This Week's Houston Deal Sheet
Berkadia announced two major Houston-area multifamily sales this week. The sales, one in Katy and the other in the Energy Corridor, included 720 total units.
In the largest deal, Berkadia arranged the sale and financing of Broadstone Memorial, a 401-unit multifamily community at 875 North Eldridge Parkway in the Energy Corridor, to buyer Atlantic | Pacific Cos., a real estate investment and management company based in Boca Raton, Florida.
“Broadstone Memorial is an institutionally owned and maintained multifamily asset in a top-performing submarket with prime visibility and a strategic location next to two of the largest employers in this area,” Berkadia Senior Managing Director Todd Marix said in a release. “It has proven value-add on its rent roll and offers new ownership consistent cash-flow and long-term value appreciation.”
Marix and fellow Senior Managing Director Chris Curry, managing directors Jeffrey Skipworth, Chris Young and Joey Rippel, and Director Kyle Whitney of Berkadia Houston represented the seller, AEW Capital Management, a real estate investment management company based in Boston. Managing Director Andy Hill and Associate Director Tyler Nowlin of Berkadia Austin secured financing for the buyer through the U.S. affiliate of an international bank.
Berkadia also arranged the sale of Boardwalk Lofts, a 319-unit multifamily complex at 122 Lakeview Way in Katy.
Berkadia Managing Director Jeffrey Skipworth, Director Kyle Whitney, managing directors Joey Rippel and Chris Young, as well as senior managing directors Chris Curry and Todd Marix represented the seller, an affiliate of Houston-based real estate development company Sueba USA Corp.
SALES
The Lynd Group sold a 312-unit multifamily complex for $53.9M. The complex, The Villas at Valley Ranch, was purchased by The Lynd Group for $39M last year. The company says it invested hundreds of thousands of dollars into renovations of the property. Houston-based Keener Investments is the new owner of the complex at 21899 Valley Ranch Crossing Drive in Porter.
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A 5-acre tract on Kingspoint Road was sold by Davis Holdings.
The buyer was undisclosed. Newman Kelly Commercial Real Estate's Jared Pinto represented the seller and brought the buyer for the transaction.
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NAI Partners arranged two land sales in Waller.
Field Store Land Development sold a 5-acre parcel at U.S. Highway 290 and Field Store Road. John F. Winslow sold a 7.8-acre parcel to CN Real Estate Investments. NAI Partners' Alex Makris and Jeff Pittman represented the sellers both times. Finishes Real Estate's Paul Cates represented CN Real Estate Investments.
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California-based Magma Equities acquired a 1,361-unit portfolio from Hilltop Residential, which includes properties in Dallas-Fort Worth, Houston and San Antonio.
It is the first Houston acquisition for the company, which now has a Dallas headquarters.
LEASES
Solugen is relocating its Houston headquarters to Phoenix Tower in Greenway Plaza.
The biotech startup signed a 15K SF lease at the office tower. Rifle Real Estate Managing Partner Nick Terry represented Solugen. Parkway Senior Director of Leasing JP Hutcheson represented landlord Parkway.
“Innovative companies like Solugen are choosing to outsource the design-build process for office interiors to Parkway," Parkway Managing Director of Leasing Eric Siegrist said in a release. "With several floors of ‘Ready Right Away’ suites fully-deployed, we happily take on this process to reduce the time and energy expended by an incoming tenant, resulting in expedited occupancy.”
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Jones on Main announced several new office leases to the downtown property:
— SWA Group expanded its lease to 16.9K SF. CBRE's Parker Duffie and Jason Presley represented landlord Regency Main. Fritsche Anderson Realty Partners Bill Wolff represented SWA Group.
— Traffic Engineers Inc. signed a 6.6K SF lease. Parker Duffie and Jason Presley represented Regency Main. JLL's Scott Fikes represented the tenant.
— Drumheller, Hollingsworth & Monthy moved into a 2.4K SF space. Parker Duffie and Jason Presley represented Regency Main. CBRE's William Padon represented the tenant.
