New York-Based Brokerage Ramps Up Multifamily Push in Texas, Nationally

Multifamily is hot in Texas – and across the U.S. – and New York-based Global Real Estate Advisors is pursuing opportunities to buy, sell and finance deals, with new offices.

The company was created as a national platform, combining various local or regional brokerages. Following deals in the Texas cities of Alice, Corpus Christi, Edinburg, El Paso, Harlingen and McAllen, GREA announced it was opening 11 offices nationwide, including three in Texas – Austin, Houston and Dallas – as well as eight cities nationally, including in Miami, New York and Chicago.

Joe James, one of GREA’s founding partners, is currently leading a team of five people working remotely as there is no plan for a physical office in Central Texas. The firm has recruited agents from commercial giants such as Brown Realty Advisors, Greystone SF, HFO Investment Real Estate, National Apartment Advisors and Rittenhouse Realty Advisors. According to a press release from GREA, these brokerages represented more than $4.5 billion in combined sales in 2021.

“This is a market where we are constantly seeing new buyers wanting to get in,” James told the Austin Business Journal. Click to read more at www.therealdeal.com.

Ariel Property Advisors Provides $21.7 Million in Financing for Five-Building Medical Portfolio in Houston

Ariel Property Advisors has arranged $21.7 million in financing for the acquisition of a five-building freestanding independent emergency room portfolio in Houston.

Financing was arranged by an Ariel Property Advisors team including Eli Weisblum, Director, Capital Services, and Paul McCormick, Senior Vice President, Investment Sales and Capital Services.

The 34,587-square-foot property consists of five freestanding emergency room buildings scattered across the Houston market. The 75-percent LTV financing was secured with an interest rate of 4.5 percent, a five-year term, no prepayment penalty and closed in 60 days.

Legacy MCS Fully Awarded Contract to Build the Station at St. Elmo

AUSTIN, Texas, Jan. 20, 2022 /PRNewswire/ — Legacy MCS, experts in Texas-based multi-family developments, have just been awarded the contract for The Station at St. Elmo. The South Austin mixed-use, condominium development will be one of the city’s most visible Live-Work residences. Located in the fashionable St. Elmo district, the project is already fully sold-out.

Construction will begin shortly and is expected to be finished in July, 2023. Legacy MCS is building the property for Legacy Communities. The architects are Mark Odom and Kelly Grossman, Interior Design and vision by Brewer Design Studios.

Legacy MCS is a group of dedicated professionals with decades of expertise in the Texas market and has most recently been recognized as a leader in Single Family Rental construction. Founded in 2015 by partners, Cass Brewer and Andrew Brewer, Legacy MCS is committed to offering a full range of world class construction management oversite with a wide range of proven experience and a return for their clients. Along with leading the way in Texas with the highest level of Single-Family Rental expertise in the market, their projects include apartments, condos, townhomes, student living, affordable housing, senior living, mixed-use and hospitality. Click to read more at www.prnewswire.com.

Federal Infrastructure Law Could Provide Key Funding for $700M-$800M I-35 Crossings in Downtown Austin

As the city of Austin’s plan for caps and stitches crossing I-35 near downtown progresses, the corridor program office is starting to think more specifically about how to fund such an expansive project.

The project would work simultaneously with the Texas Department of Transportation’s $4.9 billion overhaul of I-35 in Central Austin to create widened bridges, referred to as stitches, and decks, referred to as caps, over the highway from East Cesar Chavez Street to Airport Boulevard.

Mike Trimble, director of the corridor program office, said preliminary estimates suggest the cost to build the caps will be between $700 million-$800 million, including $450 million-$500 million for the cap structure and $250 million-$300 million for amenities and facilities on the surface.

“Really preliminary right now, and we really need to work with the community over this next year to start to develop what those desired amenities and improvements should be on the caps, and that will give us a much better understanding of what those cost estimates will be,” Trimble said. Click to read more at www.communityimpact.com.

Adolfson & Peterson Break Ground on New Hospital in Arlington

Adolfson & Peterson Construction and Reunion Rehabilitation Hospitals are celebrating the ground-breaking of a new location in Arlington with support from America Development & Investments LLC, a Dallas-based healthcare real estate developer.

Located at 4351 Centreway Place, the hospital will offer inpatient rehabilitation care for people with debilitating illnesses and injuries such as stroke and brain injury, as well as other complex neurological and orthopedic conditions.

Dallas-Fort Worth is one of the nation’s fastest-growing regions, according to recent U.S. Census Bureau estimates. Conversely, there is a lack of modern rehabilitation hospitals in the area. As Texas’ seventh-largest city, Arlington will benefit greatly from the services provided at Reunion Rehabilitation Hospital’s latest DFW location.

At 50,800 square feet, the three-story hospital was designed by Callaway Architecture and consists of standard steel construction with masonry veneer. The hospital features food services and dining areas, fitness and physical therapy spaces, medical staff rooms and expansive dayrooms for patients, and an outdoor courtyard for patients to practice walking on various surfaces and inclines. Moreover, the hospital’s location just off I-20 – approximately four miles west of its intersection with Texas State Highway 360 – provides easy access for patients in both North and South Arlington.

Reunion Rehabilitation Hospital Arlington is expected to open in January 2023 and will provide comprehensive inpatient physical-medicine rehabilitation therapies using results-oriented, individualized plans of care for patients in the Arlington area. The new hospital’s mission is to provide patients with best-in-class care provided by the finest caregivers in a unique, community-centric hospital environment.

The new hospital will also enable DFW residents to build fulfilling careers and join a team of excellent clinicians and support staff, including specialty-trained physical medicine and rehabilitation physicians.

Reunion Rehabilitation Hospital Arlington is one in a series of inpatient rehabilitation facilities that Reunion plans to develop across the country. In addition to the new Arlington hospital, ADI is developing a 55,617-square-foot hospital in Plano, Texas, a 47,000+ square-foot hospital in Englewood, Colorado, a 49,128-square-foot hospital in Peoria, Arizona, and a 51,000-square-foot hospital in Phoenix, Arizona.

Urban Logistics Realty Begins Construction on Two-Building Industrial Park Alcott Logistics Station

Urban Logistics Realty has broken ground on the 918,213-square-foot, two-building industrial park Alcott Logistics Station at the Southwest corner of E. Scyene Road and Faithon P. Lucas Sr. Boulevard in Mesquite.

Building D will total 592,995 square feet and Building B will total 325,218 square feet. Jason Nunley, Adam Herrin, and Drew Feagin with Urban Logistics Realty will head project development. Kacy Jones, John Hendricks, and Trevor Atkins with CBRE will handle leasing and marketing.

Once completed, the industrial park will accommodate 1,625 workers. Alcott Logistics Station is the second project to be completed by Urban Logistics in Mesquite. In early 2021, the company delivered Urban District 30, a 977,013-square-foot industrial park.

“We couldn’t be more excited to kickstart Alcott Logistics Station in Mesquite,” said Jason Nunley, co-owner and managing partner at Urban Logistics Realty. “With the success of our Urban District 30 development, it made total sense to partner with the City of Mesquite to activate this site in such a dynamic location.

“The naming of the project pays homage to A.R. Alcott, who filed the first plat in the township of Mesquite in 1873, and we thought a great symbol of the growth that continues to occur. The city has been a delight to work with and we are confident it will be a big win for everyone.” Click to read more at www.