Adventura, Florida-based Cardone Capital purchased two upscale apartment communities in the Houston Heights, for a combined total of 646 units.
One of the properties is 15th Street Flats, an eight-story, 337-unit apartment building located at 1414 North Shepherd Drive. The property was completed in 2021 and offers one-and two-bedroom units ranging from 638 SF to 1,273K SF. It also has the only rooftop pool in the Houston Heights.
The other property is Heights Waterworks, an eight-story, 309-unit apartment building located at 515 West 20th St. The property was completed in 2020 and offers one- and two-bedroom units, ranging from 600 SF to 1,265 SF.
Berkadia’s Chris Curry, Todd Marix, Jeffrey Skipworth, Joey Rippel and Chris Young represented the seller, Alliance Residential Co. Berkadia’s Mitch Sinberg, Matt Robbins and Brad Williamson secured acquisition financing on behalf of Cardone Capital CEO Grant Cardone.
Cincinnati-based Eagle Realty Group, on behalf of Western & Southern Financial Group, originated the loan. The loan has a six-year term, with three years interest-only at a fixed rate and a floating rate thereafter.
PEOPLE
Lionstone Investments appointed Cristen Conkling as a vice president on its Portfolio Management team, reporting to Chief Information Officer Andy Lusk. In the new role, Conkling is responsible for managing several of Lionstone’s significant investor relationships. She will provide guidance on portfolio construction, financing, operation and disposition decisions as well as manage delivery of performance reporting to investors. Conkling will also serve as a liaison between the investments and asset management teams.
Most recently, Conkling served as head of portfolio and asset management at Crow Holdings Partners in Dallas. Prior to that role, she spent 14 years at AEW Capital Management in Boston.
SALES
In an off-market transaction, Beyond Investments LLC acquired Briar Forest Plaza, a 12K SF, fully leased, Class-A retail project in the Energy Corridor. Located at 13346 Briar Forest Drive, the property was built in 2005 and is shadow-anchored by LA Fitness and surrounded by master-planned residential developments. NewQuest Properties’ David Luther and Dakota Workman represented the buyer. NewQuest Properties’ Kelley Workman represented the seller, F6 Properties Ltd.
***
Galium Capital purchased Millennium High Street, a 333K SF, Class-A, 340-unit mixed-use apartment and retail project in the River Oaks District. The property was developed in 2013 and is located at 4410 Westheimer Road. JLL’s Matt Kafka represented the seller, a partnership between Coventry Real Estate Advisors and The Dinerstein Cos., in the transaction.
***
29th Street Capital purchased San Cierra Apartments, a 362-unit apartment community, in the Cypresswood submarket. Built in 2008, the Class-A property will undergo improvements, including renovating unit interiors by adding smart-home features, modern backsplashes and updated kitchen appliances, improved landscaping and a new yoga/spin room. 29SC’s in-house property management group, Haven Residential, will oversee the management and leasing for the community.
***
Industrial Outdoor Ventures acquired a trailer yard at 3715 Oates Road and a trailer yard at 11326 Wallisville Road, both in Houston, for an undisclosed price. 3715 Oates Road is a 21.91-acre site made up of a crushed stone yard surface. The property includes four structures with office, shop and warehouse space, totaling 23.6K SF.
The 11326 Wallisville Road property is situated on 9.5 acres and includes a 1.4K SF modular structure. The fully fenced and secured property is 100% leased to two tenants. Qualified Properties represented both parties in the transaction.
***
TEHO International (USA) LLC purchased 9260 Bryant St., a 35.6K SF industrial property in Houston. NAI Partners’ Darren O’Conor represented the buyer, while JLL’s Ryan Fuselier and David Buescher represented the seller, Bryant Street Building Ltd.
***
Revolution Manufacturing LLC purchased 8525 West Monroe, a 19.3K SF industrial building in Houston. RockCenter Realty’s Judy Kay represented the buyer, while NAI Partners’ Darren O’Conor represented the seller, ASR Realty Inc., in the transaction.
***
Tanglewood Resort Properties purchased a 10K SF former daycare building on 1.35 acres at 5433 North Fry Road in Katy. Newman Kelly’s Jared Pinto represented the seller, an Oregon-based investor, in the direct deal. The property was marketed via Ten-X, and the deal closed 30 days after going under contract.
***
A private investor group managed by Concierge Management and led by Akbarali Momin acquired Fairway Retail Center, a 49.6K SF, fully leased strip center in Pasadena. The property was completed in 2002 and is situated on 4.63 acres at 5575-5769 Fairmont Parkway. JLL marketed the property on behalf of the seller, an affiliate of Camden Securities Co. Additionally, working on behalf of the new owner, JLL placed the 10-year, fixed-rate acquisition loan with Starwood Mortgage Capital.
