AUSTIN, TEXAS — LV Collective has hired Alex Perkins as president of multifamily. In this role, he will define and execute the Austin, Texas-based firm’s multifamily platform, overseeing strategy, development, capital markets, operations and asset management. Prior to joining LV Collective, Perkins served as a director for Greystar Development and Construction Services. He is a member of the advisory council for the University of Texas Real Estate Center, where he advises on program strategy and curriculum design.
There is an urgent need for more affordable housing in the United States. For every 100 extremely low-income renter households, there are just 36 affordable units available for rent, according to a March 2024 report from the National Low Income Housing Coalition (NLIHC). Despite widespread attention on this issue — including at the state and federal levels — the supply shortage has continued. Municipalities across the United States continue to struggle to address symptoms of the affordable housing crisis, such as homelessness and rising housing costs. The NLIHC reports that there is …
PEARLAND, TEXAS — Eastham Capital has partnered with Mosaic Residential to acquire Amber Oaks and Park Place, two adjacent communities totaling 164 units in Pearland, about 20 miles south of downtown Houston. Eastham Capital has invested in the deal through its current fund, Eastham Capital Fund VI LP. The acquisition price was not disclosed. Amber Oaks was built in 2015 and is located at 3340 E Walnut Street. The property consists of 63 units spread across two three-story buildings. The unit mix includes 16 one-bedroom and 47 two-bedroom apartments. The …
HOUSTON — JLL Capital Markets has arranged financing for Hanover Autry Park and Hanover Parkview, two communities located in Houston. JLL represented the borrowers, Hanover Co. and Lionstone Investments, to secure the five-year, fixed-rate loans from accounts managed by KKR. The borrowers will use the funds to refinance their existing construction loans that JLL sourced in 2019. Cortney Cole, Colby Mueck, Laura Brown, Davis Burnett and Scot Sarlin led the JLL Capital Markets Debt Advisory team. Hanover Autry Park is a 23-story high-rise community located at 811 Buffalo Park Drive. …
SAN ANTONIO — Newmark has arranged the sale of O’Connor Oaks, a 165-unit community located at 13658 O’Connor Road in northeast San Antonio. Jim Young and Chase Easley of Newmark Multifamily Capital Markets represented the seller, Austin-based JMB Group, in the deal. Salt Lake City-based Preserve Partners was the buyer. O’Connor Oaks was built in 1983. The garden-style community offers a mix of one-, two- and three-bedroom floor plans. The average unit size is 900 square feet. Amenities include two pools with sun lounges, outdoor grilling and picnic areas, a …
PROSPER, TEXAS — Dallas-based developer SWBC has broken ground on The Royalton at Prosper, a 270-unit project in Prosper, about 40 miles north of Dallas. The community will offer one-, two- and three-bedroom floor plans. Select units will feature yards and direct-access garages. Amenities will include a clubhouse with a business center, fitness center and pool with cabanas and grilling stations. Cross Architects is designing the project. Carleton Cos. is serving as the general contractor. The first units are expected to be available for occupancy next summer. The Royalton at …
Scammers lurk in the background of virtually every industry, and the multifamily sector is no exception. Some renters will leap at the chance to exploit loopholes in the system and take advantage of unprepared landlords. “As a baseline definition, we classify rent fraud as any act of intentional deception by a renter to deceive the property owners to gain financial or personal benefit,” says Josh Albrechtsen, senior vice president and general manager of front office solutions at RealPage. “Fraud is evolving constantly. This is not a one-and-done problem solve. The …
SAN ANTONIO — Dallas-based developer Palladium USA has broken ground on Palladium Old FM 471, a $79 million mixed-income project located on an 11-acre site in San Antonio. The community will offer 321 apartments in one-, two- and three-bedroom layouts. Units will be reserved for households earning between 30 and 80 percent of the area median income. Community amenities will include a pool, fitness center, conference room, business center, dog park and a children’s playroom. Preleasing is scheduled to begin next fall. Palladium USA is developing the project in partnership …
DENTON, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Eastpark, a 333-unit community in Denton, 40 miles north of downtown Dallas. The three-story, garden-style asset was constructed in 2022 on 11 acres. Amenities include a pool, storage units, package lockers, covered parking and detached garages. Eastpark is located within Rayzor Ranch, a 412-acre mixed-use project that also offers retail, restaurant, and office space, as well as hotels and medical facilities. Drew Kile, Michael Ware, Joey Tumminello, Taylor Hill, Cameron Purse and Will Balthrope of …
IRVING, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Grand Riviera, a 206-unit community in Irving, 13 miles west of Dallas. Eagle Property Capital sold the asset to Lone Star Capital for an undisclosed price. Grand Riviera was built in 1972. The property offers one-, two- and three-bedroom units with an average size of 1,113 square feet. Amenities include two pools, outdoor grilling and dining stations, a clubhouse and a dog park. Michael Ware, Taylor Hill, Drew Kile, Joey Tumminello and …