{{titleBar.title}}

{{titleBar.tagline}}

 

 

RECON for September 27, 2016RECON for September 27, 2016Bryan PopePope
2016-09-27T05:00:00Z
Leisure and hospitality ranked first in job creation in Texas last month, according to the latest edition of the Real Estate Center's Monthly Review of the Texas Economy. Read more about this in today's RECON. (Photo from Center files.)
September 27, 2016

Texas annual job growth slightly lower than U.S.

COLLEGE STATION (Real Estate Center) – Texas gained 186,900 nonagricultural jobs from August 2015 to August 2016, according to the Real Estate Center’s latest Monthly Review of the Texas Economy. That’s an annual growth rate of 1.6 percent, lower than the nation’s growth rate of 1.7 percent.

The nongovernment sector added 146,300 jobs, an annual growth rate of 1.5 percent compared with 1.9 percent for the nation’s private sector.

Texas’ seasonally adjusted unemployment rate in August was 4.7, up from 4.4 percent in August last year. The nation’s rate decreased from 5.1 to 4.9 percent. 

All Texas industries except mining and logging, manufacturing, and the transportation, warehousing, and utilities industry had more jobs. Leisure and hospitality ranked first in job creation followed by financial activities, education and health services, the government sector, trade, and professional and business services. 

All Texas metro areas except Odessa, Midland, Texarkana, and Wichita Falls had more jobs this August than last. College Station-Bryan ranked first in job creation followed by Dallas-Plano-Irving, Laredo, Austin-Round Rock, and Brownsville-Harlingen.

The state’s actual unemployment rate was 5 percent. Amarillo had the lowest unemployment rate, followed by Austin-Round Rock, Lubbock, Dallas-Plano-Irving, Sherman-Denison, College Station-Bryan, and San Antonio-New Braunfels.

Haven't registered for Houston CRE conference? Here's why you should

COLLEGE STATION (Real Estate Center) – Attention, commercial real estate professionals: If you're still on the fence about registering for the Real Estate Center's 20th Annual Commercial Real Estate Course, here are a few reasons that might sway you.

In addition to covering commercial real estate, the conference includes the Texas Real Estate Commission's two legal update courses. This means you'll not only earn ten continuing education (CE) hours of elective credit for the commercial course but also a combined eight hours for the two legal updates. This year, you'll also receive 12.75 CLE hours (zero ethics hours) from the State Bar of Texas.

The list of CRE topics that will be covered is exhaustive: investment climate, future of office space, environmental update, energy, multifamily, retail, medical, and overall Texas economic conditions.

Few CRE conferences boast a more knowledgeable and qualified speaker lineup. This year's agenda includes David Boyd of Boyd Commercial; Robert Eury, president of Central Houston Inc.; Center Chief Economist Dr. Jim Gaines; Bill Gilmer, director of the Institute for Regional Forecasting at the University of Houston's Bauer College of Business; Detlef Hallermann, director of the Reliant Energy Trade Center at Texas A&M University; Rudy Hubbard with JLL's Capital Markets Group; real estate attorney Charles Jacobus; Matt Kafka with HFF; Ed Wulfe, CEO of Wulfe & Co.; Kenneth Katz with Baker Katz; and RD Tanner, real estate director for the Port of Houston Authority.

The conference is Oct. 4 and 5 at Houston's Norris Conference Center. Cost is $275.

For details or to register, visit the conference website.
Obtaining 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. 

Axiometrics: North Texas apartment market nearing peak

​​DALLAS (Dallas Business Journal) – Locally based apartment and student housing analytics firm Axiometrics reports large number of apartments are coming online in the Metroplex, and the market could peak in 2019.

The firm's data shows 17,069 apartments will be delivered in Dallas this year, with 2,045 units to be completed in Fort Worth.

​Next year, they expect 23,255 apartments to be completed in Dallas, with 4,165 apartments added to Fort Worth's market.

The average rent in August was $1,134 in Dallas and $1,021 in Fort Worth. Nationally, the average rental rate is $1,293, according to Axiometrics' data.

74 acres of housing, retail slated for northeast Laredo

LAREDO (Laredo Morning Times) – More housing and retail is coming to the city's northeast side.​

The Khaledi Group broke ground last week on The Loop, a 74-acre residential and commercial development.

