Texas

A 3D render of Atlantic at Alamo, a cream and brown multifamily complex.
DevelopmentInvestment SalesMarket ReportsTexas

Investors Bank on San Antonio’s Economic Growth 

by Channing Hamilton

A global recession may come to define 2023, but in San Antonio, investors are still bullish — provided they’re ready to play the long game. The region’s economic growth prospects, they say, inspire confidence the market will make it to the other side of 2023 with the rising rents and property values investors have come to know and love still intact. San Antonio is a young city with a budding job market and rapidly rising population. These favorable characteristics are spurring demand for apartments in the metro, which is touted …

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Exterior of Legacy Gateway in Forney, Texas
DevelopmentNewsTexas

Legacy Partners and Resmark Cos. Break Ground on 336-Unit Project in Gateway Mixed-Use Development Near Dallas

by Lynn Peisner

FORNEY, TEXAS — Legacy Partners and The Resmark Cos. have broken ground on Legacy Gateway, a 336-unit property in Forney, about 20 miles east of Dallas. The 14-acre project site is located within Gateway, a 2,000-acre mixed-use development that is home to luxury multifamily communities, retail, office and entertainment venues. Legacy Gateway will complete by approximately spring 2025, with an estimated initial occupancy in summer 2024. JHP Architecture is the architect, and BBL Building Co. is the general contractor. Legacy and Resmark acquired the undeveloped parcel with a construction loan …

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A white single-family home with black accents.
Build-to-RentIndustry VoicesMidwestNortheastSoutheastTexasWestern

Why Build-to-Rent is a Win-Win Situation for Renters, Investors

by Channing Hamilton

— By Adam Wolfson, CEO and CIO, Wolfson Development Co. — The nation’s decades-long housing shortage and the recent rise of the build-to-rent (BTR) sector are inextricably linked. Although some may debate that one is caused by the other — or at least made worse —  the important point is that the BTR industry was born out of the housing crisis. The socioeconomic implication of homebuying versus renting may inspire an interesting debate, but it’s not germane to the essential fact that the United States does not have enough housing to …

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Villa Gardens, a collection of grey two-story buildings with blue doors.
Investment SalesNewsTexas

KeyCity Capital Acquires Villa Gardens in Metro Dallas

by Channing Hamilton

FARMERS BRANCH, TEXAS — KeyCity Capital has acquired Villa Gardens, a 142-unit complex in the northern Dallas suburb of Farmers Branch, from Catalyst Equity. According to Apartments.com, Villa Gardens was built in 1969 and offers studio, one-, two- and three-bedroom apartments. KeyCity Capital assumed a five-year, four percent fixed-rate Fannie Mac loan, and plans to renovate units as they turn over. Greysteel’s Doug Banerjee, Jack Stone, Andrew Mueller and Sterling Warren arranged the transaction on behalf of the buyer and seller.

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Investment SalesNewsTexas

Newmark Arranges San Antonio Value-Add Transaction

by Channing Hamilton

SAN ANTONIO — The Bascom Group has sold The Redland in the North Central area of San Antonio to Ilan Investments. Newmark brokered the sale, with Patton Jones, Matt Michelson and Andrew Dickson representing the seller. The Redland was built in 2007 and includes 276 units in one-, two- and three-bedroom floor plans that average 1,004 square feet. Amenities include a clubhouse, a fitness center, resort-style pool and two dog parks. The Redland was 93 percent occupied at the time of sale. Houston-based Ilan Investments has been focused on a …

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Drawn plans of the Caroline Eastside Apartments.
DevelopmentNewsTexas

Hunt Cos. Breaks Ground on The Caroline Eastside Apartments Near Dallas

by Channing Hamilton

RICHARDSON, TEXAS — Hunt Cos. has broken ground on The Caroline Eastside Apartments, a 384-unit apartment building in Richardson, 14 miles north of Dallas. Hunt Cos. is partnering with the U.S. Department of Housing and Urban Development to finance the project. Walker & Dunlop also served as a lender. The building was designed by HEDK Architects and will be built by KWA Construction. ZRS Management will be responsible for leasing and management of the property. Preleasing for the community will begin in in the fourth quarter of 2023, with first move-ins …

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Henley Riverside, a blue and brown and white multifamily complex with a pool at the center.
Investment SalesNewsTexas

Treeline Real Estate Partners Sells Henley Riverside in Austin, Texas

by Channing Hamilton

AUSTIN, TEXAS — An affiliate of Treeline Real Estate Partners has sold Henley Riverside, a 368-unit property in Austin, to an undisclosed buyer. Newmark Vice Chairman Patton Jones and Managing Director Andrew Dickson represented Treeline Real Estate Partners in the transaction. Henley Riverside rises four stories in Austin’s East Riverside area and offers one-, two- and three-bedroom floor plans. The property was 92 percent occupied at the time of sale

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The swimming pool at Plum Meadow, surrounded by buildings.
Investment SalesNewsTexas

NeuRock Capital Sells Three-Property Portfolio in Dallas-Fort Worth

by Channing Hamilton

DALLAS, ARLINGTON AND GRAND PRAIRIE, TEXAS — NeuRock Capital has sold a three-property, 782-unit portfolio in the Dallas-Fort Worth metropolitan area. Wesley Racht, Nick Fluellen and Bard Hoover of Marcus & Millichap’s Dallas office represented NeuRock Capital and procured the undisclosed buyers. The portfolio comprises Mercer Park, a 248-unit community in Arlington; Timber Oaks, a 264-unit affordable housing asset in Grand Prairie; and Plum Meadow, a 270-unit market-rate property in the Redbird neighborhood of Dallas.

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DevelopmentNewsTexas

NRP Group Breaks Ground on Ascent at Mountain Creek in Dallas

by Channing Hamilton

DALLAS — The NRP Group, a Cleveland-based affordable housing developer, has broken ground on Ascent at Mountain Creek, a 324-unit mixed-income community in Dallas. Fifty percent of units will be reserved for households earning at or below 80 percent of the area median income (AMI). Ascent at Mountain Creek will comprise 14 three-story buildings and offer one-, two- and three-bedroom floor plans. The development is scheduled to be complete in September 2024, with early lease-up beginning in October 2023.

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A 3D render of Palladium Oak Grove, a cream, black and brown multifamily building.
DevelopmentNewsTexas

Palladium USA, Fort Worth Housing Finance Corp. Break Ground on $60 Million Mixed-Income Project in Fort Worth

by Channing Hamilton

FORT WORTH, TEXAS — Palladium USA and the Fort Worth Housing Finance Corp. (HFC) will break ground on April 6 on Palladium Oak Grove in Fort Worth. The total cost of the project is approximately $60 million. Funding sources include $25.6 million in tax-exempt bonds purchased by Cedar Rapids Bank and Trust and issued by the Texas Department of Housing and Community Affairs. PNC Bank provided more than $23 million of equity. The property was designed by Cross Architects. Treymore Construction is the general contractor teaming up with the Fort …

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