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RECON for July 20, 2018RECON for July 20, 2018Bryan PopePope
2018-07-20T05:00:00Z2018-07-20T05:00:00Z

Real Estate Center Online News
Houston's Galleria district
Houston retail rents are climbing, reports CBRE in its second quarter 2018 market update. Details in today's RECON. (Photo from Center files.)
July 20, 2018

Fort Worth median home price up 7.8 percent

​FORT WORTH (Fort Worth Business Press) – The local median home price increased 7.8 percent​ year over year to $227,250 in June, according to the Greater Fort Worth Association of Realtors (GFWAR).

Cowtown home sales fell 2.1 percent to 1,281 homes last month, pushing inventory up to 2.4 months. The Real Estate Center considers a six- to 6.5-months inventory a balanced market.

“The inventory of homes for sale is at the highest we’ve seen in a few years, due in part to an increase in active listings and a slight decrease in closed sales,” said J.R. Martinez, 2018 GFWAR president. “This could be due to a slight correction in the market and/or a slowdown at the end of summer as school will begin in a few weeks. However, inventory and days on market remain historically low, and the increase in median price over 2017 reflects that dynamic."

Last month, area homes spent an average of 28 days on the market, the same as the year before. Sales​​ took 32 days to close. 

There were 2,596 active home listings, up 13.9 percent. 
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CBRE: Houston retail rents climbing as e-commerce grows

HOUSTON (CBRE) – Local retail rents are on the rise as occupancy stands at 94.1 percent. 

According to a CBRE market report, ​there is over 3.7 million sf of retail space under construction as developers rush to keep up with demand. 

In second quarter 2018, just over 482,400 sf of new retail space came online. There was a net absorption​ of negative 39,748 sf. 

For the 12 months ending in April, the metro was fourth in employment growth, says the report. The area was behind Dallas-Fort Worth, New York, and Los Angeles. 
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There's plenty of news to share with you on this week's podcast. We share insights from some of the Center's latest monthly economic reports and address some constituent questions. We also head to Frisco, McKinney, Houston, and El Paso. Click here to give it a listen.

Austin industrial market expands

​​AUSTIN (CBRE) – At the close of second quarter 2018, industrial developers continued their expansion of the local industrial market by delivering 124,476 sf of new product, according to a CBRE market report.

At the end of the quarter, there was over 1.6 million sf of new industrial space under construction across the metro, up by over 600,000 sf from last quarter.

Vacancy fell to 9.9 percent.

The citywide average annual asking rent increased $0.02 to $9.89 per sf. Absorption activity was strong with positive net absorption of 82,633 sf, more than the quarter before.​
The yield curve has been a good indicator to ​​​​predict recessions in the U.S. economy with a one-year lead. Center Research Economist Dr. Luis Torres writes about the curve's predictive powers in this week's Mixed-Use Blog. Click here to read.

Work starts on former Houston Chronicle site

HOUSTON (Houston Business Journal) – Locally based Hines has started work on its 47-story tower on the former Houston Chronicle site. ​​

The one million-sf property will sit diagonally on the 800 block of Texas Ave. 

Pelli Clarke Pelli designed the building to achieve LEED Platinum and WELL Building certifications. 

Law firm Vinson & Elkins and Hines will anchor the tower, leasing 212,000 sf and 155,000 sf, respectively. 

Cushman & Wakefield represented Vinson & Elkins in the lease. Colvill Office Properties represented the owner.

Jones Lang LaSalle advised the owner on construction financing, which was arranged by New York Life Real Estate Investors.

GLO requesting feedback from communities impacted by Harvey

AUSTIN (Texas General Land Office) — The Texas General Land Office (GLO) has issued a survey to collect input from communities affected by Hurricane Harvey.

Responses will help the GLO determine how to use $137 million in Community Development Block Grants for Disaster Recovery funds to help mitigate and lessen the impact of future disasters.

The survey will be distributed to citizens, city officials, councils of government, and river authorities. It will include questions about flood control, drainage improvements, resilient housing solutions, economic development, and infrastructure improvements.
City skylineMarket Research is your gateway to data on all 25 Texas metropolitan statistical areas, from Abilene to Wichita Falls. Whether you're looking for information on an area's demographics, top employers, or housing and commercial markets, chances are you'll find it here.

Mansfield getting new healthcare campus

MANSFIELD (GlobeSt.com) – Texas Health Resources and Adventist Health System are developing a new 38-acre medical campus.

