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Allied Orion Group to Care for Three SA Affordable Communities

5 Oct 2015, 1:59 pm

By Anca Gagiuc, Associate Editor

Allied Orion Group

Allied Orion Group

After acquiring a trio of affordable housing properties on August 31, AV Affordable Housing of Houston, in partnership with Think Housing Development of California, selected Houston-headquartered Allied Orion Group as property manager.

All three communities offer residents a wide range of amenities including pools, playground areas, on-site laundry facilities, clubhouses, and planned activities. The new owner has a reconstruction plan scheduled for 2016 that will total more than $40,000 per unit. Computer classes and other social service programs will be included in future services to residents.

Brookhollow, located off I-10 in Kerrville, is a 48-unit community with one- to three-bedroom apartments; Cheyenne Village, located west of downtown San Antonio, is a 60-unit residential complex with one- and two-bedroom floor plans; and Chisolm Trace, located close to I-10 in Northwest San Antonio near the USAA corporate headquarters, has 126 apartments ranging from one- to three-bedroom units.

“When we made the decision to enter the affordable housing market, the first property management resource we looked to was Allied Orion Group,” said Alison Dimick Malkhassian, principal of Alara Ventures, AV Affordable Housing’s parent company. “Knowing the firm’s reputation for more than 15 years as a leading market rate developer/manager made them our ‘go to’ resource. The depth of management experience and talent within their affordable housing group was evident from the very beginning, and they have done nothing but exceed all of our expectations.  We know Allied Orion Group is as committed as we are to providing clean, safe and decent long-term affordable housing to those most in need.”

Image courtesy of Allied Orion Group

Berkadia Secures Financing for The Parq on the Boulevard

5 Oct 2015, 1:52 pm

By Anca Gagiuc, Associate Editor

The Parq on the Boulevard

The Parq on the Boulevard

Berkadia has secured $15.7 in financing for The Parq on the Boulevard, a multifamily community located in San Antonio.

Managing director Andy Hill of Berkadia’s Austin office secured the Freddie Mac loan on behalf of Mosaic Marq LP. The borrower will use the seven-year, floating-rate financing for the acquisition of the property. Loan terms include two years of interest-only payments followed by a 30-year amortization schedule. At the time of the closing the property was 94 percent occupied.

The Parq on the Boulevard is a 208-unit property located at 5655 UTSA Blvd. in Northwest San Antonio. The asset offers easy access to I-10, Loop 410, and Loop 1604, and is located in close proximity to Six Flags Fiesta Texas, Palmer Course at La Cantera, The Shops at La Cantera, and less than a mile from the University of Texas at San Antonio.

The community is situated on more than 11 acres of land and offers one-, two-, and three-bedroom floor plans. Community amenities feature resort-style swimming pool with tanning deck and pool side Wi-Fi access, barbecue grills, outdoor fire place with seating, fitness center, business center, and pet park. Unit amenities include faux wood flooring, oversized patios and balconies, walk-in closets, and attached garages.

“Berkadia is known for its superior client service and market expertise,” Hill said in a prepared statement. “We worked closely with the borrower and leveraged our extensive experience in the San Antonio area to negotiate and deliver attractive terms that met the borrowers’ needs.”

Image courtesy of The Parq on the Boulevard

Frost Tower Has Selected Its Architects

21 Sep 2015, 8:25 pm

By Anca Gagiuc, Associate Editor

Fred W. Clarke FAIA, RIBA, JIA, Senior Principal Pelli Clarke Pelli Architects

Fred W. Clarke FAIA, RIBA, JIA
Senior Principal Pelli Clarke Pelli Architects

Weston Urban and its development partner KDC have chosen an architecture firm to lead the design of the Frost Tower in San Antonio. Based out of New Haven, Connecticut, Pelli Clarke Pelli Architects will orchestrate the design of the approximately 400,000 square-foot office tower, which will be Frost Bank’s headquarters and the first new office tower on the San Antonio skyline in 25 years.

Construction of the project is expected to start in late 2016 and finish by 2018 or 2019 with Pelli Clarke Pelli Senior Principal Fred Clarke and Principal Bill Butler leading the development. The Texas-based KDC has been appointed as developer, while Alamo Architects will serve as the local consulting architects.

