Category: News

GREA Dallas closes Casa San Luis, a multifamily property in Dallas

Posted on by Mia Goulart

GREA, specializing in serving private to institutional multifamily real estate investors, announced the sale of Casa San Luis Apartments, a 63-unit apartment community located at 3155 Park Lane, Dallas, Texas, 75220.

Allen represented the seller, Gomel Capital and procured the buyer, a local investment company.

Despite the slowdown in multifamily sales activity in 2023, the GREA Dallas team has successfully brokered over 19 apartment communities in the North Texas area with another 19 under contract set to close in the next 60 days.

Colliers Mortgage closes Fannie Mae loan for Hillcrest Apartments in Killeen

Posted on by Mia Goulart

Fritz Waldvogel of Colliers Mortgage recently closed a Fannie Mae loan for the refinance of Hillcrest Apartments in Killeen. The 60-unit market rate multifamily property features one- and two-bedroom apartment units with onsite laundry facilities.

The seven-year term loan, arranged through a partnership with Old Capital Lending, is full-term interest only.

StreetLights Residential opens The Asher in Austin

Posted on by Mia Goulart

StreetLights Residential, anational design-driven developer of multifamily and mixed-use communities based in Dallas, has opened The Asher in Austin, part of the Presidio luxury multifamily development. Located in the rapidly growing Lakeline neighborhood in NW Austin, The Asher consists of 377 luxury apartment homes. StreetLights saw strong demand for the project’s first phases, with The Elizabeth opening in 2019 and The Michael opening in 2016. 

Residents have multiple floorplans to choose from, ranging in size from 676 to 1,763 square feet, with one-, two-, and three-bedroom options available. Each home features beautifully designed interiors with granite countertops, tile backsplashes, custom flooring, dine-in island seating, urban mudrooms, custom cabinetry including a pull-out trash drawer, spa inspired bathrooms, oversized walk-in closets and Sonos smart speakers. Select units also offer smart home features, a surface flooring option, oversized outdoor living spaces and screened porches.  

The Asher offers numerous amenities for residents looking to spend time outdoors, including an expansive pool courtyard with entertaining space and a private yoga lawn. The interior common spaces create an inviting, comfortable environment for residents to gather, including a lounge area with flexible co-working spaces, a creative makers craft space, a kitchen and lounge area with space for personal projects or cooking classes, and two private dining areas for intimate dinner parties or coworking. Residents also have access to a private coffee bar, a full fitness center featuring high-end cardio and strength equipment, a flex room with spin bikes, fitness echelon mirror and ballet barre, a fully equipped pet wash and spa, and secure interior bike storage.  

StreetLights Creative Studio served as the architect of record for the project, handling all interior design in-house. SLR Construction, LLC, served as the GC.  

StreetLights has completed six Austin projects to date, include The Bowen, a 340-unit, luxury high-rise community located in The Domain; two NW Austin communities, The Elizabeth at Presidio, a 373-unit luxury apartment community, completed in 2019 and The Michael at Presidio, a 415-unit apartment and townhome community, completed in September 2016; Flatiron Domain, a five-story luxury residential community completed in December 2019; The Catherine, a 19-story, 300-unit luxury high-rise located in Downtown Austin, completed in October 2015; and The Kenzie at The Domain, a six-story residential community comprised of 279 units, completed in August 2014.

Partners Real Estate arranges 11,611-square-foot lease for Royston, Rayzor, Vickery & Williams in Houston

Posted on by Mia Goulart

Partners Real Estate, one of the largest independent commercial real estate firms in Texas, recently arranged an 11,661-square-foot lease located at 1415 Louisiana Street in Houston.

Partners’ Griff Bandy and John Zivley represented the tenant in the transaction. The landlord, Wedge Commercial Properties, was represented by Connor Saxe of Cushman & Wakefield.

Recapitalization secured for dual grocery-anchored retail center within DFW metroplex

Posted on by Mia Goulart

JLL Capital Markets has arranged the recapitalization of MacArthur Park, a 425,612-square-foot, top-performing retail center located within the DFW metroplex in Irving, Texas. The center is a hybrid, dual grocery-anchored power center with Kroger, Target (Shadow) and other large format retailers, such as Ross, HomeGoods/TJ Maxx and Michaels.

JLL worked on behalf of the ownership which consisted of funds managed by Goldman Sachs Asset Management, and EDENS, to recapitalize the project. CBRE Investment Management stepped up as a new investor in the venture.

In addition to Kroger and Target (shadow), the 98% leased MacArthur Park is also anchored by HomeGoods/TJ Maxx, Ross, Michaels and Office Depot. Other notable tenants include Bath and Body Works, Victoria’s Secret, T-Mobile, Amy’s Hallmark, James Avery, Mattress Firm, Half Price Books, Ulta Beauty, Jason’s Deli and Sephora. Over 88% of MacArthur Park’s income stream is generated from national and institutional-grade credit tenancy, with local businesses comprising of the remaining 12% of overall revenue. The center boasts an average tenant tenure of 6.2 years, a WALT of 3.3 years and over 5.8 million visits annually, ranking it amongst the top 3% of centers in the U.S.

The center is located 7505 N. MacArthur Blvd. and is strategically set within Irving’s high-growth, master-planned urban center, Las Colinas. It is positioned at the intersection of Interstate 635 and President George Bush Turnpike, offering visibility to over 260,000 vehicles per day and over $5.8 billion in consumer spending power within a 10-minute drive. Within a five-mile radius is a daytime population of 348,062 and an average household income of $106,828. MacArthur Park is easily accessible by President George Bush Turnpike, Interstate 635 and Texas State Highway 114, and it is just a 17-minute drive to Downtown Dallas.

The JLL Retail Capital Markets Debt Advisory team was led by Senior Managing Director Barry Brown and Chris Gerard, Director Erin Lazarus and Analysts Megan Babovec and Cole Sutter.

Greystone provides $20.9 million affordable housing loan for Texas rental community 

Posted on by Mia Goulart

Greystone, a leading national commercial real estate finance company, has provided a $20.9 million Fannie Mae Multifamily Affordable Housing (MAH) loan for the acquisition of Parkside Place, a 321-unit, income and rent-restricted garden apartment complex located in Pasadena, Texas. The financing was originated by Michael Zampetti, senior managing director in Greystone’s New York office. 

Parkside Place consists of 27 two-story apartment buildings situated on an 11.24-acre site. Constructed in 1969, the property was renovated in 2018 and includes amenities such as a leasing office, two pools, on-site management, a laundry facility, a business center and private patios. There are 526 total parking spaces, including reserved handicap spaces and carports.