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CNL Healthcare Buys Specialty Hospital for $76M

25 Jul 2014, 3:10 am

By Liviu Oltean, Associate Editor

In a $76 million deal, CNL Healthcare Properties Inc.  has acquired  the Houston Orthopedic & Spine Hospital campus (HOSH). The transaction represents the largest single-property investment to date for the Orlando, Fla.-based REIT, which specializes in senior housing and healthcare properties.

Located  at the intersection of Interstates 69 and 610 in the Galleria submarket,the asset consists of a 126,946-square-foot specialty hospital, a 99,768-square-foot multi-tenant medical office building and two dedicated parking structures.

The hospital includes 64 private beds, 10 operating suites and a wide array of imaging services. HOSH was naned one of Houston’s top surgical units in 2013 by Consumer Reports. According to a statement released by CNL Healthcare, Lincoln Harris CSG will handle leasing and management of the campus.

“The HOSH campus is an exceptional addition to our expanding healthcare portfolio, allowing us to further enhance and diversify our holdings,” said Stephen H. Mauldin, president & CEO of CNL Healthcare Properties. “Strategically positioned in the nation’s fifth largest metropolitan area, HOSH’s management and providers have earned an outstanding reputation for delivering the highest quality services and patient care.”

HOSH joins CNL Healthcare’s extensive senior housing portfolio in Texas, which also includes assets such as The Watercrest at Bryan, the Isle at Cedar Ridge in Cedar Park, The Springs Alzheimer’s Special Care Center in San Angelo and the Raider Ranch-Development in Lubbock. Nationally, CNL Healthcare’s portfolio comprises 78 assets in 26 states that represent a $1.37 billion investment.

Image Courtesy of CNL Healthcare Properties



Woodbranch Plans New Residential High-Rise for Downtown Houston

17 Jul 2014, 3:35 pm

By Liviu Oltean, Associate Editor

The plethora of office projects either under construction or close to breaking ground in Houston has given real estate companies incentive to focus on more and more residential projects.  One such project is Market Square Tower, a 40-story luxury high-rise on which Woodbranch Investments Corp. plans to break ground in coming weeks.

Market Square Tower will feature residences ranging from 550-square-foot efficiencies to 1,950-square-foot units, with a limited number of penthouses also included in the project plans.  The average layout will have approximately 1,275 square feet, with a rent of roughly $3,500, as reported by the Houston Chronicle. According to an official statement, amenities will include a virtual golf simulator, an indoor basketball court, a screening and banquet room, and two pools – one near the bottom and one near the top of the tower.

Market Square Tower Rendering by Jackson & Ryan Architecture, Courtesy of Woodbranch Investments Corp.

“But perhaps most unique to the Houston market,” said Philip Schneidau, president of Woodbranch’s Houston office, “will be Market Square Tower’s wrap-around rooftop amenities, which have breathtaking panoramic vistas of the downtown Houston skyline and Buffalo Bayou Park  – all from 500 feet above street level.” The rooftop amenities include a cloud lounge, sky gym, sundeck and sky pool. A portion of the sky pool is encased in glass, including the bottom, and cantilevers beyond the face of the building.

The tower’s design is being handled by Jackson & Ryan Architecture, which also designed other Houston-area multifamily properties, such as Museum Tower and the Post Oak Lofts in the Galleria area.

Located at 777 Preston, the site has been owned by Woodbranch since 1995 and is a full city block bounded by Milam, Preston, Louisiana and Congress. The tower will be in the neighborhood of another residential project expected to be completed by fall 2016 – Hines Market Square, a 33-story, 289-unit building featuring ground-floor retail and a podium garage. Another potential development in the area is International Tower, a 41-story, 750,000-square-foot office tower from Stream Realty and Essex Commercial Properties.



Hines Receives LEED Platinum Certification for Williams Tower HQ

2 Jul 2014, 9:44 pm

By Liviu Oltean, Associate Editor

Hines’ 49th Floor Lobby

Hines Interests L.P. announced its recently renovated headquarters in Williams Tower has been granted a LEED Platinum for Commercial Interiors certification by the U.S. Green Building Council. The certification awards outstanding ecological practices in the design of commercial, non-retail spaces.

The company has been leasing the 49th and 50th floors of the tower for more than 30 years. Until the recent remodeling, it had opted not to make any significant changes to the two floors, keeping them as close as possible to the original design by Skidmore, Owings and Merrill. Hines chose Houston-based Kirksey Architecture for the renovation, as it presented a project that put emphasis on the adaptive reuse of existing materials and on the creation of a new two-story lobby with a view of downtown Houston.

