Author: Sarah

Seniors Housing Community in Dallas-Fort Worth Suburb Sells

Posted on by Sarah

JLL Capital Markets has closed the sale of Quail Park of Granbury, a 75-unit independent living, assisted living and memory care community in Granbury, Texas, a growing suburb of Dallas-Fort Worth.

JLL represented the seller, Living Care Lifestyles, in the sale to Lloyd Jones LLC. Lloyd Jones Senior Living will operate the community going forward, under the name AVIVA Granbury. The sales price was not disclosed.

The community is comprised of two buildings, one offering independent living (41 units) and assisted living (15 units) and one dedicated to memory care (19 units). The community was in excess of 95% occupancy at closing. Units feature faux hardwood floors, full-size kitchens in independent living units and private patios. Community amenities include landscaped courtyards, a large auditorium, a bistro, dining rooms, and a variety of lounges and gathering areas.

The property has a nearly 30-acre site along Paluxy Highway, 40 miles southwest of downtown Fort Worth. Of the 30 acres, approximately 20 acres is available for future development. This was appealing to the buyer, who has plans to develop the 20 acres in the future.

The City of Granbury has become a popular destination for retirees, offering residents a full living experience with access to numerous dining and retail options offered in the historic downtown. The 65+ population within a five-mile radius of the property constitutes more than 25% of the total population, outpacing the national rate of 17%.

The JLL Capital Markets team representing the seller was led by Managing Director Charles Bissell and Director Dean Ferris.

Hines to Develop Master-planned Community in Houston

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Hines, the global real estate firm, along with partners Trez Capital, Caravel Ventures, and Sumitomo Forestry, has closed on 850 acres in Houston to be developed into Brookewater, a master-planned community.

Located in the suburb of Rosenberg, Brookewater will consist of approximately 2,400 single-family homes, varying in lot sizes, with a planned school site, and robust amenity offerings such as a resort style water amenity, more than 200 acres of parks, recreation, lakes, open space, walking trails, nature preserves, and playgrounds. Phase I of Brookewater will consist of approximately 400 lots and will be built by Highland, Perry, David Weekley, Gehan, Chesmar, and Westin Homes. The homes will be a variety of sizes and styles, with fresh design and innovative craftsmanship at the forefront.

Located off Highway 59, the community offers a suburban ambiance with direct access to Greenway Plaza and Downtown Houston – only a 30-minute drive time to Katy, Sugar Land, Greenway, and the Galleria. The Fort Bend Transit System is only five miles away and commuters can take advantage of the shared-ride service for Rosenberg residents that offers weekday service to the TMC, Greenway Plaza, and the Galleria. Residents will also experience extensive walking trails throughout the community, with greenbelts, lakes, and detention ponds that provide connectivity from north to south.

Brookewater is Hines’ largest lot development project in Houston since First Colony, its 9,700-acre master-planned community with a current population of more than 60,000 in Sugar Land, Texas. First Colony is also located off U.S. 59, just down the highway from the new Brookewater site. Previously, Hines has partnered with Trez Capital, Caravel Ventures, and Sumitomo Forestry for Mirador, a master-planned community in Southeast Austin.

Construction on Brookewater is anticipated to begin this year with the first phase expected to deliver in 2024. This transaction was led by Hines Director Carson Nunnelly.

Palladius Capital Management Acquires Citizen House Kyle, a Newly Built Multifamily Community in Austin Suburb

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Palladius Capital Management, a vertically-integrated real estate investment manager focused on pursuing multifamily, student housing, hospitality and select thematic investment strategies, announced the acquisition of Citizen House Kyle, a 342-unit Class-A multifamily asset in the high-growth South Austin suburb of Kyle, Texas.

Located along the I-35 Innovation Corridor, Citizen House Kyle was completed in 2022 and is part of the larger Dry River District, a 65-acre mixed-use community being developed by Endeavor that includes multifamily, medical and retail space. The property offers luxury one- and two-bedroom units and an array of amenities, including a resort-style pool, resident clubhouse, high-tech fitness center, outdoor lounge, and co-working space.

Chexal and Director of Investments Nick Maupin, who led the Citizen House Kyle transaction, as well as the rest of the Palladius team have significant experience investing along the Innovation Corridor, having deployed more than $350 million across value-add and core-plus rental housing in this region since 2014. The firm believes the explosive growth from the corridor’s main metros will continue to spill over into surrounding areas like Kyle, which has seen its population increase over 85 percent since 2010. Further demonstrating the area’s strong fundamentals, Hays County – where Kyle is located – was ranked as the second fastest growing large county in the country according to U.S. Census Bureau data.

The Innovation Corridor’s growing population has led to increased demand for high-quality rental housing like Citizen House Kyle as the prices for single-family homes in the area continue to rise. Citizen House Kyle is located 15 minutes from Austin’s central business district and 15 minutes from San Marcos – two major employment centers that are home to companies like Amazon, Tesla, Seton Medical, HBO, Best Buy and H-E-B. The property is within walking distance of over 300,000 square feet of retail space, including a Starbucks, Home Depot, Costco (under construction), a variety of dining options, and Evo Entertainment, a 75,000-square-foot entertainment center with eleven screens, a 14-lane bowling alley, and an arcade.

