Texas

Draper and Kramer Acquires 307-Unit Griffis at Riata in Austin, Texas

by Channing Hamilton August 31, 2023

AUSTIN, TEXAS — Draper and Kramer Inc. has acquired Griffis at Riata, a 307-unit property located in Austin’s tech district. Griffis at Riata was built in 2017 on a 16.9-acre site adjacent to Apple’s Austin corporate campus on Parmer Lane. The community comprises 195 one-bedroom and 112 two-bedroom apartments across 17 buildings. Amenities include co-working spaces, a resident lounge, two fitness centers, a pet spa and dog park. At the time of purchase, the property was 95 percent leased. Draper and Kramer will rebrand the community as “DK Riata.”

August 31, 2023

Investment Sales News Texas

SPI Advisory Acquires 244-Unit Parkview Terraces in Austin, Texas

by Channing Hamilton August 30, 2023

AUSTIN, TEXAS — SPI Advisory has purchased Parkview Terraces, a 244-unit community in Austin, for an undisclosed price. This acquisition marks SPI Advisory’s eight property under management in the Austin metropolitan area. Parkview Terraces was built in 2009 and was previously known as Cortland Southpark Terraces. According to Apartments.com, units come in one-, two- and three-bedroom floor plans. Amenities include a fitness center, package lockers, a business center, outdoor lounges, a clubhouse and valet trash services.

August 30, 2023

Affordable Housing Development Finance News Texas

New Hope Housing to Build Two Affordable Communities in Houston with $50 Million in Financing

by Channing Hamilton August 29, 2023

HOUSTON — New Hope Housing will break ground on two affordable housing developments in Houston — NHH Gray and NHH Berry — this October. Amegy Bank provided $50 million in financing for the project. NHH Berry will offer 180 one-, two- and three-bedroom apartments. NHH Gray will include 135 units in one- and two-bedroom floor plans. Both communities will host on-site Bezos Academy locations, which will provide free pre-school services to residents. NHH Gray and NHH Berry are scheduled to be completed in July 2025. Income restrictions for the two …

August 29, 2023

Development News Texas

Olive Tree Holdings Completes Renovation of 308-Unit The Life at Beverly Palms in Metro Houston

by Channing Hamilton August 29, 2023

PASADENA, TEXAS — An affiliate of Olive Tree Holdings has completed the $4 million renovation of The Life at Beverly Palms, a 308-unit community in the eastern Houston suburb of Pasadena. The Life at Beverly Palms was originally built in 1971. Units come in one-, two- and three-bedroom floor plans. Unit interiors received new paint and windows, while exterior upgrades included refreshed sidewalks, roofs and landscaping. Olive Tree Holdings also updated the amenity spaces, which include a community room, pool, picnic area, laundry center, dog park and playground.

August 29, 2023

Affordable Housing Finance News Texas

The NHP Foundation Secures Funding for 11 Units at The Citadel at Elgin in Houston

by Channing Hamilton August 29, 2023

HOUSTON — The NHP Foundation has received $1.5 million in capital grant subsidy funding from The Corp. for Supportive Housing to offset costs incurred for the construction of 11 units of affordable housing at The Citadel at Elgin in Houston. The community opened in the summer of 2023 and is The NHP Foundation’s fifth affordable community in the city. Income restrictions for The Citadel at Elgin were not disclosed. Financing for the project’s development included $15 million of Citibank construction and permanent debt financing with tax exempt bonds issued by …

August 29, 2023

Investment Sales News Texas

Marcus & Millichap Brokers Sale of Tucasa Townhomes in Irving, Texas

by Channing Hamilton August 25, 2023

IRVING, TEXAS — Marcus & Millichap has brokered the sale of Tucasa Townhomes, a 128-unit community in the Dallas suburb of Irving. Al Silva, Ford Braly and Dylan York of Marcus & Millichap represented the undisclosed seller and procured the buyer, an out-of-state partnership. According to Apartments.com, Tucasa Townhomes was built in 1964. Units come in studio, one- and two-bedroom floor plans. Amenities include a pool and a courtyard.

August 25, 2023

Investment Sales News Texas

Harbor Group International Acquires The Warner in Austin Suburb

by Channing Hamilton August 23, 2023

ROUND ROCK, TEXAS — Harbor Group International has acquired The Warner, a 336-unit complex in the north Austin suburb of Round Rock. Newmark’s Patton Jones facilitated the transaction. The Warner was built in 2022. Community amenities include a fitness center, a pool with outdoor kitchens, a lounge, dog park and a parking garage with EV charging stations. The Warner was 98 percent leased as of July 2023. The property is located near several tech company campuses, including Dell’s corporate headquarters, Apple’s Austin campus and Samsung’s semiconductor manufacturing facility, which is scheduled for completion in …

August 23, 2023

Investment Sales News Texas

The Milestone Group Acquires 228-Unit Archer Stone Canyon Apartments in San Antonio

by Channing Hamilton August 17, 2023

SAN ANTONIO — The Milestone Group has acquired Archer Stone Canyon Apartments, a 228-unit value-add community in San Antonio. According to Apartments.com, the property was built in 2005 and offers units in one-, two- and three-bedroom floor plans. Amenities include a business center, clubhouse, lounge, fitness center, pool and a playground. The Milestone Group purchased the complex through an assumption of the existing Freddie Mac loan. The purchase price was not disclosed.

August 17, 2023

Development Leasing & Marketing News Texas

Realty Capital Residential Begins Leasing Depot on Main in Burleson, Texas

by Channing Hamilton August 16, 2023

BURLESON, TEXAS — Locally based developer Realty Capital Residential has begun leasing Depot on Main, a 275-unit project in Burleson, which is located 16 miles south of Fort Worth. Depot on Main rises five stories in the city’s Old Town district. The building offers one- and two-bedroom units. Amenities include a pool with a tanning deck, coworking lounge, coffee bar, rooftop deck and entertainment terrace, dog park fitness center and outdoor grilling and dining areas. Rents begin at $1,365 per month for a one-bedroom apartment.

August 16, 2023

Finance News Texas

Colliers Provides Loan to Refinance Hillcrest Apartments in Killeen, Texas

by Channing Hamilton August 16, 2023

KILLEEN, TEXAS — Colliers Mortgage has provided a Fannie Mae loan for the refinancing of Hillcrest Apartments in Killeen, a city in Bell County, Texas. Fritz Waldvogel originated the seven-year, interest-only loan through a partnership with Old Capital Lending. The borrower was not disclosed. Hillcrest Apartments was built in 1974. The community offers 60 units in one- and two-bedroom floor plans.

August 16, 2023

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