Category: News

Wayfinder Real Estate Completes Sale of Troubadour in Austin

Posted on by Sarah

Austin-based Wayfinder Real Estate has completed the sale of Troubadour, a 321-unit apartment community in Central Austin, to an affiliate of Austin-based Christopher Investment Co.

The sales price was not disclosed.

Located one mile north of downtown Austin at 3403 Harmon Ave., Troubadour has experienced unusually strong demand since pre-leasing started in January. When first move-ins began in April, 80 apartments — 25% of the units — were pre-leased. Since then, an average of 14 new residents have signed leases per week.

The community is expected to reach 93% occupancy and fully stabilize by the end of August.

The six-story project is the first community that Wayfinder has completed and sold since industry veterans Mac McElwrath and Chris Sipes founded the company in 2019.

Wayfinder will soon complete the 295-unit Waterview community in Richmond, Texas just west of Houston and has a 362-unit project named Veranda underway in East Austin that will offer a mix of apartments and townhomes. The company also has five multifamily communities in the design and development phase in the Austin metro area and one in the Houston area.

The transaction between Wayfinder and Christopher Investment Co. was conducted off-market.

Christopher owns several other multifamily communities in the Austin metro including The Catherine just south of downtown Austin and The Pearl in north central Austin.

Troubadour offers one-, two- and three-bedroom apartments with 16 units reserved for residents making no more than 80 percent of Austin’s median family income.

Community amenities include an outdoor movie theater, a rooftop terrace overlooking the downtown Austin skyline and the University of Texas at Austin, a resort-style pool, and multiple courtyards. Locally renowned artist Chris Rogers produced custom murals located throughout the property.

Troubadour is the final multifamily community to be completed in University Park, the master planned redevelopment of the former 22-acre Concordia University campus between Interstate 35 and the Hancock neighborhood in Central Austin.

MetroNational Announces Quanex Building Products Corporation to Move Headquarters to 945 Bunker Hill

Posted on by Sarah

MetroNational announced that Quanex Building Products Corporation will move its Houston headquarters to 945 Bunker Hill Rd in Memorial City.

Quanex Building Products Corporation, a local industry-leading manufacturer of building products, recently signed a lease occupying a 16,545 square-foot space in the Class-A officing building. Brad MacDougall and Warren Alexander represented the landlord, MetroNational, and Andy Iversen, John Luck and Kaitlyn Duffie of Newmark represented the tenant, who will move in September 2023.

945 Bunker Hill is a 14-story, LEED Silver Class-A office building owned and managed by MetroNational. Memorial City office tenants have access to a roster of exclusive amenities, including membership to its fitness center, Memorial City Club; complimentary shuttle service; interconnected skywalks to dining, retail and entertainment attractions; discount programs; and regular office tenant events.

Colliers Mortgage Closes $17.7 Million HUD 213 Loan for Village Cooperative of Century Hills in North Richland Hills

Posted on by Sarah

The Minneapolis office of Colliers Mortgage closed a $17.7 million HUD 213 loan for the new construction financing of Village Cooperative of Century Hills in North Richland Hills, Texas. The 55-unit age-restricted cooperative is the first cooperative to close under the Section 213 program in the State of Texas.

Village Cooperative of Century Hills will bring a new home ownership option to the area for active adults (62+) to enjoy living in this vibrant community without the worries of maintenance, repairs, or repair bills. The homes will range in size from approximately 889–1,770 square feet on one level within a three-story building built over secure parking. Property features will include a community area with full kitchen, club room, fitness room, reading areas, shop/craft room, guest suite, garden plots, and underground temperature-controlled parking—all within a fully secure building.

The loan carries a 40-year term/amortization and was arranged for Village Cooperative of Century Hills.

Hartman Property Management Achieves World Class Ranking in Latest NPS Survey

Posted on by Sarah

August 5, 2022 (Houston, TX)—Hartman Income REIT Management, Inc. (Hartman), a commercial real estate operator of its portfolio owned by its affiliates, headquartered in Houston, Texas, announces its achievement and ranking as a World Class firm for its latest Net Promoter Score® (NPS) survey. The firm surpassed its previous score of 69.3 percent by charting a remarkable 71.2 percent for the third quarter of 2022.

“I cannot speak highly enough of our outstanding property management team whose hard work and dedication to their tenants are displayed through our results of the flawlessly executed survey. They genuinely care about their tenants, and this world class score undoubtedly establishes that truth!” shared Kelly Agent, Hartman’s Vice President of property management.

NPS is a market research tool used to measure the loyalty and satisfaction of a company’s customers. In turn, companies use the collected data to assess and improve customer service. Twice a year, Hartman’s property management team requests tenants to use the elective survey to rate their likelihood of recommending the company.

In July, Hartman’s property management team conducted the semiannual survey and received not only their highest score yet but with an improved response rate of 35 percent.

“Improving our score while also increasing the number of surveys taken is a record in and of itself.” shared Al Hartman, President and CEO. “Increasing the number of promoters and decreasing detractors while gathering the highest participation rate in our company history is a testament to the level of excellence on which our property managers operate on.”

Hartman’s world class score of 71.2 was achieved through the reception of perfect tenant ratings at 14 of its properties and ranks the firm 41 percentage points higher than the industry average. Other highlights include 80 percent of tenants identifying as promoters of the company.

The semiannual NPS survey is incredibly important to the firm as it helps Hartman’s property management team better understand its customers’ likes and dislikes, and also find areas for improvement. Within the survey, tenants are allowed to leave responses and feedback regarding their experience. Top feedback from

tenants included their appreciation for the team’s quick responsiveness to needs, availability to take phone calls, timeliness of regular check-ins, and friendliness when property management help was needed.

If you are looking to lease office, retail, or industrial space in Houston, Dallas or San Antonio, please contact a Hartman leasing agent for more information. A leasing representative can be reached by phone at 800-880-2212 or by email at leasing@hi-reit.com.

Gladstone Commercial Announces Five-Year Lease at Austin, TX Office Building

Posted on by Sarah

MCLEAN, VA / ACCESSWIRE / July 28, 2022 / Gladstone Commercial Corporation (Nasdaq:GOOD) (“Gladstone Commercial”) announced it has entered into a 5.7 year lease with Cognizant Technology Solutions U.S. Corporation (“Cognizant”) for 41,225 square feet of its 320,000 square foot, four story office building, located at 717 East Parmer Lane in Austin, Texas, bringing occupancy to approximately 70%.

“We are delighted to have Cognizant in our portfolio and express thanks to their real estate department for their assistance on the deal. We could not have asked for better partners. This transaction shows the strength of the Austin market and the resiliency of the office sector. I would also like to thank Bethany Perez and Colton McCasland of JLL for their untiring work,” said Perry Finney, Senior Vice President of Gladstone Commercial.

Buzz Cooper, Gladstone Commercial’s President, added, “Cognizant is a great tenant to have and adds to the strength of our already impressive roster of tenants. We appreciate the speed and efficiency in which they acted to execute the deal.” Click to read more at www.gladstonecommercial.com.