Dallas-based Performance Properties is diving into the Houston multifamily market. The group's first acquisition was the 300-unit Timberwalk Apartment Homes in northwest Houston. Performance is looking to acquire 1,500 more units in Greater Houston.
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"We believe Houston is just hitting the bottom of the cycle," Performance Properties principal David McQuadid said. "Our strategy is to take advantage of the perceived weak Houston economy and create the most value we can for our investors."
Performance Properties' strategy is focused around value-add units. Timberwalk has below-market average rent, at $845/month, while its neighboring complexes average $934.
LEASES
CBRE’s Patrick Rollins repped McLane Group International in lease negotiations for a 160K SF industrial lease at Interstate Commerce Center. The landlord, Hillwood Investment Properties, was repped by Stream Realty.
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Lee & Associates’ Reed Vestal and Taylor Schmidt repped the landlord, Mag Preston, in leasing 21K SF at Port Place Business Park. JLL’s Ryan Barbles repped EnerMech Mechanical Services.
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Belvoir Real Estate Group’s Matthew Goldsby and Sam Chang repped UYL Color with a new 20K SF HQ at 1180 West Loop North in Houston, its fifth location in the Houston area. Kelly Landwermeyer of Holt Lunsford repped the landlord, Centerpoint Properties Trust.
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Baccarat, the venerable French glassworks house established in 1764, will open a new store at River Oaks District in September. The 1,500 SF boutique will be in between Tom Ford and de Boulle, at 4444 Westheimer.
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TUMI has signed a 2K SF lease at Memorial City Mall, across from Victoria’s Secret in the Dillard’s wing. The landlord, MetroNational, was repped in-house by vice president of retail leasing Danna Diamond.
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Black Label Commercial Group’s Beau Harris repped Stratton Development & Construction in the leasing of a 12K SF office/warehouse facility on 4.2 acres at 1302 Bammel in North Houston to Neff Equipment Rental.
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NAI’s Jake Wilkinson repped the landlord, Henry Lee, in leasing a 9,100 SF industrial warehouse at 12600 Mood Road in Willis to Weston Solution. Cresa’s Sue Rogers repped the tenant.
SALES
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HFF’s investment sales team led by Rusty Tamlyn and Trent Agnew closed the sale of four Class-B distribution warehouses totaling 809K SF in the West by Northwest Industrial Park in Houston.
HIRES/PROMOTIONS
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Lee & Associates has expanded its industrial brokerage team, adding Tim Thomas as director. Thomas specializes in the acquisition and disposition of industrial and land assets.
FINANCING
Northmarq's Warren Hitchcock arranged acquisition financing of $7.3M for Regal Pointe and an adjacent property totaling 152 units of Class-B multifamily at 6111 Willowbend in Houston. The transaction was structured with a five-year term with three years of interest-only followed by a 25-year amortization schedule.
