This Week’s Houston Deal Sheet
Houston Housing Authority partnered with California-based AmCal Equities to purchase Circuit Apartments at 2424 Capital St. in East Downtown.
The 311-unit apartment complex was developed by Dallas-based JLB Partners. Construction on the complex began in 2014 and it opened in October 2015, according to the JLB Partners website.
In March, HHA outlined its plans to acquire Circuit Apartments, with the goal of providing more affordable and workforce housing in the downtown area. The apartments are also in a qualified census tract and an opportunity zone.
Houston Housing Authority interim President Mark Thiele previously told Bisnow HHA intends to lease at least 156 apartments within the complex to those who make 80% of the area median income of $53,400.
Henry S. Miller’s Lane Kommer represented AmCal Equities.
PEOPLE
Midway promoted Anna Deans to vice president of investment and development. Deans will be responsible for managing a high-profile investment portfolio of mixed-use properties, including new development and value-add projects. She will also provide support on the asset management of acquisitions and future redevelopments. Deans joined Midway in 2018 as a senior development manager. Prior to joining Midway, Deans developed mixed-use properties for Thor Equities and earlier in her career was a design architect for Gensler.
SALES
LoRey Properties LLC purchased a 13.7K SF warehouse on 0.46 acres at 4750 Irvington Blvd. Mission Realty’s Juan Miranda represented the buyer, while NewQuest Properties’ Chris Dray represented the seller, Ruiz Wholesale Co.
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Humble Westfield Property Inc. purchased 4.41 acres at 14910 Humble Westfield Road in Humble. Anne Vickery & Associates’ Anne Vickery represented the buyer, while NewQuest Properties’ Dave Ramsey and Brad Elmore represented the seller, Macau Realty Inc.
LEASES
The Ranch Office at Katy Boardwalk leased 16.3K SF of office space in Boardwalk Crossing Phase 1, located at the intersection of Kingsland Boulevard and AMC Drive in Katy. Gold Key Partners’ Jeff Goldberg represented the tenant, while NewQuest Properties’ Bob Conwell represented the landlord.
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Gate Holdings leased 24.3K SF of office space at Republic Square, 13501 Katy Freeway in the Energy Corridor. NAI Partners’ Alex Taghi represented the tenant, while NAI Partners’ Jacob Aldridge and Michael Sieger represented the landlord, Dart Interests.
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Xavier Educational Academy LLC leased 12.8K SF at 3100 Weslayan for 10 years. Tenantbase’s Melissa Forrest represented the tenant, while Hartman Income REIT’s Richard Maloof represented itself, the landlord.
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Hoover Ferguson will be relocating its corporate headquarters to 24285 Katy Freeway from 2135 Highway 6 South. The company leased 16.6K SF of office space in the newly developed Katy Ranch Office Phase 2. Avison Young’s Sam Hansen and Doug Pack represented the landlord, Freeway Properties.
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Chevron is the first tenant to sign a lease at The Ion’s new space at 4201 Main St. in Midtown. The building is slated to open in spring 2021, with Chevron leasing space for collaboration among Chevron teams, startup companies and community organizations. Chevron's space will be led by the Chevron Technology Ventures group and will be available for all Chevron employees for networking, professional development and opportunities to collaborate with other innovation ecosystem players. Savill’s Drew Morris represented The Ion.
CONSTRUCTION AND DEVELOPMENT
The UTHealth Continuum of Care Campus for Behavioral Health has topped out, completing a major milestone for the first public mental health hospital built in Houston in more than three decades. The 220K SF academic psychiatric hospital, part of the University of Texas Health Science Center at Houston (UTHealth), will be the largest facility of its kind in the country. The project is near the Texas Medical Center and is composed of two separate buildings, spanned by a glazed bridge and accentuated by courtyards and outdoor spaces. Perkins and Will is providing architecture, interior design and landscape architecture services for the project.
FINANCING
LMI Capital’s Brandon Brown placed financing for the refinance of a multifamily complex. Brown closed a $23M agency loan for the refinance of a 270-unit asset in a southwest suburb of Houston. The debt featured a 3.13% fixed interest rate, a five-year interest-only period and significant cash-out to the borrower.
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JLL Capital Markets arranged financing for Hanover Southampton, a 206-unit multifamily community in West University. JLL worked on behalf of the developer, a JV between Hanover Co. and State Farm, to secure the seven-year, fixed-rate loan through the Freddie Mac CME Program. The loan will be serviced by JLL Real Estate Capital, a Freddie Mac Optigo lender. The JLL debt placement team representing the borrower was led by Cortney Cole and Dustin Selzer.
THIS AND THAT
Pickard Chilton has received a 2020 AIA Connecticut Sustainable Architecture Award of Excellence in New Construction for 609 Main, a 48-story, 1.8M SF, Class-A office tower in Downtown Houston. The Sustainable Architecture Awards is a newly established program by AIA to recognize the efforts of architects who have developed and demonstrated ways to decrease greenhouse gases, reduce energy use and demand, and conserve water. 609 Main at Texas is one of the most ambitious LEED-CS Platinum-certified skyscrapers to be developed in Downtown Houston. The building’s tenant roster includes Goldman Sachs, Kirkland & Ellis and United Airlines.