Commercial Partners’ George Tesfa represented the buyer, while the JLL Retail Capital Markets team representing the seller was led by Rusty Tamlyn, Ryan West and Bryan Strode. The JLL Capital Markets Debt Advisory team representing the new owner included Michael Johnson, Jack Britton and Stuart Hepler.
***
An undisclosed buyer purchased a 10.8K SF industrial building on 10 acres at 5210 Oates Road in Houston. Lee & Associates’ C.E. “Trey” Erwin III represented the seller in the transaction.
***
An undisclosed buyer purchased a 40.5K SF manufacturing building on 2.86 acres at 21225 FM 529 in Cypress. Lee & Associates’ Mike Spears and Thomas Leger represented the seller, Bluestone 19 LLC, in the transaction.
***
An undisclosed buyer purchased 8.6 acres at the corner of Bellaire Boulevard and Mason Road in Richmond. DMRE’s David Marshall represented the buyer, while Lee & Associates’ Taylor Schmidt represented the seller, Marrakech Realties Inc.
***
An undisclosed buyer purchased 7.5 acres at 16505 U.S. Highway 90A in Missouri City, for the construction of a 113.4K SF distribution center. Lee & Associates’ Taylor Schmidt and Junction Commercial Real Estate’s Reed Vestal represented the seller, FT BEND LC LLC, in the transaction.
LEASES
Starbucks leased a pad site located at the corner of Post Oak Boulevard and Post Oak Park Drive in Houston. The pad site sits on 0.54 acres and will accommodate a 2.1K SF building, including a drive-thru, space for parallel parking and multiple patios. The Retail Connection’s Lasater Miller represented the tenant, while Colliers International’s Kim Lenardson and Hannah Tosch represented the landlord, Regent Properties, in the transaction.
***
Geeks of All Trades leased 10.2K SF, located at 21151 State Highway 249 in Houston. RESOLUT RE’s Taki Dallis represented the tenant, while Oldham Goodwin’s Tyler Reiley represented the landlord.
***
AES Drilling Fluids leased 27.6K SF of office space at 575 North Dairy Ashford Road in Houston. The new office will house their corporate headquarters as well as a laboratory. NAI Partners’ Griff Bandy and Joe Bright represented the tenant, while CBRE represented the landlord in the transaction.
CONSTRUCTION AND DEVELOPMENT
Construction began in January on the new TMC3 Collaborative Building within the 37-acre TMC3 life sciences campus in the Texas Medical Center. The 250K SF joint research building is scheduled to open in fall 2023. The building will be shared with academic healthcare institutions, commercial life sciences companies and industry leaders.
The four-story building will include a 43K SF joint research lab, composed of both lab and office/coworking space. The space will be built as an open environment with collaborative digital platforms to facilitate seamless idea exchange.
Another 5K SF of lab and office space will be developed for industry partners, and MD Anderson will create an additional 14K SF space for strategic initiatives. The building also includes 14.2K SF that will host TMC’s strategic initiatives: Braidwell, the TMC Venture fund, and national venture and equity fund partners. The building was designed by Boston-based Elkus Manfredi Architects.
***
The City of Beaumont Housing Authority, in partnership with Brinshore Development, has selected Cadence McShane Construction Co. to complete Century Heights, a four-story, 200-unit affordable active senior multifamily community.
The leasing building will feature a fully furnished fitness center, an equipped computer learning center, a health screening room and a community room. Outdoor amenities include a pickleball court, a barbecue pavilion, a dog park, a sensory garden and a fountain.
Steinberg Dickey Collaborative is serving as project architect. Completion of the project is slated for the end of 2022.
***
OHT Partners LLC has broken ground on the 9-acre, 315-unit Lenox Bayside multifamily luxury community in Clear Lake. Located at the southwest corner of Gatebrook Drive and Retail Road, the community will be adjacent to Baybrook East, an H-E-B-anchored retail center that Regency Centers Corp. and an entity managed by CDC Houston Inc. are developing immediately north of the property.
Community amenities will include a 24-hour work studio, a resort-style pool, a dog park and dog washing station, and an outdoor pavilion with barbecue grills and a fireplace. Lenox Bayside is scheduled to open in early 2023.
***
Lynd Living and T.R. Inscore LLC have formed a joint venture to develop single-family build-to-rent communities in Sun Belt states and suburban Chicago. Their first project is planned for Waller in northwest Houston.
The companies will develop a $35M gated rental community called the Village at Waller. They recently closed on a construction loan for the first phase, which consists of 118 single-family homes on 14.7 acres. There are plans to eventually build up to 700 units on an additional 52 acres, depending upon demand. Lease rates will range from $1,600 per month to $2,250 per month.
For this single-family rental program, the partners plan on sourcing sites and developing communities together. Lynd Living and T.R. Inscore also plan to create a brand as they expand nationally. Construction is expected to begin immediately, with the first homes to be delivered in the early first quarter of 2022.
