Colliers Mortgage closes Fannie Mae loan for the acquisition of The Bradford in Buda, Texas

Fritz Waldvogel of Colliers Mortgage closed a Fannie Mae loan for a repeat client for the acquisition of a market-rate multifamily property in Buda, Texas, The Bradford.  Community amenities at the 264-unit gated community property include concierge service, 24-hour fitness center, carport parking, business center, clubhouse with free wi-fi, resort style swimming pool and sundeck and gourmet coffee bar.

The loan carries a five-year term and was arranged for transaction sponsor, SPI Advisory.

Chicago-based W.E. O’Neil to launch Austin office June 1

Chicago-based W.E. O’Neil Construction, a nationwide leader in the commercial construction industry, announced the official opening of its Austin office on Thursday, June 1. Members of the media will have the opportunity at the event to speak with W.E. O’Neil executives about the company’s Texas launch, their plans for the Greater Austin/Central Texas market and O’Neil’s steady growth since its founding in 1925.

In May 2022, W.E. O’Neil announced it had acquired Austin-based DCA Construction. DCA’s management team will remain in place and the firm will officially become W.E. O’Neil Construction on June 1. The Austin offices are located at 8868 Research Boulevard, Suite 500.

W.E. O’Neil, a 100% employee-owned firm, has completed several projects for longtime clients in Texas over the past decade. The firm brings a deep well of in-house resources, financial strength and nearly 100 years of construction expertise to the Austin commercial real estate and development market. With the DCA acquisition, O’Neil now has a total of 12 office locations in about 20 markets nationwide.

The Austin office will serve the entire state but will focus on penetrating the Greater Austin/Central Texas area’s multifamily, hospitality and retail segments, as well as counter-cyclical markets like aviation, healthcare, higher education and senior living. Goals for the local market are to generate $375 million in opportunities and secure $75 million in awards, leading to $100 million-plus in real 2023 backlog while achieving 10% consistent sales growth and at least a 60% net promoter score from clients year over year.

W.E. O’Neil has projects in progress across Texas, from Fort Worth to Austin to Corpus Christi. They include Junction 2035, a 14-acre site with 3,500 square feet of spec office and restroom build-out (Fort Worth); Kyle Retail, consisting of the construction of two retail shell buildings totaling 19,000 square feet separated by a lighted courtyard (Kyle); and Nordstrom Park Lane, the 27,000-square-foot interior renovation of an existing Nordstrom Rack store, including flooring, bathroom fixtures and finishes, mother’s room, dressing room partitions and finishes, breakroom, employee lockers and cash-wrap relocation (Dallas). O’Neil is also renovating Nordstrom Rack stores in Allen, San Antonio and Plano. Earlier this month, the Texas Department of Public Safety awarded the firm a contract to build a 13,000-square-foot vehicle licensing and registration/driver testing facility in Plano. A list of other notable completed projects can be accessed here.

In 2025, W.E. O’Neil Construction will celebrate its centennial anniversary. This year, in its 98th year of business, W.E. O’Neil expects to rack up annual revenue of more than $1.4 billion, which includes 80% repeat business.

The acquisition of DCA enables W.E. O’Neil to better serve clients by offering several additional resources, including full-time building information modeling (BIM) and virtual design and construction (VDC); preconstruction and estimating department with a staff of 15; mechanical, electrical and plumbing management; and marketing and business development. Over the past 12 months since the acquisition, W.E. O’Neil has hired five new employees and plans to hire more with a goal of 28 employees by 2025. Currently, the Austin office employs 19. The firm is actively recruiting project estimators, project managers and project superintendents. W.E. O’Neil Construction is an employee stock ownership (ESOP) firm, meaning it is 100% employee owned. Currently, O’Neil has approximately 503 employee-owners, 42% of whom have been with the company for more than five years. Its senior leadership team has an average of 30.3 years of industry experience.

HDA selected for new Love’s Truck Solutions facility in Natalia

HDA Architects, one of the nation’s leading architectural, interiors and master planning firms, is nearing completion on one new Love’s Truck Solutions facility in Natalia, Texas.

