Texas

The Everstead at Conroe in Conroe, Texas
Build-to-RentDevelopmentNewsTexas

Landmark Properties Breaks Ground on 190-Unit Build-to-Rent Community Near Houston

by Channing Hamilton

CONROE, TEXAS — Landmark Properties has begun constructing The Everstead at Conroe, a 190-unit build-to-rent development in the northern Houston suburb of Conroe. Landmark Properties will develop the project together with its joint venture partner, Open House Group Co. Landmark Construction is the general contractor. The Everstead at Conroe is situated on a 23.5-acre site. The community will offer a mix of 56 two-bedroom and 134 three-bedroom ranch homes and townhomes. Amenities will include a pool, dog park, playground, pickleball and bocce courts, 567 parking spaces and a 2,817-square-foot clubhouse …

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FinanceNewsTexas

JLL Capital Markets Arranges $175 Million to Refinance Three-Property Portfolio

by Channing Hamilton

DALLAS — JLL Capital Markets has arranged the $175 million facility refinancing for a three-property, 882-unit portfolio. The borrower was an investment vehicle sponsored by Willow Bridge Property Co., a full service residential property company headquartered in Dallas. Andy Scott, Michael Cosby, Bo Beidleman and Ryan Pollack of JLL arranged the loan through Fannie Mae and closed on the five-year, fixed-rate initial tranche. The financing will be used to seed a larger programmatic financing vehicle, allowing for flexibility in future transactions.

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Investment SalesNewsTexas

Colliers Arranges Sale of 152-Unit Oak Bend Place Near Houston

by Channing Hamilton

TOMBALL, TEXAS — Colliers has arranged the sale of Oak Bend Place, a 152-unit complex in the northern Houston suburb of Tomball. Chip Nash, Bob Heard, Kitty Wallace and Jaleel Adatia of Colliers represented the seller, Alphil Investments, in the deal. The buyer was not disclosed. Oak Bend Place was originally built in 1984. According to Apartments.com, the property offers two-bedroom apartments, as well as amenities such as a pool, pet play area and outdoor grilling and dining stations. 

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District at Washington in Houston
Leasing & MarketingNewsOperationsTexas

Asset Living to Manage Two Communities Totaling 652 Units in Houston 

by Channing Hamilton

HOUSTON — Asset Living has been awarded management of two properties, HiLine Heights and District at Washington, in Houston. Situated within the city’s The Heights neighborhood, HiLine Heights offers studio, one-, two- and three-bedroom apartments. Amenities include a pool, fitness center, business center, clubhouse, coffee bar and lounge. According to Apartments.com, HiLine Heights comprises 256 units across four stories. District at Washington offers one- and two-bedroom units. Amenities include a pool, fitness center, business center, yoga/spin studio, clubhouse, cybercafe and a dog park. District at Washington is located near Houston’s …

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Investment SalesNewsTexas

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

by Channing Hamilton

HOUSTON — Sunstone Two Tree has acquired Villas Del Paseo, a 384-unit asset in Houston’s Westchase neighborhood, for $28.9 million.  Villas Del Paseo was built in 1978. The property offers one-, two- and three-bedroom apartments. Amenities include a pool, fitness center, playground, business center, package services and outdoor grilling and dining stations. Mark Saunders of Newmark represented the seller, Comunidad Partners, in the deal. The new owner plans to invest about $10.5 million in capital improvements. Exterior renovations will include new paint, roof replacements, lighting, landscaping and signage. Unit interiors will …

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Lenox Timbergrove in Houston
DevelopmentNewsTexas

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

by Channing Hamilton

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.  

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Investment SalesNewsTexas

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

by Channing Hamilton

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.

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DevelopmentNewsTexas

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

by Channing Hamilton

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 …

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Diamond Flats in Carrolton, Texas
DevelopmentFinanceInvestment SalesMarket ReportsTexas

Dallas Feels Repercussions of Development Wave

by Channing Hamilton

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 …

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DevelopmentNewsTexas

Sueba USA Opens 370-Unit San Palmas in West Houston

by Channing Hamilton

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. 

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