The real estate company obtained the LEED certification through careful planning and efficient use of resources. It salvaged 42 percent of the materials and 62 percent of the furniture. Other implemented measures included:

  • The marble countertops in the new public restrooms were repurposed.
  •  Ninety-six percent of the construction waste material was diverted from landfills and recycled.
  • The implementation of efficient water fixtures reduced potable water usage by 40 percent.
  •  Lighting-power density was diminished by 39 percent over the current code requirement.
  •  The use of ENERGY STAR-rated appliances lowered carbon dioxide emissions.

“We are tremendously proud of this achievement, and we recognize the importance of leading by example and demonstrating our commitment to the environment,” said Hines Senior Vice President of Corporate Operations Services Ilene Allen.  “Achieving LEED-CI Platinum is the result of more than 18 months of preparing, planning and execution by our architects, contractors and employees.”

Photo Courtesy of Hines L.P. 



Hartman Short-Term Income Properties XX Purchases Houston Industrial Property; Bascom Acquires Sierra at Fall Creek

26 Jun 2014, 4:14 am

By Liviu Oltean, Associate Editor

Hartman Short Term Income Properties XX Inc., a Houston-based REIT, recently announced that affiliate Harman Mitchelldale Business Park L.L.C. purchased the Mitchelldale Business Park from Falcon Southwest for an undisclosed sum. Consisting of 12 office buildings that total roughly 380,000 square feet, Mitchelldale Business Park has an occupancy rate of 92 percent. The park’s tenants include Craven Carpet, A Better Trip, GC Services and LOYC Investments.

One of the best features of the business park is accessibility – by US Highway 290, the 610 West Loop and Interstate Highway 10. Because of the park’s 100 percent HVAC opportunities, its grade & dock-high and 12 to 22 foot clear height, the park can cater to almost any type of business trade. Other amenities include on-site management and leasing, ample parking, landscaping and after-hours security.

According to research data from CBRE’s industrial report on the first quarter of 2014, Houston will experience a gargantuan amount of focus on industrial real estate. The Bayou City seems to be one of the most powerful industrial markets in the U.S., with very high occupancy rates. Moreover, due to the 1.6 million square feet of net absorption and the 8.1 million square feet of industrial space already under construction in the first quarter, Houston seems to be heading toward a strong industrial year.

In other regional news, The Bascom Group L.L.C. announced the acquisition of Sierra at Fall Creek, a 252-unit multifamily community. Debt financing was supported by California Bank and Trust, while the acquisition process was arranged and supervised by Brian Eisendrath and his team at CBRE Capital Markets.

Constructed in 2004, Sierra at Fall Creek encompasses 13 residential units and a leasing center, which span 13 acres.  More than half of the units are one bedroom, but there are options that feature two to three bedrooms. Moreover, as part of the Fall Creek community, Sierra offers an impressive list of amenities: a clubhouse, billiards room, fitness center, pool and spa, and grill and lounge area.

“Buying a newer asset in a sought-after location that is generating strong current yield, with appreciation potential through capital improvements, is a good deal profile for us in Houston,” said James D’Argenio, principal for Bascom, in an official statement.

Photo courtesy of the Bascom Group L.L.C. through PRNewswire.



Hillwood Communities Breaks Ground on $700M Houston-Area Development

11 Jun 2014, 10:02 pm

By Amalia Otet, Associate Editor

Hillwood Communities, in a joint venture with McGuyer Homebuilders Inc., has broken ground on Pomona, a $700 million master-planned residential development in the heart of the rapidly growing Highway 288 corridor.

To be built on 1,000 acres near the intersection of SH288 and County Road 101 in Manvel, the high-quality community will feature approximately 2,100 single-family homes. The location offers convenient access to retail and major employment areas, including the Pearland Town Center, the Houston Medical District, Houston Hobby Airport, Downtown Houston, the Galleria and Greenway Plaza.

Pomona is structured around the Mustang Bayou, a river that will anchor the community and create a laid-back, coastal environment for residents.

“We’re thrilled to break ground on what will be Hillwood Communities’ first Houston-area development,” said Fred Balda, president of Hillwood Communities, in a written statement. “We’ve made every effort to carry out our initial vision for Pomona by offering modern conveniences in a relaxed setting that preserves the bayou and surrounding coastal features.”

