Texas

The District at SoCo in Austin, Texas
FinanceInvestment SalesNewsTexas

Northmarq Arranges $23 Million Acquisition Loan for The District at SoCo in Austin, Texas

by Channing Hamilton

AUSTIN, TEXAS — Northmarq has negotiated $23.6 million in acquisition financing for The District at SoCo, a 215-unit property located near Austin’s downtown area. Located at 501 E. Oltorf Street, The District at SoCo offers amenities such as a pool, fitness center, dog park, outdoor kitchen and Amazon package lockers. Jesse Lemos of Northmarq’s Nashville Debt and Equity team brokered the loan through the company’s in-house Fannie Mae team. The loan was structured on a 5-year term. The borrower was not disclosed.

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John Williams
Affordable HousingDevelopmentFinanceIndustry VoicesMidwestNortheastSoutheastTexasWestern

Public-Private Partnerships: A Creative Approach to Increasing Affordable Housing Supply

by Channing Hamilton

— By John Williams, president, CIO and COO of Avanath Capital Management It’s no secret that the dire shortage of affordable housing is an ongoing issue throughout the nation. The National Multifamily Housing Council reported in 2022 that the United States would need to build 4.3 million new apartments by 2035 to meet demand. The report also stated that the nation’s number of affordable housing units declined by 4.7 million from 2015 to 2020. Unfortunately, there is no one-size-fits-all solution to the problem. Both local and federal governments are taking …

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Park on Voss in Houston
FinanceInvestment SalesNewsTexas

BridgeInvest Provides $55.5 Million Loan for Park on Voss in Houston

by Channing Hamilton

HOUSTON — BridgeInvest has provided a $55.5 million in financing to Tara Capital for the acquisition and renovation of Park on Voss, an 810-unit community in Houston. Park on Voss is located at 2424 S. Voss Road in the city’s Westchase neighborhood. The asset comprises 610,950 square feet and offers studio, one- and two-bedroom units. CBRE arranged the loan. The new owner plans to renovate 610 apartments, as well as upgrade the remaining 200 units, which have already undergone a recent renovation. The loan will also be used to install …

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DevelopmentNewsTexas

Realty Capital Residential Completes 275-Unit Depot on Main in Fort Worth Suburb

by Channing Hamilton

BURLESON, TEXAS — Realty Capital Residential has delivered Depot on Main, a 275-unit complex in the Fort Worth suburb of Burleson. The building rises five stories and is situated at 125 N. Main St., adjacent to the city’s Old Town district. Depot on Main features one- and two-bedroom apartments ranging from 590 to 1,229 square feet. Amenities include a pool with a tanning deck, co-working lounge, coffee bar, rooftop deck and entertainment terrace, dog park, fitness center and outdoor grilling and dining areas.

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Jefferson Castle Hills in Lewisville, Texas
DevelopmentNewsTexas

JPI Breaks Ground on 761-Unit Jefferson Castle Hills in Lewisville, Texas

by Channing Hamilton

LEWISVILLE, TEXAS — JPI has broken ground on Jefferson Castle Hills, a two-phase project in the Dallas suburb of Lewisville. Located within the 2,900-acre master-planned Castle Hills development, Jefferson Castle Hills will comprise 761 units. Phase I will deliver 380 units, while phase II will include 381 apartments. Units will come in one-, two- and three-bedroom floor plans. Planned amenities include a pedestrian sky bridge, fitness center with a yoga studio, dog park, courtyards, pool decks and a dedicated parking garage. JPI plans to open Jefferson Castle Hills’s first units …

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FinanceNewsOklahomaTexas

Institutional Property Advisors Arranges $13.1 Million in Equity Financing for Oaks at Covell in Edmond, Oklahoma

by Channing Hamilton

EDMOND, OKLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged $13.1 million in joint venture equity financing for a project in the Oklahoma City suburb of Edmond. Oaks at Covell will comprise 102 townhomes. Units will come in two-, three- and four-bedroom floor plans. Justin Shuart and Travis Headapohl of IPA worked on behalf of ACRE Development Partners to arrange the financing with an undisclosed partner.

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FinanceNewsTexas

Avatar Financial Provides $6.5 Million Refinancing for Bellfort Plaza in Houston

by Channing Hamilton

HOUSTON — Avatar Financial has provided a $6.5 million bridge loan for the refinancing of Bellfort Plaza, a 168-unit community in Houston. The borrower was an entity doing business as HSR Bellfort Plaza Apartments LLC. A.J. Funaro of Brookview Financial arranged the debt. Bellfort Plaza was built in 1961 and renovated in 2001. The borrower acquired the property in 2003. The community offers one-, two- and three-bedroom units. The borrower plans to use the proceeds to pay off a $6 million first mortgage loan and finish construction of 14 new …

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The Juniper in Dallas
DevelopmentNewsTexas

Larkspur Capital Underway on 219-Unit The Juniper in Dallas

by Channing Hamilton

DALLAS — Larkspur Capital is currently underway on the development of The Juniper, a 219-unit project located at 4003 Commerce Street in the Exposition Park neighborhood of Dallas. The property is situated on 1.4-acres. The Juniper will feature studio, one- and two-bedroom units, which will range from 567 to 1,992 square feet in size. The community will also include 18 flat-style homes and a number of penthouses. Planned amenities include a pool, dog park, outdoor grilling and dining stations and a clubhouse. Corgan is the project architect, and OHT Partners …

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Investment SalesNewsTexas

The Multifamily Group Brokers Sale of 63-Unit Courtyard Apartments in Longview, Texas

by Channing Hamilton

LONGVIEW, TEXAS — The Multifamily Group has arranged the sale of Courtyard Apartments, a 63-unit community in Longview, 120 miles east of Dallas. Yonnic Land of The Multifamily Group represented the seller and procured the buyer in the deal. Both parties requested anonymity. Courtyard Apartments was built in 1966. The community offers one- and two-bedroom floor plans with an average size of 778 square feet.

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Elle at the Medical Center in Houston
Investment SalesNewsTexas

Partnership Acquires Three-Property Portfolio in Houston for $60 Million

by Channing Hamilton

HOUSTON — A partnership between Ascendant Capital Partners and Culver Investment Partners has purchased the Elle Collection, a portfolio of three communities near Texas Medical Center in Houston. The portfolio traded hands for $60 million. The portfolio includes Elle at the Medical Center, Vie at the Medical Center and Plaza Townhomes at the Medical Center. The Elle Collection totals 470 units altogether. The seller was not disclosed. The new ownership plans to implement capital improvement programs at each of the properties.

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