Located along Bob Bullock Loop, the development will have 240 homes and 14 acres of commercial space, including over 100,000 sf of retail called "The Shops at The Loop."
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. 

San Antonio builder appointed to TREC's broker-lawyer committee

AUSTIN (Texas Real Estate Commission) – Governor Greg Abbott has appointed Freddie (Fred) Rangel of San Antonio to a five-year term on the Texas Real Estate Commission's (TREC) broker-lawyer committee.

Fred Rangel is founder and president of ADCO Professional Service and ADCO Master Builde​rs Inc. He has served on the City of San Antonio Bond Committee, South Texas Business Fund, and the Board of the Eckhert Crossing Homeowners Association.​​ 

​The broker-lawyer committee drafts and revises standard real estate contract forms to bring consistency to real estate transactions, provide safeguards to protect the principals in a transaction, and minimize potential controversy. 

Work starts on A&M's RELLIS Campus

​BRYAN (My Aggie Nation) – The Texas A&M University System broke ground yesterday on the first project at the 2,000-acre RELLIS Campus.

Officials expect to begin accepting applications by this time next year and have students taking courses by fall 2018.

The Center for Infrastructure Renewal will be the first research facility up and running on the new campus, located on the former Riverside campus adjacent to SH 47 and SH 21. 

Blinn College will also build a $30 million facility on the campus. It will open in August 2018. A multi-institutional Gateway Education Center will open in fall 2020.

New Texas A&M Transportation Institute and Texas A&M Engineering Experiment Station facilities will break ground in early 2017 and December 20​17, respectively, with a mid-2018 opening envisioned for both.​
In 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.

Columbia at Renaissance Square breaks ground

​FORT WORTH (Multifamilybiz.com) –​ The partners behind Columbia Renaissance Square have broken ground on the first phase of the Columbia at Renaissance Square, a multifamily project on W.G. Daniels.

Phase one includes 140 units of mixed-income housing. It's slated to be finished by late 2017. The second phase will have 120 units of seniors housing. Phase-two construction should begin early next year.

Key partners involved in Columbia ​Renaissance Square are Columbia Residential, the City of Fort Worth, BBVA Compass Bank, RBC Capital Markets, and Renaissance Heights United.

Caddis developing fifth seniors housing community in DFW

​​​BEDFORD (REBusiness) – Dallas-based Caddis is developing Heartis MidCities, the company's fifth seniors-housing facility in North Texas.

The 178-unit, 178,530-sf independent-living, assisted-living, and memory-care residence will be at the northeast corner of SH 121 and Bedford Rd. Construction will be complete by winter 2017.

Portland, Ore.-based Frontier Management will manage the property.​​​ Austin-based Katus LLC is the architect, and Cameron, Texas-based EBCO is the general contractor.

First step for Astrodome renovation

HOUSTON (Houston Business Journal) – Harris County Commissioners Court today unanimously approved spending $10.5 million to draw up plans that will create parking under the Astrodome.

This marks the first step in a roughly $105 million plan to put the facility to use after years of sitting vacant.

The cost would be paid by the county’s general fund, hotel taxes, and parking revenues. The design process will take about a year.

The Houston Chronicle reports that raising the Astrodome’s floor to ground level would create more than 550,000-sf of rentable space and 1,400 underground parking spaces.

Specific development proposals will be brought to the court for approval this month. In addition, the Texas Historical Commission must approve the plan.

Construction won’t begin until after the Super Bowl is held at NRG Stadium in February.​
Copyright © 2016, 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 Bryan Pope. 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=13
RECON for September 23, 2016RECON for September 23, 2016Bryan PopePope
2016-09-23T05:00:00Z
Work has finished on the 30-story BHP Tower in Houston's Uptown. (Pickard Chilton Architects.)
September 23, 2016

Port of Brownsville second nationally in exports

WASHINGTON, D.C. (Valley Business Report) – Foreign Trade Zone No. 62 at the Port of Brownsville ranked second in the nation for the value of exports during 2015, according to the U.S. Foreign-Trade Zones board's annual report.

The Port of Brownsville FTZ reported exported goods valued at over $3.2 billion last year. 

It has previously increased its national ranking for the value of imports to 21, up from 25 in 2014. The value of imports received totaled more than $3.3 billion.

Dorchester Country, S.C. was ranked first. Texas is the leading state for FTZ activity among 186 active FTZ during 2015. The value of shipments into zones totaled nearly $660 billion.

Give us a shot! Follow us on Instagram for photos from all around the state.

Seefried delivers 855,000-sf Amazon Distribution Center

SAN MARCOS (CoStar Group) – Seefried Properties, Inc. has completed construction on a new industrial distribution building for Amazon.

Construction started on the 855,000-sf facility, situated on 106 acres at 1401 E. McCarty Ln., in 2015.

MYCON to assemble store for IKEA

GRAND PRAIRIE (Dallas Business Journal) – Sweden-based Ikea has hired McKinney-based MYCON General Contractors ​​to build its second Dallas-Fort Worth store.

The 290,000-sf retail store will sit on 30 acres along SH 161 and Mayfield Rd. and will include 1,100 parking spaces. It will open to customers in fall 2017. 

Ikea's construction team expects to employ more than 500 workers daily. The store will also add over 300 employees.​​

Foreign Trade Zone (FTZ) No. 62 at the Port of Brownsville has been ranked second in the nation for the value of exports during 2015. In other trade-related news from the Border, DB Schenker's new warehouse near the World Trade Bridge in Laredo will become a certified FTZ next month. These stories and much more on latest Red Zone podcast. (12 min. 51 sec.) 

Transwestern delivers 30-story Uptown tower

HOUSTON (CoStar Group) – Transwestern has completed construction on Australia-based mining company BHP Billiton Petroleum's new 30-story office tower at 1500 Post Oak Blvd. in Uptown. 

Transwestern broke ground in late 2013 on the TIAA-owned high-rise, which is located within the 1.75 million-square-foot Four Oaks Place office park situated between San Felipe Rd. and Loop 610.

BHP will occupy the entire building along with the company's space at 1360 Post Oak Blvd. ​​​It plans to consolidate its employees spread throughout the area and Tulsa, Okla.

Designed by Pickard Chilton Architects, the 593,856-square-foot tower has been designed to achieve LEED-CS Gold certification and incorporates seven levels of parking as well as a skybridge that connects​ to BHP's current headquarters.  ​​​

Market Research is your gateway to everything you need to know about each Texas metropolitan statistical area. Want a demographic breakdown for Corpus Christi? We've got it. Multifamily data for Houston, hotel stats for Lubbock, or military info for El Paso? Check, check, and check. How about just a quick market overview of Laredo? You'll find that here as well.

Work to start on $200 million data center

AUSTIN (Austin Business Journal) – Locally based Data Foundry Inc. is poised to break ground on Texas 2, a $200 million, 325,000-sf data center.

The campus sits on 40 acres at 4100 Smith School Rd. near East Stassney Ln. and Burleson Rd. The company already operates​ Texas 1, which is a co-location center with Texas 2. ​​

Dallas-based Corgan is handling the design, and Dallas-based St​ructure Tone Southwest is the general contractor. Texas 2 is projected to deliver in third quarter 2017.

In 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.

Electra America buys 288 units in San Antonio

​SAN ANTONIO (MultifamilyBiz) – Electra America, along with its partner Robbins Property Associates​​​, has purchased the 228-unit Vantage at Alamo Ranch.

The 87 percent-occupied, newly built property will be rebranded as Verandas at Alamo. It is located at 6831 Alamo Pkwy. and features one-, two-, and three-bedroom units in three-story buildings totaling 240,916 sf. 

Vee Express & Valles Transporation leases 140,000-sf

​​HOUSTON (CoStar Group) – ​​Vee Express & Valles Transportation signed a five-year lease for 140,000 sf of industrial space at 200 Portwall St.

The building totals 205,000 sf in the Portwall Distribution Center. The property was developed in 2000 and sits on 9.54 acres in the Northeast Inner Loop Industrial submarket. 

Colliers International represented the landlord, Meritex Enterprises, in negotiations.

