HOUSTON — Sunstone Two Tree has purchased The Villas Del Paseo, a 384-unit asset in Houston, from Comunidad Partners for $28.9 million. Mark Saunders with Newmark represented the seller. The Villas Del Paseo was originally built in 1978. Sunstone Two Tree plans to spend $10.5 million on renovations to the community. The new owner will update all units with new flooring, lighting fixtures and cabinetry, as well as hard-surface counters and stainless steel appliances. Exterior renovations will include new paint, a full roof replacement, improved landscaping and signage, additional exterior …
DENTON, TEXAS — Colliers Mortgage has provided a $41.8 million HUD-insured loan for the refinancing of Village at Rayzor Ranch, a 300-unit property located in the northern Dallas suburb of Denton. Fritz Waldvogel of Colliers Mortgage originated the loan through a partnership with Old Capital Lending on behalf of the undisclosed borrower. Village at Rayzor Ranch offers studio, one- and two-bedroom units. Amenities include a pool, outdoor grilling and dining stations, a dog park, fitness center, sports court, coworking space, coffee bar, lounge, fitness center and package handling services.
BROWNSVILLE, TEXAS — BridgeCore has provided an acquisition loan for an unnamed, 60-unit property in the South Texas city of Brownsville. The amount of the financing was not disclosed. However, the loan carries a two-year term with a six-month extension option and a 67 percent loan-to-value ratio. The undisclosed borrower, which acquired the property via a 1031 exchange, will use a portion of the proceeds to fund capital improvements.
Concerns of oversupply have risen regarding several Texas markets, including Dallas and Austin. Where does San Antonio stand in terms of supply and demand, and where in the city is there still room for new opportunities? Multifamily & Affordable Housing Business (MAHB) recently interviewed David Lynd, CEO of Lynd Cos., about the state of the market. Multifamily & Affordable Housing Business: How many units do you currently own nationwide? How many in San Antonio? Lynd: We own about 3,000 units in San Antonio and 6,000 nationwide. We also do third-party …
SHERMAN, TEXAS — Lument has provided an $11.3 million Freddie Mac loan for the refinancing of Easton Parc Apartments, a 232-unit community in Sherman, 64 miles north of Dallas. Sloan Stevens of Lument originated the 10-year loan. The financing is structured with five years of interest-only payments and a 30-year amortization schedule. The borrower was not disclosed. Easton Parc Apartments was built in 1986 and renovated in 2013. The property comprises 22 buildings on an approximately nine-acre site. Amenities include a pool, clubhouse, dog park and laundry facilities.
HOUSTON — FTK Construction Services has completed renovations at The Park at Kirkstall, a 240-unit affordable housing community in Houston. Updates to the property included enhancements to flooring, paint, appliances, countertops, door and cabinet hardware, bathroom fixtures and light fixtures. Other updates included roofing, HVAC, water heaters, a new playground, grilling patio, horseshoe pit and other various site improvements. The project took 21 months to complete, with a contract value of $12.4 million. The renovation was the general contractor’s first project for Blue Ridge Atlantic. The architect for the project …
DALLAS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $23 million acquisition loan for Maravilla, a 310-unit community in northwest Dallas. Ralph Rader of MMCC arranged the 10-year, fixed-rate loan on behalf of the buyer, a partnership led by Granite Towers Equity Group. According to Apartments.com, the property was built in 1967 and offers studio, one-, two- and three-bedroom floor plans. Units range in size from 450 to 1,350 square feet. Amenities include multiple pools, a clubhouse, pet park, playground, soccer field and outdoor grilling and dining stations. …
DALLAS – Marcus & Millichap has arranged the sale of Garrett Gardens and Moser Gardens, two communities in the Knox-Henderson neighborhood of Dallas. The two communities total 130 units, with Garrett Gardens offering 66 units and Moser Gardens comprising 64 units. The seller was a private partnership from out of state that had owned the properties for 33 years. The buyer was a Dallas-based owner-operator. Al Silva and Ford Braly of Marcus & Millichap’s Fort Worth office marketed the properties on behalf of the seller and procured the buyer.
HOUSTON — Eastham Capital and Mosaic Residential have partnered to acquire Sola Westchase, a 318-unit community in Houston’s Westchase neighborhood. Eastham Capital has invested in the deal through its current fund, Eastham Capital Fund VI. Mosaic will oversee management services for the property. The acquisition price was not disclosed. Sola Westchase was built in 1999 and is situated at 3354 Rogerdale Road. The property offers one-, two- and three-bedroom units that range from 626 square feet to 1,436 square feet in size. The average rent at the community is $1,400/month. …
FORT WORTH, TEXAS — Colliers Mortgage has provided financing for the acquisition of Northwood Apartment Homes, a 100-unit community in Fort Worth. Fritz Waldvogel of Colliers Mortgage originated the five-year Fannie Mae loan through a partnership with Old Capital Lending. The borrower was not disclosed. Northwood Apartment Homes was built in 1972. The property comprises six two-story buildings and one clubhouse, as well as onsite laundry facilities and outdoor grilling and dining stations.