This Week's Houston Deal Sheet: BTR Community Opens South Of Houston
Balcara Group announced the opening of Balcara at Meridiana, a build-to-rent community within the master-planned community of Meridiana. Meridiana is in Brazoria County's Iowa Colony, south of Houston.
The community consists of 114 homes, offering either three or four bedrooms, each with private fenced backyards and two-car garages. Balcara Group hopes to appeal to renters by choice, according to a news release.
"We are excited with the opening of our Meridiana community and look forward to serving our residents for years to come,” Paul Davey, CEO of Balcara Group, said in the release. “We believe that we have again created the right formula of great master plan, unique ‘front door’ location, design in harmony with the neighborhood, and delivery at an attainable rent level, substantially below the all-in costs of homeownership."
Community amenities include a fitness center, a game room, a children’s playroom, a pool, a playground and a dog park.
PEOPLE
Angler Construction hired Chad Forman as project manager in the vertical construction division. Forman comes to Angler with over two decades of industry experience, primarily in corporate interiors and business development.
SALES
Eastham Capital, a private equity real estate firm, partnered with Mosaic Residential, a Houston-based multifamily owner-operator, in the acquisition of Sola Westchase, a 318-unit residential community in the Westchase submarket of Houston.
South Florida-based Eastham Capital invested in the deal through its current fund, Eastham Capital Fund VI LP. Mosaic co-invested with Eastham and will oversee the day-to-day management. The acquisition price was not disclosed.
Sola Westchase is 95% occupied with in-place average rents of $1,400 per month. Prior ownership upgraded the interiors of all units. The 3354 Rogerdale Road community was built in 1999 and consists of one-, two- and three-bedroom units ranging from 626 SF to 1,436 SF.
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Marcus & Millichap announced the sale of a 1.26-acre retail pad site facing 610 West Frontage Road at 3033 S. Loop 610 W in Houston. The 55K SF retail pad site was formerly home to a Golden Corral, which was razed after the building caught fire.
Gus Lagos and Alex Wolansky of Marcus & Millichap exclusively represented the seller, an out-of-state private investor, and procured the buyer, a local private investor. The undisclosed buyer has plans to develop the site for retail use.
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HVS Brokerage & Advisory announced the sale of the 56-key Kemah Edgewater Hotel at 3636 NASA Road 1 in Seabrook. The property, built in 2004, was purchased by League City-based Krishna PS LLC from Pineda Hospitality, based in Seabrook. HVS Brokerage & Advisory’s Joseph Manuel and Andrew Frosch participated in the transaction.
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ROI Properties LLC was the listing broker on the sale of 4.12 acres on Skinner Road in Houston. Gullberg Family Trust was the seller. The close of escrow was Jan. 10.
LEASES
Oxford Partners represented Perdomo Distributor in the lease of 17.2K SF at 4245 Clay Business Drive in Katy. Oxford Partners’ Stephen Hazen, John Harris and Rob Adams represented the tenant. The landlord, ARK Real Estate Management, was represented by Lina Chou of Remax Fine Properties.
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Stream Realty Partners represented Woodbranch Management Inc. in numerous new leases at 4265 San Felipe St., a 223K SF office building in Houston. The transactions bring the building to about 90% leased. Leases include:
- Keller Williams Metropolitan, a Houston-based residential real estate agency, leased 20.6K SF on the eighth floor. Ty Martin of McCann Commercial Real Estate represented Keller Williams.
- Thomas J. Henry Law, a Texas personal injury law firm, leased another full floor at 19.3K SF. Jennifer Meehan at Savills, along with Kent McCoy and Andy Swanson at Centric Commercial, represented Thomas J. Henry Law.
- North American Corp., a commercial distributor and supply company, took 10.8K SF. Don King at JLL represented North American Corp.
CONSTRUCTION & DEVELOPMENT
Builders in Lake Houston-area master-planned community The Trails began construction on model homes as the community along the northeast section of the Grand Parkway at Plum Grove Road enters its next stage of development. Five models by Chesmar Homes, Coventry Homes, Lennar, Village Builders and Westin Homes will offer plans.
The five new models, along with the community’s first move-in-ready homes, are expected to be complete by spring 2024.
Elsewhere in the 1,373-acre community, boulevards and streets are completed and work will soon get underway on entry monuments. An expansion of Plum Grove Road heading north into the community is also scheduled to begin in early 2024.
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Sueba USA Cos. opened its west Houston multifamily community, San Palmas, featuring 370 Class-A apartments and amenities at 15915 Kingfield Drive near Highway 6.
Amenities include a 24-hour CrossFit-inspired athletic club with interactive cardio equipment, a pickleball court, a dog park, a dog spa, and a leisure and lap pool.
The apartment homes, ranging from studios to three-bedrooms, offer custom features of a chef-inspired kitchen with an undermount sink and subway tile backsplash, 42-inch upper kitchen cabinetry with brushed nickel accents, stainless steel appliances, bathrooms with custom framed mirrors and 9-foot to 12-foot ceilings. Select plans include an island kitchen with a wine rack. Plans range from 480 SF to 2,196 SF.
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Angler Construction, a full-service general contractor in the industrial, retail, corporate interior and banking sectors, broke ground on True Port Distribution Center. The 255K SF building developed by Phelan Bennett Development is expected to deliver in fall 2024.
