Texas Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in Texas.
Issue link: https://texasrealestatebusiness.epubxp.com/i/591312
30 • November 2015 • Texas Real Estate Business www.REBusinessOnline.com W E S T T E X A S VESPER ACQUIRES 864-BED UNIVERSITY COURTYARD NEAR TEXAS TECH LUBBOCK, TEXAS — Vesper Hold- ings has purchased the 864-bed Uni- versity Courtyard student housing community near Texas Tech Universi- ty in Lubbock. Vesper purchased Uni- versity Courtyard from a group of ten- ant-in-common owners "at a steeply discounted price," the company says. The property was acquired through an of-market transaction. Vesper is planning to execute a complete reno- vation of University Courtyard and intends to invest $4.5 million in capital expenditures. Property improvements will include a renovation of the units and amenities, as well as enhance- ments to the property's exteriors and technology upgrades throughout the complex. Completed in 2005, Univer- sity Courtyard contains 12 three-story residential buildings and a clubhouse spread across a 30-acre site. The prop- erty's unit mix consists of two-, three-, and four-bedroom foor plans. All of the units have a one-bed-to-bath ra- tio. All apartments are fully furnished and feature black appliance packages and large, fully equipped kitchens. M&M; ARRANGES SALE OF 253-UNIT APARTMENT BUILDING IN AMARILLO AMARILLO, TEXAS — Marcus & Mil- lichap has arranged the sale of Lakev- iew North & South Apartments, a 253- unit apartment property located in Amarillo. John Barker and Mark Allen of Marcus & Millichap's Fort Worth ofce marketed the property on behalf of the seller, a limited liability compa- ny. Barker and Allen also secured the buyer, another limited liability com- pany. Lakeview North & South Apart- ments is located at 1600 Dale St. M&M; ARRANGES SALE OF 92,956 SF RETAIL PROPERTY IN MIDLAND MIDLAND, TEXAS — Marcus & Mil- lichap has arranged the sale of Town and Country Shopping Center, a 92,956-square-foot retail property lo- cated in Midland. Philip Levy of Mar- cus & Millichap's Fort Worth ofce marketed the property on behalf of the seller, a limited liability company. Levy also secured the buyer, a private investor. Town and Country Shopping Center is located on a 9.3-acre site at 1000 N. Midkif Road. The property is 88 percent occupied and all leases are triple net. Furr's Cafeteria, Dollar Tree and Planet Fitness anchor the center. O K L A H O M A Progress405 is a new apartment development in Stillwater, Okla. The 544-bed student housing community will be located at 1520 N. Boomer Road. GREYSTAR STUDENT LIVING TO MANAGE PROGRESS405 IN STILLWATER STILLWATER, OKLA. — Progress Builders has selected Greystar Student Liv- ing to manage Progress405, a new apartment development in Stillwater. The 544-bed student housing community will be located at 1520 N. Boomer Road at the cross streets of Boomer Road and Bennett Drive. The new development is within walking distance of the Oklahoma State University campus and Boone Pickens Stadium. Progress405 will include one-, two- and four-bedroom apart- ment homes ranging in size from 548 to 1,640 square feet. Units will be fully furnished and will feature private bedrooms and bathrooms. Interior fnish- es will include quartz countertops, stainless steel appliances and wood-style plank fooring. Construction is expected to be completed by fall 2016.