Copyright © 2016, 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 Bryan Pope. 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=12
RECON for September 20, 2016RECON for September 20, 2016Bryan Pope2016-09-20T05:00:00Z
The Texas economy grew in July accompanied by mixed signals in the housing market. Total employment expanded 1.5 percent year-over-year with a monthly gain of 23,000 jobs. Monthly job losses came from the information, manufacturing, and oil and gas extraction sectors. Houston continues to be a drag on overall employment with goods-producing jobs down 4.8 percent over last year. Housing demand decreased across the state as permits also decreased. Click here to read our latest Texas Housing Insight.
September 20, 2016

Shell shuffling employees away from downtown

HOUSTON (Houston Chronicle) – Shell Oil Co. today announced plans to vacate most of its downtown offices. The​ company has been there 45 years.

Employees will be relocated to the company's Woodcreek complex and Shell Technology Center on the city's west side in early 2017.
The Texas economy exhibited steady although mixed signals in July. The number of jobs in the state increased by 23,600 for the month. Employment grew due to the services sector. Manufacturing and mining and logging employment in Texas declined while overall services continued a positive trend. Texas housing sales decreased across the state as building permits cooled. Click here to read our latest Outlook for the Texas Economy.

Report: Three Texas housing markets among nation's most overheated

​​DALLAS (Dallas Morning News) – Incomes in six markets across the country are not keeping pace with sharply rising home prices, according to a new report from Nationwide Insurance.

Three of those ​markets are Dallas, Houston, and Austin. The others are Denver, San Francisco, and San Jose, Calif.

Nationwide gauged housing conditions in 400 cities across the country for its midyear report.

The Dallas Morning News reported that Dallas ranked in the bottom ​ten of those markets because soaring home prices have outstripped income growth in the area. Dallas has a "moderate risk" of a housing slowdown over the next year, analysts said.

Most U.S. housing markets are recovering from the recession and are not in danger of another price bubble, according to Nationwide.

Some Texas markets—in particular Midland, Odessa, and Victoria—also rated poorly in the comparison because of economic decline caused by lower oil prices.​

Amazon wind farm blowing into Scurry County

SEATTLE (Amazon) – Amazon last week announced plans to develop the 253-megawatt Amazon Wind Farm Texas in Scurry County.

The West Texas wind farm will generate one million megawatt hours of wind energy annually, enough energy to power almost 90,000 U.S. homes.

The project will include more than 100 turbines, each with a rotor diameter twice as long as the wingspan of a Boeing 747.

Scheduled to open in late 2017, Amazon Wind Farm Texas will be the company’s largest renewable energy project to date.

Amazon has contracted with Lincoln Clean Energy, which will construct, own, and operate the new wind farm. Amazon will purchase about 90 percent of the power that is generated.
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. 

JV buys Medical Center apartment complex

HOUSTON (RealtyNewsReport) – A joint venture of Chicago-based Origin Investments and Austin-based F&B Capital has acquired the AMLI at the Medical Center apartments.

T​he 334-unit complex, completed in 2000, sits on 14 acres on Almeda Rd. near Old Spanish Trail.

​​AMLI was the seller. 

Local investor buys Oak Lawn office tower

DALLAS (Dallas Business Journal) – Local investment firm Quadrant Investment Properties LLC, the group behind the $25 million redevelopment of The Centrum, has acquired another Oak Lawn office building.

Park Creek Place is a 13-story, 112,225-sf office tower at 3625 N. Hall St. The 90 percent-leased property will get lobby renovations, amenity upgrades, new exterior landscaping, speculative office suites, and multitenant floor upgrades.

​​Quadrant will also cross-amenitize Park Creek Place and The Centrum, which is still under construction. ​

USAA links two SA leases

​​SAN ANTONIO (San Antonio Business Journal) – Locally based USAA has signed leases in Vista Corporate Center and Westridge Two at La Cantera, two buildings totaling 286,400 sf in the northwestern submarket.

Vista​ is a 157,400-sf office property at I-10 and UTSA Blvd. Transwestern and Drake Commercial Group represented the developer, Galleria Ventures. JLL brokered the deal on behalf of USAA. The property is still under construction, but GW Mitchell Construction—the general contractor—expects to have the building delivered​​​ in early December.

