Sale of student housing community near University of Houston closes

JLL Capital Markets closed the sale of Vue on MacGregor, a 117-unit / 347-bed student housing community near the University of Houston.

JLL worked on behalf of the seller, Trimont, LLC and procured the buyer, Axonic Properties, LLC.

Built in 2014, the 96.3% occupied property features fully furnished one-, two-, three-, four- and five-bedroom units ranging from 369 square feet to 1,128 square feet. The units include in-unit washers and dryers, stainless steel appliances and granite countertops. Community amenities include dedicated study rooms, a swimming pool, two fitness centers, a business center, free community-wide Wi-Fi and cable, dog park and prime views of downtown from an upper view deck.

Situated at 4460 South MacGregor Way, Vue on MacGregor is 0.5 miles from the University of Houston campus and a 15-minute drive from Downtown Houston, which features 52 million square feet of office space. The property is ideally set in a quiet enclave near MacGregor Park, a short walk or shuttle ride to classes and only a few miles from the light rail providing access to downtown. Both Griggs Road Shopping Center and The Trail Shopping Plaza are a five-minute drive from the property. Additionally, residents have easy access to the greater Houston metro via nearby Interstate 45.

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Directors Teddy Leatherman and Scott Clifton, Director Kevin Kazlow and Analyst Danielle Rice.

GREA brokers sale of former president’s apartment in Houston

Jordon Emmott and Abraham Garza of GREA (Global Real Estate Advisors) brokered the sale of Chateaux Dijon Apartments from Investres (which purchased the property in 2018) to Three Pillars Capital Group. The 426-unit multifamily community is located in the Galleria area at 5331 Beverlyhill Street (77056).

Three Pillars has extensive renovation plans for the community that President George W. Bush once called home.

Emmott noted, “Chateaux Dijon is one of the most historic and recognizable apartment properties in Houston. The architecture was simply way ahead of its time and I am excited to see the asset being revitalized.” 

Partners arranges sale of last remaining building for TNRG Development at Intercontinental Crossing Business Park

Partners Real Estate, one of the largest independent commercial real estate firms in Texas, recently arranged a 23,100-square-foot sale at 18315 Aldine Westfield Road to close out a three-building industrial spec development project, totaling 93,350 square feet for TNRG Development at Intercontinental Crossing Business Park.

  • 18321 Aldine Westfield Road: 50,000-square-foot freestanding dock-high loading distribution building on ±2.56 acres
  • 18311 Aldine Westfield Road: 20,250-square-foot freestanding dock-high loading distribution building on ±1.50 acres
  • 18315 Aldine Westfield Road: 23,100-square-foot freestanding dock-high loading distribution building on ±1.30 acres

Partners’ Clay Pritchett, SIOR and Zane Carman represented the seller, TNRG Development, in each of these transactions.

Sale of neighborhood power retail center in Houston closes

JLL Capital Markets has closed the sale of Steeplechase Center, a 195,575-square-foot neighborhood power retail center in Northwest Houston, Texas.

JLL represented the seller, Jones 1960 Crossroads, LLC, and Highland Capital acquired the asset.

The 82% occupied Steeplechase Center is leased to Goodwill, Melrose, Citi Trends, Uptown Beauty, Dollar Tree, dd’s Discounts, 99 Cents Only, Big City Wings, Leslie’s Pools, Rent a Center, La Reyna Tortilleria, Kim’s Hair Salon, Imperial Foot Reflexology, Iris Nails and Spa, Nancy’s Tailor, Metro PCS, Pho Town, Checkers and Ostioneria Michoacan.

The property is located at 10705-10951 Jones Rd. directly off of Cypress Creek Parkway. The center is approximately a 30-minute drive from Downtown Houston.

The JLL team that represented the seller was led by Senior Director John Indelli and Senior Managing Director Ryan West.

Midway and Parkway form real estate investment, operations and management firm

Privately owned, full service real estate firms Parkway Property Investments, LLC (Parkway) and Midway Holdings, LP (Midway) have entered into a definitive agreement whereby the companies will form a new, fully diversified real estate investment, operations, and management firm. The new firm enables two nationally recognized firms with over 100 years of collective experience to share capital and complementary expertise. The firms will work together to increase investment and expand ownership and operations across the Sun Belt region and beyond, with a focus on creating remarkable places and sustainable assets.

The new combined firm, which will employ approximately 300 team members, will be headquartered in Houston, and will have people and/or assets in 13 markets across Texas, Florida, Georgia, Virginia, Arizona, Colorado, and California. The full integration of the Parkway and Midway teams is targeted for Q3 2023.

Upon full integration, Bradley Freels and James Heistand will serve as co-executive chairmen of the new firm’s board, and Jayson Lipsey and Jamie Bryant will serve as co-chief executive officers of the new firm. The remainder of the new company’s leadership team will include executives from both Midway and Parkway. A. Noni Holmes-Kidd will serve as chief legal officer, Matt Mooney will serve as chief operating officer, John Kosciulek will serve as chief financial officer, and Pam Jesse will serve as chief people officer.

Midway will continue to operate its development entity under current management. 

Partners Real Estate arranges sale of 69,125-square-foot single-tenant industrial portfolio in Houston

Partners arranged the sale of a 69,125-square-foot single-tenant industrial portfolio comprising of five buildings located at 12839 FM 529 Road and 6919 Mayard Road in Houston, Texas.

Partners’ Cary Latham and Hunter Stockard represented the seller AMAG Holdings LLC in the transaction. Blake Deer & Carson Deer of Capital Real Estate Commercial represented the Buyer, Capital Real Estate Investments.