Texas

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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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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