For the 129,000-sf space in Westridge Two at La Cantera, JLL represented the property's owner, USAA Real Estate Co., USAA's real estate arm.

The new leases are part of the financial services company's decision to move nearly 1,500 employees from​ its headquarters along I-10 to the two new spaces.

Relocation is planned for fall 2017.​

North Dallas tower getting $4 million upgrade

​​​DALLAS (Dallas Business Journal) – Orlando-based Foundry Commercial, in a joint venture with Boston-based Intercontinental Real Estate Corp., recently closed on Walnut Glen Tower.

The 18-story, 464,289-sf office at 8144 Walnut Hill Ln. was built in 1986. It has undergone several renovations over the past few years and is 83 percent leased.

Foundry​ plans to spend $4 million to upgrade and reposition the office building into a modern Class A tower.
Register now for our 20th Annual Commercial Real Estate Course Oct. 4-5 in Houston. Planned with commercial real estate practitioners in mind, this course provides vital information including current developments, important legal issues, and the economic setting with trends and projections for the Houston area. The course is approved by TREC for 18 hours. Click here for details.

Former Walmart building trades hands

AUSTIN (REBusinessOnline) – PacVentures Inc. of San Diego has acquired a former Walmart at 8201 N. FM 620.

The 220,000-sf building is on 39 acres. ​​

Aquila​ Commercial will market the property.

Freddie Mac: Housing still 'bright spot' for U.S. economy

McLEAN, Va. (Freddie Mac) – Freddie Mac today released its outlook for September showing that housing remains a bright spot for the U.S. economy.

Among outlook highlights:​​
  • Freddie Mac expects the 30-year fixed-rate mortgage to average 3.6 percent in 2016, the lowest annual average in over 40 years. The current record low annual average occurred in 2012 at 3.66 percent.
  • Falling mortgage rates (from 4 percent at the end of 2015 to about 3.5 percent in third quarter 2016) have more than offset the rise in house prices in most markets, helping to preserve home affordability.
  • Freddie Mac is revising its forecast of home price appreciation to 5.6 percent and 4.7 percent in 2016 and 2017, respectively. This is up from last month's forecast of 5.3 percent for 2016 and 4 percent for 2017.
  • Cash-out refinance activity was on the rise in the second quarter, with an estimated $13.3 billion net dollars of home equity converted to cash during refinancing. This is up from $11.4 billion in the first quarter of 2016 but substantially less than the peak cash-out refinance volume of $84 billion during second quarter 2006.
  • The U.S. remains on track for mortgage originations to reach $2 trillion in 2016, the highest total since 2012.
Landlords and tenants have to abide by the rule book, but manufactured housing communities present a slightly different playing field than do apartments and other rental dwellings. Real Estate Center Attorney-at-Law Judon Fambrough provides the latest legal updates to leasing, managing, and maintaining manufactured housing communities. Click here to read our guide.
Copyright © 2016, 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 Bryan Pope. 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=11
RECON for September 16, 2016RECON for September 16, 2016Bryan PopePope
2016-09-16T05:00:00Z
CIM Group and Seaholm Power LLC  yesterday announced the sale of the Seaholm Power Plant mixed-use development on the waterfront at the southwestern edge of downtown Austin. The property is bounded by Cesar Chavez St., West Ave., 3rd St., Seaholm Dr., and the A&NW rail line. The centerpiece of the project is the repurposed and formerly long-dormant, 126,000-sf historic art deco power plant constructed in the 1950s. (Photo courtesy of Columbus Communications LLC.)
September 16, 2016

Get smart! San Antonio's $7.9 million 'smart city' investment

SAN ANTONIO (Strategic Partnerships) – The city's $2.5 billion budget that was approved this week includes $7.​9 million for "smart city" initiatives.

Free wireless internet in parks, solar benches with charging docks, community kiosks, and app development are some of the projects now in the works.

Another planned project is a parks app that would provide a map of linear creek ways and, initially, the city's ten largest parks. Another app would create an improved 3-1-1 system to help citizens interact with government through a smart phone.

The city will now be able to match a grant from the U.S. Department of Transportation for the San Antonio Traveler Real-time Information Portal (SATRIP). The project would gather real-time traffic data, incorporate the high-water detection system, include a pedestrian detection system in pedestrian crosswalks and incorporate traffic data into a mobile app for travelers.

