FREDERICKSBURG, TEXAS — Bridgeview Realty Capital, in collaboration with ACRON USA, Tulsa OK and First Capital Bank of Texas, has completed construction of a seniors housing community in the central Texas city of Fredericksburg. Development costs were estimated at $21 million for the 73,000-square-foot property, which was not named and offers 60 assisted living units and 24 memory care units. Approximately 50 percent of the newly delivered space is preleased, and Bridgeview is planning a second phase to add independent living units.
HOUSTON — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged two acquisition loans totaling $17.1 million for a pair of apartment properties in the Houston area. In the first transaction, Brandon Brown of LMI Capital arranged an $8.7 million bridge loan for a 170-unit property in Brazoria County. In the second deal, Jamie Mullin of LMI Capital placed an $8.4 million loan for a 100-unit asset in Galveston County. The property names and borrowers were not disclosed.
HOUSTON — Illinois-based industrial developer Molto Properties has broken ground on 290 Northwest Business Center, a 136,651-square-foot distribution center that will be located in northwest Houston. The property, which is expected to be complete by August, will be able to accommodate one or two tenants. Building features will include 32-foot clear heights, an ESFR sprinkler system, 2,586 square feet of office space, 121 parking spaces and a loading area with 30 dock-high doors. Lee & Associates will handle leasing of the facility.
MCKINNEY, TEXAS — Marcus & Millichap has arranged the sale of McKinney Self Storage, a 586-unit facility located about 25 miles north of Dallas. The 72,485-square-foot property features 402 climate-controlled units and 184 drive-up units. Brandon Karr and Danny Cunningham of Karr Self Storage, a division of Marcus & Millichap, represented the seller, a private investor. A California-based self-storage owner/operator purchased the asset for an undisclosed price.
BEDFORD, TEXAS — Arlington-based 180 Multifamily Capital has acquired Surrey Oaks, a 152-unit apartment community in Bedford, located on the northeastern outskirts of Fort Worth. Built in 1983, the community is situated directly off State Highway 121 next to Glade Parks, a shopping and dining destination. Floor plans consist of one- and two-bedroom units and amenities include a pool, fitness center, business center, tennis court and onsite storage space. The seller was not disclosed. The new ownership will rebrand and renovate the property.
THE WOODLANDS, TEXAS — Energy giants Entergy and ExxonMobil have both signed office leases at Lake Front North in Hughes Landing, a mixed-use development by The Howard Hughes Corp. (NYSE: HHC). The property is located in The Woodlands, about 30 miles north of Houston. Entergy’s new lease totals 54,010 square feet and ExxonMobil’s new lease spans 26,103 square feet. Entergy assumed occupancy in November 2018 and ExxonMobil expects to move in this month.
FRISCO, TEXAS — Cinemark Holdings Inc. (NYSE: CNK) will open CUT! by Cinemark, a 10-screen theater that will be located at 6969 U.S. Highway 380 in the northern Dallas suburb of Frisco. The venue will offer original cuisine, a full-service bar with handcrafted cocktails and oversized recliners, as well as patio and lounge space. The opening is scheduled for Thursday, March 7.
DALLAS — Southern Land Co., a Nashville-based developer, has topped off Novē at Knox, a 19-story luxury apartment community in the Knox-Henderson neighborhood of Dallas. The property, which is expected to open in 2020, will consist of 41 junior units, 159 one-bedroom residences, 90 two-bedroom apartments and 16 penthouses. Amenities will include a pool with cabanas, fitness center, a residents’ lounge, dog park, outdoor grilling areas and a 10,000-square-foot private open space that connects to McKinney Avenue. Local architecture firm GDA Architects designed the project.
HOUSTON — A joint venture between multifamily investment and management firm Fogelman Properties and New York-based DRA Advisors has acquired Artesian on Westheimer, a 660-unit multifamily community in Houston. The property was built in phases between 2006 and 2009 and was 92 percent occupied at the time of sale. Floor plans feature one-, two- and three-bedroom units. The new ownership will upgrade the property’s unit interiors and amenity spaces, including adding a new fitness center. The seller was not disclosed.
HOUSTON — Avenue, a local nonprofit affordable housing developer, has received $3.4 million in project financing for the development of a community resource center in Houston. The property, which will be located at 3527 Irvington Blvd. in the city’s Moody Park area, will feature a health clinic and an early childhood education center. The groundbreaking is slated for the second quarter, and completion is scheduled for early 2020.