The Texas Health Hospital Mansfield will be on the southeast corner of US 287 and Lone Star Rd. ​​The four-story, 195,40​​0-sf facility will have an initial capacity of 83 beds. 

Services will include a 24/7 emergency room, general surgery, women's care, orthopedics, and interventional cardiology.

The $150 million campus will also have an 80,000-sf medical office building. ​
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Live Grandscape multifamily underway

THE COLONY (REBusiness) – Omaha,​​ Neb.-based Lanoha Development Co. is developing a 345-unit luxury apartment tower within the 433-acre Grandscape mixed-use development. 

​​The 419,000-sf Live Grandscape will offer studio and one- and two-bedroom floor plans. 

Work started on the project earlier this year. Move-ins are scheduled to begin​ in 2020. ​

Multifamily buyer picks 'a more congenial spot'

RICHARDSON (REBusiness) – ​​The 117-unit Camelot Apartments has been sold to JSNB Camelot LLC. 

The property at 530 Rockingham Ln. was built in phases in 1966 and 1970.​ It was 96 percent occupied at the time of sale.​

The Toronto-based seller made $650,000​ in capital improvements. The new owner will continue to make upgrades.

Dallas-based Cantrell Co. & Partners arranged the sale.​​

Pradera project to feature 250 single-family rental homes

​​​SAN ANTONIO (REBusiness) – A California-based partnership of AHV Communities and Bristol Group Inc.​ is developing Pradera, a 250-home rental community. 

The project will feature three- and four-bedroom single-family homes exclusively for rent. 

​Preleasing will begin in third quarter 2018 with move-in set for the fourth quarter. ​​
Texas Association of Realtors quote about Real Estate Center
Copyright © 2018, All rights reserved.
Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.
https://www.recenter.tamu.edu/news/recon/?Item=191
RECON for July 17, 2018RECON for July 17, 2018Bryan PopePope
2018-07-17T05:00:00Z2018-07-17T05:00:00Z
​ ​
Real Estate Center Online News
Well-lit luxury home at night
While North Texas luxury home sales dropped 4 percent in the second quarter, the median price of those homes increased by 5 percent. Read more in today's RECON. (Photo from Center files.)
July 17, 2018

Frisco, McKinney among best cities for first-time homebuyers

​​​WASHINGTON (WalletHub) – Frisco and McKinney have ranked seventh and eighth, respectively, on WalletHub's list of the 2018's best cities for first-time homebuyers. 

Frisco ranked second in real estate market "hotness" and 44th in quality of life. It was 152nd in affordability. 

McKinney ranked first​​ in real estate market "hotness." It was 42nd in quality of life and 165 in affordability. 

Last year, 38 percent of all U.S. single-family home purchases were made by first-time buyers, according to WalletHub.  

The rest of the top ten are:
  • No. 1 Broken Arrow, Okla.;
  • No. 2 Tampa, Fla.;​
  • No. 3 Centennial, Colo.;
  • No. 4 Boise​, Idaho;
  • No. 5 ​Grand Rapids, Mich.;​
  • No. 6 Thornton, Colo.;
  • No. 9 Cary, N.C.; and 
  • No. 10 Gilbert, Ariz. 
NewsTalk Texas logoHungry for more Texas real estate news? Then feast your eyes on NewsTalk Texas, our online news database. Here are a few of the stories you'll find there this week: NewsTalk Texas is updated each weekday, throughout the day. 

Houston medical office market remains strong

​​​​​​​​HOUSTON (CBRE) –​​ The metro has the most active medical office pipeline in the southeast with 620,508 sf underway​​​​, according to a CBRE report. 

Completions were down to 189,938 sf​​​​​​​ in first half 2018 while net absorption​​ climbed to 287,299 sf. ​​

Medical office vacancy increased to 12.7 percent​ this year. ​​​​​

Dallas-area million dollar home sales down in second quarter

DALLAS (Dallas Morning News) ​​– ​Last quarter, 357 North Texas homes priced at a million dollars or more changed hands. 

That's down 4 percent over the year, according to Coldwell Banker. ​

But during that same time, median prices for luxury homes rose almost 5 percent to $1.47 million. ​

Coldwell Banker reports that DFW million dollar homes sold in an average of 69 days. Last year, it took 80 days. ​​

Sellers received an average of 93.6 percent of their asking price, up slightly from 93.3 percent in second quarter 2017. ​​​The most expensive​ second quarter sale was a $13.5 million estate in Dallas. 