The first phase of the development will consist of 300 homes, with well-appointed properties offered by Houston homebuilders such as Highland Homes, Coventry Homes, Plantation Homes, David Weekly Homes and Trendmaker Homes.

Prices for the residences at Pomona will range from $250,000 to $450,000, according to Your Houston News.

“The city of Manvel is proud to welcome Hillwood Communities and Pomona to our community. We are very excited about Hillwood’s involvement and our commitment to making Manvel, ‘the Woodlands of the South,’” said Mayor Delores Martin of Manvel. “Hillwood Communities has been a joy to work with, and we look forward to bringing five-star-rated homes to our community.”

Hillwood plans to leave more than 300 acres of the property open in the form of wetlands and protective waters, and also make improvements to the bayou by planting native grasses and trees. Community amenities include a fishing pier, resort-style swimming pools, pocket parks, large neighborhood playgrounds, as well as schools and an extensive hike-and-bike trail system linking different parts of the community.

Photo credit: Hillwood Communities



Taylor Morrison to Build New 400-Home Community in Cypress

5 Jun 2014, 2:42 pm

By Amalia Otet, Associate Editor

Houston seems to be the place for homebuilders to be, with Scottsdale, Ariz.-based Taylor Morrison expanding its residential footprint in Cypress. The developer has announced plans to build three new home collections at Alder Trails, a 155-acre community located just off Barker Cypress and south of Highway 290.

The new development, which is expected to open in early 2015, will feature more than 400 home sites to be released in multiple phases, as well as two centrally located lakes and several other lifestyle-oriented amenities. The community’s convenient location also provides residents with easy access to employment centers around Houston, as well as the Sam Houston Tollway and the newly opened Grand Parkway.

The homebuilder will offer three product lines at Alder Trails, including the 50-foot Villa Series, 60-foot Chateau Series and 70-foot Grande Series.

Taylor Morrison already builds in two Cypress communities, Cypress Creek Lakes and Park Creek.

“Alder Trails represents an opportunity for us to continue the presence we established in Cypress with Park Creek and Cypress Creek Lakes,” said Jim Ellison, vice president of sales and marketing for Taylor Morrison’s Houston division. “Homebuyers have told us that they value this community’s location and its access to Cy-Fair ISD schools. At Alder Trails, these terrific schools will be less than two miles away.”

The Villa Series at Alder Trails will provide homebuyers with a variety of floor plans, ranging from approximately 1,800 to more than 2,500 square feet. The well-appointed homes are designed to cater to the finest tastes and will feature as many as four bedrooms and 3.5 baths stretched over both single- and two-story layouts. First-floor master suites will also be available, along with game rooms and covered patios.

Taylor Morrison’s Premiere Series boasts exclusive floor plans, ranging in size from approximately 2,700 square feet to more than 3,900 square feet. The properties feature as many as five bedrooms and 3.5 baths, and may include first-floor master suites, game rooms, media rooms and extended covered patios.

Finally, Taylor Morrison’s Grande Series will offer floor plans ranging from 3,600 to more than 5,000 square feet. Homes may include as many as seven bedrooms and 5.5 baths, along with media rooms, gourmet kitchens and more.

“We think Alder Trails offers a unique advantage for homebuyers, given the variety of floor plans and additional features available,” Ellison added. “Each series creates a special opportunity. It’s what makes the community so special.”

Image courtesy of Taylor Morrison via PRWeb



Alliance Acquires 308-Unit High-End Community; HFF Arranges Sale of 3-Property M-F Portfolio Near Texas Medical Center

29 May 2014, 4:17 am

By Amalia Otet, Associate Editor

Phoenix-based Alliance Residential Co. has acquired City Park, a 308-unit, Class A multi-family community in Houston, from Fulton Property Group of San Antonio.

HFF brokered the transaction on behalf of the seller and arranged acquisition financing for the buyer through a life insurance company.

Formerly known as The Retreat at City Park, the community is located at 1640 East TC Jester Blvd. between Downtown Houston and the Galleria within Houston’s Inner Loop. The 10.75-acre site has direct access to the White Oak Bayou hike and bike trail on the edge of The Heights.

Completed in 2003, the multi-housing complex offers a mix of one-, two- and three-bedroom luxury apartment homes with an average unit size of 836 square feet. Interiors showcase high-quality finishes and features, including stainless steel appliances, granite countertops, oversize closets, in-home washers and dryers, in-suite fireplaces, wood-style flooring and garden-style soaking tubs. Common amenities include a resort-inspired pool with waterfalls, a picnic area, a fitness center, covered parking, an executive business center, controlled access and online payment services.

