Texas

Oxenfree rendering
Build-to-RentCompany NewsDevelopmentMidwestNewsSoutheastTexas

Core Spaces Launches Build-to-Rent Brand, Plans 8,000-Unit Pipeline

by Lynn Peisner

CHICAGO — Core Spaces, a Chicago-based developer that was founded in 2010 and specializes primarily in student housing, is debuting a build-to-rent brand called Oxenfree. The company also operates out of an Austin, Texas, office. The first two projects will be developed in Princeton, Texas, and Nashville, Tennessee, and will be completed by approximately 2024. Oxenfree properties will also be constructed in Denver, Dallas, Austin and San Antonio, Texas, Tampa and Orlando, Florida, Charlotte and Raleigh, North Carolina, and Chicago. The communities will be developed as single-family and townhome-style dwellings. The …

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The pool at night at 4000 Hulen in Fort Worth
Investment SalesNewsTexas

Hamilton Zanze Sells 4000 Hulen in Fort Worth

by Lynn Peisner

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of 4000 Hulen in Fort Worth. IPA’s Joey Tumminello, Drew Kile, Taylor Hill, Michael Ware, Jeffrey Kindorf and Will Balthrope represented the seller, Hamilton Zanze, and procured the buyer, Pegasus Real Estate. The 240-unit property was built in 2015, and, according to Tumminello, has averaged 95 percent occupancy and 9 percent effective rent growth since then. Tumminello also says the new owner has value-add opportunities via interior unit upgrades. The five-story, controlled-access …

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A 3D render of The Virginia in Seguin, Texas
Investment SalesNewsTexas

Joint Venture Secures $32.1 Million in Financing For The Virginia Near San Antonio

by Channing Hamilton

SEGUIN, TEXAS — A joint venture between Periscope Capital Investment and Verdot Capital has secured $32.1 million in construction financing for The Virginia, a 198-unit development in the western San Antonio suburb of Seguin. Alanna Ellis, Jeff Lepley and Alex Sheaffer of JLL Capital Markets represented the venture in acquiring the 15-year, floating-rate loan through an undisclosed regional bank. The Virginia will rise three stories and offer one-, two- and three-bedroom units. The first phase of the community is scheduled for completion in 2024. A second phase is set to …

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Caliza in Cedar Park, Texas
Investment SalesNewsTexas

JLL Arranges Sale of Caliza Near Austin

by Lynn Peisner

CEDAR PARK, TEXAS — Internacional Realty has sold Caliza, a 270-unit, garden-style community in the northwest Austin suburb of Cedar Park, to Virtus Real Estate Capital. JLL Capital Markets arranged the sale, representing the seller. The JLL investment sales and advisory team representing Internacional was led by Managing Directors Ryan McBride and Robert Arzola. The asset price was not disclosed. Built in 2020, Caliza features one-, two- and three-bedroom units with wood-style flooring, custom cabinetry, stainless steel appliances, LED lighting and 14-foot ceilings. Amenities include a recently renovated resort-style pool, …

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The Atlee, a multifamily building around a pool.
Investment SalesNewsTexas

Brixton Capital Acquires The Atlee in San Antonio

by Channing Hamilton

OLMOS PARK, TEXAS — Brixton Capital has acquired The Atlee, a 144-unit community in San Antonio suburb of Olmos Park. Michael Wardlaw and Colin Cannata of CBRE represented the undisclosed seller in the transaction. The community is 97 percent leased and is managed by San Antonio-based United Apartment Group. The Atlee offers one-, two- and three-bedroom floor plans, as well as amenities such as a clubhouse, pool, dog park and a courtyard. Brixton plans to renovate the clubhouse and leasing office, the dog park, the courtyard and the pool area. …

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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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