Month: November 2022

Institutional Property Advisors Brokers Multifamily Sale Outside of Austin

Posted on by Sarah

Institutional Property Advisors, a division of Marcus & Millichap, announced today the sale of Parkwood Terrace, a 144-unit, value-add asset in Round Rock, Texas.

“This asset’s immediate submarket has the second highest occupancy in the entire MSA, supporting a strong organic rent growth in addition to upgrade premiums,” said IPA First President, Investments Jordan Featherston. “Parkwood Terrace benefits from its low density (18.3 units per acre) as well as recent capital enhancements implemented by previous ownership, which include full exterior improvements and clubhouse renovations.”

Featherston and IPA’s Kent Myers and Will Balthrope represented the seller, Langdon Street Capital, and procured the buyer, The Medve Group.

“Parkwood Terrace has experienced consistently strong rent growth over the past 12 months, just over 20%, with occupancy remaining at high levels,” added Myers. “Residents are within close proximity to many of the entertainment and employment drivers in the area and are just a short commute to Downtown Austin.”

Round Rock, Texas, continues to grow rapidly with new developments in the area such as the Apple’s $1 billion campus expansion, The District, Indigo Ridge, and Kalahari Resort and Convention Center. This asset has strong neighboring demographics which include a five-mile radius population of just over 189,000, with an average household income of $120,000.

Pegasus Park Welcomes Southern Methodist Institute Computational Biosciences

Posted on by Sarah

Pegasus Park is pleased to welcome SMU (Southern Methodist University), which has announced plans to open an Institute for Computational Biosciences at the campus’ expanding biotech and life sciences hub.

Several SMU centers will work under the Institute for Computational Biosciences, including the Center for Drug Discovery, Design and Delivery and these planned centers and institutes: the Center for Computational Genomics, the AI Institute for Precision Health, the Center for Metaverse Immersive Technologies for Health Science and the Center for Innovation and Training. Researchers from biology, chemistry, computer science, engineering, education and business will collaborate within the Institute.

Pegasus Park, the 25-acre mixed-use campus, was developed to function as a dynamic ecosystem that promotes collaboration, cross-creativity, and entrepreneurship to support advances in biotech and life sciences, social impact and corporate innovation. The addition of SMU biotech research departments will further diversify the biotech and life science ecosystem and provide important collaboration amongst a growing number of significant academic institutions that are relocating various departments to Pegasus Park.

SMU will be joining healthcare research groups, nonprofit organizations, and universities including UT Southwestern, Health Wildcatters, MassChallenge, and Taysha Gene Therapies within the 18-story office tower. The addition of SMU’s biotech research groups accelerates Pegasus Park’s plans to bolster local biotech, social impact, and corporate innovation.

Poynter Commercial Properties | Energy Tower, 11700 Katy Frwy

Posted on by Sarah

(HOUSTON) – Poynter Commercial Properties Corp., announced today that it recently concluded 41,041 square feet of office lease transactions in the Energy Corridor and Sugar Land areas.

Skyline Executive Suites, LTD, signed a 21,735 SF, long-term lease transaction in the Kirkwood Tower Building, located at 11757 Katy Freeway. Kevin Poynter of Poynter Commercial Properties Corp represented the Tenant, and the Landlord was represented by Adam Ross of Stream Realty.

Encino Environmental Services, LLC, has leased 10,800 square feet at 20302 Park Row, located within the Westborough Business Park in Katy, TX. Kevin Poynter of Poynter Commercial Properties Corp represented the Tenant. The Landlord was represented by Judd Harrison of KBC Advisors and Chris Klein of Colliers International.

WSB & Associates, Inc. signed a lease totaling 6,109 square feet in the Energy Tower Building, located at 11700 Katy Freeway. Kevin Poynter of Poynter Commercial Properties Corp represented the Landlord while Travis Taylor, of Lee & Associates, represented the Tenant. Poynter Commercial Properties Corp. is the exclusive leasing agent for Energy Tower in Houston, and Atlas Energy Tower LLC, an affiliate of ATCAP Partners.

Cheyenne Construction Group, LLC, has leased 2,397 square feet in the 245 Commerce Green Blvd building, located within the Commerce Green Office Park in Sugar Land. Kevin Poynter of Poynter Commercial Properties Corp. represented the Landlord. Poynter Commercial Properties is also the leasing and property management company for the Landlord, Commerce Green Associates L.P. The Tenant was represented by Christopher Williams of Gary Greene Commercial (Houston)

Poynter Commercial Properties Corp. is a privately-owned Houston based real estate firm specializing in Development, Owner Representation, Tenant Representation, Property Management, Spatial Assessments, Construction Management, Market Analysis, Acquisition, Disposition, Geographic & Demographic Studies, and Feasibility Analysis. To learn more about Poynter Commercial Properties Corp. visit our website at www.pcptx.com.