Texas

Allen City Center, a white and brown contemporary-style multifamily building.
DevelopmentNewsTexas

Wolverine Interests Moves Forward on Construction of Dallas Mixed-Use Project

by Channing Hamilton

ALLEN, TEXAS — Locally based Wolverine Interests is moving ahead on Allen City Center, a mixed-use development in the central business district of Allen, 26 miles north of Dallas. The project has been in the planning phases since at least 2019, when zoning was approved for the 12-acre site according to the Dallas Morning News. In addition to retail, office and parks, Allen City Center will include 392 apartments. Construction will begin this summer and is expected to be complete by the summer of 2024.

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A drawing of a gray single-story house.
Build-to-RentDevelopmentNewsTexas

TruLife Communities, Advenir Oakley Capital Break Ground on BTR Project Near Fort Worth

by Channing Hamilton

WEATHERFORD, TEXAS — TruLife Communities and Advenir Oakley Capital have started construction on LEO at Bethel Place, a 200-unit build-to-rent (BTR) development in Weatherford, which is 30 miles west of Fort Worth, Texas. TruLife Construction, an affiliate of TruLife Communities, is the general contractor. The community was designed by Gaylen Howard Laing Architects of Arlington, Texas, and will be managed by Advenir Living. LEO at Bethel Place is expected to be completed by December 2024, with the first units delivering in the fourth quarter of 2023. Monthly rentals rates are …

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A bird's eye 3D render of Los Arcos, a multifamily community with dark brown roofing.
Affordable HousingDevelopmentNewsTexas

City of San Antonio Breaks Ground on Los Arcos at VIDA 

by Channing Hamilton

SAN ANTONIO — The city of San Antonio and its partners have broken ground on Los Arcos at VIDA, a 324-unit affordable housing community on the city’s south side. Los Arcos is financed by 4 percent housing tax credits allocated by the Texas Department of Housing and Community Affairs ($36 million); private activity bonds issued by Opportunity Home San Antonio ($38 million); various funds from the 2022-2027 City of San Antonio Housing Bond Program ($5.3 million); and grant funds from the Bexar County Economic & Community Development American Rescue Plan …

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A 3D render of Alta Denton Station, a gray and white multifamily property.
DevelopmentNewsTexas

Wood Partners Opens Alta Denton Station

by Channing Hamilton

DENTON, TEXAS — Wood Partners has opened Alta Denton Station in Denton, about 40 miles north of Dallas. Alta Denton Station offers 248 one-, two- and three-bedroom units with features such as stainless-steel appliances, granite countertops and in-unit washers and dryers. Rent begins at $1,275 per month for a one-bedroom unit, according to the property website. Amenities include a clubhouse, fitness center, pet facilities and a pool with a courtyard and grilling areas. Wood Partners broke ground on Alta Denton in December 2021. The Atlanta-based company currently owns 70 properties …

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River Oaks at Westheimer, a contemporary style high rise building.
DevelopmentNewsTexas

High Street Residential, Daiwa House Industry Co. Break Ground on River Oaks at Westheimer in Houston

by Channing Hamilton

HOUSTON — High Street Residential and Daiwa House Industry Co. are developing River Oaks at Westheimer in Houston. The building will rise 12 stories and offer 209 one- and three-bedroom units, as well as 2,900 square feet of ground-floor retail space. Amenities include work space, a reading room, fitness center with a yoga room, pool, lounge, dog park and pet-grooming room, bike storage, and EV charging stations. The first units will be complete in 2025. Sumitomo Mitsui Trust Bank is providing construction financing for the project. Zeigler Cooper Architects is …

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Affordable HousingDevelopmentNewsTexas

Mintwood Real Estate, MSquared, Mirasol Capital Break Ground on Mixed-Income Community in Dallas

by Channing Hamilton

DALLAS — Mintwood Real Estate, MSquared and Mirasol Capital have broken ground on Oakhouse in the southwest Dallas neighborhood of Oak Cliff. An undisclosed amount of financing was provided by Independent Financial. Oakhouse will comprise 219 units, 110 of which will be reserved for households earning at or below 80 percent of the area median income (AMI). Community amenities at Oakhouse will include a rooftop lounge, pool, dog park, fitness center and co-working spaces. A construction timeline for the development was not disclosed. The project team also includes general contractor …

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A small pool in front of a yellow clubhouse with black roofing.
Investment SalesNewsTexas

GVA Real Estate Group Sells The Lex in Dallas to Dunleer

by Channing Hamilton

DALLAS — GVA Real Estate Group has sold The Lex, a 144-unit community in Dallas’ Lake Highlands neighborhood, to Los Angeles-based investment group Dunleer. IPA brokered the sale and arranged acquisition financing. The Lex was built in 1984. The property is a gated-access garden style community that offers amenities such as covered parking, outdoor grilling stations, complimentary bicycle rentals and a pool. IPA’s Taylor Hill, Drew Kile, Joey Tumminello, Michael Ware, Will Balthrope and Cameron Purse represented the seller. IPA Capital Markets’ Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse …

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The clubhouse of Avia Sanctuary at Highland Mall, with light wood flooring and a white brick fireplace.
DevelopmentInvestment SalesNewsTexas

PEG Cos. Sells 96-Unit Hotel-to-Multifamily Conversion in Austin, Texas

by Channing Hamilton

AUSTIN, TEXAS — PEG Cos., a commercial real estate investment firm based in Provo, Utah, has sold AVIA Sanctuary at Highland Mall to an undisclosed buyer. AVIA Sanctuary at Highland Mall is a newly converted development in Austin that previously operated as the Habitat Suites extended stay hotel. PEG Cos. purchased the property in 2020. The community now comprises 96 units and offers amenities such as a clubhouse, fitness center, co-working spaces and a pool.

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Metro Greenway, a brick and brown cement multifamily building with a swimming pool at the base.
Investment SalesNewsTexas

Simpson Housing Sells 309-Unit Metro Greenway in Houston 

by Channing Hamilton

HOUSTON — Berkadia has brokered the sale of Metro Greenway, a 309-unit community in central Houston. Simpson Housing, a developer and manager based in Denver, sold the property to Westdale, a real estate investment and management company based in Dallas.  Berkadia’s Todd Marix, Chris Curry, Jeffrey Skipworth, Chris Young, Joey Rippel and Kyle Whitney represented the seller in the transaction. Metro Greenway was built by The Dinerstein Cos. in 2008. The property comprises four residential stories above a two-story parking podium with 504 parking spaces. Metro Greenway offers one- and …

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Affordable HousingDevelopmentNewsTexas

Fairstead Secures $25 Million to Renovate Copper Tree Village Apartments in Houston

by Channing Hamilton

HOUSTON — Fairstead has secured $25 million in financing from Berkadia, R4 Capital and the Houston Housing Finance Corp. to renovate Coppertree Village Apartments in the Acres Homes neighborhood of Houston. Coppertree Village Apartments is comprised of 324 units set aside for households earning at or below 50 to 60 percent of the area median income (AMI). Fairstead is a developer based out of New York City. The company acquired Coppertree Village Apartments in September 2021. Houston Housing Finance Corp. is a Texas nonprofit focused on providing financing to affordable housing projects …

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