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​​​​GARLAND – GroundFloor Development has teamed up with the city on a $30 million residential and commercial project on the northwest corner of S. Garland Ave. and W. Ave. B in downtown.

The four-acre site is currently​​ home to a Chase Bank building, the former Wyatt's Cafeteria, and other commercial buildings.

GroundFloor will tear down the vacant cafeteria and replace it with a 255-unit apartment​ project. Called The Draper, the building will include a community center and outdoor pool.

In phase two, the developer will renovate the five-story bank building for new tenants. Chase will remain in the property. 

The Real Estate Center has more information like this online:

• Dallas-area mixed-use news
• Local office news
• ​Texas Quarterly Commercial Report​
• ​​North Texas retail news
  
• Texas Quarterly Apartment Report
  
• DFW multifamily news
  

​AUSTIN – CAF Capital Partners has purchased The Aspect by Cortland, a 308-unit apartment complex at 4900 E. Oltorf St. 

Built in 2001, the property has one- to three-bedroom units. Rents range from $1,061 to $1,964. 

Amenities include a business center, clubhouse, fitness center, pool, and pet play area. 

Newmark represented the seller, Atlanta-based Cortland. 

The Real Estate Center has more news like this online for free:

SAN ANTONIO – SOJO Urban Development has completed SOJO Commons​, a 27-home townhome community at 774 E. Locust St. 

The property has three-story floor plans starting in the $500,000s.

Amenities include garages, rooftop​ decks, elevators, and a​​ pool. 

G.W. Mitchell Construction was the general contractor. Alamo Architects designed the project. 

The Real Estate Center has more information on housing:​

​​​​COLLEGE STATION – ​​Texas' initial unemployment claims increased to 51,500 the week ending Oct. 17, the second straight week of increases. 

This brings the total since March 21 to 3.7 million, according to data from the U.S. Department of Labor (DOL).

Unemployment insurance claims remain three times higher than pre-pandemic levels.

"This upsurge in initial claims is not driven by the extended Pandemic Emergency Unemployment Compensation program," said Real Estate Center Research Economist Dr. Luis Torres. "This is contrary to what is being observed nationally."​ 

The number of Texans who continue to claim unemployment insurance decreased for the sixth straight week to 690,200 the week ending Oct. 10.

"Continuing claims broke through the 700,000 barrier, a positive note for the labor market," said Dr. Torres. "The fall in continuing claims continues to be the silver lining, but it is not clear if these people have become re-employed or have permanently left the labor force as workers exhaust their unemployment benefits. 

"September's labor force numbers indicate that around 172,000 left the labor force, a sign that people are not being re-employed but instead are deciding to leave the labor force," Dr. Torres said.

Fewer people in Austin, Dallas-Fort Worth, ​and San Antonio filed new unemployment claims during the week ending Oct. 10. New claims also fell in McAllen, Brownsville, and Laredo.

In contrast, claims increased in Houston as the energy industry continues to struggle. More claims were also filed in El Paso.

Using data from the DOL and the Employment and Training Administration, the ​Center has estimated unemployment claims for Texas' major and border metros since March 21:​

• Houston-The Woodlands-Sugar Land, 846,400 claims;

• Dallas-Fort Worth-Arlington, 804,700 claims;

• San Antonio-New Braunfels, 255,400 claims;

• Austin-Round Rock, 216,800 claims;

• McAllen-Edinburg-Mission, 99,300 claims;​

• El Paso, 83,900 claims;

• Brownsville-Harlingen, 44,400 claims; and

• Laredo, 25,900 claims.

Layoffs continue in the industries that can't socially distance as well as in construction.

Administrative/support/waste management/remediation services, construction, retail trade, healthcare and social assistance, and accommodation and food services represented the sectors with the most unemployment claims through Oct. 10. 

The Real Estate Center has a wealth of economic information online for free.

• Podcast 446: COVID-19's impact on Texas housing
• COVID-19 Impact Projections on ​Texas Economy​
• Texas employment data​
• Monthly Review of the Texas Economy​
• Real Estate Center COVID-19 news​

​​​Source: Real Estate Center​​​

ROCKWALL – SWBC is nearing completion of The Royalton at Rockwell Downes, a 295-unit multifamily project at 2300 Discovery Blvd. 

The community will have one-, two-, and three-bedroom residences.

Amenities will include a pool, spa, indoor/outdoor game room, fitness center with a spin studio, and dog wash saloon. 

The project is Phase I of a larger 590-unit development. The first phase will wrap in March 2021 with Phase II construction beginning shortly thereafter. 

Cross Architects designed the community. G&A Consultants is the civil engineer.

The Real Estate Center​​​​ has more information like this online for free:

• ​​​​Texas Quarterly Apartment Report​​
• Dallas-area multifamily news

​Source: REBusiness Online

​​ARLINGTON – Cogent Capital has wrapped up work on a 937-unit Extra Space Storage facility.

The five-story, 100,6​65-sf project includes an interior drive aisle, detached single-story units, and a 900-sf sales office. 

Extra Space Storage will manage the property. 

ARCO/Murray provided complete design-build services.

