Real estate transactions: Investment infuses funds for improvements at south Houston apartment complex

Electra Capital completed a $5.5 million, three-year preferred equity investment in Stonebridge at City Park Apartments, a 240-unit garden-style apartment complex at 11800 City Park Central Lane near West Orem Drive and Texas 288. The funds will enable the new owner, Strategic Realty Holdings, to renovate the interior and exterior of the property. The property, which was purchased from Atlas Stonebridge at Citypark LLC, has one- and two-bedroom apartments ranging from 680 square feet to 1,107 square feet, detached garages, a fitness center, laundry facility, business center and a BBQ picnic area. The renovations will total about $11,000 per unit. Electra Capital is an alternative lender based in Lake Park, Fla.

“Electra Capital’s principals have a long-standing relationship with the sponsor’s partners,” Sam Greenblatt, CEO of Electra Capital, said in an announcement. “Electra was able to structure an aggressive deal because of the property’s strong location and demographic growth, coupled with sponsor’s solid track record of execution in the value-add multifamily space.”

Napredak LLC has purchased a 26-unit apartment complex at 624-626 8th Ave. North in Texas City. The buyer plans to continue to operate the 100 percent occupied building as an investment property. Ryan Neyland of Davis Commercial the represented seller, Mainland Apartments.

An entity owned by Charles Hunton of Hunton Group purchased a 17,200-square-foot industrial property on 1.76 acres at 6811 Dixie Drive in southeast Houston. The property includes a two-floor office space with two smaller separate warehouses on a fenced-in lot. Gabe Chalot of Belvoir Real Estate Group represented the seller, Gunnels Interests.

Frank Supply Co. renewed its headquarters lease of 70,720 square feet at Beltway Crossing Business Park, 13513 S. Gessner Drive, Missouri City. Jarrett Venghaus of JLL represented the tenant. Jeremy Lumbreras with Stream Realty Partners represented the landlord, Link Industrial Properties.

TGS-Nopec Geophysical Co. renewed its full-building lease of 97,295 square feet at 10451 Clay Road in northwest Houston. The RMR Group manages the property on behalf of Office Properties Income Trust. Jon Silberman of NAI Partners represented the tenant. Doug Little and Louann Pereira of Transwestern represented the landlord.

Atlanta Deferred Exchange purchased a 113,715-square-foot industrial building at 16001 Texas 249 in northwest Houston from Houston Distribution Co. Jim Autenreith of Moody Rambin represented the buyer. CBRE represented the seller.

Moody Rambin negotiated two leases totaling 28,138 square feet at Wallisville Industrial Park, 9135 Wallisville Road, in east Houston on behalf of the landlord, Kingswood Estates. Universal Wiping Rags leased 17,531 square feet and Mariners Trading Corp. leased 10,607 square feet. Jim Autenreith and Sam Rayburn of Moody Rambin handled the transactions.

Imperial Battery signed a 7,785-square-foot industrial lease at 5925 S. Loop Freeway East. Jake Wilkinson of NAI Partners represented the tenant.

Management Science Associates leased 4,208 square feet at Commerce Park Medical Center, 9315 Kirby Drive. Jonathan Cohen of Avison Young represented the tenant. Jeremy Lumbreras and Boone Smith of Stream Realty Partners represented the landlord, Link Industrial Properties.

Sinotex Storage South Main purchased Houston Mini Storage, a 240-unit self-storage facility with 31,490 net rentable square feet at 12841 S. Main St. The facility was 84 percent occupied at closing. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the Houston-based buyer. Taucha Hogue with Newmark Knight Frank represented the seller, Best Houston Mini Storage #3.

Novetus renewed and expanded to 8,864 square feet at 11200 Westheimer for eight years. Richard Maloof represented the landlord, Hartman Income REIT, in-house.

Invisa Logistic Services leased office space at 2401 Fountain View Drive. John Buckley and Chase Tucker with Finial Group represented the landlord.

Brunel Y Sucar leased 14,717 square feet of flex space at 15864 W. Hardy Road. Joyce Sterling of Cypressbrook Co. represented the tenant. Lee Paris of Warehouse Associates represented the landlord.

Central Management has been retained by Vigavi Realty as property manager of West Ten Industrial Park, Building 3, 7817 Columbia, Katy. Victor E. Vacek Jr. and Paul Panus Jr. handled the contract for Central Management.

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