For the first half of the year, North Texas luxury home sales are still up about 4 percent with 896 sales. 

Sixteen area homes priced at $10 million or more are on the market now, according to Realtor.com.
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Exxon Mobil buys 93 Baytown acres

​​BAYTOWN (Houston Business Journal) – Irving-based Exxon Mobil​ has purchased 93 acres off Baker Rd. adjacent to its refinery. 

New York-base​​d SI Group Inc. sold the land in two contiguous​ 55-acre and 38-acre tracts. 

The new owner has no immediate plans for the land. 
Obtaining a Texas Real Estate License coverObtaining a Texas Real Estate License is the most complete guide found anywhere to obtaining a Texas real estate salesperson's license. Everything from what activities require a license to actual application forms. This report has been reviewed by the Texas Real Estate Commission. 

El Paso industrial rents up in 2Q 2018

​EL PASO (CBRE) – ​​Industrial rents were up $0.04 over the quarter to $4.06 per sf, according to a new CBRE market ​report. 

Second quarter net absorption tripled to 436,979 sf since last quarter but is still 100,000 sf less than this time last year. Vacancy remained steady at 7.9 percent. 

There was 586,500 sf of industrial space underway across the metro, and 102,189 sf was delivered. 

Class A industrial​ rents hit a new record of $4.50 per sf in second quarter 2018.
Communication Matters video seriesIn a series of four videos, the Real Estate Center at Texas A&M University explores what it takes to be an effective communicator. The presenter is Mays Business School Executive Professor John Krajicek.

CBRE: Austin office market resilient

​​AUSTIN ​​​(CBRE) – ​​The local office market continued to expand in second quarter 2018. 

According to a CBRE report, the average asking rent hit $35.84 per sf, a historic high. ​​

Vacancy and absorption also grew in the second quarter, hitting 10.7 percent and 76,902 sf, respectively. 

There was almost 4.2 million sf of office space under construction across the metro. Nearly 580,000 sf was delivered. 

23-story senior-living community underway

​​​HOUSTON (Tradition Senior Living) – Tradition Senior Living LP has broken ground on the Tradition-Woodw​​ay, a 23-story, high-rise, senior-living rental community.

The tower at 6336​ Woodway Dr. ​​will include 222 independent-living units and 92 assisted-living/memory-care units.

Completion is set for ​April 2020. The on-site information center will open in fourth quarter 2018. 

Jackson & Ryan Architects is the architect. D.E. Harvey Builders is the general contractor.
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Fein buys land for 304-unit Post Oak apartment complex

​​HOUSTON (REBusiness Online) – Locally based Fein has acquired 3.3 acres for the development of Reverie at River Hollow. ​​

The 304-unit apartment community offers one-, two- and three-bedroom floor plans ranging from 558 to 1,966 sf. It was designed by Steinberg Dickey Collaborative. 

Groundbreaking is set for August, and completion is scheduled for fourth quarter 2020.

JLL brokered the land sale. ​​​

19-building Houston industrial portfolio sold

​​HOUSTON (Realty News Report) – California-based Wilson Investment Properties has purchased​ 19 buildings across six area industrial parks.​​

The 460,000-sf portfolio​ is leased to 103 tenants. 
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Copyright © 2018, All rights reserved.
Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.
https://www.recenter.tamu.edu/news/recon/?Item=190
RECON for July 13, 2018RECON for July 13, 20182018-07-13T05:00:00Z2018-07-13T05:00:00Z
Real Estate Center Online News
Austin skyline
The U.S. Army has announced that Austin will be home to the new Army Futures Command. Keep reading today's RECON to learn why the Texas capital was picked. (Photo from Center files.)
July 13, 2018

Houston housing sales break records

​HOUSTON (Houston Association of Realtors) – In June, the metro saw the greatest one-month sales ​volume​ of all time, reports the Houston Association of Realtors (HAR). ​​​

Area agents sold 8,518 single-family homes last​ month compared to the last record high of 8,367 in June 2017. That's a 1.8 percent increase. 

Single-family median home prices also hit a record high, climbing 2.6 percent over the year to $245,000. The average price was $316,463, up 4.3 percent and breaking another record. 

Here are other stats from HAR's report:​​​

  • In June 2018, there were 40,198 active listings in the area, down 3.9 percent over the year. 