The property was fully leased at the time of closing.

Senior managing directors Todd Marix and Todd Stewart joined directors Chris Curry and Tre Banks, all with HFF, in arranging the transaction for the seller. HFF’s debt placement team representing the buyer was led by director Colby Mueck.

“City Park is one of the last Inner Loop garden-style communities built in Houston before land values required higher-density/mid-rise developments, offering a sustainable competitive advantage that will benefit new ownership for years to come,” said Marix.

Meanwhile, entities affiliated with JMG Realty Inc. acquired The Texas Medical Center Portfolio for an undisclosed amount. The portfolio consists of El Mundo Park, Plaza Del Oro and San Marin, three Class A multi-housing communities near the Texas Medical Center in Central Houston.

HFF marketed the assets and negotiated the transaction on behalf of the seller, LeCesse Development Corp.

According to HFF, the 470-unit portfolio is 96 percent leased overall. It is situated in close proximity to the Texas Medical Center within Loop 610. El Mundo Park is located at 8300 El Mundo St. and includes 192 units. Plaza Del Oro is a 66-unit property at 2700 Holly Hall St. San Marin features 212 units and is located at 8181 El Mundo St.

Photo credit: City Park Boutique via Official Website



Morgan Launches New Pearl Luxury Community; Balfour Beatty General Contractor for 6 Houston Center

22 May 2014, 4:46 am

By Amalia Otet, Associate Editor

The Morgan Group has commenced development of a new luxury apartment community under its Pearl brand. Morgan launched the brand in 2013 with the opening of Pearl Greenway in Houston’s Greenway Plaza.

To be located on a 4.6-acre pad near Houston’s CityCentre, the new Pearl project consists of two separate properties, dubbed Pearl CityCentre and Pearl Residences at CityCentre. Plans call for an eight-story building with 148 units, ranging from 750 to 2,500 square feet, and a seven-story mid-rise with 312 units that range from 650 to 1,500 square feet. Interiors feature high-end wood floors and condo-quality finishes.

Designed to cater to a wide range of renters, from young professionals to empty-nesters, both properties will feature such amenities as a cyber café, a business center, an athletic club and a resort-style swimming pool with private cabanas.

“The location of this property, with its proximity to Houston’s hugely popular CityCentre and the ever-expanding Energy Corridor, couldn’t be better,” said The Morgan Group President Alan Patton in a written statement. “The apartments within CityCentre command some of the highest rents in Houston. The lack of available land adjacent to CityCentre makes this site even more valuable. Morgan has upped the ante by bringing Inner Loop luxury to this area to appeal to the renter-by-choice who wants an all-inclusive environment. We intend to own both of these properties for years to come.”

Wells Fargo is providing construction financing, and Wallace Garcia Wilson Architects is the project architect.

The Pearl CityCentre community is set to open in early fall 2015.

Meanwhile, Crescent Real Estate Holdings LLC has tapped Balfour Beatty Construction to serve as general contractor for 6 Houston Center, a new 30-story office building to be located on the thriving east side of Houston’s central business district.

6 Houston Center will be a state-of-the art building featuring 600,000 square feet of Class AA office space, as well as a nine-level parking garage and a skybridge connection to 1 Houston Center/LyondellBasell Tower. Amenities include 10- to 12-foot ceiling heights, a concierge floor, a fitness and conference center and rooftop gardens. It also boasts a premier location on Block 95, near the light-rail and within walking distance of numerous hotels, restaurants and retail destinations.

The building is designed to achieve LEED Gold certification.

Chrissy Wilson of Jones Lang LaSalle will handle leasing at the property, as previously reported by Commercial Property Executive.

Rendering of 6 Houston Center, courtesy of Crescent Real Estate Holdings LLC via PRWeb



Fountain Builds Second Off-Campus Community at University of Houston

15 May 2014, 3:49 am

By Amalia Otet, Associate Editor

Construction is underway on Campus Vue, a five-story off-campus housing complex at the University of Houston.

Developed by Fountain Residential Partners of Dallas, the 465-bed community will be situated directly across the street from the on-campus fraternity and sorority houses that make up Bayou Oaks. The building will overlook the UH campus on what was the site of the Beall Village apartment homes on Calhoun and N. MacGregor.

