SAN ANTONIO — The San Antonio Apartment Association has proposed an emergency rental assistance program as a means of helping residents that are struggling to pay rent as a result of COVID-19. The organization is encouraging its members to forgive 25 percent of their outstanding rents and waive late fees for residents earning less than the area median income who can also show proof of unemployment.
PASADENA, TEXAS — Marcus & Millichap has arranged the sale of two workforce housing communities totaling 227 units in the eastern Houston suburb of Pasadena. Jeffrey Fript and Christian Mazzini of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer. The new ownership will implement a value-add program.
EL PASO, TEXAS — Greysteel has brokered the sale of a two-property multifamily portfolio located at 525 and 670 N. Carolina Drive in El Paso. The properties were built in 1981 and feature two-bedroom units with an average size of 600 square feet. Jack Stone, Doug Banerjee and Andrew Hanson of Greysteel represented the seller and procured the buyer in the transaction. Fisher Wells and Daniel Harnett of Greysteel arranged acquisition financing for the buyer. Both parties requested anonymity.
AUSTIN, TEXAS — The Jenkins Organization, a Houston-based self-storage development and management firm has acquired the 74-site Austin Oaks RV Resort. The company will rebrand the community and implement a capital improvements program to the RV sites, pool, clubhouse, dog park and other common areas. The seller was not disclosed.
AUSTIN, TEXAS — San Diego-based investment firm H.G. Fenton Co. has purchased Casa Del Sol and Saltillo, two multifamily communities totaling 70 units in Central Austin. Both properties feature a pool and outdoor grilling areas. Muskin Commercial LLC represented the California-based seller in the transaction.
AUSTIN, TEXAS — Texas Gov. Greg Abbott and the Texas Department of Housing and Community Affairs (TDHCA) have introduced a tenant-based, rental assistance program for Texans experiencing financial hardships as a result of COVID-19. The governor has waived statutes related to HUD’s HOME Investments Partnership program, which provides grants in partnership with local nonprofits to build, buy and rehabilitate affordable housing. Waiving these statutes gives Texans more flexibility in using these funds to pay rent, and the governor’s office has officially requested federal waivers from HUD to allow funds to be reprogramed for that purpose. The move to help Texans maintain their housing coincides with the governor’s mandate, effective April 1, for all Texans to stay at home except for when engaging in essential activities. Texas had approximately 4,000 positive COVID-19 cases as of the morning of Thursday, April 2.
DALLAS AND CALABASAS, CALIF. — Marcus & Millichap has acquired Metropolitan Capital Advisors (MCA), a Dallas-based financial intermediary specializing in arranging debt and equity for commercial real estate investors and developers. MCA, which was founded by Scott Lynn in 1992, completed more than $650 million in commercial debt and equity transactions in 2019. The deal has officially closed.
FORT WORTH, TEXAS — FourPoint Investment Sales Partners has arranged the sale of Windrush Apartments, a 278-unit multifamily community in Fort Worth. Built in 1984, the property features both apartment and townhomes with full-size appliances, vaulted ceilings, and fireplaces. Community amenities include two pools, a fitness center, basketball court and picnic areas. Kevin Dufour and Kyle Peco of FourPoint represented the seller, Shore to Shore Properties, in the off-market transaction. The California-based buyer will implement a value-add program.
HOUSTON — Newmark Knight Frank (NKF) has negotiated a 46,800-square-foot industrial lease extension for Fleenor Co., a manufacturer of paper and packaging products, at Cole Creek Business Park in Houston. Griffin Rich and Andy Iversen of NKF represented the tenant in the lease negotiations. CBRE represented the landlord, LIT Industrial Texas LP.
FORT WORTH, TEXAS — Cornerstone Projects Group will develop Triune Center, a 30,000-square-foot office project that will be located at the convergence of Interstate 30, Montgomery Street and Chisholm Trail Parkway in Fort Worth. The six-story, Class A building will feature an automated valet parking garage by Trident Structures. Construction is expected to last 12 months and could begin as early as May. Stream Realty Partners will handle leasing of Triune Center