This Week's Houston Deal Sheet
Sims Luxury Builders founder Chris Sims believes Houston’s starting to become a condo market. That’s why he recently switched from building single-family luxury homes to developing high-rise condos: He just broke ground on Riva at the Park and launched pre-sales of Aurora, and both are selling amazingly well.
We snapped Chris in the Uptown Park storefront that serves as Aurora’s sales office. The 16-story high-rise is designed by the legendary Philip Johnson/Alan Ritchie Architects. It includes 40 units ranging from 3,400 to 4k SF and four penthouses ranging from 5,700 to 6,400 SF. Chris just opened the sales office this weekend (it’s not even fully built out yet) and already sold a couple of residences, including one of those penthouses. Aurora is at 1906 Tilberry, one-quarter mile from Uptown Park on a quiet lot overlooking Buffalo Bayou Park. Chris says he loves building in the serene but still walkable location; it’s different than the very busy urban projects being built around town.
Riva at the Park broke ground Aug. 14 at 100% sold out. (Half the units were spoken for within 60 days.) Demand was so high that the team changed the design from a mid-rise to a 10-story high-rise. Chris says he expected a mix of young professionals and empty nesters, but all the buyers at Riva were the latter, downsizing from homes around the metro. He expects the same at Aurora. But overall, Chris tells us he’s been surprised by how deep the condo market is. Aurora features 29 units on D’Amico Street at Allen Parkway and Dunlavy and will deliver in 16 months.
SALES
CNL Healthcare Properties purchased a five-property, $195M senior housing portfolio totaling 709 units in the southeastern US. HFF’s Ryan Maconachy and Chad Lavender repped seller AEW Capital management. The properties include The Hampton at Meadow Place in Stafford.
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Mainstreet Realty purchased 5.4 acres at Grant and Perry roads. NewQuest’s Jeff Lokey repped the seller, and Cushman & Wakefield’s Scott Miller repped the buyer.
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An affiliate of Hartman Short Term Income Properties XX purchased Ashford Crossing II. The building is a 158k SF, six-story office property at the border between Westchase and the Energy Corridor. It was built in ’83 and has been institutionally owned and managed since 2002. The building is 87% leased. HFF’s Danny Miller and Marty Hogan repped the seller, and Hartman’s Dave Wheeler, Julian Kwok and Russell Turman repped the buyer in-house.
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Cypress Real Estate Investors purchased 3.3 acres on the East Freeway at Dell Dale. It will build a 50k SF events center. George Polydoros Co’s George Polydoros repped the buyer, and Nadolney Enterprises’ Frank Nadolney repped the seller.
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Enclave Pointe I purchased 1.8 acres fronting North Beltway 8 just west of I-45. George Polydoros Co’s George Polydoros repped the buyer, and CBRE’s Kristen McDade repped seller Pasternak.
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Cyrus Properties purchased a 35k SF tract in the 7900 block of Westheimer. George Polydoros Co’s George Polydoros repped seller RealBlue Investments. The site adjoins a Christian Brothers Automotive Center and a 60-unit condo property being built by Contemporary Garden Homes.
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Hoffman Glass Family purchased an 18k SF manufacturing facility at 11615 North Houston Rosslyn. NAI Partners’ Travis Land repped the buyer and will lease the building. JLL’s Mark Nicholas and Richard Quarles repped seller Halliburton Energy Services.
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An undisclosed buyer purchased a 288-unit multifamily community in Sugar Land. The seller, HIG Realty, had purchased it in December 2012 and substantially renovated it.
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Houston Elite Property Management purchased a 12k SF single-tenant facility at 9234 FM 1960 West. TNRG’s Patrick Wolford and Henry Santamaria repped the seller, Martin. Real Property Management Preferred’s Joni Wolfswinkel repped the buyer.
LEASES
PennTex Midstream renewed and expanded to 15k SF at 11931 Wickchester. Moody Rambin’s Griff Jaggard repped the landlord, DIG WB&W. Griffin Partners’ Jill Bond Nesloney repped the tenant.
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Dollar Tree Stores leased 11k SF for 20 years at 7042 Bissonnet. Hartman Income REIT’s Jennifer Rabon repped the landlord in-house.
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Jomar Visions leased 14k SF at Northwest Technical Centre. Cushman & Wakefield’s Coe Parker, Kelley Parker, John Littman and Tim Thomas repped the tenant, and Northwinds Commercial Realty’s Clint Hankla repped the landlord.
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Events in Bloom renewed 13k SF at 1112 Oliver St. Warehouse Associates’ David R. David and Lee Paris repped the landlord in-house.
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Customform Transportation Systems renewed 27k SF of bulk warehouse space in Post Oak Industrial Park. NAI Partners’ Clay Pritchett and Weber Commercial’s Robin Weber repped the tenant, and Transwestern’s Jude Filippone repped landlord St. Paul Marine Insurance Co.
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Mercantil Commercebank leased 18k SF at Town Centre I. Moody Rambin’s Bob Cromwell and Kevin Nolan repped the landlord, and Transwestern’s Bobbie Bozarth repped the tenant.
DEVELOPMENT
TR Inscore is building a Class-A garden-style apartment at the southeast corner of FM 2920 and Highway 290 near the Daikin plant. It will have 224 units averaging 792 SF. Rents will average about $1k/month.
FINANCING
Q10 Kinghorn, Driver, Hough & Co’s Ryan Watson secured an $8.4M acquisition loan for a 356-unit multifamily property.
THIS AND THAT
Asset Plus was awarded management of the Northchase Village Apartments, a 232-unit multifamily complex in Spring.
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Tarantino Properties was awarded management and leasing of Clear Lake Professional Building (22k SF of office), Atascocita Center (11k SF of retail), an 11k SF retail center in Humble and The Village at Mansfield (12k SF of retail).