The new student-friendly residential complex will feature one-, two- and four-bedroom units equipped with an upgraded furniture package, including granite countertops, stainless steel appliances, wood-look flooring, 50-inch flat screen televisions with DVRs in the living areas and keyless entry into the building and units.

Campus Vue will be an all-inclusive community, with all utilities, highest-speed broadband and wireless Internet and extended cable TV included in the rent, according to official statements.

Among a series of lifestyle-oriented amenities, the community will boast a luxury pool; a fitness room; several study rooms; a secure, structured parking garage; on-site management and maintenance; as well as a lounge area on the fifth floor overlooking campus that will serve as a social gathering area for residents.

The project development team includes award-winning design firms 5G Studio Collaborative, Domus Studio Group and Kimley-Horn & Associates; Centerpoint Builders serves as general contractor. Grand Campus Living will be handling leasing and management at the property.

Campus Vue is not Fountain Residential’s first project in Houston. The company also developed Vue on MacGregor, the first privately owned off-campus community for The University of Houston. Located at the intersection of MacGregor Way and Calhoun Road, right at the entrance to the campus, the complex offers 347 beds in one-, two-, three- and four-bedroom apartment homes. Vue on MacGregor is 100 percent pre-leased for fall 2015.

“University of Houston is shattering the conception of being a commuter school, and our success at Vue on MacGregor is clearly evident of that,” noted Trevor Tollett, vice president at Fountain Residential Partners. “UH is a Tier One Research University in the heart of an internationally known city, and part of the university’s success will be off-campus living options for its almost 40,000-student population. Currently there are only certain places near campus that make sense for these kinds of developments, and we think we have the two best sites in the market. We are proud to be a part of UH’s continued success and hope that what we are doing with Campus Vue and Vue on MacGregor will ‘raise the tide’ on all the great things going on both on and off campus.”

Specializing in student housing since 2000, Fountain Residential has completed well over $1 billion in new student housing construction across the country.

Rendering of Campus Vue in Houston Courtesy of Fountain Residential Partners via Official Website



White Oak Buys 300-Unit M-F Community; Memorial City Mall Adds Seven New Retailers

8 May 2014, 5:01 am

By Amalia Otet, Associate Editor

Columbus, Ohio-based White Oak Partners L.L.C. has acquired Colorado Club Apartments, a 300-unit multifamily community in East Houston. HFF marketed the property on behalf of the seller, Capital Equity Group of Cleveland. The purchase price was not disclosed.

Colorado Club sits on a 10-acre tract at 794 Normandy St., two miles north of the Houston Ship Channel and Port of Houston, and 9.7 miles east of downtown Houston. It offers a mix of one- and two-bedroom apartment units, averaging 753 square feet. Interiors feature washer/dryer connections, fireplaces, wet bars and spacious layouts. Community amenities include a resort-style swimming pool, fitness center and playground.

The property was 98 percent leased at the time of closing.

The HFF investment sales team representing the seller was led by director Chris Curry, senior managing directors Todd Marix and Todd Stewart and director Tre Banks.

According to Chris Curry, the multi-housing complex has an ideal location in a strengthening submarket of Houston that has no new supply coming online. “Over the next three years, $35 billion will be invested into the Port of Houston, ultimately creating more than 250,000 jobs and increasing demand for housing,” Curry pointed out.

White Oak Partners is a leading privately held sponsor of national multifamily real estate investments. The company acquires, owns and manages a portfolio of apartment communities and is actively pursuing multifamily investment opportunities across the U.S., with a particular focus on the Southeast and Southwest. The management team at White Oak Partners averages over 25 years of experience in acquiring, developing and managing more than $14 billion in real estate in their careers, including more than 140,000 multifamily units.

Meanwhile, MetroNational announced the addition of several new retailers to the epicenter of its mixed-use development in Houston: Memorial City Mall.

Seven new retailers — including Vera Bradley, Banana Republic, Soma Intimates and Chico’s — will set up shop within Memorial City’s premier shopping and recreational destination.

“Our success in bringing on new tenants is a direct result of our current tenants’ retail volumes and the increasing growth and density of the surrounding market,” said Danna Diamond, director of retail leasing for Memorial City. “With over 2 million square feet in office space, multifamily residences within walking distance and proximity to the West Houston area, our tenants are able to tap into a range of customer demographics and convert sales.”

In the past year, the Memorial City Mall saw annual sales per square foot approaching $800.

Photo credit: Memorial City Mall courtesy of MetroNational via PRNewsFoto







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