Texas

Kathleen Milisky, principal, Utility Revenue Services
DevelopmentIndustry VoicesMidwestNortheastOperationsSoutheastTexasWestern

Smart Utilities Management Can Eliminate Pain Points and Reduce Unnecessary Costs

by Channing Hamilton

— 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 …

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Oak Grove in Aubrey, Texas
Build-to-RentDevelopmentNewsTexas

Legacy Partners, The Resmark Cos. Underway on Two Build-to-Rent Projects Near Dallas

by Channing Hamilton

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 …

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FinanceNewsTexas

Greystone Provides $15.4 Million for Three-Property Portfolio in North Texas

by Channing Hamilton

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 …

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Oxenfree at Princeton in Princeton, Texas
Build-to-RentColoradoDevelopmentIllinoisMidwestNewsNorth CarolinaSoutheastTennesseeTexasWestern

Core Spaces Expands Build-to-Rent Brand, Plans 4,000-Unit Pipeline

by Channing Hamilton

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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Affordable Housing Demand Berkadia Marge Novak quote
Affordable HousingBerkadiaBerkadia FeatureContent PartnerDevelopmentFeaturesIndustry ContentInvestment SalesMidwestNortheastSoutheastTexasWestern

Heightened Demand for Affordable Rental Housing Sets Tone for 2024 Investment Opportunities

by Sarah Daniels

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 …

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Affordable HousingDevelopmentNewsTexas

FTK Construction Launches $12.6 Million Renovation of Brookside Gardens Apartments in Houston

by Channing Hamilton

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.

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Palladium Houston Ella in Houston
DevelopmentFinanceNewsTexas

Palladium USA, HCHFC Break Ground on $35 Million Palladium Houston Ella in Houston

by Channing Hamilton

HOUSTON — Palladium USA, in partnership with the Harris County Housing Finance Corp. (HCHFC), has broken ground on Palladium Houston Ella, a $35 million complex in northeast Houston. The community was designed by HEDK Architects. Brownstone Construction is the general contractor. Regions Bank provided $18 million of equity and Harris County provided $4.3 million in ARPA funding for the project.  Situated at 13420 Ella Blvd., Palladium Houston Ella comprises 146 units on a 7-acre site. Units come in one-, two-, and three-bedroom floor plans. Amenities include a pool, fitness center, …

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Affordable HousingDevelopmentNewsTexas

NRP Group Completes 368-Unit Station42 in Killeen, Texas

by Channing Hamilton

KILLEEN, TEXAS — The NRP Group has finished constructing Station42, a 368-unit mixed-income community in the central Texas city of Killeen. Station42 offers units in one-, two- and three-bedroom layouts. More than half of the total unit count is reserved for households earning 80 percent or less of the area median income. Amenities include a pool, clubroom, fitness center, gaming area, communal kitchen, coworking lounge, dog park, outdoor dining and entertainment areas and package handling services. Partners on the project included The City of Killeen Public Facility Corp., J.P. Morgan …

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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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