June 12, 2012
MIG $600M Shopping Spree Continues
AUSTIN (Globest.com) – As part of its planned $600 million Texas shopping spree, MIG Real Estate has picked up a south Austin apartment complex.
The California-based firm purchased the 330-unit Cottages in Austin at 8515 S. I-35 from another California investor. The property opened in 2008 and is currently at 94 percent occupancy.
CBRE represented the seller. Alliance Residential Co. will manage the property.
The 330-unit acquisition came shortly after MIG's purchase of the 372-unit Wynhaven at Willowbrook, located at 9611 Grant Rd. in Houston.
Apartment Purchase Links Investor to Round Rock
ROUND ROCK (Austin Business Journal) – A California-based investor has purchased The Links at Forest Creek, a 152-unit Round Rock apartment complex at 20404 Poppy Hills Trail.
The 142,348-sf property was built in 2010.
Marcus & Millichap represented both the seller and buyer, as well as arranged for financing.
Terms of the sale were not disclosed.
Center Switching to New Facebook Page
COLLEGE STATION (Real Estate Center) – The Real Estate Center is rolling out its new corporate Facebook page. We hope you "like" it.
You'll still receive news updates and photos as you do with our current page, which will not be updated after July 3.
So why the switch? In a word, growth.
Unlike our current Facebook page, corporate pages have no cap on the number of people who can subscribe. Since the Center's number of Facebook friends continues to grow (recently pushing past 1,200), that's important.
To subscribe, simply go to our new page and click "like."
Amarillo Developers Ride Rental Swing
AMARILLO (Amarillo Globe-News) – Like many cities today, Amarillo’s housing pendulum has swung toward rentals, and developers are taking action.
Tulsa-based Case Development LLC is breaking ground on The Park at Coulter, a 24-building, 262-unit apartment complex at 5040 S. Coulter St.
Construction also recently began on Tigris LLC’s Salt Fork Apartments at 9150 S. Coulter St. The 30-building, 210-unit property will be part of the RedStone residential development.
Rents have increased in Amarillo, up 3.1 percent from May 2011 to May 2012. The average rent is now about $638. Occupancy rates remain flat at 91.3 percent.
Center Offering Broker Responsibility Instructor Training
COLLEGE STATION (Real Estate Center) – If you'd like to become certified to teach the Texas Real Estate Commission's (TREC) new broker responsibility course, we can help.
The Real Estate Center is offering broker responsibility instructor training classes this month. There will be a class June 15 in Austin and June 22 in Houston. Cost is $190. Instructors must be approved by TREC before attending instructor training.
For more information, visit the Center's website.
Investor’s Future East of Dallas
TERRELL (Dallas Business Journal) – An undisclosed investor has purchased 1,123 acres in Terrell, about 25 miles east of Dallas.
Terrell 1132 LLC purchased the property near I-20 and FM 148 from Fortress Investments for an undisclosed sum. The investor plans to hold the land for future development.
Henry S. Miller Brokerage represented the seller. Robbie Patterson represented the buyer.
What's Texas Talking About? Find Out
COLLEGE STATION (Real Estate Center) – Real estate news is breaking throughout Texas, not just in the major metro areas. If you want to stay on top of what's happening, NewsTalk Texas has got you covered.
NewsTalk Texas is our searchable online database of Texas real estate stories. New articles are added every weekday, throughout the day. Here's a sample of what you'll find there this week: