Texas

Sterling Real Estate Buys 332-Unit Apartment Property in Metro Austin

by Taylor Williams January 17, 2019

CEDAR PARK, TEXAS — Sterling Real Estate Partners, a joint venture between Los Angeles-based Barker Pacific Group and Phoenix-based Pacific Real Estate Partners, has purchased Muir Lake Apartments, a 332-unit multifamily property in Cedar Park, a northwestern suburb of Austin. The Class A community was built in 2014 and is part of the 189-acre Lakeline Park master-planned community. Floor plans include studio, one- and two-bedroom units and amenities include a pool, fitness center, indoor spa, hiking trails, a dog park and a resident clubhouse and event space. Sterling acquired the property via a joint venture with a fund managed by DRA Advisors LLC. The seller was not disclosed.

January 17, 2019

Acquisitions Multifamily Texas

Oxford Enterprises Acquires 224-Unit Multifamily Asset in Greater Houston

by Taylor Williams January 17, 2019

WALLER, TEXAS — Dallas-based investment firm Oxford Enterprises Inc. has acquired The Ranch at Waller, a newly built, 224-unit multifamily asset in Waller, a northwestern suburb of Houston. The property offers one-, two- and three-bedroom units and amenities such as a resort-style pool with a spa, fitness center, game room and an outdoor cooking area. Will Balthrope, Drew Kile, Jennifer Campbell and Michelle Kneeland of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, T.R. Inscore LLC, in the transaction. The trio also procured Oxford Enterprises for the deal.

January 17, 2019

Leasing Activity Office Texas

Energy Firms Signs 20,423 SF Office Lease in Houston

by Taylor Williams January 17, 2019

HOUSTON — Murex Petroleum Corp. has signed a 20,423-square-foot lease at 363 North Belt, an office building located at 363 N. Sam Houston Parkway in Houston. According to LoopNet Inc., the property was built in 1982 and totals 223,158 square feet. Terri Torregrossa and Kurt Kistler of Moody Rambin represented the landlord, TA Realty Associates, in the lease negotiations. Ryan Fassett and Josh Marcell, also of Moody Rambin, represented Murex.

January 17, 2019

Healthcare Leasing Activity Texas

Healthcare Provider to Relocate Headquarters from Irving to 20,258 SF Space in Plano

by Taylor Williams January 17, 2019

PLANO, TEXAS — Healthcare Associates of Texas, a full-service primary care provider, will relocate its corporate headquarters from Irving to a 20,258-square-foot space within International Business Park (IBP) in Plano, a northeastern suburb of Dallas. Matt Heidelbaugh and Cribb Altman of Cushman & Wakefield represented Healthcare Associates of Texas in its site selection and lease negotiations. Trevor Franke and Gini Rounsaville of Peloton Commercial Real Estate represented the landlord, IBP 7 LP. More than 100 employees will move into the new space, which is expected to be available for occupancy by March. . IBP is a 300-acre master-planned office park that features 24/7 security, onsite property management and maintenance, a fitness center, café and deli, basketball court, weekly food courts, event space and Booster Fuels, a fuel-delivery service.

January 17, 2019

Features Midwest Multifamily Northeast Southeast Student Housing Texas Western

NKF Multifamily: Student Housing Sector Outlook for 2019

by Katie Sloan January 17, 2019

To ring in the New Year, Student Housing Business — sister publication to REBusinessOnline — sat down with Ryan Lang, executive managing director and head of Newmark Knight Frank’s student housing division, to discuss his outlook for the year ahead. SHB: What challenges will your market face in 2019? Where are the opportunities within these challenges? Lang: It appears volatility on the capital markets side will continue to be closely monitored heading into 2019 and beyond. There remains great opportunity as the student market, as a whole, is fundamentally sound and viewed as a risk averse asset class within the larger investment community. SHB: Which submarkets will surprise people in 2019? Lang: While average occupancy at major Tier I universities continues to be stable near 95 percent, we believe several markets that have been supply constrained over the past few academic year cycles will begin making noticeable recoveries. Of note, we believe Texas Tech (Lubbock), Ole Miss (Oxford), and Michigan State (Lansing) have the potential to outperform investor expectations. SHB: What market shifts are you noticing that others haven’t? What would you whisper to clients and prospects? Lang: Along with newer construction product, there are clearly more opportunistic assets hitting the market and more yield driven …

January 17, 2019

Acquisitions Multifamily Student Housing Texas

Preiss, Centaline Acquire 288-Bed Student Housing Property in San Antonio

by Taylor Williams January 16, 2019

SAN ANTONIO — Raleigh, N.C.-based student housing owner-operator The Preiss Co., in partnership with Centaline Investment Management Co., has acquired The Estates at San Antonio, a 288-bed property serving the University of Texas at San Antonio (UTSA). The 104-unit property is located less than two miles from campus, features an average unit size of 1,712 square feet and offers amenities such as a pool, volleyball court, 24-hour fitness center and outdoor grilling/picnic areas. The seller was not disclosed.

January 16, 2019

Acquisitions Multifamily Texas

Wellington Arranges Sale of 172-Unit Apartment Community in Metro Dallas

by Taylor Williams January 16, 2019

CARROLLTON, TEXAS — Texas-based Wellington Realty has arranged the sale of Fox Creek Apartments, a 172-unit multifamily community located in the northern Dallas metro of Carrollton. The property is situated on six acres and features a pool and onsite laundry facilities. Caleb Jones, Tammy Shaffer, William Hubbard and Curtis Sung of Wellington represented the undisclosed seller in the transaction. The buyer, which was also undisclosed, will upgrade the unit interiors and property exterior.

January 16, 2019

Acquisitions Healthcare Texas

Ridgeline Capital Buys 41,763 SF Medical Office Building in Metro Houston

by Taylor Williams January 16, 2019

PEARLAND, TEXAS — Dallas-based investment firm Ridgeline Capital Partners has purchased Pearland Central Medical Plaza, a 41,763-square-foot medical office building in Pearland, a southwestern suburb of Houston. Built in 2003, the Class A property was 83 percent occupied at the time of sale by tenants offering services in imaging, orthopedics, physical therapy, primary care and dentistry. The seller was not disclosed.

January 16, 2019

Loans Multifamily Texas

KeyBank Provides $28.4M Fannie Mae Loan for Refinancing of San Antonio Apartments

by Taylor Williams January 16, 2019

SAN ANTONIO — KeyBank Real Estate Capital has provided a $28.4 million Fannie Mae loan for the refinancing of White Rock Apartment Homes, a 336-unit multifamily community located at 3110 Thousand Oaks Drive in San Antonio. Proceeds will be used to fund capital improvements for the property, which provides affordable housing to the city. Robbie Lynn and Tiffany Durr of KeyBank led the financing effort on behalf of the borrower, Commonwealth Multifamily Housing Corp.

January 16, 2019

Leasing Activity Retail Texas

Miniature Golf, Bar Concept to Open 5,500 SF Venue in West Dallas

by Taylor Williams January 16, 2019

DALLAS — Another Round, an entertainment concept that combines miniature golf and alcoholic beverages, will open a 5,500-square-foot venue at 660 Fort Worth Ave., a creative retail and dining space under construction in west Dallas. The venue is expected to open this spring. Construction of the property, which is being developed by Dallas-based Oaxaca Interests, began in December.

January 16, 2019

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