William E. Butler AIA, LEED AP, Principal Pelli Clarke Pelli Architects

William E. Butler AIA, LEED AP
Principal Pelli Clarke Pelli Architects

“Throughout the lengthy selection process, Fred and Bill have consistently wowed us with their firm’s understanding that great design is, in large part, local design, all the while bringing their international experience to bear. Pairing with a firm of this caliber is representative of the entire team’s ambition for the project,” said Randy Smith, president of Weston Urban.

“We are thrilled and honored to be chosen as architects for the new Frost Tower. This transformative project will extend the commercial district of Houston Street to the vibrant redevelopment of San Pedro Creek,” said Senior Design Principal of Pelli Clarke Pelli Architects, Fred Clarke. “As a Texas native, and with my business partner Bill Butler, a San Antonio native, we hope to embrace the Texan spirit, respond to the uniqueness of San Antonio and create a symbol for the city’s tercentennial, as well as the one hundred fiftieth anniversary of Frost Bank.”

Images courtesy of Pelli Clarke Pelli Architects

Dornin Makes Big Entrance in SA’s Office Market

21 Sep 2015, 8:20 pm

By Anca Gagiuc, Associate Editor

The Parkway Plaza

Parkway Plaza, San Antonio

Laguna Beach, Calif.-headquartered Dornin Investment Group (DIG) recently announced the acquisition of Parkway Plaza, the five-building office park located in the North Central submarket of San Antonio. Financing was arranged by Scott Botsford through Colony Capital.

“This is our third acquisition financing with Colony in the last eight months.  Much like our first two transactions they provided a great structure to accomplish our business plan and closed in less than 30 days,” said Chris Dornin, president of DIG. Transwestern will be responsible for the management and leasing processes of the property.

The 189,388-square foot office sits on 13.7 acres of land north of San Antonio International Airport. It provides easy access to Stone Oak Alamo Heights and is adjacent to the newly completed Wurtzbach Parkway, the meeting point of US 281 and IH 34.

DIG’s goal is to benefit from stable high yielding annual cash flows and value-added upside available through the lease up of current vacancy and increasing rental rates upon expiration. The property, which is currently 91 percent occupied, has average in-place rates approximately 10 percent below market rates and its stable cash flow comes from three large tenants who occupy 42 percent. These three tenants have an average of five more years on their remaining lease terms, while the largest tenant, J. Crew, will face lease expiration in 2021.

Significant leasing activity has already occurred since the acquisition. Existing tenant Computer Solutions renewed its 16,890-square-foot space and even expanded it by 1,810 square feet, while BMC Corp. completed a 2,317-square foot renewal for 24 months. Moreover, Yates Construction is currently in negotiations to renew their 7,200-square foot space expiring at the end of 2015 and add 3,000 square feet more.

“We are excited to return to the San Antonio market especially with an asset we have previous experience owning and managing,” said Chris Dornin. “The location of this submarket sandwiched between the CBD and some of the more affluent residential areas help drive demand for office space. We anticipate the recent declining vacancy and increasing rental rates to continue.”

Network Tech Center’s New Shared Ownership

21 Sep 2015, 8:14 pm

By Anca Gagiuc, Associate Editor

Network Tech Center San Antonio

Network Tech Center San Antonio

Los Angeles-based Tryperion Partners partnered up with Goodstone LLC for an extensive acquisition in San Antonio’s office market.

Network Tech Center, a three-building office park located in the University Business Park of San Antonio’s flourishing Northwest office market, has been sold for an undisclosed amount. Todd Mills of CBRE represented the seller in the transaction, while Lindsey Tucker and Carl Salvato, also with CBRE, will handle the leasing services.

“The commitments from the existing tenants and strong continued demand from new entrants to the submarket present a unique blend of stability and upside potential,” said Tryperion partner Eliot Bencuya. “We are confident that, through proactive ownership and leasing, we can increase occupancy and benefit from the continued growth we are seeing in the San Antonio market.”

The 84,505-square foot office park is located at 12450 Network Blvd., along IH-10 near Loop 1604, close to restaurant and retail amenities, the city’s top employers, the South Texas Medical Center, and select residential areas.

“This is an ideal opportunity to venture with the Tryperion team,” added Stephen Durr, Goodstone’s president. “We see immense potential to enhance the value of Network Tech Center by capitalizing on the asset’s location and physical attributes, and the lack of available and high quality office options in University Business Park. It is an ideal opportunity to use our collective capital markets and leasing experience to stabilize the property.”

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