Benches with solar panels will allow people to charge their electronic devices. The benches will also have sensors to collect information on pedestrian traffic and function as Wi-Fi hot spots.

Community kiosks would provide information on city services, current events, transportation services, local business information, local history and entertainment. They could also serve as Wi-Fi hotspots and charging stations.

Texas Children's buys iconic medical buildings

HOUSTON (Houston Business Journal) – Texas Children's Hospital has bought the iconic O'Quinn Medical Tower and the Baylor Clinic Building from Baylor St. Luke's Medical Center.

The Baylor Clinic Building is a 15-story tower with 227,670 sf of rentable area, while the O'Quinn tower includes 445,725 sf of office and clinical space. The properties have been on the mark​et sinc​e April and were listed by CBRE.

Texas Children's will lease back a portion of each building to the joint venture until they complete their transition to the new Baylor St. Luke's McNair Campus south of the Texas Medical Center.

Baylor St. Luke's is a joint venture between Baylor College of  Medicine and CHI St. Luke's Health.
"We did a deep cleaning of our house this week. The next day a study made national headlines that implies we may have endangered our health by stirring up the dust bunnies." More from REC Senior Editor David Jones in this week's Mixed-Use Blog post, "Who You Gonna Call? Dustbusters!"

EP Electric completes $380 million power plant

EL PASO (El Paso Times) – ​​El Paso Electric has completed its $380 million Montana Power Station, which will provide electricity for more than 160,000 homes.

The plant's four natural-gas powered generating units have been phased in since March 2015. The last unit began supplying power Thursday.

The new units are 20 percent to 37 percent more efficient than older conventional steam units, according to EP Electric officials. 

Fountain Place's largest tenant moving to Renaissance Tower

DALLAS (Dallas Business Journal) – The​ United States Environmental Protection Agency's Region 6 offices are relocating from Fountain Place to the 1.7 million-sf Renaissance Tower.

The U.S. General Services Administration and the U.S. EPA leased 229,000 sf within the Renaissance Tower at 1201 Elm St. in a 20-year agreement with the landlord, Binyan Realty LP. The EPA plans to move into the new space in early 2019.​

The government agency currently leases 272,647 sf at Fountain Space, a 60-story, 1.2 million sf skyscraper at 1445 Ross Ave. The EPA has had its south central operations there since 1985.​​
The impact that international investors and homebuyers are having on Texas can’t be overstated. Earlier this month, the Texas Association of Realtors released a report saying Texas home sales to international buyers topped $10 billion during the year ending in March 2016. The Dallas Morning News this week reported that Dallas ranks among the top U.S. cities for Chinese investors. Center Research Economist Dr. Luis Torres talked about this at last week’s Realtor Convention in Galveston, and he joins us on the latest Red Zone podcast.

Central Texas home sales up 5.3 percent in August

AUSTIN (Austin Board of Realtors) – Across the five-county MSA, single-family home sales rose 5.3 percent year-over-year to 2,985 home sales​, according to the Austin Board of Realtors' August 2016Central Texas Housing Market Report.

Median price rose 9.4 percent year-over-year to $289,990.

The monthly housing inventory was at 2.8 months.​

LLC goes into storage in East Texas

NACOGDOCHES (Marcus & Millichap) ​​– America's Self Storage, a 145,530-sf self-storage facility, has been sold to a limited liability company.

The 958-unit property sits on 18 acres. It is at 2903, 2601, 2415, and​ 2401 South St.

Marcus & Millichap marketed the proper​ty on behalf of the seller.
Landlords and tenants have to abide by the rule book, but manufactured housing communities present a slightly different playing field than do apartments and other rental dwellings. Real Estate Center Attorney-at-Law Judon Fambrough provides the latest legal updates to leasing, managing, and maintaining manufactured housing communities. Click here to read our guide.

415-unit The Michael at Presidio opens

AUSTIN (REBusiness) – StreetLights Residential and Tricon Capital Group Inc. have opened The Michael at Presidio, a 415-unit apartment community at 13535 Lyndhurst St.

The Michael has one- and two-bedroom apartments and three-bedroom townhomes ranging from 599 to 1,896 sf in three- and four-story buildings.

