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 …
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 …
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.
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 …
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 …
Investment sales professionals are bracing for a slower, more complicated year compared with the buying and selling frenzy that characterized the Texas apartment market in late 2020 and most of 2021. Owners who acquired assets in the past few years using floating-rate debt could face some difficult choices in 2023, say industry veterans. But a slowdown in the development pipeline, the unaffordability of for-sale housing and job and population growth will keep asset performance solid while investors wait and see what the interest rate environment will bring this year. Texas …
FORT WORTH, TEXAS — Avanta Residential has broken ground on Avendale at Chisholm Trail Ranch, a build-to-rent (BTR) community in Fort Worth. Avendale at Chisholm Trail will comprise 247 one-, two-, three- and four-bedroom units. The community will also feature an amenity center with a clubroom, fitness center, green spaces and a pool. Other amenities include courtyards, lounge areas, dog parks, walking trails and playgrounds. The first units at Avendale at Chisholm Trail Ranch will be delivered in Spring 2024. Brownstone Construction will serve as the general contractor for the project. Avanta …
VICTORIA, TEXAS — Northmarq’s San Antonio office has arranged the sale of Encore Apartments, a 56-unit property in Victoria, Texas, about 115 miles southeast of San Antonio. Moses Siller, Zar Haro, Bryan VanCura, Phil Grafe, Brian Booth and Stephanie Hernandez represented the seller, San Antonio-based private equity real estate company 3CM Multifamily. The buyer was undisclosed. The property was built in 1972 and comprises 14 two-story buildings. Units are offered in one-, two- and three-bedroom floor plans. Amenities at the property include covered parking, a pool and a pet park.
DALLAS — Texas has earned bragging rights on the multifamily investment front. Investment firm CONTI Capital — has developed a proprietary location analysis technology platform known as the CONTI Index — lists Dallas, Houston and Austin among the top 10 strongest markets for multifamily investment in the first half of 2023. Dallas-based CONTI released the rankings in January. From one to 10, the most attractive places to park apartment capital this year are as follows: (1) Dallas; (2) Atlanta; (3) Austin, Texas; (4) Charlotte, North Carolina; (5) Orlando, Florida; (6) Tampa, Florida; (7) Houston; (8) …
AUSTIN, TEXAS — Greystar Real Estate Partners has broken ground on Interport, a new garden-style community located approximately one mile from Tesla’s Austin Gigafactory and global headquarters. Once completed, Interport will comprise 396 units in studio, one-, two- and three-bedroom units. Outdoor amenities will include a dog park, beer garden, pool, outdoor kitchen and lounge, pickleball court, fitness lawn, community garden and EV chargers. Preleasing will begin in late 2023, and the first units are expected to be delivered in early 2024.