Author: Sarah

GREA Closes Luna Blanca, a Multifamily Property in Dallas

Posted on by Sarah

GREA, specializing in serving private to institutional multifamily real estate investors, announces the sale of Luna Blanca, a 161-unit apartment community located at 3706 W. 8th St. in Dallas.

Dallas markets are still among the most active for multifamily real estate investments. Over the past four quarters, the DFW Metroplex saw $29.2 billion in total volume, accounting for 7.8% of the U.S. total.

Mark Allen, Executive Managing Director of GREA, procured the buyer and represented the seller. The asset was sold to an out-of-state private investment group that plans to invest significant capital to improve the property.

“North Oak Cliff needs continued investment into the residential sector. Ten years ago, most people would not want to step foot into Luna Blanca and the surrounding neighborhood”, said Allen. “It’s great to see the property trade hands to receive a thorough renovation, to implement a new and eager management team, and to provide safe, affordable housing for its residents.”

Coltala Makes Investment in Top National Real Estate Engineering Firm

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Coltala Holdings has closed the investment of Pond Robinson & Associates, L.P. (“PR&A and or the “Company”) a nationwide commercial equity-level due diligence firm, providing engineering and architectural services for institutional property owners acquiring or developing commercial real estate across the United States.

Founded in 1998, PR&A has worked with a multitude of institutional clients to acquire or develop properties for their portfolios all across the U.S.

With domain expertise in engineering, construction and architectural consulting, PR&A provides Property Condition Assessments for acquisitions and dispositions; and Pre-Development Document/Design Reviews and ongoing Construction Monitoring Services for ground-up development projects.

PR&A has 42 employees and is headquartered in Dallas, Texas, with additional offices in Atlanta, Georgia, Tampa, Florida, and Houston, Texas, with a remote workforce in major metropolitan areas such as Chicago, Denver, Los Angeles, Minneapolis, Nashville, New York, San Francisco, and West Palm Beach.

PR&A President/Managing Principal Michael Raybon and Principal Mark Petersen will continue to lead PR&A post-closing and Alan Pond, a founding member, will continue to stay on as an advisor and investor.

PR&A’s board is comprised of Coltala Co-CEOs Ralph Manning and Edward Crawford, Aldine Capital Partners Partner Chris Schmaltz, and Alta Fox Capital Management Managing Partner and Founder Connor Haley.

The Dallas-based business is currently seeking to grow organically by serving its institutional clients’ needs for growing demand, particularly in the industrial and multifamily spaces.

Construction Underway for a New Affordable Housing Community in Austin

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The NRP Group has broken ground and begun construction on a 318-unit, fully affordable housing community in Austin. The 4% tax credit and bond development is created in partnership with the Housing Authority of the City of Austin (HACA), resulting in an investment of over $70 million in the community.

Bridge at Estancia is located just 11 miles south of Downtown Austin at the intersection of IH-35 South and SH-45 and is situated directly across from land purchased by the Texas Children’s Hospital. The development is uniquely positioned in Estancia Hill Country, a 600-acre mixed-use, master-planned community. Once completed, the residential community will be connected to several amenities including walking trails and green space. Additionally, it will be in close proximity to large Austin employers and the rapidly growing communities of Kyle, Buda, and San Marcos.

The four-story apartment community features an assortment of one- to four-bedroom floor plans, targeting working families. Life-affirming, wraparound support services will include after-school programming, financial literacy training, English as a Second Language (ESL) assistance, health and wellness screenings, a first-time homebuyer program, and more. Apartments will be reserved for renters earning up to 60% AMI and will help fulfill the growing need for affordable housing in Travis County—a community flourishing with luxury market-rate and for-sale housing options.

According to HousingWorks Austin, a non-profit advocacy organization aiming to increase the supply of affordable housing in Austin by providing research, education, and thoughtful policy recommendations, the high cost of living has quickly outpaced the average household income. The short supply of affordable housing has created limited options for individuals and families to live and work in Austin and has only deepened the affordable housing crisis in the city. The report cites a 27% increase in monthly rent from 2020 to 2021.

Bridge at Estancia will include community amenities such as a resort-style pool, community lounge, fitness and business centers, a playground, and BBQ pits. Each residence is outfitted with granite countertops, fully equipped kitchens, LED light fixtures, and walk-in closets.

The first units of Bridge at Estancia are expected to deliver Summer 2023.

Fort Capital Secures Financing for 28 Industrial Buildings in Houston

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JLL Capital Markets has arranged $60 million in acquisition financing for 28 Class-B industrial flex buildings totaling 673,679 square feet in Houston.

JLL worked on behalf of the borrower, Fort Capital, in securing the senior loan through Argentic for the acquisition and stabilization of the properties.

The portfolio is 84% leased to a diverse group of 101 tenants. The properties offer 14- to 18-foot clear heights and up to 60% office finish. The portfolio consists of:

10606 and 10612-10616 Hempstead Road
2517-2523 Fairway Park Dr.
11000 Stancliff
10925 Kinghurst
10325 Landsbury Dr.
3727 Greenbriar Dr.
10610-10630 Rockley Road
902-910 and 912-930 Gemini St.

The properties are positioned within Houston’s Southwest, Southeast and Northwest industrial submarkets. Each property has convenient access to the area’s transportation infrastructure, including Interstates 10, 45 and 69.

The JLL Capital Markets team representing the borrower was led by Managing Director Cullen Aderhold.