Love’s Truck Solutions, Natalia, is a 252,500-square-foot, $23 million facility that will contain a tire warehouse, temperature-controlled storage space, retread bays and a 5,500-square-foot office. Building components include two drive-up doors, 24 full docks and four overhead door KO panels. Located adjacent to an existing Love’s Travel Stop, the concrete tilt-up facility will serve as an essential component to conveniently serving Love’s customers all in one location.

The location is on track to beat its expected completion date, wrapping up construction this August. The team consists of Catamount Constructors, Ambrose Property Group, Vickrey & Associates, LLC and Alper Audi, Inc.

SPI Advisory invests in property in the suburbs south of Austin

SPI Advisory (SPI) and its 1031 partners finalized the acquisition of The Bradford, a 264-unit, Class A- institutional-quality, value-add apartment community built in 2010 in the high-growth suburb of Buda, Texas, just a 20-minute drive south of Downtown Austin. This acquisition highlights SPI’s continued expansion in the submarket as one of Hays County’s largest landlords with nearly 1,100 units owned and operated between Buda & Kyle.

The area within a three-mile radius of The Bradford experienced a 159% increase in population over the past decade but Hays County has been identified as one of the fastest-growing counties in both Texas and the nation (U.S. Census Bureau; The Greater Austin-San Antonio Corridor Council, 2022).

Previous ownership upgraded a handful of the property’s existing units with premium finishes, appliances, and more contemporary design elements. SPI will continue programmatic upgrades to a handful of units per month for the next two years but intend to leave 50% of the property with affordably priced “classic” units to serve a broader range of prospective tenants long term. 

Silver Star Properties shares new leasing activity in San Antonio and Dallas

Silver Star Properties REIT, Inc. (Silver Star Properties), formerly known as Hartman Short Term Income Properties XX, Inc. has announced new leasing transactions in San Antonio and Dallas:

  1. City Oritente, Inc. Renewed 4,007 square feet at 8610 North New Braunfels in San Antonio, Texas.  In the transaction, Kaila Brodeur represented the landlord, Silver Star Properties REIT. 
  2. Foot Locker Retail, Inc. Renewed 3,484 square feet at 5486 Walzem Road in San Antonio, Texas. In the transaction, Brent St. Amant and Kaila Brodeur represented the landlord, Silver Star Properties REIT. 
  3. Pecos Construction LLC renewed 3,609 square feet at 8111 LBJ Fwy in Dallas, Texas. In the transactions, Lynna Smith and Katie Covarrubias represented the landlord, Silver Star Properties REIT. 

$32.125 million financing secured for multi-housing development outside of San Antonio

JLL Capital Markets has closed the $32.125 million construction financing for the development of The Virginia, a 198-unit market-rate multi-housing project located in Seguin, Texas.

JLL represented the borrower, Periscope Capital Investment and Verdot Capital, to secure the 15-year, floating-rate loan through a regional bank.

With an anticipated completion in 2024, the three-story project will offer one-, two- and three-bedroom units, averaging 892 square feet. Community amenities will include a best-in-class fitness center, sauna, yoga room and swimming pool, as well as a a recreational patio, a business center, barbeque areas, dog parks and more. A second phase of this project will be delivered in 2025, which will bring the total market-rate units to 424.

Located at 3501 N. Austin St., The Virginia is located thirty minutes east of San Antonio and about an hour south of Austin. The site also features direct access to Interstate 10, which is a direct transportation artery into Downtown San Antonio. Seguin serves as the retail hub for three major counties, Guadalupe, Gonzales and Wilson, and the site provides convenient access to downtown Seguin, which houses the bulk of the retail options. Nearby attractions include ZDT’s Amusement Park, The Seguin-Guadalupe Heritage Museum, Walnut Springs Park and Max Starcke Park and Golf Course.

The JLL Capital Markets Debt Advisory team was led by Director Alanna Ellis, Managing Director Jeff Lepley and Associate Alex Sheaffer.