| RECON for March 31, 2023 | RECON for March 31, 2023 | | | 2023-03-31T05:00:00Z | 2023-03-31T05:00:00Z | |  | AUSTIN HOME PRICE ILLUSION. Taken a face value, data suggest Austin homebuyers generally pay more for existing homes than they do for new ones. However, that's an illusion caused by differences in location, house size, and lot size. Read more here. (Photo from Center files) |
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San Marcos in high 'Cotton' with planned 491-acre neighborhood |
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SAN MARCOS (Austin Business Journal) – Caldwell County Commissioners Court has approved an agreement between a subsidiary of development firm Lennar Homes and the county to build a new residential neighborhood.
The 491-acre Cotton Gateway will be across from the San Marcos Regional Airport at SH 21 and William Pettus Rd. It will have 1,600 lots ranging from 40- to 60-feet wide, with a minimum of a 30-foot building setback. At least eight acres will be reserved for amenities, green space or parks.
Kimley-Horn will serve as the engineer.
Cotton Gateway will be Lennar Homes’ second major development in Caldwell County. |
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391-acre Montgomery park gets green light |
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MONTGOMERY (Community Impact Newspaper) – The 391-acre Fish Creek Regional Park is underway after the Montgomery County Commissioners Court approved a professional services agreement with Burditt Consultants LLC. The park will include a community center, hiking and equestrian trail, a maintenance facility, a nature and outdoor education center, sports field, and other amenities. |
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$40M affordable housing complex opens in Channelview |
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CHANNELVIEW (Houston Business Journal) – The Harris County Housing Authority and LDG Development has opened The Hollows Apartments, a 192-unit affordable housing complex at 2212 Dell Dale St. The $39.35 million development includes six three- and four-story buildings. The complex has one-, two- and three-bedroom units, with 15 units reserved for people transitioning from homelessness and 33 units for those earning less than 30 percent of the area's median income. Rent for the 855- to 1,525-sf units ranges from $419 to $1,369 a month. Amenities include a fitness center, swimming pool, community room, theater, and business center. |
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Home flipping hits highest level in more than 15 years; investment returns sink to lowest since 2008 |
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IRVINE, Calif. (ATTOM) – According to the just-released U.S. Home Flipping Report, 407,417 single-family homes and condos in the United States were flipped in 2022. That was up 14 percent from 357,666 in 2021, and up 58 percent from 2020, to the highest point since at least 2005.
The report reveals that the number of homes flipped by investors last year represented 8.4 percent of all home sales, also the largest figure since at least 2005. The latest portion was up from 5.9 percent in 2021 and 5.8 percent in 2020.
But even as quick buy-renovate-and-resell turnarounds by investors shot up, gross profit margins on home flips in 2022 sank to their lowest level since 2008 following the second major drop in two years.
Homes flipped in 2022 typically generated a gross profit of $67,900 nationwide (the difference between the median sales price and the median amount originally paid by investors). That was down 3 percent from $70,000 in 2021 and translated into just a 26.9 percent return on investment compared to the original acquisition price. The latest nationwide ROI (before accounting for mortgage interest, property taxes, renovation expenses and other holding costs) was down from 32.6 percent in 2021 and from 41.9 percent in 2020. |
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142-unit Dallas apartment complex sold |
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DALLAS (REBUSINESS) – Villa Gardens, a 142-unit apartment complex at 2730 Fyke Rd., has been sold. KeyCity Capital was the buyer. Built in 1969, the property has studio and one-, two- and three-bedroom units. Amenities include a pool, playground, business center, and onsite laundry facilities. Greysteel represented both KeyCity Capital and the seller in the transaction. |
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 Did you know the Texas Real Estate Research Center has employment and unemployment data for states, counties, and metropolitan areas? View monthly and annual data going back as far as 1976. Check out the data for free on our website. |
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716K-sf industrial park slated for Katy |
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KATY (Houston Business Journal) – Ventures LLC is developing Anserra Business Park, a two-building industrial project south of I-10. The park's 205,920-sf building will have 32-ft clear height and 220-ft building depth, in addition to parking for 182 cars and 56 trailers. The other building, a 510,000-sf cross-dock warehouse with 36-ft clear height and 500-ft building depth, will have 254 car parking spots and 123 spots for trailers. Both buildings will have 4,370 sf of spec office space. Completion is expected in July. |
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Central Texas fuels reduction grant opens April 1 |
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COLLEGE STATION – Central Texas landowners can apply April 1, 2023 for the State Fire Assistance for Mitigation (SFAM) Mechanical Fuels Reduction Grant to help reduce risks posed to their property by wildfire. The grant offers financial assistance to landowners to reduce fuels at high-risk for wildfire by using fuel reduction practices. Funding will be provided to eligible public and private landowners for reimbursement of costs associated with hand-cut fuel breaks using chainsaws or mechanical mulching using mechanical brush cutters, forestry mulchers, and similar equipment. Fuel breaks are modified sections of vegetation that can decrease intensity of fires, protect first responders via wider access lanes, and inhibit or slow incoming wildfires. Thirty-two counties in Central Texas are eligible for funding of costs not to exceed $750 per acre for hand-cut fuel breaks or $2,000 per acre for mulched fuel breaks. The maximum reimbursement for either method is $10,000. Applications are due April 30, 2023. |
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| https://www.recenter.tamu.edu/news/recon/?Item=658 |
| RECON for March 28, 2023 | RECON for March 28, 2023 | | | 2023-03-28T05:00:00Z | 2023-03-28T05:00:00Z | |  | "COME FLY WITH ME: Drone Laws and Regulations" Look, up in the sky! It's a bird! It's a plane! It's a . . . drone? They're everywhere these days, and whether they're being used for business or recreational purposes, rules apply. Center Research Attorney Rusty Adams explains the legal issues. (Photo from Center files.) |
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2.1K-acre master-planned community to add 224 homes in Conroe |
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CONROE (Community Impact Newspaper) – Grand Central Park, a 2,046-acre master-planned community at I-45 and Loop 336, is adding a development that will bring 224 more homes to the area when complete. The project, called South Village, is in its first phase of development. Phase one will include 118 homes on 55-, 60-, and 65-ft-wide homesites with prices beginning in the $300,000s. Amenities will include a fishing pier, picnic area, and pavilion. Home sales for phase two are expected to begin by late 2023, and phase three sales are slated for 2024. |
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Galveston Island State Park unveils $10.9M renovations |
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GALVESTON (Bluebonnet News) – Galveston Island State Park is reopening following major renovations. The renovation included a new headquarters building, 95 new campsites, two new restrooms, two changing areas and rinse-off showers, 20 new shade shelters in the day-use area, five miles of hiking trails, a nature center, vendor area, group-use pavilions, and a seasonal equestrian day-use area. Funds for the $10.6 million project came from Texas Parks and Wildlife, Texas General Land Office, and Texas Commission on Environmental Quality. |
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383K-sf industrial project underway on SH 6 |
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HOUSTON (Community Impact Newspapers) – Construction is underway on Houston Point 290, a 27.2-acre industrial park that will have three 32-ft clear-height warehouse buildings: - Building A at 9320 SH 6 will be 149,918 sf with 210-ft building depth, 31 dock doors, 185-ft truck court, 30 trailer spots, and166 parking spaces;
- Building B at 9310 SH 6 will be 106,187 sf with 145-ft building depth, 42 dock doors, 185-ft truck court, and 175 parking spaces; and
- Building C at 9302 SH 6 will be 126,971 sf with 170-ft depth, 38 dock doors, and 99 parking spaces.
