This Week's Houston Deal Sheet: Cortland Acquires River Oaks Complex
Atlanta-based Cortland purchased the Villas at River Oaks, a 288-unit apartment community in Houston, from Heitman. The buyer is rebranding the community as Cortland River Oaks.
The complex has one- and two-bedroom apartments ranging from 625 SF to 1,200 SF. Amenities include a two-story clubhouse, a fitness center, a pool with a lounge and a community garden.
Cortland, a multifamily real estate investment, development and management company, now owns and operates 17 assets in Houston and 68 assets across Texas.
“We are excited to expand our footprint in Houston in the prestigious neighborhood of River Oaks,” Kyle Bateh, co-portfolio manager and executive vice president of investments for Cortland, said in a release. “We think the area has broad appeal and is a fundamentally great location for young families and singles alike. We see favorable dynamics across Texas, and we plan to continue investing in the market.”
PEOPLE
First America Homes, the homebuilding division of The Signorelli Co., promoted Victoria Reyes to area sales manager. In this position, she will oversee sales operations for 12 communities in the Northwest Houston region.
Reyes has more than 20 years of experience in new home sales. She was previously a sales agent for First America Homes.
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Joan Collum joined Partners Real Estate as partner in the Houston office. Collum is a retail broker specializing in retail leasing and tenant representation.
She began her career in 1984, working for WNS and Pier 1 Imports before transitioning to tenant representation brokerage in 1994. She has represented brands including Michaels, Pier 1 Imports, Applebee’s, La Madeleine and Popeyes in the Houston market. She continues to represent Office Depot and Floor & Décor.
Collum also handles leasing for her own developments, including Seguin Marketplace, 1242 Witte Road in Houston and Tomball Marketplace.
SALES
Red Consultants bought a 23K SF industrial building at 1631 Cottonwood School Road in Rosenberg. Joseph Sturek of First Houston Properties represented the buyer. Barkley Peschel of Colliers represented the seller, Universal Rectifiers.
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K. Hovnanian Homes acquired 19.2 acres off of State Highway 105 on Lone Star Parkway in Montgomery. The tract will be used for the next phase of K. Hovnanian Homes’ The Hills of Town Creek subdivision.
Newcor Commercial Real Estate’s Josh Cheatham and David Alexander orchestrated the deal between the buyer and the seller.
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Lilly Golden of Evergreen Commercial Realty assisted a buyer in purchasing a 384K SF building on 19 acres at the northwest corner of Cypresswood Drive and Holzwarth Road in Spring. The building is available for lease and could be fit for retail, industrial, medical or entertainment users. The ceilings are 14 feet to 21 feet high and the building has dock high loading. Evergreen is leasing the property for the buyer.
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Partners Real Estate’s Hunter Stockard and Wyatt Huff represented the seller, BC Real Estate Investments LLC, in the sale of a 33K SF industrial property on 2.7 acres at 7633 Cherokee St. in Katy. Colliers’ Jeff Peltier and Ben Condara represented the buyer.
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Partners Capital disposed of 10849 and 10899 Kinghurst Drive in Houston, its first sale from its Investment Fund IV portfolio. Partners Capital acquired the 52.8K SF industrial/flex property in September 2022. The property was 100% leased at sale.
“We are delighted to announce another successful full-cycle investment for our investors,” Andrew Pappas, president of Partners Capital, said in a release. “At Kinghurst, we executed key capital projects and significantly improved the rent roll. This has proven to be an outstanding investment, and we remain enthusiastic about the assets remaining in Fund IV.”
The all-brick facility was built in 1981 and has two small-bay light industrial buildings with office space in the front and warehousing and loading in the back.
Jason Scholtz and Jason Tangen with Colliers represented Partners Capital in the transaction.
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Progan US purchased 108.6K SF of industrial buildings across 7 acres at 14830 Talcott St. in Houston. Titan Commercial’s Devon Gasaway and Peyton Easley represented the buyer.
Mary Jo Giammalva of JPR Commercial Real Estate represented the seller, Southern Gulf Packaging & Logistics LLC.
LEASES
AA Gymnastics Academy leased 10.4K SF at Baywood Plaza Shopping Center at 3226 FM 528 in Friendswood. Kelly Hutchinson of Colliers represented the landlord, MDDS Properties. AA Gymnastics Academy has been in the Friendswood community for 33 years, and the new location will provide more space.
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Newcor fully leased its Piney Woods Business Park development within three months of receiving the certificate of occupancy in April. The multi-tenant industrial park at 4033 Kreinhop Road in Spring has seven suites from 3,600 SF to 10.8K SF. David Alexander brokered all of the leases.
FINANCING
Hunt Capital Partners and Oaklake Community Houston Development Corp. closed on $13.2M in federal Low-Income Housing Tax Credits financing for Oaks Loft Crossing, a 60-unit affordable housing development in Stafford for senior households that qualify.
Hunt Capital Partners syndicated the LIHTCs through one of its multi-investor funds. Lenders include Amegy Bank, which will provide $10.5M in construction financing and Legacy Bank and Trust, which will provide $2.6M in permanent financing.
Oaklake Development LLC will develop Oak Lofts, and Cross Architects PLLC is the architect of record. Houston-based Nations Construction LLC is the builder and contractor, and local nonprofit Texas Inter-Faith Management Corp. will be the property manager. Portfolio Resident Services Inc., a nonprofit social services provider for the Inter-Faith Group, will accommodate senior residents with education, nutrition and recreation activities.
