Category: North Texas Deals & Announcements

Huffines Communities Announces Sale of 644-unit Apartments

Posted on by Sarah

Dallas, Texas – Huffines Communities, one of the largest residential developers in the DFW Metroplex, announced the sale of the 644-unit Harmony Hill Luxury Apartments. The two-time MCSam ‘Multifamily Community of the Year’ was sold to the Seattle-based Weidner Apartment Homes in May.

Harmony Hill Apartments was not on the market and the opportunity for sale was originated by Kevin O’Boyle with CBRE. “Our firm was in the process of refinancing the asset when we were approached with an offer we could not refuse,” said Haley Gigliotti, Huffines Communities’ Director of Multifamily.

This exit for Huffines comes only 2 years after the firm sold their flagship development, Hebron 121 Station, to a New York based buyer. Hebron was a Class-A trophy asset with over 1,400 units located in Lewisville, Texas. Despite the recent exits, Phillip Huffines, President of the firm, passionately believes in developing for long term holds. He and his brother Donald enjoy the details of design and creating unique communities that consistently outperform the competition.

About Harmony:

Harmony Luxury Apartments in Rowlett, Texas, offers spacious one-, two-, and three-bedroom floorplans and over the top amenities, with 10’ ceilings and a 17,000 SF Clubhouse. The 15-building garden-style community was built in two phases. Phase 1 of the project has a total of 326 units, and upon completion in 2017, there was a resident waiting list. Phase 2, totaling 318 units, was completed in 2019 and has been equally successful.

About Huffines Communities:

Huffines Communities, founded in 1985, started primarily as a residential land development firm. Today, the company is one of the largest, privately held, multifamily and single-family developers in the Dallas-Fort Worth area. The firm has built over 2,400 apartment units and over 15,000 single-family lots in the last 15 years.

About Wiedner Apartment Homes:

Wiedner is a privately held Seattle-based company that owns over 57,000 units across 12 states and two countries, according to NMHC. The firm’s founder, Dean Weidner, bought his first rental property in Seattle, WA in 1977 and now ranks as the 15th largest apartment owner in the United States.

GREA Closes Three Multifamily Properties in Arlington

Posted on by Sarah

GREA (Global Real Estate Advisors) has announced the sale of three multifamily properties in the Dallas-Ft. Worth Metroplex totaling 217 units. Avalon Apartments, 75 units in Arlington; Tuscany Square, 70 units in Arlington; and Regency Apartments, 72 units in Arlington.

GREA Executive Managing Director Mark Allen represented the sellers and assembled the portfolio for a single, out-of-state buyer.

Each property was built in the 1960s, but has not been modernized in several years. The new ownership plans to vastly improve each community to provide higher quality housing for Arlington’s residents.

Arlington boasts a thriving rental market with consistent high growth and occupancy. The city is ranked in the top 15 of the safest and most livable cities in the country, drawing new residents looking to take advantage of its great amenities and growing job base.

Dallas – Fort Worth continues to soar to the top of the list of the country’s biggest real estate investment markets. Over the past four quarters, DFW was No. 1 in the nation in multifamily investments. The region saw $29.2 billion in total volume, accounting for 7.8% of the U.S. total.

The Woodmont Company Begins Construction of New Starbucks in Longview

Posted on by Sarah

The Woodmont Company, a national real estate firm specializing in the development, management, leasing and sale of retail properties, has started construction on a new Starbucks located at 3620 Estes Parkway adjacent Interstate 20 in Longview, Texas. The restaurant will feature a drive-thru and outside seating but no indoor dining.

The Starbucks building replaces a gas station that was demolished. This restaurant will be located next to a new McDonalds.

$58.3 Million Financing Secured for Texas Multi-Housing Development

Posted on by Sarah

JLL Capital Markets announced today that it has closed the $58.3 million construction financing for The View at Sapphire Bay, a Class-A, 394-unit, mid-rise multi-housing community located on the shore of Lake Ray Hubbard in Rowlett, Texas.

JLL represented the borrower, Zale Properties, to secure the eight-year, fixed-rate construction loan through Principal Global Investors.

Upon completion in May 2024, the five-story View at Sapphire Bay will consist of one-, two- and three-bedroom floorplans with an average unit size of 941 square feet. The units will feature open island kitchens, white custom cabinetry, full-size washers and dryers, pendant lighting, walk-in closets, quartz and granite countertops, ten- to fourteen-foot ceilings, hardwood style flooring, stainless steel appliances and private balconies. Community amenities will include co-working office space, game rooms, resort-style pool, a cabana and grill house with outdoor fireplace, a fitness center, a pet spa, a garden courtyard and kitchen and a landscaped picnic area.

The site is advantageously located within the master-planned, 116-acre, mixed use Sapphire Bay development, which will be anchored by a man-made lagoon and serve as a luxury resort destination within Texas.

Situated at 30 Dalrock Road, the property will offer residents immediate access to Interstate-30, one of the primary thoroughfares in the region that runs straight into downtown Dallas. It is proximate to a diverse corporate environment with City Line Development and Telecom Corridor just 20 minutes away. Additionally, downtown Rockwall is across the lake from the project and offers over three million square feet of retail, including The Harbor Rockwall, Steger Town Crossing, Rockwall Crossing and Plaza Rockwall.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director John Brownlee along with Director Wilson Bauer.

Dallas-based Investor Purchases Wisconsin MOB Portfolio

Posted on by Sarah

JLL Capital Markets announced today that it has closed the sale of a four-property, Class-A medical office portfolio totaling 111,827 square feet in Milwaukee and Green Bay, Wisconsin.

JLL marketed the properties on behalf of the seller, Stage Equity Partners, a leading private owner of medical office buildings, headquartered in Chicago. The portfolio was acquired by Big Sky Medical via a competitive process that yielded extremely strong interest from a range of institutional investors.

The portfolio is 98% leased overall, with 85% of the tenancy with market-leading, investment grade-rated hospitals, including Children’s Wisconsin, Hospital Sisters Health System, Ascension and Advocate Aurora Health Care. The medical office portfolio consists of:

4655 N. Port Washington Rd., Glendale
8375 South Howell Ave., Oak Creek
8800 Washington Ave., Mt. Pleasant
1727 Shawano Ave., Green Bay

Three of the four properties are in suburban Milwaukee, the largest city in Wisconsin and ranking as the 39th largest MSA in the country. Milwaukee is convenient to Chicago and boasts massive public and private investment in infrastructure, a vibrant and economically diverse employment base and a rich historical culture.

The JLL Healthcare Capital Markets team representing the seller was led by Senior Managing Directors Evan Kovac and Mindy Berman, Managing Director Tim Joyce, Director Matt DiCesare and Vice President Trent Jemmett. Local support was provided by Senior Managing Director Jamie Fink.