Construction is slated to wrap up in the fourth quarter of this year. |
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 Hungry 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. |
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148K-sf distribution center slated for Cypress |
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CYPRESS (Houston Business Journal) – Creation Equity is developing Cypress Creek Distribution Center, a 148,000-sf industrial project at 9910 Cypress Creek Pkwy. The development will have 32-ft clear height, 175-ft building depth, 42 dock doors, 153 parking spaces, and a 125-ft truck yard. Completion is slated for the end of 2024. . |
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Samsung signs 132K-sf AllianceTexas industrial lease expansion |
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FORT WORTH (REBUSINESS) – Samsung HVAC America has signed a 132,000-sf industrial lease expansion at 776 Henrietta Creek Rd. Samsung now occupies all 360,000 sf of Alliance Gateway 55. Cushman & Wakefield represented the tenant. The landlord, Hillwood, was internally represented. |
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 Searching for reliable and accurate real estate and economic papers can be time consuming. The Texas Real Estate Research Center is here to help. Access our Research Library for a nearly endless database of economic reports, research articles, and technical papers. Get it all in one place completely free. |
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Nebraska investment firm buys about 90 west Dallas properties |
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DALLAS (Connect CRE) – Goldenrod Cos. has bought about 90 properties in a west Dallas redevelopment area. Most of the properties in the transaction are near Singleton Blvd. and include both buildings and vacant lots. Dozens of properties from the developers of Trinity Groves were also purchased. The sale included more than 35 acres. |
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 | | ECONOMIC INDICATORS ALONG THE BORDER showed mixed responses for January. Payrolls expanded in all border Metropolitan Statistical Areas, corroborated by decreases in unemployment rates and unemployment claims. Check out the Center's free report here. |
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Dogwood Commercial Real Estate acquires 91,000-sf San Antonio complex |
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SAN ANTONIO (San Antonio Business Journal)– Dogwood Commercial Real Estate has purchased Windsor Park Place complex, a 91,000-sf three-building retail portfolio at 4951 Windsor Hill. Locally based Foresite Commercial Real Estate brokered the d eal.
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| https://www.recenter.tamu.edu/news/recon/?Item=657 |
| RECON for March 24, 2023 | RECON for March 24, 2023 | | | 2023-03-24T05:00:00Z | 2023-03-24T05:00:00Z | |  | THE BIGGEST ROUNDUP IN TEXAS is April 13-14. Some 500 ranchers, appraisers, brokers, and land wranglers of all kinds are headed to San Antonio for the 32nd Outlook for Texas Land Markets. Book your spot at the hitchin' post today to avoid getting caught in the stampede. Click here for information and registration. |
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Beaumont ExxonMobil refinery undergoing $2 billion expansion |
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BEAUMONT (REBUSINESS) – ExxonMobil has begun the $2 billion expansion of its petrochemical refinery at 1795 Burt St. The expansion is expected to increase crude oil production by 250,000 barrels a day. |
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234-unit student housing development planned near Texas Tech |
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LUBBOCK (REBUSINESS) – McGrath Real Estate Partners will develop The Saltus, a 234-unit student housing development near the Texas Tech University campus. Named after the city's namesake, Thomas Saltus Lubbock, the project will serve Texas Tech students and have nine floor plans ranging from 559 to 2,025 sf. Amenities will include a pool with cabanas, pickleball courts, grilling stations, dog park, and an outdoor amphitheater. Completion is slated for fall 2025. |
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| Sure, you know real estate. But just how much do you really know about the Texas Real Estate Research Center? Take this trivia challenge to find out. Tell us how you scored on social media with the hashtag #TRERCiq. |
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Condo project underway on Village of Tiki Island |
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GALVESTON (Houston Chronicle) – Legend Communities has begun site work for a planned condo project at The Residences of Tiki Island, a waterfront community. The project will have eight two-story, 1,900-sf waterfront villas atop a podium. At buildout, the development will have a 70-unit condo building, marina and restaurant, and a boat barn with capacity of 200 boats. Groundbreaking is set for this summer, with completion slated for summer 2024. |
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| | Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample: |
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San Antonio 276-unit apartment community sold |
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SAN ANTONIO (REBUSINESS) – The Redland, a 276-unit apartment community at 18979 Redland Rd. in the Stone Oak neighborhood, has been sold. Built on 17.1 acres in 2007, The Redland has one-, two- and three-bedroom units averaging 1,044 sf. The Redland was 93 percent occupied when sold. Amenities include a pool, fitness center, resident clubhouse, and two dog parks. Newmark represented the seller, Bascom Group. Ilan Investments purchased the property for an undisclosed price. |
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| Did you know the Texas Real Estate Research Center has employment and unemployment data for states, counties, and metropolitan areas? View monthly and annual data going back as far as 1976. Check out the data for free on our website. |
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Anthology Senior Living tops out new 11-story facility |
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DALLAS (Connect CRE) – Anthology Senior Living has topped out on Anthology of Highland Park, a 121-unit, 11-story assisted-living and memory care community. The 130,000-sf high rise at 4215 Herschel Ave. has 24 memory care units on the second floor and 97 assisted-living units on the remaining floors. It will have eight studios, 53 one-bedroom units, and 36 two-bedroom/two-bathroom units. Amenities will include a salon, theater, fitness center, library and pub with a fireplace, and top-floor dining areas with views of Dallas. The developer broke ground in November 2021, and completion is slated for this summer. PRDG Architects provided the design. Cadence McShane Construction Co. served as general contractor. |
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368-unit Austin apartment community trades hands |
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AUSTIN (REBUSINESS) – Henley Riverside, a 368-unit apartment community at 6107 E. Riverside Dr., has sold. The property has one-, two-, and three-bedroom residences.
Amenities include a pool, fitness center, gaming area, and an outdoor kitchen. Newmark represented the seller, an affiliate of Treeline Real Estate Partners. Henley Riverside was 92 percent occupied at the time of sale. |
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 | SLOW START TO NEW YEAR. The latest Texas Housing Insight shows January home sales increased month over month (MOM), but it was the slowest start since January 2017, a far cry from January levels from both 2021 and 2022. Click here to subscribe. |
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Despite a pandemic remodeling boom, aging U.S. homes require additional investment |
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CAMBRIDGE, MA. (Harvard JCHS) – The pandemic focused attention on our homes as never before, lifting the U.S. remodeling market to an unprecedented height of $567 billion in 2022, according to Improving America's Housing 2023, a new report by the Harvard Joint Center for Housing Studies.
Despite the enormous boom in remodeling activity, the nation’s homes are older today than at any time ever recorded and in growing need of critical replacements and maintenance. Greater investment is also needed to better prepare against disasters, improve energy efficiency, and meet the accessibility needs of an aging population.
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| https://www.recenter.tamu.edu/news/recon/?Item=656 |
| RECON for March 21, 2023 | RECON for March 21, 2023 | | | 2023-03-21T05:00:00Z | 2023-03-21T05:00:00Z |
|  | I NDUSTRIAL SPACE RACE. Metrics show Texas’ industrial markets compare favorably to those nationally, with long-term job growth justifying high rents and keeping vacancy rates low. Markets should stay healthy in 2023 despite national and global economic headwinds. Read Dr. Daniel Oney's article here. (Photo from Center files.) |
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Volume, value of 30-year fixed-rate mortgages increase despite higher interest rates |
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COLLEGE STATION, Tex. (Texas Real Estate Research Center) – Business activity increased across Texas’ residential mortgage market for the second straight month in February, according to the latest Texas Residential Mortgage Survey (TRMS).
Despite interest rates bouncing up after a fourth-quarter decline, the volume and average value of 30-year fixed-rate mortgages accelerated and are expected to elevate over the next six months.
The uptick in activity, however, coincided with lower revenue earned from closing costs and margins. The industry responded through ongoing payroll contractions and fewer hours worked.
“The Texas Mortgage Bankers Association (TMBA) remains optimistic as business activity has made small increases in the past month,” said TMBA President Steve Remington. “Revenue for mortgage bankers remains thin due to a highly competitive market, and the general consensus of mortgage executives is that purchase volumes will continue to rise in the coming months.”
Purchase applications typically track upward heading out of January and into the spring buying season.
“It appears that the drop in home-purchase originations might, at the least, be starting to level out as home prices fall with some additional assistance from lower closing costs,” said Dr. Adam Perdue, research economist at the Texas Real Estate Research Center at Texas A&M University (TRERC). “The potential impact of seasonal factors and delayed purchases from last year should also be taken into account.”
TRMS respondents expect industry employment to stabilize over the next quarter amid more purchase originations. They were less optimistic, however, about the market’s refinance segment.
Increased regulation and potential instability in financial markets and other macroeconomic factors present additional challenges as the industry attempts to build on recent momentum.
The monthly survey is a collaborative effort between the Texas Mortgage Bankers Association and TRERC to provide contemporaneous analysis of changes and conditions in the residential mortgage industry.