***
Venterra Realty has broken ground on its first multifamily development project in Cypress. The site will host a 336-unit apartment community with an 8.6K SF clubhouse, a resort-style pool, an outdoor lounge, a fitness center, package lockers and WeWork-style workspaces, with the first units to be delivered in Q3 2022.
Finalizing the site acquisition, Venterra worked with Caldwell Cos.’ Clay Roper, who represented Venterra on the land transaction, and Regions Bank’s Nick Welch and Kyle Shaw for construction financing. The architect for the development is Meeks + Partners. Domain Builders was chosen as the general contractor.
FINANCING
Berkadia secured financing for July Residential’s acquisition of a 1,275-unit multifamily portfolio of communities located in Houston. The five assets in the property, all built between roughly 1976 and 1983, are located in the Westwood and Braeswood/Fondren submarkets of southwest Houston.
The properties are the 178-unit Airport Crossing community, the 73-unit The Townhomes community, the 428-unit Terrace at West Sam Houston community, the 268-unit Casa Grande community and the 328-unit Plaza at Hobby Airport community.
July Residential, a New York-based investment firm, specializes in the development, acquisition and operation of multifamily communities. Berkadia’s Mitch Sinberg, Matthew Robbins and Abigail Beauchamp secured the financing on behalf of July Residential.
Voya Investment Management originated the four-year loan with one 12-month extension at a loan-to-value ratio of 75%, with 100% future funding for capital expenditure.
***
Lightstone Capital, Lightstone’s real estate debt platform, provided a $20.1M mortgage to Performance Properties for the acquisition of Normandy Woods, a 268-unit, garden-style apartment complex in Houston.
The property, located at 695 Normandy St., sits along the Interstate 10 corridor in east Houston, about 4 miles north of Port Houston. The deal was brought to Lightstone Capital by Berkadia’s Cutt Ableson. It was handled in Lightstone Capital’s Dallas office, which is led by Lance Wright.
THIS AND THAT
JLL announced the relocation of its Houston headquarters to 200 Park Place, consolidating the firm’s three Houston offices and 20 business lines into one space. JLL now occupies 82K SF on the top three floors of the new 15-story, Class-AA luxury office building, which is located at 4200 Westheimer.
JLL’s Project and Development Services construction management team oversaw the build-out and brought the project in on time and under budget. O’Donnell Snider was the general contractor, and HOK was the interior architect for the project. JLL is also pursuing LEED Gold and WELL Silver certifications for the new office.
JLL’s Ronnie Deyo and Beau Bellow represented JLL in the lease negotiation. Stonelake Principal’s William Peeples represented the property ownership.
***
RedSwan CRE announced that two digital asset deals on its Marketplace will accept Dogecoin as payment in addition to regular USD fiat and stablecoins pegged to the U.S. dollar. Investments can be made through the company’s platform, powered by blockchain technology.
The Lakehouse Oakland and the Apollo Apartments projects are now accepting Dogecoin. Lakehouse is a 270-unit, multifamily luxury high-rise development located on Lake Merritt, walking distance to downtown Oakland. The Apollo Apartments is a new 251-unit development project in Edmonds, Seattle.
The combined equity raise for these two deals through the RedSwan CRE platform is $36M: $20M for Lakehouse and $16M for Apollo. New investors who come in will be invested alongside established, blue-chip institutional investors who have already committed capital to these properties.
***
Katy Boardwalk District has tapped Colliers International’s Retail team to manage the project’s tenant leasing activities. Colliers’ Wade Greene, Kimberly Lenardson and Hannah Tosch are in discussion with several restaurant, bar and entertainment concepts for the project. An announcement of Katy Boardwalk District’s first tenants should come in early 2022.
Method Architecture also has joined the development team to reimagine the site plan and better maximize the appeal of its 90-acre nature-inspired lake. Greater emphasis will be placed on improved sightlines and accessibility to the lake for hotel guests and those visiting the destination. A refined site plan is expected this fall.
The 169-acre setting at Kingsland Boulevard and Prairie Parkway is a public/private partnership between the city of Katy, the Katy Development Authority and developers KBH Venture and Sueba USA, all key stakeholders in Katy Boardwalk District.
Success! You are subscribed to the Bisnow Houston Newsletter.
or click here to copy link to clipboard
LOGIN TO BISNOW
We’re not asking for your money. This is not a step towards a paywall. Our news is free and we intend to keep it that way.
Enter your email below. We will email you a link to reset your password.
Use the form below to reset your password.
Company Info
Newsletters
Other Stuff
© Copyright 2022 Bisnow. All Rights Reserved
Upcoming regulations in the European Union require us to show this pop-up and ask you to agree to keep using Bisnow.com. We want to take 15 seconds to tell you what’s going on:
Sound good? Just hit yes and continue on your way.
About Author