SLR Texas Construction LLC was the general contractor. The development team also included architect Looney Ricks Kiss, landscape architects Linda Tycher Design and Bury Inc., and interior designer Faulkner​ Design Group.

Gables Residential will manage the property.

Bascom picks Orchid Apartments

McKINNEY (GlobeSt.com) – Bascom Group LLC recently purchased the Orchid Apartments for $20.4 million, or $78,461 per unit.​​

Built in 1997, the 260-unit property at 2700 N. Brook Dr. consists of 24 two-story buildings and a stand-alone leasing center on 20 acres. Twenty-five percent of the units have one bedroom; the rest have two. They average 873 sf.

The transaction was brokered by Sperry Van Ness.​ Debt financing from EastWest Bank was arranged by HFF. 

The seller was the original developer. Bascom will focus on value-add capital improvements to the property.
Register now for our 20th Annual Commercial Real Estate Course Oct. 4-5 in Houston. Planned with commercial real estate practitioners in mind, this course provides vital information including current developments, important legal issues, and the economic setting with trends and projections for the Houston area. The course is approved by TREC for 18 hours. Click here for details.

W3 delivers 400-unit apartment community

CONROE (Costar.com) – W3​ has completed construction on The Mansions Woodland, a 402-unit multifamily community at 2443 FM 1488.

The developer broke ground on the 406,000-sf property in July 2015. 

The community includes one-to-four-bedroom townhomes and apartments and is currently 37 percent occupied.

Rents range from $939 to $2,324 per month. 

NAPA buys North Texas multifamily duo

DALLAS (Costar.com) – Austin-based Network Acquisition Partnership Alliance (NAPA) ​​ has bought the Westwood Apts. and Woodbridge Townhomes.

The 187-unit Westwood ​was buil​t​ in 1969 at 3064 Spruce Valley Ln. in Dallas. It has one-to-three-bedroom floor plans on 9.4 acres. Arbor, a Fannie Mae DUS lender, provided financing for the purchase.

The 91-unit Woodbridge community was constructed in 1981 at 2403 Brown Blvd. in Arlington. It has one- and ​two-bedroom floor plans on 5.59 acres. PNC provided the financing.
Copyright © 2016, 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 Bryan Pope. 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=10
RECON for September 13, 2016RECON for September 13, 2016Bryan PopePope
2016-09-13T05:00:00Z
Real Estate Center staff stayed busy Friday at the Texas Realtor convention and expo in Galveston. Here, NewsTalk Texas and Market Research Coordinator Edie Craig (left) shares Houston market data with two visitors. To download a copy of that report (or similar reports for Austin and San Antonio), see the NewsTalk Texas links in today's RECON. (Photo by Center Art Director Bob Beals.)
September 13, 2016

Dallas among top U.S. cities for Chinese investment

​​​DALLAS (Dallas Morning News) – KPMG has released a report identifying the top U.S. markets for Chinese investors, and Dallas is among them.

Other high-ranking cities were New York, Los Angeles, San Francisco, Washington, D.C., and Chicago.

"The U.S. market is very attractive to Chinese investors as they look to expand their global operations, diversify their portfolios by adding U.S. assets, and establish information exchanges with U.S. developers," Phil Marra, KPMG U.S. Real Estate Funds leader, said in the report. "While much of the investment has been focused in U.S. coastal "gateway" cities, where assets are considered most liquid, Chinese investors are starting to expand into other markets as they seek higher yields and diversification."

Last year Chinese buyers spent almost $10 billion on U.S. property.
Register now for our 20th Annual Commercial Real Estate Course Oct. 4-5 in Houston. Planned with commercial real estate practitioners in mind, this course provides vital information including current developments, important legal issues, and the economic setting with trends and projections for the Houston area. The course is approved by TREC for 18 hours.  Click here for details.

McCann expanding portfolio with multifamily development

GEORGETOWN (PRNewswire) – Virginia-based McCann Realty Partners has started construction on the 303-unit Retreat​ at Wolf Ranch Apartments.​​

The 19-acre property is in the Wolf Ranch master-planned community. The Class A complex will include two-story townhouses​ and three-story walk-up buildings.