  • Total dollar volume traded was over $3 billion, up 6.6 percent. 

  • The metro had 4.1 months of single-family inventory. The Real Estate Center considers a six- to 6.5-month supply a balanced market. 

  • Pending sales climbed 10.2 percent to 8,396 last month. ​

Employment Growth Rate graph, U.S. vs Texas
Texas economic expansion continued amid increased energy and manufacturing activity. Low unemployment pulled workers back into the workforce, but wages remained suppressed. Our latest Outlook for the Texas Economy report by Center Research Economist Dr. Luis Torres, Research Associate Wesley Miller, and Student Intern Paige Woodson has more.

Austin new home of Army Futures Command

​​WASHINGTON (Defense News) – The new four-star Army Futures Command (AFC) will be in Austin.​

The location will consolidate the Army's entire modernization process under one roof. ​

U.S. Army Secretary Mark Espen said in a July 13 press conference that Austin's top-tier​​ academic institutions, cutting edge industrial, innovative private sector, and culture make the city a good fit for the facility. 

"The Army chose Austin as the location for the AFC headquarters because it not only possesses the talent, entrepreneurial spirit, and access to keep partners we are seeking, but also because it offers the quality of life our people desire and a cost of living they can afford," said Epsen. 

The creation of the AFC is the Army's most significant reorganization effort since the U.S. Army Forces Command and Army Training and Doctrine Command's creations​​ in 1973. 

Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:

Comptroller raises revenue projections

​​​​​​AUSTIN (Texas Comptroller of Public Accounts) – The Texas Comptroller estimates the state will have $110.7 billion in general revenue-related funds available for general purpose spending for the 2018-2019 biennium. 

This raised the projected fiscal year 2019 ending balance to $2.67 billion. That's an increase from the $94 million ending balance projected in October 2017. 

​​"Texas in particular benefited from rising oil prices and production and the consequent increase in economic activity," Comptroller Glenn Hegar said. "The best ongoing indicator of the robust Texas economy is the state's rate of job growth. Texas added more than 350,000 new jobs in the 12 months ending in May 2018, and the state's unemployment rate has been at or near historic lows in recent months."​

Through June 2018, sales and use tax collections—Texas' largest source of state tax revenue—are up 10 percent from the year before. The Comptroller increased the sales tax revenue projection for fiscal 2018 by over $1.2 billion. ​​

Did you know that Texas has 63 mountains more than a mile high? Center Senior Editor David Jones shares some facts about Texas' tallest peaks in today's Mixed-Use Blog

Dallas, Houston among nation's hottest hotel markets

​​​​​NEW YORK (National Real Estate Investor) – Dallas and Houston rank third and sixth on STR Inc.'s list of the eight busiest cities for hotel development.​

The study cites​ Dallas' diverse economy, which has added 500,000 new jobs in the last five years. According to CoStar, 5,300 new hotel rooms are under construction in North Texas. 

Developers have 43 new hotel projects underway in Houston, higher than any other market besides New York City. The projects are relatively small, says STR. The metro may suffer from weak hotel demand as the energy sector recovers. 

The rest of the rankings are:

  • No. 1 New York City;

  • No. 2 Las Vegas;

  • No. 4 Denver;

  • No. 5 Nashville; 

  • No. 7 Miami; and 

  • No. 8 Washington, D.C. 

San Antonio occupancy rises in second quarter

​​​​​​​​​SAN ANTONIO (San Antonio Business Journal) – ​​Area retail occupancy rose to 95.9 percent in second quarter 2018, up 2 percent over the quarter and 7 percent over the year, according​​ to a CBRE report.​

New construction starts more than ​doubled over the quarter to 848,169 sf. Deliveries also rose to 129,678 sf. 

A Weitzman report expects less than 300,000 sf of new retail space will come online this year, adding less than 1 percent to the market's total inventory. 

Retail space is the hardest type of commercial space to find locally. CBRE says the market's strength will continue despite the closure of many big-box stores. ​​
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Millennials moving to Austin, Dallas

​​​​​​​​NORWALK, Conn. (RISMedia) ​– ​Austin and Dallas have landed on RISMedia's list of top cities where millennials are moving. ​

The article ​cites Austin's environmental friendliness and robust job growth of 4.2 percent as major draws for millennials. Technology companies are moving to the capital, which is known by some as "Silicon Hills."

