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 Beacon Hill mixed-use development in Waller County. A portion of the tract will be dedicated to drainage and detention, with nearly 11 acres of the land available for future commercial development. The purchase, along with a previous expansion, brings the Beacon Hill development to 587 acres, including a business park along US 290 and a residential subdivision on the northern 270 acres.

“The McCaig property is a natural extension of our Beacon Hill project,” Wolff Cos. Chairman David S. Wolff said in an announcement. “As Houston continues its rapid westward growth, Waller County is becoming a major 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 distribution, 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.

New York-based SMBC Leasing and Finance purchased the 100 percent leased dialysis center at 8303 Creekbend Drive in southwest Houston. Beth Young of Colliers represented the seller, SWD Property Development. Fresenius Medical Care has occupied the facility since 2004.

Pelican Builders reached a construction milestone for The Hawthorne, a 17-story condominium tower at 5656 San Felipe in the Tanglewood area. The Houston-based developer held a topping out ceremony on Sept. 14 signaling the building reached its final height. Pelican’s president Derek Darnell was joined by representatives from its investment partner Ranman USA, Kirksey Architecture, Ludlow & Associates Construction and Douglas Elliman Development Marketing Texas. The property, which will contain 67 units with an average size of 2,705 square feet and a starting price of $1.5 million, is more than 40 percent sold. Lauren Rottet of Rottet Studio is designing the interiors. Opening is planned by early fall of 2023.

RELATED: Houston’s Asset Living now manages 1,000 properties in 40 states. Here’s how it plans to keep growing.

Florida-based DLP Capitalin partnership with Texas-based ORP Investments, announced the purchase of Elan Memorial Park, a 297-unit apartment property at 920 Westcott Street near Memorial Park. The nine-story building, which has 17,000 square feet 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 Cypress, ORP Investments was founded by Raj Sarangam.

Three Pillars Capital Group a Houston-based private equity firm specializing in older apartment properties, obtained a $46 million loan to refinance the 520-unit Mainridge Apartments and Westridge Gardens apartments near NRG Park. Since acquiring the communities at 2501 and 2600 Westridge St. In October 2020, Three Pillars made improvements such as adding granite countertops, new cabinetry, kitchen and bath fixtures and flooring. The cash out refinancing enables Three Pillars to return equity to its investors and locks in debt at a fixed loan rate, according to founder and CEO Gautam Goyal. Founded in 2017, Three Pillars now manages approximately 3,000 units in the Houston area.

GBP II SIP purchased a 27,150-square-foot single-tenant industrial property at 1612 Southcreek Lane in Candle Ridge Business Park from Trecap Southcreek Partners. Jason Tangen of Colliers represented the seller. Todd Moore and Connor Duffy, also of Colliers, represented the buyer. The crane-served property is 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 renewed 4,001 square feet at 11200 Westheimer. Donna Svec represented the landlord, Hartman Income REIT.

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

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