Thursday , 9 April 2020
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Virginia Company Makes Tenth Houston Purchase

HOUSTON – (Realty News Report) – Thirty Seventh Parallel firm of Richmond, Va. has acquired the 300-unit Cashel Springs Apartments, its tenth acquisition in Houston. Cashel Springs Apartments, 1422 Wunderlich Drive near Willowbrook Mall in northwest Houston, were built in the 1980s. The price represented a 45 percent discount to replacement cost, said Dan Chamberlain, COO of the company. The ... Read More »

Real Estate Briefs – from Realty News Report

HOUSTON – Colliers International announced that Action Behavior Centershas leased 10,709 SF at 2620 Technology Forest Drive in The Woodlands. Elena Bakina of Colliers represented the tenant in lease negotiations with the owner, Black Forest Ventures. Action Behavior Centers, founded in Austin, now has six Houston area locations. It provides Applied Behavior Analysis therapy for children with autism.…………………………………………… Commercial real ... Read More »

Land Tejas Acquires 856 Acres for Master Planned Community with 2,500 Homes

HOUSTON – (Realty News Report) – The Land Tejas development company has acquired 856 acres of land for a master planned community with 2,500 homes in northwest Harris County. The property is located north of FM 529, west of Fry Road and east of The Grand Parkway in northwest Harris County. “Demand for homes in the Cypress area has been ... Read More »

Kimpton Boutique Hotel Announced for the Laneways Mixed-Use Development in Midtown Houston

HOUSTON – (Realty News Report) – Kimpton Hotels & Restaurants  will open a 204-room boutique hotel in the Laneways development in Midtown in the Inner Loop of Houston. The hotel will be part of a three-block development bounded by Main, Fannin, Tuam and McGowen streets, which is being developed by Caydon, an Australian development firm. “Houston is the ideal place to ... Read More »

Midway’s Century Square Development in College Station Refinanced

HOUSTON – (Realty News Report) – JLL has arranged a $42 million refinancing for Century Square, a 60-acre mixed-use development with 159,128 square feet of retail and 57,204 square feet of office space adjacent to Texas A&M University in College Station. JLL worked on behalf of the borrower, a partnership between Houston-based Midway Companies and Chicago-based Harrison Street, to place the non-recourse ... Read More »

A Rarity: Investor Buys Inner Loop Workforce Apartment Community

HOUSTON – (Realty News Report) – The Place at Greenway, a 219-unit, garden-style apartment community near Greenway Plaza has been sold. The complex is one of a shrinking number of workforce multifamily properties in the inner core of Houston. Located in Houston’s Inner Loop, the Place at Greenway sits on six acres at 3333 Cummins Street near the intersection of Richmond Avenue ... Read More »

Lionstone Acquires Majority Stake in CityCentre Five Office Building

HOUSTON – (Realty News Report) – Midway has sold a majority interest in the CityCentre Five building, a 201,000-SF office building in West Houston. JLL’s Kevin McConn, Rudy Hubbard, Rick Goings, and Michael Zietsman represented the owner, Midway Companies. A majority interest in the property was purchased by Lionstone Investments on behalf of a client for an undisclosed price. Midway ... Read More »

‘Keeping Austin Weird’ While Institutional Real Estate Investors Invade Downtown

AUSTIN – (By Ralph Bivins, Realty News Report) – You don’t hear the slogan “Keep Austin Weird” much anymore when you visit Austin. The Armadillo World Headquarters is gone. Threadgill’s is closed and its prime site near downtown is awaiting some marvelous new development. Austin’s tallest building, The Independent, a 58-story condo tower the locals call “Jenga Tower” just opened ... Read More »

Fogelman Properties Buys Another Houston Project

HOUSTON – (Realty News Report) – Fogelman Properties, a Memphis-based multifamily firm, has acquired two apartment communities, including one in Houston, for $83 million. Fogelman bought two communities: Retreat at Steeplechase, located in Houston, and the Lakeside at Arbor Place, located in the west Atlanta suburb of Douglasville, Ga. Built in 1998, Retreat at Steeplechase is a 390-unit resort-style apartment community located in ... Read More »

Heritage Plaza Tower Getting a Redo, as Brookfield Continues to Reboot its Downtown Portfolio

HOUSTON – (Realty News Report) – Brookfield Properties is launching a major redo of the 53-story Heritage Plaza, a 1.1 million SF tower at 1111 Bagby in downtown Houston. This renovation is part of massive undertaking by Brookfield to upgrade its downtown portfolio which includes two multi-building office complexes – Houston Center and Allen Center. Kirksey Architecture is designing the ... Read More »

Texas Apartment Deal: Cortland Partners Pays $1.2 Billion for Texas-Heavy Pure Multi-Family REIT

ATLANTA – (Realty News Report) – Cortland Partners has acquired Pure Multi-Family REIT of Vancouver for $1.2 billion. The Pure REIT, which had a portfolio of 22 apartment complexes with 7,085 units entirely located in Texas and Arizona. Atlanta-based Cortland has regional offices in Houston, Dallas, Denver, Charlotte and Orlando with a portfolio of 60,000 units, including properties in every major ... Read More »

The Biggest Year for Multifamily Investment Trades in the History of Houston Real Estate

HOUSTON – (Realty News Report) – A record $5.1 billion of multifamily assets were sold in the Houston area last year, an all-time record, reported Yardi Matrix. That amounted to 300 apartment complexes  being traded in 2018, roughly double to the number sold in 2017. Solid job growth contributed to the jump in sales. A number of investors were attracted ... Read More »

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