Leasing will begin in third quarter 2017. Pegasus Residential LLC will manage the property. McCann is the​ general contractor.

Dallas office high-rise breaks ground

DALLAS (Dallas Business Journal) – Harwood International has broken​ ground on No. 10 Harwood, a 22-stor​y luxury office tower.

The 226,778-sf tower at 2850 N. Harwood St. will have ​​​​​more than 9,000 sf of ground-floor r​​etail and restaurant space and a nearly 10,500-sf office penthouse.

Locally based HDF LLC is the architect.
A new U.S. president means a new administration with new economic policies, and the months leading up to the general election can be a period of uncertainty for someone looking to get into the housing market. Or can it? You tell us. Click here to take our quick online poll.

Contaminated Winkler County site added to EPA's National Priorities List

KERMIT (Environmental Protection Agency) – The U.S. Environmental Protection Agency (EPA) has proposed adding a contaminated groundwater plume in Winkler County to the Superfund program’s National Priorities List (NPL) of the nation’s most contaminated sites.

The site, near SH 18 west of Odessa, consists of a plume of groundwater contaminated with volatile organic compounds (VOCs) that released into the Santa Rosa Aquifer. Currently, seven of the city's nine wells contain either trichloroethene (TCE) or tetrach​loroethene (PCE).

Because two of the wells contain PCE above health-based limits, the Kermit Public Water Supply system treats and blends water prior to distribution to ensure it meets drinking water standards. The source of contamination is not known.

Superfund cleanups benefit the health of those who live on or near the sites. Academic research has shown these cleanups reduce birth defects close to a site by as much as 25 percent. More than 850 Superfund sites nationwide have some type of actual or planned reuse underway.
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. 

East Riverside apartment complex re-'Arranged'

AUSTIN (GlobeSt.com) – Castle Lanterra Properties has purchased Arrangement, a 370-unit apartment property in East Riverside.

The community was built in 1973 but had a $10 million redevelopment in 2013. 

UTD parking structure built to last

RICHARDSON ​(GlobeSt.com) – The University of Texas at Dallas recently opened a parking structure that is expected to have a building life expectancy of 50 to 75 years.

The 392,000-sf,​ stand-alone, five-story garage has 1,150 parking spaces. Located on the west side of campus, the $25.5 million facility will serve students, faculty, staff, and visitors.

JQ provided engineering services. Also on the project team were architect HKS Inc. and general contractor SpawGlass. ​​

Frisco Ranch corrals three tenants

​​FRISCO (REBusinessOnline) – NewQuest Properties has acquired nine acres to develop Frisco Ranch, a 110,000-sf re​​tail center.

The site, northeast of the Preston Rd. and Warren Pkwy. intersection, was sold by Lebanon Joint Venture.

​Three anchor tenants have signed for the development. They are 99 Ran​ch Market, Daiso Japan, and 85°C Bakery Cafe.

Callaway Architecture of Dallas is the architect for Frisco Ranch, which will open in summer 2017.
Obtaining 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. 

Canopy Apartments trades hands

SAN ANTONIO (Costar.com) – Virginia-based Capital Square 1031 has bought the Canopy Apartments from Austin-based Roscoe Properties.

Built in 1979 on 8.6 acres at 950 E. Bitters Rd., the 220-unit community has one- and two-bedroom floor plans in 13 two-story buildings.

El Dorado cleanup planned

LIVE OAK (Environmental Protection Agency) – The U.S. Environmental Protection Agency (EPA) announced the El Dorado Chemical Co. site will be added to the Superfund program’s National Priorities List (NPL) of the nation’s most contaminated sites.

The former cleaning product manufacturing site co​ntains soil and groundwater contaminated with chlorinated solvents including tetrachloroethene, trichloroethene, dichloroethene, and vinyl chloride. If not addressed, the contaminants could harm the Edwards Aquifer, which provides drinking water to 215,722 local residents. 

Superfund cleanups benefit the health of those who live on or near the sites. Academic research has shown these cleanups reduce birth defects close to a site by as much as 25 percent. More than 850 Superfund sites nationwide have some type of actual or planned reuse underway.
Copyright © 2016, 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 Bryan Pope. 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=9

 Search RECON Issues