​​Dallas' shopping opportunities, walkability, and affordable suburbs make the city attractive to young adults. The city boasts a 3.9 percent job growth rate, according to RIS data. ​​

Savills Studley: Houston office vacancy up

​​HOUSTON (Houston Business Journal) – The city's office vacancy increased modestly to 28.2 percent in second quarter 2018, ​​according to a report from Savills Studley. ​​​

The 1.8 percent increase in availability is promising, says the report, since leasing volume increased 6.7 percent over the quarter to 3.2 million sf. ​

Currently, there is 9.5​ million sf of sublease space available in the city. ​​

"Sublet supply in the region has had an impact on rent but has not been detrimental to overall activity," the report states. ​​​​

City skylineMarket Research is your gateway to data on all 25 Texas metropolitan statistical areas, from Abilene to Wichita Falls. Whether you're looking for information on an area's demographics, top employers, or housing and commercial markets, chances are you'll find it here.

GLO starts affordable rental property program with recovery funds

​​AUSTIN (Texas General Land Office) – The Texas General Land Office (GLO) will use $250 million in newly released Community Development Block Grants for Disaster Recovery to ​rehabilitate and reconstruct rental homes damaged by Hurricane​​ Harvey.

The funding is in addition to $10 million dedicated to multifamily rental developments in the previous $57.8 million Harvey allocation. 

GLO will begin hosting workshops​ this week for property owners interested in applying. Applications open on July 23, and applications received prior to or on August 22 will receive priority status. ​

Nokia 'connecting people' in Cypress Waters

​​​DALLAS (REBusiness Online) – Nokia has signed a 350,000 sf office lease at Bllingsley Co.'s Cypress Waters development.

​​The Finnish telecommunications​ ​giant​ will move its North American headquarters to the building, bringing 2,300 jobs. The move should be complete ​​by third quarter 2019. 

​Cushman & Wakefield represented Nokia. 

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1.3 million sf AllianceTexas project kicks off 

​​FORT WORTH (Dallas Morning News) – Hillwood is adding two more buildings totaling 1.3 million sf to the 26,000-acre AllianceTexas development near I-35W. ​

The buildings will be 782,000 sf and 500,000 sf. They are called Alliance Center North 3 and Alliance Northpoint 1.

GDA Architects designed Alliance Center North 3, which was financed by Frost Bank. Alliance Northpoint 1 was designed by RGA Architects and financed by Southside Bank. 

Colony snaps up third Enterprise Industrial Park building

​​​​​SAN ANTONIO (REBusiness Online) – ​​​Dallas-based Colony Industrial has purchased Enterprise Industrial Park Building III. 

The 359,251-sf warehouse and distribution property includes 32-ft clear heights, 73 trailer spaces, and office space. It was developed ​by Atlanta-based Robinson Weeks Partners. 

Colony acquired buildings I and II in March. 

Home construction siteIn the market for Texas real estate data? Look no further. We're your one-stop shop for housing, rural land, building permit, employment, and population data.

Florida investor buys another DFW apartment asset

​​FORT WORTH (Dallas Morning News) – Miami-based Atlantic Pacific Companies has purchased a 324-unit apartment complex from South Carolina-based Greystar Real Estate. ​​

The Avana Point property at ​​2650 Western Center Blvd. has been ​​renamed Atlantic Station and will be renovated. ​

Atlantic Pacific recently purchased two properties in The Colony and McKinney. ​​​​

Frisco Bridges Place sold to New York investor

​​​FRISCO (Dallas Morning News) – New York-based Innovatus Capital Partners has purchased the six-story Frisco Bridges Place building.​

The 163,923-sf office building, which is over 90 percent leased, was developed by Dallas-based Heady Investments​.

Innovatus has hired Dallas-based Lincoln Property to handle leasing.

Edentree apartment community under new ownership

​​CARROLLTON (REBusiness Online) –​​​ Connecticut-based Beachwold Residential LLC has sold the 360-unit Edentree​ apartments. 

The community at 1721 Frankford​ Rd. offers one- and two-bedroom floor plans. 

