This Week’s Houston Deal Sheet
A fund sponsored by CBRE Global Investors has acquired the Elan Med Center multifamily complex in the Texas Medical Center.
The 281-unit property at 7010 Staffordshire St. was completed in 2014. The acquisition is part of the fund’s strategy of investing in target multifamily markets across the U.S.
Elan Med Center contains a mix of one- and two-bedroom apartments, as well as a seven-story parking garage. Amenities include a pool, a clubhouse, a game room, a fitness center, a pet park, study lounges and an outdoor terrace area.
The building is also one of three residential buildings that meet the five-minute commute requirement for the Memorial Hermann and Texas Children’s surgical resident programs. Most medical residencies average three to five years with salary increases.
CBRE Global Investors said it will implement the CBRE Global Investors A&B Living program at Elan Med Center, a hospitality concept that combines shared space with other amenities and technologies.
PEOPLE
Chris Royster joined design firm Ware Malcomb as regional director to lead the Houston office. He will be responsible for the overall growth and management of the Houston office. Royster is also president of the Houston chapter of the American Institute of Architects for 2020 and has served on the board of directors since 2016.
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Heather Griffin has been promoted to director of Interior Architecture & Design at Ware Malcomb’s Houston office. Griffin is responsible for the growth and management of the Interior Architecture & Design Studio and oversees all interiors projects for the Houston office. She joined the firm in 2018 as studio manager of Interior Design & Architecture.
SALES
The Tomball Economic Development Corp. purchased 6.2 acres of South Live Oak Industrial Park in Tomball. The property includes two industrial warehouses totaling 41.1K SF at 202 and 204 South Live Oak. One warehouse is leased, and the TEDC will immediately start searching for another tenant for the vacant warehouse. Colliers International’s Tom Condon represented the buyer, while Register Real Estate Advisors Commercial’s Natalie Hurley represented the seller, South Live Oak Associates.
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An undisclosed limited liability company purchased SpringHill Suites Houston 290, a 78-room hospitality property at 20350 Northwest Freeway. Marcus & Millichap’s Ahmed Kabani and Andrew Frosch represented the buyer, while the firm's Andrew Frosch and Louis Dan also represented the seller, a limited liability company.
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D.R. Horton Houston purchased 123 vacant developed lots within Stone Creek Ranch, a resort lifestyle community in northwest Houston. D.R. Horton represented itself in the transaction, while NewQuest Properties’ Dave Ramsay represented the seller, Becker Road LP.
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CIA Services purchased 2.97 acres at Timber Forest Drive in Humble. The company intends to build a 10K SF office building on the land tract, becoming its third location in the Houston area. NAI Partners’ Dan Boyles and Liz Westcott-Brown represented the buyer, while Colliers International’s Tom Condon represented the seller, Patricia Al-Attas Barrett.
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An undisclosed local private investor purchased a 10K SF shopping center in Conroe. Newman Kelly Real Estate Investment Services’ Nate Newman and Logan Kelly represented the buyer and the seller, an undisclosed Californian partnership.
LEASES
Houston Classical leased a 14.5K SF turnkey school facility at 6403 Addicks Clodine Road. Houston Classical Charter School will open its doors in August to students in kindergarten through eighth grade. Savills’ Lesa Nickelson French represented the tenant, while Colliers International’s Kimberly Lenardson and Hannah Tosch represented the landlord, New Life Baptist Church of Houston.
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Accu-Tech Corp. extended its lease for 23K SF of industrial space at West Road Business Park I in Houston. The tenant was represented by Newmark Knight Frank’s Bob Luttrell, while InSite Realty represented the landlord, Eastgroup Properties.
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GMK Complete Game Investments leased 21K SF of industrial space at 3505 FM 1960 E in Humble. Newmark Knight Frank’s John Wolf and Casey Hilbun represented the tenant, while Dapar Inc. represented the landlord, Calvary Christian Fellowship.
FINANCING
Multifamily developer and operator Mill Creek Residential has formed a joint venture with global real estate investment firm QuadReal Property Group. The venture will invest up to $421M to develop and operate multifamily communities in targeted U.S. markets over the next two to three years.
The venture closed on its first land acquisition for the development of Modera Six Pines, a proposed Class-A apartment community with 429 units in The Woodlands. Hodes Weill Securities acted as financial adviser and global placement agent for Mill Creek in connection with the formation and capitalization of the investment joint venture.
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Berkadia has secured acquisition financing for Sunswept Townhomes, a 211-unit apartment community at 12247 Sunset Meadow Lane in southwest Houston.
Berkadia’s Mitch Sinberg and Brad Williamson secured the loan on behalf of One Real Estate Investment, a real estate investment and asset management firm based in Miami. Berkadia originated and Freddie Mac purchased the 10-year, floating-rate loan with five years interest-only. Built in 1982, Sunswept Townhomes has one-, two- and three-bedroom floor plans ranging from 745 SF to 1,257 SF.
