9-story apartments by Memorial Park sold

Houston based Wolff Cos. acquired an additional 22.7 acres along US 290 between Beacon Hill and FM 362 from the McCaig Family Limited Partnership to expand its mixed-use development at Beacon Hill in Waller County. A portion of the site will be devoted to drainage and conservation, leaving nearly 11 acres of land available for future commercial development. The purchase, along with a previous expansion, brings Beacon Hill’s development to 587 acres, including a commercial area along US 290 and a residential community on the north 270 acres.

“The McCaig property is a natural extension of our Beacon Hill project,” said David S. Wolff, chairman of Wolff Cos., in an announcement. “As Houston continues its rapid growth westward, Waller County will become a key hub for global manufacturing and logistics.”

Hines acquired 78 acres in Beacon Hill in January for a future build-to-suit project that can accommodate up to 1.3 million square feet of retail, manufacturing or logistics space. Long Lake Ltd. is developing Beacon Hill, planned for 870 homes, of which 60 have been built and 50 are in various stages of construction.

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Based in New York SMBC leasing and financing acquired the 100 percent leased dialysis center at 8303 Creekbend Drive in southwest Houston. Colliers’ Beth Young represented seller SWD Property Development. Fresenius Medical Care has lived in the facility since 2004.

pelican farmer achieved a construction milestone for The Hawthorne, a 17-story residential tower at 5656 San Felipe in the Tanglewood area. The Houston-based developer held a topping-out ceremony on September 14, signaling that the building had reached its final height. Pelican President Derek Darnell was joined by representatives from his investment partner, Ranman USA, Kirksey Architecture, Ludlow & Associates Construction and Douglas Elliman Development Marketing Texas. The lot, which will have 67 units averaging 2,705 square feet and will have a starting price of $1.5 million, is more than 40 percent sold. Lauren Rottet of Rottet Studio designs the interiors. The opening is planned for early autumn 2023.

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Based in Florida DLP Capitalin partnership with Texas-based ORP Investments, announced the purchase of Elan Memorial Park, a 297-unit residential building at 920 Westcott Street near Memorial Park. The nine-story building with 17,000 square meters of retail space was built in 2016 and is 92 percent occupied. With the purchase, DLP manages 2,500 units across eight properties in the Houston area. Based in Cyprus, ORP Investments was founded by Raj Sarangam.

Three Pillar Capital Group a Houston-based private equity firm specializing in older residential real estate secured a $46 million loan to refinance the 520-unit Mainridge Apartments and Westridge Gardens Apartments near NRG Park. Since acquiring the communities of 2501 and 2600 Westridge St. in October 2020, Three Pillars has made improvements such as: B. Adding granite countertops, new cabinets, kitchen and bathroom fixtures and flooring. The cash-out refinancing allows Three Pillars to return equity to its investors and tie up debt at a fixed rate of interest, according to founder and CEO Gautam Goyal. Founded in 2017, Three Pillars now manages approximately 3,000 units in the Houston area.

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GBP II SIP acquired a 27,150 square foot single tenant industrial lot at 1612 Southcreek Lane in the Candle Ridge Business Park from Trecap Southcreek Partners. Jason Tangen from Colliers represented the seller. Todd Moore and Connor Duffy, also from Colliers, represented the buyer. The crane-serviced property is located in the North Hardy Toll Road industrial submarket, which has 44.6 million square feet of industrial space and is 91 percent occupied.

Novetus Engineering renovates 4,001 square feet at 11200 Westheimer. Donna Svec represented the lessor Hartman Income REIT.

partner has acquired, through its investment vehicle Partners’ Fund IV, a 53,500 square foot industrial lot at 10849-10899 Kinghurst Drive in southwest Houston. The property, which consists of two buildings, is fully rented. Brent Reed of Veritex Bank provided the financing. Colliers’ Jason Scholtz represented the buyer.

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