Hyatt Hotels Corporation has opened Thompson Dallas, the first Thompson Hotel property in Texas. The 219-room hotel is located at 205 N. Akard Street in the historic George-Dahl-designed building, The National, which recently underwent a $460 million preservation effort. The hotel’s design is brought to life through a collaboration between Caroline Todd of Todd Interiors and Cindy Zelazny of Interiors Limited. Merriman Anderson Architects are the architects of record for the development and are also involved in the interior design. “Modern-day Dallas represents a global destination for culture, gastronomy and entertainment, and Thompson Dallas personifies the evocative spirit and refined edge of one of The Lone Star State’s most sophisticated cities,” said Steve Shern, general manager, Thompson Dallas. “This is a historic moment for Dallas, and we are proud to welcome guests, World of Hyatt members, customers and the Dallas community to experience Thompson Hotels’ unparalleled guest experience.” Originally designed by George Dahl, the architect responsible for iconic Dallas establishments such as the art deco buildings of Fair Park and Neiman Marcus Downtown, The National historic elements include restored original wood panels inlaid with brass that line the walls of the ninth floor and the original 17,555 hand-cut exterior marble panels sourced from the same quarry as the marble used for the Parthenon. More than $2 million of art and one-of-a-kind furnishings from Frieze London, PAD London, and internationally recognized galleries were personally selected by interior designer Caroline Todd and are located throughout the property. Beyond housing Thompson Dallas, The National expects to be home to a variety of influential businesses and organizations including Downtown Dallas, Inc. Thompson Dallas is part of one of the largest adaptive reuse projects in the history of Texas. Further, Thompson Dallas’ guestrooms average 700 square feet and feature walnut and brass headboards that echo restoration efforts. Guestrooms include 52 suites and two penthouse suites. Led by culinary director Jeramie Robinson, formerly of Uchi and The Rosewood Mansion on Turtle Creek, and director of restaurants, bars, and events Jonathan Geffrard, a 12-year veteran of Hillstone Restaurant Group, Thompson Dallas currently boasts two restaurant experiences: Catbird and Nine at The National.
Alliant Credit Union recently closed on two multifamily loans in Texas, one for the acquisition of an apartment community and the other for the refinance of a student housing property. The value of the loans totaled $39 million. Alliant closed on a loan for the acquisition of a 385-unit multifamily property located in southwest Texas, close to the nation’s largest inland port with a strong economy anchored in logistics and transportation. The seven-year loan included a 30-year amortization schedule and longer-term flexibility with additional benefits to be realized in the future based on certain financial metrics. This transaction was referred to Alliant by Michael Thompson at CBRE. “Our team’s collective knowledge and experience in the multifamily sector, along with the mortgage brokers’ knowledgeable input, enabled us to finance the acquisition of this strong asset with highly experienced ownership and management,” said Tim Madigan, commercial loan originator at Alliant. In the Dallas-Fort Worth metropolitan area, Alliant closed on a loan for the refinance of a 90-unit, 132-bed student housing property adjacent to a local university. The five-year loan has an interest-only period followed by a 30-year amortization schedule. This transaction was referred to Alliant by Dean Giannakopoulos at Marcus & Millichap Capital Corporation. The resort-style property is completely differentiated within its immediate area, offering high-quality construction, innovative design and best-in-market product features. The community features shared amenities including a pool and game room and is conveniently located near the campus and abundant recreational, shopping, dining and nightlife venues. “The property’s unique features and strong location helped it bounce back quickly when occupancy uncharacteristically dropped, stabilizing to over 90 percent occupancy within a few short months,” said Yonah Sturmwind, loan originator at Alliant.
Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of The Grand on Beach, a 304-unit apartment complex in Haltom City, Texas. Bellrock Real Estate Partners acquired the property from CLX Ventures for an undisclosed sum. “The Haltom City-Meacham submarket continues to be one of the most stable in Dallas-Fort Worth,” said Drew Kile, IPA senior managing director. Kile and IPA’s Will Balthrope, Joey Tumminello and Grant Raymond represented the seller and procured the buyer. “This asset was one of the first new-construction buildings delivered since the interstate expansion was completed,” said Tumminello. “We brought in a first-time local buyer who understands the long-term value of owning in this submarket.” The property has controlled entry access gates, a native-plant landscape design, a hammock garden and a resort-style swimming pool, among other shared amenities. Apartments average 818 square feet in size and have private patios and balconies. Select units have pet yards. “IPA covers all the major metros in Texas with one team that has access to multifamily investors throughout the country, and these factors contributed greatly to the success of this closing,” said Balthrope. Located five miles north of Fort Worth, The Grand on Beach was built in 2019 on 15 acres. The 820 Exchange, a 1-million-square-foot business park, is a half-mile away. Major businesses in the area include BNSF Railway, American Airlines, Bell Helicopter, Acme Brick, Pier 1, TPG Capital, Renfro Foods, Dannon, Rahr & Sons Brewing Co., and Fresnel Technologies. Downtown Fort Worth has over 13 million square feet of office space and is home to more than 30,000 companies.
