This Week’s Houston Deal Sheet
California-based Bolour Associates Inc. purchased the Northeast Pines apartment community in Humble for $9.6M.
Built in 1980, the property consists of 136 units across 12 buildings, located at 18839 South Memorial Drive. Bolour said it will invest more than $1M in renovations for the property, including interior, exterior and common area upgrades to attract a rapidly growing renter base.
Bolour will renovate all Northeast Pines units with open concept kitchens, new countertops, refaced cabinetry, modern energy-efficient appliances, re-tiled bathrooms and wood flooring. The firm will also repaint and re-landscape the entire community, update signage and upgrade common spaces with an outdoor barbecue area and modernized leasing and community spaces. Renovations will take place over the next 24 months.
Northwest Pines is a controlled-access community offering one- and two-bedroom homes ranging from 420 SF to 970 SF. Common areas include a clubhouse and pool. Unit amenities include private patios, washer/dryer connections and walk-in closets.
Su Real Estate Group’s Roberts Su represented the seller, a private investor.
SALES
MC Cos. purchased two adjacent multifamily properties totaling 648 units in Katy. The properties are the 384-unit, garden-style Enclave at Cypress Park apartments and the 264-unit, garden-style Paramount Apartments. MC Cos. will combine and rebrand the properties as The Place at Barker Cypress. At the new combined property, the firm has the opportunity to add value to 328 of the units through upgrades and renovations, as well as common area upgrades.
CBRE arranged the asset sale and acquisition financing with MF1 Capital. CBRE’s Michael Thompson arranged the acquisition financing on behalf of the buyer, while CBRE’s Clint Duncan and Matt Phillips represented the sellers.
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Driftwood Capital purchased the Hotel Indigo Houston at the Galleria, a 131-key hotel in Houston’s Uptown submarket. The hotel, built in 2001 and renovated in 2009, is located at 5160 Hidalgo St.
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A private California-based investor purchased South Shore Medical, a 24.2K SF office property in League City. The property is anchored by the University of Texas Medical Branch and is located at 6455 South Shore Blvd. Marcus & Millichap’s James Bell and Stewart Morris marketed the property on behalf of the seller, a private investor.
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Faropoint Ventures purchased a 26.5K SF single-tenant industrial property at 9820 Drysdale Lane in northwest Houston. The property has an acre of secure outside storage. Finial Group’s Jack Gaffney represented the buyer in the off-market transaction.
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Floor and Décor Outlets of America purchased an assemblage of 5.5 acres of raw land at 26908 I-45 North in Oak Ridge North. A warehouse store is slated to be built on the property and open in the second quarter of 2022. Collum Commercial’s Joan Collum represented the buyer. JLL’s Davis Adams represented one of the sellers, MH 2A LLC, while International Realty’s Richard Foulkes represented the other seller, F.M.U. Properties.
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A private buyer purchased 13915 Service Center Drive, a 16K SF industrial building in Tomball. The building is part of a five-building tilt wall industrial park. NAI Partners’ Travis Land represented the seller, Adkisson Group.
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Newman Development Corp. purchased a 22.5K SF value-add retail center at 11503 North Sam Houston Parkway in Humble. The property is 72% leased, and Newman said it presents an opportunity to remodel the center and stabilize the occupancy. Newman Development Corp.’s Nate Newman represented the buyer. The property was sold by an undisclosed private investor.
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A private California-based investment group purchased a 10.8K SF childcare center at 30016 Aldine Westfield Road in The Woodlands. Newman Development Corp.’s Nate Newman procured the buyer and represented the seller, Newman Development Corp., which developed the center in 2017.
LEASES
WellMed Medical Management Inc. leased 12.4K SF at the South Gulf Plaza redevelopment at 5815 Gulf Freeway. The property is expected to deliver in July. Perron & Campbell Inc.’s Luke Campbell and Nick Campbell represented the tenant, while Colliers International’s Jenny Seckinger and Ace Schlameus represented the developer and landlord, Hass Holdings.
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Conlan Tire leased 24.5K SF of industrial space at 3300 North McCarty St. in northeast Houston. NAI Partners’ Jake Wilkinson represented the tenant.
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Floor and Décor Outlets of America leased 10.8K SF for its Floor and Décor Design Studio Concept at 5080 Richmond Ave. The studio is scheduled to open in the fourth quarter of 2021. Collum Commercial’s Joan Collum represented the tenant, while CBRE’s Jazz Hamilton and Rusty Lilley represented the landlord, POR Ltd.
CONSTRUCTION AND DEVELOPMENT
Wood Partners opened its newest luxury multifamily community, Alta River Oaks, located at 3636 West Dallas St. The property has 364 units and offers one-, two- and three-bedroom floor plans. Alta River Oaks is managed by Wood Residential. The property also features a pool and sundeck, expansive outdoor entertainment space, a fitness center with a yoga room, a clubroom and a sky lounge.
FINANCING
Medistar Corp. closed on a $135.85M construction loan with partner Healthcare Trust of America and lender CIM Group for the construction of its 19-story, 714-bed Life Tower student housing building and 13-level parking garage for 2,700 vehicles at the Texas A&M Innovation Plaza campus in the Texas Medical Center.
Life Tower broke ground on Sept. 16, while construction on the parking garage began on June 1. Both are on schedule to deliver in mid-2022. Vertical construction of the new garage will serve as the podium and foundation for Horizon Tower, a 17-story, 485K SF medical office and life sciences tower that is expected to break ground in 2022.