The Real Estate Center has more on the North Texas retail market:

• ​​Texas Quarterly Commercial Report
• ​DFW retail news

​​​​HOUSTON – The Menninger Clinic is building a 33,000-sf psychiatric outpatient center on its 50-acre campus at 12301 S. Main St.

JLL is the developer. Kirksey Architecture is the designer and Tellepsen is the general contractor.

Opening is set for Feb. 2022.

The Real Estate Center has more Houston-area medical news​ on our website for free. 

​​​Source: ​Realty News Report

​​​​PLANO – Cawley P​artners has broken ground on The Parkwood, a 120,000-sf office project at 3930 N. Dallas Tollway.

Designed by Gensler, the Class A building will serve as headquarters for First United Mortgage, which will occupy over half of the space. 

The company will also open a First United Bank branch on the main floor. 

Building features include​ a fitness center and a 4:1000 parking ratio.

Ridgemont Construction is the general contractor.

Completion is set for November 2021. ​

The Real Estate Center has more on DFW real estate news:

• Local office news
• ​​Texas Quarterly Commercial Report

​AUSTIN – Pharmacists Mutual Insurance Group has purchased Davenport 360, a 37,500-sf office building at 6001 Bold Ruler Way. 

Law firm Slack Davis Sanger LLP is leasing a floor in the five-story building. 

Cushman and Wakefield represented the seller, Davenport 360 LLC. NAI Partners represented the buyer.

The Real Estate Center has more office news for Austin-Round Rock:

• ​Texas Quarterly Commercial Report
• Austin-area office news​

​GEORGETOWN – MedCore Partners and TNRG have broken ground on The Hacienda at Georgetown, a 230-unit senior living community.

It will offer 125 independent-living, 81 assisted-living, and 24 memory-​care units. 

Amenities will include a wellness center, fitness center, club room, theater, meditation garden, and pool. 

The project, on 13 acres at the corner of Williams Dr. and Del Webb Blvd., is part of a two-phase, $115 million senior living campus.​​

Construction will be complete in late 2021. 

REES Architects is the designer. 

Looking for more Austin-Round Rock senior living news? The Real Estate Center's got you covered. ​

​​SAN ANTONIO – Venterra Realty has acquired The Park on Wurzbach, a 264-unit multifamily complex at 4707 Wurzbach Rd. 

The property offers one- to three-bedroom units. Rents range from $1,050 to $1,914 per month. 

Amenities include a pool, fitness center, game room, business center, clubhouse, and conference room. 

NorthMarq arranged $24.6 million in acquisition financing. 

The Real Estate Center has more news like this online for free:

​​COLLEGE STATION – Texas’ housing market rebounded in September as homebuyers rushed to take advantage of historically low mortgage rates. Existing homes sold through Texas Multiple Listing Services increased 10.7 percent from August and are running 2.6 percent higher relative to the first three quarters of 2019.

"Many prospective homebuyers who were planning to purchase next year have been pulled into the market early as their affordability has suddenly improved," said Dr. James Gaines, chief economist for the Real Estate Center at Texas A&M University. "This pull factor contrasts the pent-up demand that drove the summer sales surge."

According to the National Association of Realtors, existing-home sales increased 9.4 percent across the country compared to August 2019. First-time buyers accounted for 31 percent of September sales, down from 33 percent in both August 2020 and September 2019.

Home-purchase mortgage applications have increased within Texas despite tightening lending standards. "Loan-to-value and debt-to-income ratios are falling, while credit scores for qualifying applicants are rising as lenders acknowledge the current state of economic uncertainty," said Gaines.

Aggressive fiscal and monetary policies in response to the coronavirus crisis have helped buoy housing demand, but the effect of those stimulants may be short-lived. Center Research Economist Dr. Luis Torres said consumer purchasing power has been affected since the onset of the global pandemic.

"Texas’ real income per capita increased 8.1 percent year over year during the second quarter, explaining much of the housing markets’ resiliency. This income growth, however, was driven purely by an increase in transfer payments, like the stimulus checks widely distributed at the beginning of the pandemic. Net earnings and dividends/interest/rent components of the real income calculation decreased as expected. Congress is still debating the extent of the next round of stimulus," said Torres.

In addition to this uncertainty, supply-side factors present a growing challenge to the housing outlook. The number of new listings hitting the market have not kept pace with the sales rebound, diminishing housing inventories that were already at record lows. Texas’ months of inventory for existing homes fell to less than 2.1 months in September. Housing shortages are even more pronounced in the major metropolitan areas.

The combination of stimulated demand and dwindling supply have pushed housing prices upward. Texas’ median home price hovered around $260,000, a double-digit percentage increase compared to September 2019. Some of this home-price appreciation is due to a change in sales composition, as inventory constraints are more severe at the lower end of the market. The Texas Repeat Sales Index, however, accounts for compositional changes and has suggested real price growth closer to five percent.​

The Real Estate Center has a wealth of economic information online for free.

​​PLANO – Construction has wrapped up on the first of five buildings in the next phase of Billingsley Co.'s International Business Park.

Work started on the buildings near the northwest corner of the Dallas North Tollway and Bush Turnpike early last year. 

