Texas

OHT Partners Breaks Ground on 293-Unit Lenox Timbergrove in Houston

by Channing Hamilton February 7, 2024

HOUSTON — OHT Partners LLC has broken ground on Lenox Timbergrove, a 293-unit complex located in the Lazybrook/Timbergrove neighborhood of Houston. The project will rise five stories at 2825 W. 11th Street. Lenox Timbergrove will offer studio, one- and two-bedroom units ranging in size from 500 to 1,150 square feet. Planned amenities include a pool, outdoor pavilion with gas grills and kitchen, pet spa, co-working space and a turf game lawn. The project is slated to open for residency near the end of 2025.

February 7, 2024

Investment Sales News Texas

KW Commercial Arranges Sale of 28-Unit Buena Vida Apartments in San Antonio

by Channing Hamilton February 6, 2024

SAN ANTONIO — KW Commercial has negotiated the sale of Buena Vida Apartments, a 28-unit building located on San Antonio’s south side. Jaxton Hoelting of KW Commercial represented the California-based seller in the deal. Jackie Oldbury of Keller Williams represented the Texas-based buyer. According to Apartments.com, Buena Vida Apartments was built in 1968 and offers one- and two-bedroom units.

February 6, 2024

Development News Texas

Wasatch Premier Properties to Construct 600-Unit Development in Spicewood, Texas

by Channing Hamilton February 6, 2024

SPICEWOOD, TEXAS — Wasatch Premier Properties has acquired 58 acres within the Thomas Ranch master-planned community in Spicewood, about 35 miles west of Austin. The new owner plans to develop a 600-unit complex on the parcel of land. The seller was Areté Collective, the master developer of Thomas Ranch. Plans for the project call for 100 townhomes and 500 apartments. Townhome units will come in two- and three-bedroom layouts that range in size from 1,400 to 1,700 square feet. Apartments will come in one-, two- and three-bedroom floor plans ranging …

February 6, 2024

Development Finance Investment Sales Market Reports Texas

Dallas Feels Repercussions of Development Wave

by Channing Hamilton February 5, 2024

The average effective rent in the Dallas-Fort Worth apartment market declined by 0.5 percent between the third quarter of 2022 and the third quarter of this year, the first drop in rent since late 2021, according to Newmark. Whether this is a blip on the radar screen or an inflection point remains to be seen. Oversupply is contributing to the drop in rents. Newmark reports that developers opened 25,386 new units in the past 12 months as of the third quarter of 2023, compared with 8,742 units absorbed during the …

February 5, 2024

Development News Texas

Sueba USA Opens 370-Unit San Palmas in West Houston

by Channing Hamilton February 5, 2024

HOUSTON — Sueba USA Cos. has opened San Palmas, a four-story community in Houston’s west region. San Palmas is located at 15915 Kingfield Drive. The property offers 370 units in studio to three-bedroom floor plans. Apartments range in size from 480 to 2,196 square feet. Amenities include an athletic club, pickle ball court, dog park, pool, coworking lounge, coffee station, social areas, gated access and a conference center with catering kitchen.

February 5, 2024

Development Investment Sales News Texas

Sunstone Two Tree Acquires The Villas Del Paseo in Houston for $28.9 Million

by Channing Hamilton February 5, 2024

HOUSTON — Sunstone Two Tree has purchased The Villas Del Paseo, a 384-unit asset in Houston, from Comunidad Partners for $28.9 million. Mark Saunders with Newmark represented the seller. The Villas Del Paseo was originally built in 1978. Sunstone Two Tree plans to spend $10.5 million on renovations to the community. The new owner will update all units with new flooring, lighting fixtures and cabinetry, as well as hard-surface counters and stainless steel appliances. Exterior renovations will include new paint, a full roof replacement, improved landscaping and signage, additional exterior …

February 5, 2024

Finance News Texas

Colliers Mortgage Provides $41.8 Million Refinancing for Village at Rayzor Ranch in Dallas Suburb

by Channing Hamilton February 2, 2024

DENTON, TEXAS — Colliers Mortgage has provided a $41.8 million HUD-insured loan for the refinancing of Village at Rayzor Ranch, a 300-unit property located in the northern Dallas suburb of Denton. Fritz Waldvogel of Colliers Mortgage originated the loan through a partnership with Old Capital Lending on behalf of the undisclosed borrower. Village at Rayzor Ranch offers studio, one- and two-bedroom units. Amenities include a pool, outdoor grilling and dining stations, a dog park, fitness center, sports court, coworking space, coffee bar, lounge, fitness center and package handling services.

February 2, 2024

Finance Investment Sales News Texas

BridgeCore Provides Acquisition Loan for 60-Unit Property in Brownsville, Texas

by Channing Hamilton January 29, 2024

BROWNSVILLE, TEXAS — BridgeCore has provided an acquisition loan for an unnamed, 60-unit property in the South Texas city of Brownsville. The amount of the financing was not disclosed. However, the loan carries a two-year term with a six-month extension option and a 67 percent loan-to-value ratio. The undisclosed borrower, which acquired the property via a 1031 exchange, will use a portion of the proceeds to fund capital improvements.

January 29, 2024

Affordable Housing Development Features Leasing & Marketing Operations Texas

Q&A With David Lynd of Lynd Cos.: Inflation Hits Middle-Income Renters Hardest, San Antonio Adjusts to Oversupply

by Channing Hamilton January 29, 2024

Concerns of oversupply have risen regarding several Texas markets, including Dallas and Austin. Where does San Antonio stand in terms of supply and demand, and where in the city is there still room for new opportunities? Multifamily & Affordable Housing Business (MAHB) recently interviewed David Lynd, CEO of Lynd Cos., about the state of the market. Multifamily & Affordable Housing Business: How many units do you currently own nationwide? How many in San Antonio? Lynd: We own about 3,000 units in San Antonio and 6,000 nationwide. We also do third-party …

January 29, 2024

Finance News Texas

Lument Provides $11.3 Million Loan to Refinance Easton Parc Apartments in Sherman, Texas

by Channing Hamilton January 26, 2024

SHERMAN, TEXAS — Lument has provided an $11.3 million Freddie Mac loan for the refinancing of Easton Parc Apartments, a 232-unit community in Sherman, 64 miles north of Dallas. Sloan Stevens of Lument originated the 10-year loan. The financing is structured with five years of interest-only payments and a 30-year amortization schedule. The borrower was not disclosed. Easton Parc Apartments was built in 1986 and renovated in 2013. The property comprises 22 buildings on an approximately nine-acre site. Amenities include a pool, clubhouse, dog park and laundry facilities.

January 26, 2024

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