AUSTIN, TEXAS — Muskin | Elam Group has arranged the sale of Mint House at The Hatchery, a 30-unit community located at 49 Navasota Street, just southeast of downtown Austin. Daniel Elam and Lyles Carter of Muskin | Elam Group represented the undisclosed seller in the off-market transaction. Vista Bank provided acquisition financing on behalf of the buyer, Resolute Capital. The seller was operating the property as a short-term rental facility at the time of the sale.
WILMER, TEXAS — Asset Living has been awarded management of Marketplace at Liberty Crossing, a 318-unit affordable housing development in the Dallas suburb of Wilmer. The project is the second phase of the development of the Liberty Crossing Master Planned Community. Marketplace at Liberty Crossing will offer one-, two-, three- and four-bedroom units. The property will also include ground-floor retail space. A construction timeline and income restrictions for the community were not disclosed.
AUSTIN — Legacy Partners and Bridge Investment Group have opened Camber Ranch, a 483-unit community in Austin. The development includes 22 two- and three-story buildings on a 35.2-acre site. Units will come in studio, one-, two- and three-bedroom homes ranging from 438 to 1,500 square feet in size. Monthly rental rates start at $1,375. Amenities include a pool, fitness center with a yoga and spin studio, outdoor grilling areas, demonstration kitchen, esports gaming center, co-working lounge, podcast studios, a dog park and bike repair shop. The property was designed by Humphreys …
FORT WORTH — JPI has broken ground on Jefferson Eastchase, a 398-unit community in Fort Worth. The complex will offer units in one-, two- and three-bedroom floor plans. Planned amenities include a pool with a deck and cabana, clubroom, fitness center and yoga studio, co-working lounge, pocket park and dog park. The first move-ins at the community are slated for the third quarter of 2026. The development team also includes DLR Group architects, Integrity Structural as the structural engineer, Kimley-Horn as the civil engineer and Land Design as the landscape …
— By Kathleen Milisky of Utility Revenue Services (URS) — Every developer knows all too well the headaches that can arise from utilities while building or managing a community. Time lost to issues such as power outages, delayed inspections and miscommunication can add unnecessary costs to any project. Smart utilities management is an effective way to stay ahead of problems before they start. Owners have the option of turning responsibility for the utilities over to an expert before they even pull a construction trailer onto the development site. It can …
MELISSA AND AUBREY, TEXAS — Legacy Partners and The Resmark Cos. are underway on two build-to-rent communities in the metro Dallas area. Highland will comprise 133 units in the northern Dallas suburb of Melissa. The complex will offer one-, two- and three-bedroom homes that range in size from 780 to 1,500 square feet. Units will feature granite countertops, smart home technology and private fenced-in yards. Select homes will also have attached garages. Monthly rental rates are expected to start at $2,100. Oak Grove will feature 134 units in Aubrey, 50 …
SHERMAN AND DENISON, TEXAS — Greystone has provided $15.4 million in bridge-to-agency financing for a portfolio of three properties in North Texas. Lance Wright of Greystone originated the financing on behalf of the borrower, an undisclosed Texas-based family office. Duke Stone of Churchill Capital acted as correspondent on the deal. The interest-only loan carries a two-year term with two six-month extension options. One of the assets is located in Sherman, 65 miles north of Dallas. The other two are in Denison, 75 miles north of Dallas. All three properties were …
CHICAGO — Core Spaces plans to expand its build-to-rent brand, Oxenfree. The Chicago-based developer currently has a pipeline of approximately 4,000 units under development in markets such as Dallas-Fort Worth, Denver, Nashville, Austin, Charlotte and Florida’s Gulf Coast. The company plans to begin leasing at its first two communities — Oxenfree at WeHo in Nashville, Tennessee, and Oxenfree at Princeton in Princeton, Texas — in March, with the first units slated to deliver by April. Oxenfree at WeHo is located in Nashville’s Wedgewood-Houston neighborhood. The asset offers 96 townhome units …
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Heightened Demand for Affordable Rental Housing Sets Tone for 2024 Investment Opportunities
Multifamily & Affordable Housing Business sat down with Marge Novak, senior vice president and head of Capital Markets at Berkadia, for a question-and-answer discussion about the current state of the affordable housing market and the challenges likely to influence 2024. Multifamily & Affordable Housing Business: How is the affordable housing market faring in the current economic conditions? Novak: With increased inflation and interest rates, home prices hit all-time highs, making them less affordable than at the height of the 2006 housing bubble. While buyers waited for prices to fall, sellers …
HOUSTON — FTK Construction Services has begun a $12.6 million renovation of Brookside Gardens Apartments, an affordable housing complex in Houston. The property was built in 2006 and comprises 240 units. Income restrictions for the community were not disclosed. Interior renovations will include new paint, flooring, door hardware, plumbing fixtures, light fixtures and HVAC systems. Exterior renovations will include upgraded walkways, parking areas, lighting, signage and roofs on all buildings. DevCo Residential Group owns the building. KeyBank provided construction financing.