Transwestern brokered the deal. ​​​​​​

Texas Association of Realtors quote about Real Estate Center
Copyright © *|CURRENT_YEAR|*, All rights reserved.
Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.
​​
https://www.recenter.tamu.edu/news/recon/?Item=189
RECON for July 10, 2018RECON for July 10, 2018Hayley Rieder2018-07-10T05:00:00Z2018-07-10T05:00:00Z

Real Estate Center Online News
Tacara Steiner Ranch aerial photograph
Tacara Steiner Ranch, a luxury multifamily community in Austin, has been sold. Get the details on this story and so much more in today's RECON. (Photo from the San Antonio Business Journal.)
July 10, 2018

Texas best state for business

​​​​​ENGLEWOOD CLIFFS, N.J. (CNBC) – Texas snagged the top spot on CNBC's list of America's top states for businesses.

The Lone Star state scored 1,651 out of 2,500 points, making it the only state to be named a four-time winner since the study's creation in 2007. Texas has placed in the top five every year.

Texas ranked first in the economy category, up from 25th last year. The study cited the state's 5.2 percent GDP increase in the fourth quarter. Texas added over 350,000 jobs in the past year, meaning one in seven jobs created in the nation last year was created in Texas. 

The state also took the top spot in infrastructure. Its lowest categorical ranking was number 37 for education. 

The rest of CNBC's top five include Washington, Utah, Virginia, and Colorado. 

Helping Texans make better real estate decisions since 1971

DFW home sales see first Y-O-Y decline in nearly two years

​​​​DALLAS (Dallas Morning News) – North Texas home sales fell 3 percent in June, marking the first year-over-year decline in almost two years. 

Last month, 10,754 preowned single-family homes were sold, according to data from the Real Estate Center and the North Texas Real Estate Information Systems. 

With June's decline, preowned home sales are up just 1 percent so far this year compared with 2017's record sales. 

Median home sales prices were up 7 percent over the year, hitting a record high of $273,000. ​

​There was a three-month supply of homes in the area. The average North Texas home was on the market for 38 days​. 

In June, there were 10,998 pending sales. There were 24,174 homes listed for sale in the metro, up 12 percent over the year.  

Obtaining a Texas Real Estate License coverObtaining a Texas Real Estate License is the most complete guide found anywhere to obtaining a Texas real estate salesperson's license. Everything from what activities require a license to actual application forms. This report has been reviewed by the Texas Real Estate Commission. 

Harris County gets $4.5 billion for flood-control projects

​​​HARRIS COUNTY (Community Impact Newspaper) – The county has been awarded $4.5 billion in federal funds for flood prevention projects. 

The funds will be allocated to:

  • Sabine Pass to Galveston Bay Coastal Storm Risk Management and Ecosystem Restoration Project, $4 billion;

  • Clear Creek, $295 million;

  • Brays Bayou, $75 million;

  • Hunting Bayou, $65 million;

  • White Oak Bayou, $45 million; and

  • Buffalo Bayou and tributaries, $1.4 million. 

About $14 million will be used to study future flood-control projects along the Buffalo Bayou and tributaries, Brazos River, Texas coast, and more.

The U.S. Department of Housing and Urban Development recently approved $5 billion of funding ​for a Texas hurricane recovery plan.  ​​

NewsTalk Texas logoHungry for more Texas real estate news? Then feast your eyes on NewsTalk Texas, our online news database. Here are a few of the stories you'll find there this week:

NewsTalk Texas is updated each weekday, throughout the day. ​

Austin luxury multifamily asset sold for $48 million

​​​​​AUSTIN (San Antonio Business Journal) – A subsidiary of San Antonio-based Casey Development Ltd. has sold the Tacara Steiner Ranch multifamily complex for $47.9 million.

The 246-unit community​​ at 4306 N. Quinlan Park Rd. traded for about $195,000 per unit. 

Tacara offers one-, two-, and three-bedroom units averaging 959 sf. The average monthly rent is $1,425. ​

The buyer was​​​ TH Real Estate, an affiliate of Nuveen Global Cities REIT. ​

Jones Lang Lasalle represented​​ the seller. ​

St. Louis developer sells retail asset to Texas firm

​​FORT WORTH (REBusiness Online) – A Texas-based investor has purchased Westover Village from a St. Louis​-based developer.

The 111,374-sf retail center ​at 651 Alta Mere Dr. includes tenants such as AT&T, Firehouse Subs, and SportClips. It was almost fully occupied at the time of sale. 

The purchase includes additional land for developme​nt. 

Dallas-based Strive represented the seller. ​​​​

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CustomSpace leases 113,152 sf in Houston

​​HOUSTON (Realty News Report) – CustomSpace has leased 113,152 sf at 5301 Polk St. 

