Davis Healthcare Real Estate acquires health and wellness center in San Antonio

Davis Healthcare Real Estate has completed the acquisition of the two-story, UT (University of Texas) Health & Wellness Center in San Antonio, Texas, which allows the real estate investment firm to expand its holdings in a growth-oriented market.

The building was acquired by Davis Medical Investors, LLC in an off-market transaction for $24.31 million or $332 a square foot.

The 73,390-square-foot UT Health & Wellness Center is located at 5788 Eckhert Road. The building, formally leased to the VA, was originally developed in 1998 and went through a comprehensive renovation program by the previous owner in 2022. It is fully leased to the University of Texas Health System who view this as a strategic location for the future.

The UT Health & Wellness Center is located in the heart of the 900-acre South Texas Medical Corridor area that continues to attract widespread attention and spawn significant new development in the area. The South Texas Medical Center is home to 9 major medical institutions—including the University of Texas—and hundreds of offices that employ more than 30,000 healthcare and related service professionals. Among some of the specialty areas it is known for include cardiovascular, rehabilitation, neurosciences, neonatal and emergency services, among others.

Ryan Companies tops out Rivette Tower multifamily community in Mueller

Ryan Companies US, Inc., a national commercial real estate solutions provider, announced the topping out of Rivette Tower, a 345-unit multifamily community in Mueller. The project, which is adjacent to the former airport’s iconic control tower structure, includes two mid-rise, three- to five-story buildings with diverse exterior architectural elements, as well as approximately 2,500 square feet of ground floor retail space located near the corner of Berkman Drive and McCurdy Street.

This milestone marks the structural completion of the community’s two buildings. Construction will now be focused on finishing the remaining residences, and the amenity and landscape elements of the project. The 538,000-square-foot project will include a resort-style pool, private courtyards, thoughtfully designed gathering and co-working amenity spaces, ample outdoor private and gathering areas, a central paseo, expansive pet amenities, bike maintenance and storage facilities, and a rooftop deck overlooking the control tower and city skyline.

Rivette Tower is expected to be completed by Q3 2024, with initial residences being available for move in by Spring 2024. The community will feature one-, two- and three-bedroom apartments and 15% of the 345 residences are reserved for Mueller’s Affordable Homes Program, available to households earning up to 60% of the Austin area’s median family income.

Ryan is the developer and builder, and Ryan A+E Inc., the design studio of Ryan, is the architect of record. Ryan has partnered with Lake|Flato, GarzaEMC, Integrity Structural, Aptus Engineering, Land Design and Ink+Oro as additional design consultants. Rivette Tower will have a variety of green building elements in pursuit of the U.S. Green Building Council LEED certification and an Austin Energy Green Building (AEGB) rating.

Newmark arranges sale and financing of value-add multifamily asset near Downtown Austin

Newmark has arranged the sale and financing of South Congress Commons, a 68-unit value-add multifamily asset located minutes from Downtown Austin, Texas. The asset was acquired by an affiliate of Narrow Road Group, an Austin-based investor, operator and developer of local residential real estate.

Newmark Director Chase Easley was retained by seller Firm Capital to market the sale, which resulted in Newmark’s second successful closing of this asset. Vice Chairman Anthony Tarter of Newmark’s Debt, Equity & Structured Finance group helped arrange the financing on behalf of the buyer.

Located at 126 W. Alpine Road, South Congress Commons is a garden-style property offering an array of amenities to its residents, including a fully fenced dog park, a courtyard space, an outdoor grilling and picnic area, laundry facilities and spacious studio and one-bedroom floor plans. New ownership of the property has the opportunity to revamp both unit interiors and community amenities, positioning it to compete effectively with newer properties in the market.

Situated on 1.98 acres, South Congress Commons is conveniently located just over two miles from Austin’s CBD and enjoys proximity to the city’s South Congress (SoCo) district, one of the county’s most famous corridors lined with vibrant nightlife, retail boutiques and live music venues. The property also benefits from a strong local economic landscape, with an average household income exceeding $111,800 and an average home value of $523,704 within a three-mile radius, according to the U.S. Census Bureau in 2023.

The NRP Group celebrates groundbreaking for new affordable community in Schertz

The NRP Group’s commitment to creating high-quality housing continues with a new 300-unit apartment community in Schertz, Texas, known as Aviator 1518. It is the first-ever affordable housing development created through a partnership between the Schertz Housing Authority and The NRP Group. 

Located at 9120 E. FM 1518 N., Aviator 1518 rent will range from $706 to $2,245 per month for one to four-bedroom floorplans. The development name is inspired by Randolph Air Force Base and its relationship to the rich history of Schertz. Amenities will include a playground, pool, clubhouse and fitness center. 

Units in the complex’s three-story central building are built with elevator-accessible design, and the community is located within the Schertz-Cibolo-Universal City Independent School District boundaries, ensuring families with children have access to quality education.

The project is financed by 4% housing tax credits allocated by the Texas Department of Housing and Community Affairs Additional development partners include Bank of America, Bexar County, Texas Home Collaborative, Coats Rose, MTR Engineering and Alta Architects.

Aviator 1518 is slated for completion in 2026, with pre-leasing beginning in 2025.

Partners Real Estate arranges sale of 12,970-square-foot retail property in San Antonio

Partners Real Estate (Partners), one of the largest independent commercial real estate firms in Texas, arranged the sale of a 12,970-square-foot retail property located at 2714 West Ave. in San Antonio.

Partners’ Landan Dory represented the seller, HW West Ave LP in the transaction. The buyer was represented by Roxana Tofan.

Financing secured for Northwest San Antonio single-family build-to-rent

JLL has arranged the refinancing for Farm Haus, a 142-unit, single-family, gated built-to-rent community located in San Antonio, Texas.

JLL worked on behalf of the borrower, AHV Communities, to secure the four-year, fixed-rate loan through a life insurance company.

Completed in 2022, the gated community features two-, three and four-bedroom homes with private yards, attached garages, smart home technology, stainless steel appliances, quartz countertops and nine-foot ceilings. Community amenities include a lounge and community conference room, a resort-inspired pool with sun deck and bocce/game court, a 24-hour fitness center, a dog park, BBQ picnic areas and more.

Situated at 8150 W. Hausman Road, the community sits in the coveted Northwest San Antonio market. The property is minutes from Loop 1604 and San Antonio’s medical center, and residents are also just three miles from The University of Texas at San Antonio. Additionally, the location provides easy access to SeaWorld, Fiesta Texas, La Cantera Shopping Center and Historic Downtown San Antonio.

The JLL Capital Markets Debt Advisory team was led by Managing Director Matthew Putterman and Analyst John David Johnson.