The four-story, 187,100-sf office project includes a 9,000-sf amenity center building with conference facilities, food service, and a fitness center.

The building also has a coffee bar, private ground-floor outdoor space, and green space with a walking trail. 

Adolfson & Peterson Construction is the developer. GFF designed the project. JLL is marketing the building. ​

The Real Estate Center has more on DFW real estate news:

• Local office news
• ​​Texas Quarterly Commercial Report

​​​​​CEDAR HILL – Canada-based Walton Group Holdings Ltd. has purchased 400 acres near Joe Pool Lake.

The property on Lake Ridge Pkwy.​​​​​​ west of ​​US 67 will have 1,100 single-family homes.

A builder will take majority of the l​​​and. Negotiations with rental home and senior housing developers are still in the works. 

Vanguard Real Estate Advisors brokered the transaction.

Get more DFW-area news on the Real Estate Center's website:

• Dallas housing reports
• Texas Housing Insight
• Home Price Index
• Housing Activity Data
• Housing Affordability Data

​​​​Source: Dallas Morning News

​​​​​WASHINGTON – Three Texas cities have landed on WalletHub's list of the top ten small cities to live in America.

​Sugar Land, ranking fifth overall, was second in economic health. It was 39th in affordability, 162nd in quality of life, 277th in safety, and 540th in education and health. 

No. 8 Southlake had the highest median annual household income at $230,700.​ It had the lowest housing costs and the second-highest percent of population with a high school diploma or higher.

The Tarrant County city was sixth in economic health, 14th in affordability, 191st in safety, 521st in quality of life, and 569th in education.

Cedar Park, ranking ninth overall, was fifth in health, 42nd in affordability, 178th in safety, 404th in quality of life, and 427th in education and health. 

Keller, which was 95th nationally, had the fifth-lowest housing costs. 

Other cities in the top​ ten rankings are:

• No. 1 Sammamish, Wash.;

• No. 2 Lexington, Mass.;

• No. 3 Carmel, Ind.;

• No. 4 Needham, Mass.;

• No. 6 Milton, Mass.;

• No. 7 Brentwood, Tenn.;​ and 

• No. 10 Redmond, Wash.
  

WalletHub compared more than 1,200 U.S. cities with populations between 25,000 and 100,000 based on 43 livability indicators. 

​​​​​AUSTIN – Lincoln Ventures has broken ground on Waterloo, a 30-story student housing complex at 2400 Seton Ave. 

The 241-unit complex will offer studi​​​o and one- to six-bedroom units. It will have two stories of affordable housing at 50 percent and 60 percent median area income. ​​​

In exchange for adding affordable units, the city has allowed for a taller project, making the tower the tallest in the West Campus neighborhood.

Amenities will include a rooftop terrace, pool, spa, fitness center, lounge, and conference and study rooms. 

Construction will be complete in 2022. 

Hip Hop Design Studio and BOKA Powell are the architects. JE Dunn Construction Group Inc. is the general contractor. ​

The Real Estate Center has more news like this online for free:

​​​WACO – Amazon Inc. is building a 700,218-sf distribution center and warehouse on 9​3 acres at 200 Exchange Pkwy.

Developer BL Companies secured a permit to develop the project this summer.

The project will create up to 1,000 jobs. ​

Get more Waco-area industrial news on the Real Estate Center's website:

• "Waco's Wild Rise"
• Waco real estate news
• ​​​​​Texas Quarterly Commercial Report

​Source: Waco Tribune-Herald

​​​LUBBOCK – Friends of McAlister Park and the city have broken ground on a five-acre dog park at Marsha Sharp Fwy. in the northeast portion of McAlister Park. 

The $800,000 dog par​k will ​have three fenced-in areas, benches, restrooms, food truck area, and walking trail. 

Construction will be complete next summer.

Get more Lubbock real estate news on the Real Estate Center's website.

​Source: Lubbock Avalanche-Journal

​​​​CAMBRIDGE, Mass. – ​​The total cost of the pandemic is estimated at more than $16 trill​ion, or approximately 90 percent of the annual gross domestic product (GDP​​​​​)​​ o​​f the U.S​.​, acco​rding to researchers from Harvard University.

Approximately half of this amount is the lost income from the COVID-19-induced recessi​on; the remainder is the economic effects of shorter and less healthy life.​

According to the report, the crisi​​s cost the economy over $7.59 trillion in lost GDP. 

Health loss totaled around $4.38 trillion in premature death, $2.57 trillion in long-term health impairment, and $1.58 trillion in mental health impairment.

Since the onset of COVID-19 in March, around 60 million unemployment insurance claims have been filed as of September.

The Real Estate Center has more COVID-19 information online:

​​​AUSTIN – One Three Hundred Capital has purchased Cannon Oaks Apartments, a 230-unit multifamily community at 2302 E. William Cannon Dr.

Built in 2001, the property offers two- to four-bedroom units. Rents range from $1,135 to $1,649 per month. 

Amenities include a pool, fitness center, playground, and clubhouse.  

JLL Capital Markets arranged $27.1 million in acquisition financing.

The Real Estate Center has more news like this online for free: