, bar and an onsite car wash. Presidium expects to complete the project by next summer.

August 5, 2021

Acquisitions Multifamily Texas

Catalyst Equity Partners Buys 176-Unit Workforce Housing Community in Metro Houston

by Taylor Williams August 5, 2021

STAFFORD, TEXAS — Dallas-based investment firm Catalyst Equity Partners has purchased Stafford Oaks, a 176-unit workforce housing community in the southwestern Houston suburb of Stafford that was built in 1978. The new ownership plans to implement a $2 million capital improvement program that will add amenities such as a turf soccer field and package lockers, as well as upgrade unit interiors with new flooring, appliances and washer/dryer connections. The seller was undisclosed.

August 5, 2021

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