The company offers spaces ranging from 250 sf to 10,000 sf to companies needing storage or places for light assembly. This is CustomSpace's first Texas location.​

Colliers International and Lee & Associates represented the tenant. ​​​

Parkside on Legacy under new ownership

​​​PLANO (Dallas Morning News) – Dallas-based Cawley Partners has purchased the Parkside on Legacy building at 5120 Legacy Dr. 

Completed in late 2016, the three-story, 101,213-sf office project was developed by VanTrust Real Estate. Corgan designed the project, which is currently vacant. 

Weitzman Group brokered the sale. ​

Communication Matters video seriesIn a series of four videos, the Real Estate Center at Texas A&M University explores what it takes to be an effective communicator. The presenter is Mays Business School Executive Professor John Krajicek.

50 acres slated for Spring Fire Department multipurpose complex

​​SPRING ​​(Community Impact Newspaper) – The Spring Fire Department and the Harris County Emergency Services District No. 7 have acquired 50 acres at the northeast corner of Louetta and Lexington Roads. 

The property is the future site of a multipurpose complex. It will include the W.W. "Cotton" Weaver Training Center. ​

JV combining two Anderson Mill apartment communities

​​​AUSTIN (MultifamilyBiz) – A joint venture between JoCo Partners and The ValCap Group has acquired two apartment communities in the Anderson Mill neighborhood.

The 152-unit Westwood Apartments and the 164-unit Audubon Square were built in 1983 and 1986. They will be combined into a single 316-unit community called The Lantern. 

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Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.

https://www.recenter.tamu.edu/news/recon/?Item=188
RECON for July 6, 2018RECON for July 6, 2018Bryan PopePope
2018-07-06T05:00:00Z2018-07-06T05:00:00Z

Real Estate Center Online News
Solar panels
A Canadian investor is developing a 250-megawatt solar farm in West Texas. The project will be the largest solar farm in the state. Keep reading today's RECON for this story and more. (Photo from Center files.)
July 6, 2018

Texas' first all-digital real estate deal closes

​​​DALLAS (Dallas Morning News) – A 2017 Texas online notarization law went into effect July 1, prompting​​​​​ the closure of the state's first all-digital real estate transaction. ​

The deal was between Houston-based Stewart Information Services and Georgetown-based Georgetown Mortgage LLC. 

The law permits notaries to approve documents over a two-way video conference. ​​Clients must display their government ID and sign their names on the screen before the notary digitally signs and stamps. A recording of the video conference is uploaded to the cloud.

Security for the process is tighter in Texas than in other states. The notary either needs to know the client personally or verify the ID through third-party software. ​​​

Real Estate Center Research Attorney Rusty Adams wrote about the law in the April 201​8 issue of Tierra Grande magazine. ​​​
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DFW industrial construction reaches new high

​​​​DALLAS (CBRE) – ​​Last quarter marks over two and a half years of consecutive quarterly positive net absorption​ for the North Texas industrial market, reports CBRE. 

Net absorption hit nearly six million sf in the ​second quarter. Year-to-​​date absorption was just under ten million sf, consistent with mid-year levels over the past three years. 

Vacancy remained steady at 5.8 percent as 6.4 million sf of industrial space was delivered. ​​​

Nearly 22.3 million sf are under construction in the Dallas-Fort Worth market with 7.9 million sf of new starts tracked last quarter alone.​​​​

Residences at La Colombe d'Or underway

​​​HOUSTON (Houston Business Journal) – Locally based Hines has broken ground on the Residences at La Colombe d'Or, a 34-story luxury apartment community. 

The tower will sit next to the La Colombe d'Or, a luxury​​​​ boutique hotel built in 1923. 

Apartments will have up to three bedrooms and range between 740 and 3,100 sf. Ten penthouses will sit on the top two floors.​

The $68.5 million project will feature 14,000 sf of indoor amenity and lobby space and 9,000 sf of outdoor amenities.

The project team includes locally based architect Muños + Albin, locally based interior design firm Rottet Studio, and Hines' affiliate contractor Urban Oaks Builders. ​

Opening is s​et for first quarter 2020, and full delivery is expected ​​later that year. ​​​
A barn and home sits on rocky rural Texas terrain
In part two of his blog series, Dr. Charles Gilliland discusses how minerals, restrictive covenants, the environment, and taxes affect the land-purchasing process. Don't forget to read part one if you haven't already. 