D.R. Horton has purchased a 170-acre residential development site in North Fort Worth with plans to buildD.R. Horton has purchased a 170-acre residential development site in North Fort Worth with plans to build specialize in land and lot sales to homebuilders and master-planned community developers throughout the metroplex for Land Advisors Organization’s Dallas-Fort Worth office, represented the seller in the transaction. No purchase price was released. The site is located a few miles north of Interstate 820, on the south side of Bailey Boswell Road and offers access to Boat Club Road to the west and Business Highway 287 to the east, providing commuting access for future residents. The property is directly adjacent to Boswell High School and minutes from Wayside Middle School and Bryson Elementary School making it an ideal location for families. Eagle Mountain Lake and the Fort Worth Nature Center and Refuge to the west of the property compliment the sites desirable location by also offering residents quick access to outdoor recreational space, according to Land Advisors Organization. Click to read more at www.fortworthbusiness.com.
TexAmericas Center broke ground on a new speculative building to support future tenants relocating to, or growing in, the Texarkana region. The 150,000-square-foot building on 24 acres will be ready for new tenants in the summer of 2021 and is the first new building in the industrial park in 15 years. The spec building provides potential tenants with a space that has key required features and will be ready for immediate occupancy. In addition to the extended timeline that a build-to-suit option may have, a spec building also can limit upfront investment hurdles for potential tenants. “A spec building allows us to offer potential tenants the type of facility and features in demand without the time and expense of a custom contract,” said Scott Norton, executive director/CEO of TexAmericas Center. “It’s like an ‘If you build it, they will come’ investment in the future of our region.” TexAmericas Center leaders worked with other community economic development professionals to plan the building which includes features that are attractive to potential tenants, flexible across a variety of industries and scalable to meet a host of needs. The building is designed as a multi-tenant, mixed-use facility with 32-foot clear height ceilings, one dock door per 5,000 square feet and two drive-in doors. The building will accommodate uses like large warehousing inventory akin to what you would find in a large metro market with the capability to subdivide down to 13,000-square-foot units as needed. “We hear, time and again, that companies considering relocation or expansion at TexAmericas Center are impressed with the infrastructure updates made to the industrial park and appreciate an impressive transportation corridor that uses multiple state highways, interstates, air freight and rail lines to disperse from a central U.S. location,” said Norton. Additionally, new companies have access to a deep supply of skilled workers from a wide range of schools in the Texarkana area. TexAmericas Center has a 500-mile reach of 53.8 million people, which is 10 million more than the 500-mile reach of Dallas. “The spec building is yet another example of our flexibility and adaptability to meet unique business needs,” said Eric Voyles, executive vice president and chief economic development officer with TexAmericas Center. “When a potential business wants to locate here, we help manage upfront investment and become their partners. They can feel confident in taking that next step because we have skin in the game, too.” The groundbreaking for the spec building is just another in a series of successes for TexAmericas Center. In July, it announced that Lockheed Martin, a global security and aerospace company employing more than 110,000 people worldwide, will expand operations in support of a public/private partnership contract with the Red River Army Depot. TexAmericas Center was named the site of a proposed new $200 million regional water treatment center to support long-term growth projections for the region and added third-party logistics services to its suite of business services.
CBRE announced the sale of Bella Vista Creek, a 272-unit, Class B multifamily community located at 3402 S. Buckner Boulevard in Dallas. Austin-based GVA Management purchased the property from Canada-based AmeriCan Multifamily Alliance Group led by Patrick and Madeleine Gergen. Chris Deuillet and William Hubbard with CBRE Capital Markets’ Investment Properties in Dallas and Jeff Kunitz and Mike Canori with CBRE Affordable Housing in Seattle represented the seller. Terms of the transaction were not disclosed. Before purchasing the property, GVA Management already had a significant presence in the Dallas-Fort Worth market as they currently own and manage over 1,200 units in multiple complexes in the area. They made the decision to purchase the property as they look to expand in the metroplex. Constructed in 1985 and 1987, Bella Vista Creek features a mix of one- and two-bedroom units and community amenities including a business center, clubhouse, swimming pool, and gated access. The buyer has plans for an extensive rehab project, giving them an opportunity for additional rental income after the LIHTC LURA expires in 2021. “Having sold the property to the current owners, I was able to see the full evolution of the property with the sellers,” said Deuillet. “We’re seeing the level of interest in larger sized multifamily properties exceed pre-COVID levels as investors can take advantage of spending the money now to see an exponential amount of reward in the future.” “Our investors were very pleased with the profits received as a result of this sale,” said Patrick Gergen, CEO of AmeriCan Multifamily Alliance Group. The property was 93 percent occupied at the time of sale.