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185K-sf Houston industrial property starts development |
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HOUSTON (REBUSINESS) – Vault Partners has begun construction on a 185,250-sf warehouse and distribution center. The rear-load building will be divisible up to 40,000 sf and will have 32-ft clear heights, 34 dock-high doors, two drive-in ramps, and parking spaces for 137 vehicles and 23 trailers. Stream Realty Partners will be the leasing agent. Shell delivery of the building is slated for fourth quarter this year. |
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234K-sf DFW industrial project completed |
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HALTOM CITY (REBUSINESS) – Development has been completed on Northmark Commerce Center, a 234,478-sf industrial project at Old Denton Rd. & North Beach St. Built on 20 acres, the cross-dock facility was designed by LGE Design Build and has 32-ft clear heights and 19 trailer parking stalls. Construction began in late 2021. Phoenix-based Creation developed Northmark Commerce Center in partnership with Crow Holdings Capital. Holt Lunsford Commercial will oversee leasing. |
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 The Texas Real Estate Research Center's Texas Quarterly Commercial Report looks at past, present, and future commercial real estate activity in the state's four major metropolitan areas. It covers the office, retail, and warehouse sectors. Read and download the report for free, and subscribe to know when the next issue is published. |
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Work starts on $44 million Savoy in SA |
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SAN ANTONIO (San Antonio Business Journal) – Koontz Corporation has started early-stage work on The Savoy, a $44 million, 300-unit multifamily project. Construction on the four-story, 72,000-sf project is expected to wrap up in June 2023. Garcia + Associates is the architect. |
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Hungry 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. |
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12-building Mitchelldale Business Park sold |
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| HOUSTON (Connect CRE) – Mitchelldale Business Park, a 12-building, 377,752 sf industrial flex portfolio at 5400 Mitchelldale St., has been sold. Built in 1977, the business park was purchased by Silver Star Properties in 2014. The property was acquired through Partners Investment Fund IV and was 95 percent leased when sold. Amenities include its after-hours-controlled access, live 24-hour surveillance, and large surface parking.
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Mohr Capital picks up 439K-sf SA industrial with major tenant |
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SAN ANTONIO (REBUSINESS) – Mohr Capital has acquired Foster Ridge II, a 439,809-sf industrial property at 7015 Lancer Blvd. The cross-dock facility has 36-ft clear heights, 84 dock doors, 2,500 sf of office space, and an ESFR sprinkler system. Foster Ridge II is fully leased to Tesla. JLL represented the seller, Becknell Industrial. Rodrigo Godoi represented Mohr Capital. |
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 The Texas Real Estate Research Center's Texas Home Price Index measures price appreciation changes for residential single-family homes. It provides data for eight different Texas metros across three different price ranges. |
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1717 Hartland Plaza LP snags 184K-sf Austin office property |
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AUSTIN (Austin Business Journal) – 1717 Hartland Plaza LP has acquired Hartland Plaza, a 184,128-sf office property at 1717 W. Sixth St. Built on approximately 3.4 acres in 1984, Hartland Plaza underwent renovations in 2004 and 2017. Renovations in 2017 included on-site amenities such as a fitness center, lounge, conference facility, restaurant, salon, and a health spa. Hartland Plaza houses 35 tenants, including Aquila, Zello, Rev, Munsch Hardt Kopft & Harr, and Discovery Practice Management. The office property is currently 92 percent leased. JLL secured a $49.7 million loan from VeraBank on behalf of the buyer. Jones Lang LaSalle Inc. represented the seller, CIM Group. |
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Westport Axle inks 115K-sf lease at Selma Industrial Park |
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SELMA (REBUSINESS) – Westport Axle Co. has signed a 115,760-sf industrial lease at Building 2 at Selma Industrial Park. Selma 2 is a 305,760-sf, cross-dock facility with 36-ft clear heights, 74 dock-high doors, and four drive-in ramps. Burr & Temkin represented the tenant in lease negotiations. Partners Real Estate represented the landlord, a partnership between Titan Development and Robinson Weeks Partners. |
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| https://www.recenter.tamu.edu/news/recon/?Item=655 |
| RECON for March 14, 2023 | RECON for March 14, 2023 | | | 2023-03-14T05:00:00Z | 2023-03-14T05:00:00Z | |  | A 362,000-sf San Antonio business complex is under new ownership. This story and more in today's RECON. (Photo from Center files.) |
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Texas Workforce Commission reports higher employment than previously thought |
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COLLEGE STATION (Texas Real Estate Research Center) – Texas' employment at the end of 2022 was higher than previously thought, according to revised historical employment data released this month by the Texas Workforce Commission.
