Bolterra renewed 4,537 square feet at 1880 S. Dairy Ashford in Houston, TX. Kacie Skeen represented the landlord, Hartman Income REIT.
Month: November 2022
Newmark Announces Sale of San Antonio Multifamily Property
San Antonio, TX (November 14, 2022) — Newmark announces the sale of Gardens at West, a 252-unit value-add multifamily property located in San Antonio, Texas, which will be rebranded as The Hayden on West Ave. Newmark Senior Managing Director Matt Michelson and Vice Chairman Patton Jones represented the seller, Regional Investment and Management (RIM), in the sale to the buyer, Embrey, marking their second acquisition in the greater San Antonio area. This is Newmark’s second time selling this asset.
“The Hayden on West Ave presented investors with an outstanding value-add opportunity in the highly desirable north central San Antonio submarket,” said Michelson. “Buyer interest was very strong as investors were drawn to the quality product as well as the high barriers to entry for new development.”
The property’s unit interiors offer gourmet kitchens, walk-in closets, outdoor storage, private patios/balconies and washer/dryer connections. Resort-class community amenities include a pool, two outdoor kitchens with grills, a state-of-the-art fitness center, a clubhouse, a dog park, controlled access gates, covered parking and nearby walking trails.
Located at 13515 West Avenue, The Hayden on West Ave is proximate to some of the city’s major employers, including Amazon, Sonterra Medical Center, Valero Energy, the South Texas Medical Center and USAA, among others. Adjacent to Highway 281 between Loop 410 and Loop 1604, the community provides residents with convenient access to downtown San Antonio.
According to Newmark Research, multifamily rents across the U.S. significantly exceeded pre-pandemic levels. In San Antonio, rents in the second quarter of 2022 were up 23 percent from the fourth quarter of 2019. Additionally, absorption outpaced new supply in many markets; the San Antonio multifamily market experienced nearly double the amount of demand (6.6 million square feet) than supply (3.5 million square feet).
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark
Press Contact: Lizzy Mahan t 303-260-4437 lizzy.mahan@nmrk.com
generated revenues of approximately $3.1 billion for the twelve months ending September 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
Colliers Mortgage Closes Fannie Mae Loan for The Edmond in Waco
Fritz Waldvogel of Colliers Mortgage’s Minneapolis office closed a Fannie Mae loan for a repeat client for the refinancing of The Edmond in Waco, Texas. The 124-unit market rate property was constructed in 1967 and includes 10 two-story garden-style buildings and two one-story maintenance/storage buildings. Community amenities include a courtyard, BBQ/picnic area, covered parking, on-site management, pool, package receiving, clothes care center, on-site maintenance, and surveillance camera system.
The loan was arranged through a partnership with Old Capital Lending and carries a 10-year term.
Fritz Waldvogel of Colliers Mortgage’s Minneapolis office closed a Fannie Mae loan for a repeat client for the refinancing of The Edmond in Waco, Texas. The 124-unit market rate property was constructed in 1967 and includes 10 two-story garden-style buildings and two one-story maintenance/storage buildings. Community amenities include a courtyard, BBQ/picnic area, covered parking, on-site management, pool, package receiving, clothes care center, on-site maintenance, and surveillance camera system.
The loan was arranged through a partnership with Old Capital Lending and carries a 10-year term.
Hines Announces Newest Industrial Venture with The Galesi Group
Hines, the global real estate investment, development, and property manager, announced that it has formed a joint venture with The Galesi Group (Galesi) to develop a Class-A industrial and logistics park at the NE corner of Harris Branch Parkway and Parmer Lane in Austin. The site encompasses 150 acres and lies between Harris Branch Parkway and SH 130 and is accessed by both Howard Lane, from the north, and Parmer Lane, from the south.
Phase I of the project is being designed by Powers Brown Architecture and will offer 315,000 square feet of Class-A industrial warehouse space across three buildings. The buildings will feature a sleek, distinctive design while also providing tenants with functional and efficient floor space, all within a controlled business park setting. The park will contain approximately 1.7 million square feet of industrial and logistics space upon full build-out. The venture is located two miles from the Samsung Austin Semiconductor plant, less than one mile from SH 130, and less than 10 miles from downtown Austin as well as the Tesla Gigafactory.
The site is in a PUD with LI Base Zoning and allows for warehouse distribution, light manufacturing, high-tech industrial, and e-commerce fulfillment center uses, among other permitted uses.
Lennar and Icon Announce Visionary 3D-Printed Homes Underway in Georgetown
GEORGETOWN, Texas, Nov. 10, 2022 /PRNewswire/ — Lennar, one of the nation’s leading homebuilders, and ICON, a construction technologies company pioneering large-scale 3D printing, announced today that construction on the largest community of 3D-printed homes is underway and reservations will begin in 2023.
Situated north of Austin in the city of Georgetown’s master-planned community of Wolf Ranch by Hillwood Communities, a Perot company, the 100-home community combines innovative robotics, software and advanced materials to create homes that are technologically advanced, environmentally sustainable and architecturally striking. Each Lennar home in Wolf Ranch is co-designed by the renowned architectural firm BIG-Bjarke Ingels Group. Prices are anticipated to start from the mid-$400,000s.
“We are very pleased to partner with ICON and BIG in building a first-of-its-kind, printed home community that combines innovative designs with sustainable features at an affordable price,” said Stuart Miller, Executive Chairman of Lennar. “Given the housing shortage that persists across the country, it has never been more important to innovate in order to find new methods of construction that will enable greater design flexibility and greater production at affordable prices.”
Click to read more at www.prnewswire.com.
Midway and Arc Capital Partners Acquire Sabine Street Lofts
A joint venture between Midway, the privately owned, fully integrated real estate investment, development and management firm, and Arc Capital Partners, the real estate owner and investment manager known for mixed-use urban infill investments with strong and beneficial impacts on communities, has acquired Sabine Street Lofts, a 198-unit, Class-A, loft-style apartment community located near Downtown Houston on Buffalo Bayou. Tom Fish and Jonathan Paine with Walker Dunlop represented the joint venture in financing the transaction.
Located at 150 Sabine Street, Sabine Street Lofts benefits from its accessibility and direct access to the revitalized Buffalo Bayou Park and is immediately west of Downtown Houston. Completed in 2001, the institutional-quality asset features large one- and two-bedroom floorplans with an average size of 1,017 square feet, approximately 100 square feet larger than the average apartment in Central Houston. Unit amenities include granite countertops in kitchen and baths, 10-foot ceiling heights with exposed ducts, in-unit washers and dryers, stained concrete and wood flooring and private balconies or patios. Community amenities include gated entrances with immediate access to the Buffalo Bayou trail, a fitness center, two resort-inspired swimming pools, outdoor fireplaces, expansive sundecks and pet-friendly amenities. Plans are underway to renovate the property, investing capital specifically into the common areas and project amenities that all residents can enjoy.
Additionally, many of the units will be converted into workforce housing as part of Midway’s MPact program, a new initiative within Midway’s property operations division. Aligning with the firm’s values to be purposeful and community-driven, MPact seeks to support those who are making a difference in our communities. Designed for professionals earning around 80% of the area median income, MPact will provide quality housing to those who have dedicated their careers to serving others.
Additional Midway properties that offer MPact units include Braeburn Village, Villa Del Prado and The Laura, which will debut in 2023 as part of Midway’s future East River mixed-use development.