CenterSquare and Boomerang Interests Execute Long-term Lease with Lineage Logistics for Houston ColdPort

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CenterSquare Investment Management, in partnership with Boomerang Interests, announced that they have executed a full-building, long term lease for Houston ColdPort with one of the world’s leading cold storage and logistics solutions providers, Lineage Logistics. The 315,111-square-foot cold storage facility began development in April 2021 and base building work is expected to be fully complete by September 2022. CenterSquare currently invests in the cold storage sector through multiple strategies within the firm including private equity real estate, listed real estate and strategic capital.

Houston ColdPort sits on a 22.5-acre site and is strategically positioned in the heavy-haul corridor of The Port of Houston. The facility is conveniently located in close proximity to major throughways in the area including Beltway 8, US-90, Interstate 10 and Interstate 69 and features ample trailer and automobile parking space.

ARCO Design/Build, an industry leader for industrial project types, was tasked with designing and constructing the property which features 50-foot clear heights, 38 fully automated dock positions, a 200-foot-deep truck court and the capacity to accommodate up to 40,000 pallet positions. The facility also features vertical storing hydraulic dock leveler equipment, LED lighting throughout and a Tyco Quell dry fire sprinkler system.

GenCap Partners, Inc. Launches Multifamily Project in Manor, Texas

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GenCap Partners, Inc. expands its Austin real estate investment portfolio with the acquisition of 26 acres of the Manor Crossing mixed-use development in Manor, Texas to build a 2-phase, 586-unit apartment community. The new project, The Park at Manor Crossing, will be located on the northwest corner of SH290 and FM973 within the mixed-use Manor Crossing Development, which will include a grocery anchor and other national retailers. The site is located within a convenient commute to expanding tech companies in the East Austin area such as Tesla and Samsung.

The first 301-unit phase of The Park at Manor Crossing is anticipated to begin construction by the 4th quarter of 2022. Phase II will include an additional 285 homes with construction commencement targeted for the 4th quarter of 2024 and move-ins by the summer of 2026.

“We’re excited to be a part of this well-timed, master-planned development in Manor, one of the fastest growing cities in Texas. Housing in the Manor area of town is sorely needed as many new residents are moving to this submarket for the fast-growing job market driven by the relocation of large employers nearby. We plan to be one of the premier housing options for these new residents, as our project will be among the most attractive and highly amenitized in the market,” says David Castilla, CEO of GenCap Partners, Inc. “We are designing one of our newer product mixes of traditional multifamily homes, but will also offer residents townhomes and other larger units that are popular as single-family home prices have made home ownership unattainable for many.”

The Park at Manor Crossing community will be built to the National Green Building Standard Bronze certification level. The design of the community also seeks to integrate foot and bike traffic within the master-planned development. When complete, the surrounding master-planned development will showcase over 200,000 square feet of commercial space, including a grocery store, retail and restaurants, and even a new K-8 school being built by the Manor Independent School District. The project will include scenic walking paths around two large water features with fountains as well as practical pedestrian paths connecting the community to the new school and retail areas.

With the development’s proximity to Highway 130, the area’s key north-south thoroughfare, this commuter-friendly location is convenient to major tech giant employers such as Telsa’s $1+ billion Gigafactory to the south and Samsung’s $17 billion semiconductor plant under development to the northeast. Manor’s population is currently growing at a rate of 17% per year and has increased by 286% since the 2010 census. Based on this accelerated trajectory, Manor is poised to be one of the fastest-growing suburbs in the Austin MSA area.

The Park at Manor Crossing will offer upscale studio, one, two, and three-bedroom apartment homes and multilevel townhomes with den layouts. Carefully curated community amenities will include an expansive outdoor swimming pool with grilling area, alfresco dining, resident clubhouse, onsite dog park and pet spa, exquisitely landscaped courtyards, and a club-quality fitness center with cardio equipment, golf simulator, group fitness area, yoga studio, and TRX system. Residents will also enjoy access to convenient coworking spaces and a conference room, a package locker system, community-wide Wi-Fi, controlled entry and guest access, garage parking, EV-charging stations, dedicated bike storage, and opportunities for additional storage space.

Apartment interiors will be designed with modern comforts in mind, including nine-foot ceilings, wood plank-style flooring, stainless steel appliances, quartz countertops, tile backsplashes, pull-down faucets, kitchen islands, soft-close cabinets, in-home washers and dryers, walk-in closets, built-in shelving, USB ports, keyless entry system and smart thermostats, and additional high-end features. Bathrooms will boast single or double vanities, linen closets, soaking tubs, and walk-in showers.

The Park at Manor Crossing adds to GenCap Partners, Inc.’s growing Austin presence, as the company continues to multiply its project pipeline throughout central Texas. Currently, GenCap Partners has 1,964 units in planning or development in the Austin area.

About GenCap

GenCap Partners, Inc. provides real estate investment advisory, asset management, and development services to domestic and international investors in core markets in the Southern USA. The firm focuses on creating value and superior returns for its clients through investments in multifamily and office products.

GenCap Partners develops between $300 million and $400 million in new multifamily projects annually.

For more information, contact David E. Castilla at dcastilla@gencappartners.com.