CBRE: North Texas office growth returns

​​DALLAS (CBRE) – ​​​The local office development pipeline is pacing with demand as 5.1 million sf ​​is under construction, according to a CBRE report. 

Net absorption grew by 578,235 sf to 62 percent in the second quarter. The vacancy rate bumped up 40 basis points to 20.9 percent. 

The average asking rate was $24.49 per sf on a full-service gross basis, up 27 basis points over the quarter.

There were two deliveries totaling 225,000 sf last quarter. ​​​

216-unit midrise apartment project coming to Midtown

​​​HOUSTON (Houston Chronicle) – H Midtown LP, a subsidiary of Winther Investment, is developing​ ​​​a 216-unit apartment building at 2111 Austin St. ​

The community will offer efficiencies and one-, two-, and three-bedroom floor plans averaging 830 sf. Rents will start around​ $1,300 per month. It will also have five levels of parking.​​​​

Steinberg Dickey Collaborative designed the project. Completion is set for spring 2020.

Winther purchased the land and an adjacent block in October 2013. ​​​​​​​
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Work starts on 41-story Dallas apartment tower

​​DALLAS (REBusiness Online) – Orlando, Fla.​-based ​​ZOM Living has broken ground on Atelier, a 41-story multifamily tower next to Klyde Warren Park.​ 

The 364-unit property will include one-, two-, and three-bedroom floor plans ranging from 702 to 2,266 sf. It will also have 15,000 sf of retail space and a ten-story parking garage. 

Stantec designed the property, and Balfour Beatty is the general contractor. Fifth Third Bank and SunTrust Bank provided construction financing.

State's largest solar farm coming to West Texas

​​WINKLER COUNTY (Midland Reporter-Telegram) – ​​​​Canada-based Innergex Renewable Energy Inc. is developing​ the 250-megawatt Phoebe solar farm. 

Completion of the $400 million project is set for third quarter 2019.

​Innergex purchased the project from Longroad Energy Partners.

The Phoebe solar farm has a 12-year power purchase agreement with Shell Energy North America. ​
City skylineMarket Research is your gateway to data on all 25 Texas metropolitan statistical areas, from Abilene to Wichita Falls. Whether you're looking for information on an area's demographics, top employers, or housing and commercial markets, chances are you'll find it here.

AFW opening first two Texas stores in Katy, Webster

​HOUSTON (REBusiness Online) – Colorado-based American Furniture Warehouse (AFW) will open two Texas stores totaling 853,700 sf.

Construction​​ on the 355,000-sf store on 23 acres in Webster will begin in July or August. Work will start on the 498,700-sf store on 29 acres in Katy in late fall or early winter. ​Both projects are expected to take ten to 12 months.

Baker Katz represented AFW in the land acquisition deals. ​​​

Partnership purchases 23,000 Eagle Ford Shale acres

​​​SOUTH TEXAS (Midland Reporter-Telegram) – ​Austin-based ​Venado Oil and Gas and New York-based ​KKR have purchased 23,000 acres in the Eagle Ford Shale​ oil field. 

The land produced​​​ 4,500 net barrels of oil equivalent a day in second quarter 2018. 

The partnership now operates 136,000 acres in the Eagle Ford that produces 43,000 barrels of oil equivalent a day.​​
Home construction siteIn the market for Texas real estate data? Look no further. We're your one-stop shop for housing, rural land, building permit, employment, and population data.

Beaumont investor buys Cowtown shopping center

​​​​​FORT WORTH (REBusiness Online) – Beaumont-based Albanese Cormier Holdings has acquired the 105,605-sf Renaissance Square shopping center.

Built in 2014, the Class A property was 98.5 percent leased at the time of sale. 

The project is shadow-anchored by Walmart. Other tenants include Ross Dress for Less, Marshalls, Dollar Tree, and Hibbett Sports. 

Hanley Investment Group represented the buyer. CBRE represented the seller, Midland-based Moriah Real Estate Co. ​​​​

Investor acquires second DFW multifamily asset

​​​MANSFIELD (MultifamilyBiz.com) – American Landmark has acquired Advenir at Mansfield, a 334-unit apartment community at 370 N. SH 360. 

Built in 2010, the property offers one-, two-, and three-bedroom floor plans. 

The new owner plans to invest over $1.5 ​million​ into improving the asset. 

Texas Association of Realtors quote about Real Estate Center
Copyright © 2018, All rights reserved.
Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.
https://www.recenter.tamu.edu/news/recon/?Item=187

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