An economist with the Texas Real Estate Research Center said this wasn’t due to growth in 2022 as much as it was to an underestimation of employment at the end of 2021.
"Texas job growth outperformed in 2021 by more than we knew," said Research Economist Dr. Adam Perdue. "We had even more jobs at the end of 2021 and the beginning of 2022 than we thought."
Perdue said that, statewide, Texas had about 60,000 more jobs in 2022 than previously reported.
San Antonio had around 10,000 more jobs, and Austin ended 2022 with 40,000 more jobs than previously reported.
"Dallas-Fort Worth employment came out a smidge lower, with the revisions down 10,000 at the beginning and end of 2022 relative to the amount previously reported," Perdue said. "Meanwhile, revisions show Houston had around 20,000 fewer jobs at the end of 2022 than we believed before." |
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Fuller Realty Interests picks up San Antonio business complex |
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SAN ANTONIO (San Antonio Business Journal) – Fuller Realty Interests has acquired Northbrook Business Center at 140 Heimer Rd.
The 362,000-sf complex consists of seven buildings.
The Bexar County Appraisal District assessed the property at $12 million in 2022.
Cushman & Wakefield brokered the deal. Transwestern is leasing the space. |
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| The Texas Real Estate Research Center's Texas Quarterly Commercial Report looks at past, present, and future commercial real estate activity in the state's four major metropolitan areas. It covers the office, retail, and warehouse sectors. Read and download the report for free, and subscribe to know when the next issue is published. |
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Construction underway on Fort Worth 240-unit mixed-income residential |
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FORT WORTH (REBusiness) – Palladium USA is developing Palladium Oak Grove, a 240-unit mixed-income residential project at 1000 Oak Grove Rd.
The project will have one, two-, and three-bedroom floor plans.
Amenities will include a pool, fitness center, conference center, dog park, computer lounge, kid's playroom, and resident clubroom.
Cross Architects is designing the project. Treymore Construction is the general contractor.
Completion of the first units is slated for May 2024. |
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| Hungry 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. |
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Greystar completes 166K-sf distribution center in northwest Houston |
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HOUSTON (REBusiness) – Greystar has completed The Mill, a 166,000-sf shallow-bay distribution center on the city's northwest side.
The property has 185-ft truck court depths, 32-ft clear heights, 33 dock-high doors, and 12 trailer parking stalls.
This marks Greystar's first industrial project in the Houston area. |
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Partnership bringing $450 million mixed-use project to South Austin |
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AUSTIN (Austin Business Journal) – PlaceMKR is partnering with Steinberg Hart to build a $450 million mixed-use project at the intersection of E. Riverside Dr. and SH 71.
East Riverside Gateway will include 1,100 residential units, 68,000 sf of retail space, and 4,000 parking spots.
The project proposes three commercial buildings representing 1.9 million sf. Four additional buildings will be slated for residential uses, with each building accommodating between 170 and 480 units.
Residential units will range from 430-sf studios to three-bedrooms with a 1,770-sf floor plan.
Artesia Real Estate owns the 22-acre site. |
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| The Texas Real Estate Research Center's Texas Home Price Index measures price appreciation changes for residential single-family homes. It provides data for eight different Texas metros across three different price ranges. |
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BuzzBallz’s 165K-sf industrial lease buzz of Carrollton |
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CARROLLTON (REBusiness) – Alcoholic beverage provider BuzzBallz has signed a 165,050-sf industrial lease at 2080 McDaniel Dr..
Originally built in 1981 and owned by Prologis, the building is being expanded from its 125,000-sf space at 2020 McDaniel Dr. to the adjacent facility.
Lee & Associates represented the tenant in the negotiations for the full-building lease. |
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| https://www.recenter.tamu.edu/news/recon/?Item=654 |
