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RECON for January 22, 2019RECON for January 22, 2019Bryan PopePope
2019-01-22T06:00:00Z2019-01-22T06:00:00Z

Real Estate Center Online News
Residential district of San Antonio in front of the city's skyline
According to the San Antonio Board of Realtors, the Alamo City experienced a record-breaking year as single-family home sales, median sale prices, and average sale prices set all-time highs in 2018. Keep reading today's RECON for the details on this story and more. (Photo from Center files.)
January 22, 2019

Lewisville leads Texas in labor force population

​​​​​​​​DALLAS (HomeArea.com) – Lewisville leads the state as the city with the largest percent of its population in the labor force, at 77.8 percent, according to rankings from HomeArea.com.

The Woodlands had the biggest increase—12.4 percent—in labor force participation. Richardson had the largest decrease at -11.1 percent.

Statewide, the percent in labor force from the latest estimates is 64.3 percent, down 0.2 percent from 64.5 percent the year before.

The rest of Texas' top ten rankings are:
  • Carrollton, 75 percent;
  • Irving, 74.9 percent;
  • Austin, 73.7 percent;
  • Allen, 73.4 percent;
  • Frisco, 72.7 percent;
  • Pearland, 72.1 percent;
  • Round Rock, 71.6 percent;
  • ​Odessa, 71.4 percent; and
  • Cedar Park, 70.8 percent.​
The rankings are based on the one-year estimates for 2017 in the U.S. Census Bureau’s American Community Survey for all cities in Texas with a population of 60,000 or more with sufficient data to estimate the percent in labor force.

People in the labor force include those employed as a civilian or by the armed forces plus those who are unemployed and looking for work. 

Students who aren't working, homemakers, retirees, and institutionalized people are not included in the labor force. 
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. 

Bundles and bundles of energy to the Panhandle

AMARILLO (ABC7 Amarillo) – Xcel Energy has completed a $7.6 million upgrade to the Soncy Substation at the intersection of W. I-40 and Coulter St. 

The upgrades allow the company to deliver more electricity to the area while improving the reliability of the system.

A new 115-kilovolt line was built to provide the power source for the substation, improving the station’s capacity to deliver more electricity on​to lower-voltage distribution lines from the facility. A new distribution feeder line was also added to relieve high loading on the existing lines.

Xcel is planning other improvement projects in the area over the next five years, including:
  • a new transformer and additional feeder lines for the Hillside Substation, which is near capacity due to the surrounding residential and commercial growth;
  • ​voltage conversions in northeast Amarillo that will provide options to reroute power in the event of overloading or storm damage;
  • capacity upgrades to existing substations serving east and southeast Amarillo;
  • a relocation and upgrade of feeder lines that allows for the widening of Loop 335 in south Amarillo and paves the way for additional load growth;
  • a new substation and feeder lines in the Preston West development to serve growing residential and commercial demand; and
  • a new substation and feeder lines in the Hunsley Hills area in north Canyon to serve recent and planned residential expansion.
El Paso skyline at night
Economic growth slowed along the border in November 2018 as hiring stood at a standstill. Despite maintaining historically low unemployment, wages failed to improve, weighing on the housing market through decreased affordability in combination with rising mortgage rates. Nonresidential construction values flourished, but recent lackluster permit activity weighed on residential projects. Get the details in our latest Texas Border Economy report. 

San Antonio sees all-time high home sales

​​​​​​​​​SAN ANTONIO (San Antonio Board of Realtors) – The city experienced a record-breaking year, as single-family home sales, median sale prices, and average sale prices set all-time highs in 2018, according to the San Antonio Board of Realtors (SABOR).

The number of home sales in 2018 was 32,140, up 4 percent or 1,500 homes from 2017.

SABOR reported year-over-year increases in total sales during every month except September and December.

The average sales price of a home in the area also increased 4 percent year over year to $259,571 from $250,251 in 2017.

The median sales price rose 5 percent to $225,600, up from $214,300 the previous year.

July had the year’s lowest number of days a home spent on the market at 49 days. February saw the highest mark at 69 days.
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Texas job growth slowing in 2019

​​​​DALLAS (Federal Reserve Bank of Dallas) – Texas employment will grow 1.1 percent this year, according to the Texas Employment Forecast by the Federal Reserve Bank of Dallas. 

The prediction comes after incorporating December 2018's annualized employment growth of 2.5 percent. 

According to Dallas Fed Assistant Vice President and Senior Economist Keith R. Phillips, Texas is beginning 2019 with increased uncertainty due to the fourth-quarter decline in oil prices, trade uncertainty, and volatility in financial markets.

“Economic conditions will likely differ across the state this year as labor constraints limit growth along the I-35 corridor and low oil prices slow growth in oil-producing regions," said Phillips.

Based on the forecast, the state will add 137,000 jobs this year. Employment in December 2019 will reach 12.8 million.
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Construction closer to Promenading along Waco’s riverfront

WACO (KWTX TV) – The city council has authorized a $5.5 million tax increment financing ​​grant for Phase 1 of the Riverfront Development.

Members approved the 6.3-acre ground lease, which is 80 years with a 19-year renewal option, a parking easement, and the economic development agreement with Catalyst Urban Waco Development.

The $40 million Brazos Promenade will be the first of four phases in the mixed-use development. Running along University Parks Dr. adjacent to I-35, the development will include 264 apartment units; more than 10,200 sf of restaurant, retail, and office space; a 170-space parking garage; and improvements to the Waco Farmer's Market. 

Construction is expected to begin downtown as early as September 2019.​

The city is hosting public input meetings in February and March to hear ideas about how to design some of the public spaces in Phase 1.​
Communication Matters video seriesThe Real Estate 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.

DFW International named world's best airport

DALLAS (Dallas Morning News) – DFW International Airport was recognized as the world's top airport in Air Transport World's ​(ATW) 2019 Airline Industry Awards.

The publication commended DFW for its transformation into a "global mega-hub" that has seen it invest in new facilities and technologies to serve passengers while keeping costs low for the airlines that operate there.

Airports considered for the awards were evaluated on a number of criteria, from customer service to terminal facilities to operational efficiency.

The recognition puts DFW in a class with other global hubs, including recent award winners Hong Kong International Airport, London's Heathrow, and Singapore's Changi Airport. 

DFW—the fourth-largest airport in the U.S.—added 28 destinations last year and boasts more domestic destinations than any other U.S. airport. It also announced nine new international flights in 2018.

The airport has invested billions in its terminals in recent years, from a $2 billion makeover of three terminals to installing new technologies like light-filtering electrochromic glass and signs that display real-time security waits.

DFW is also the world's largest carbon-neutral airport and the only one in the U.S.
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Solar farm in the works in rural Northeast Texas

SULPHUR SPRINGS (Sulphur Springs News-Telegram) – The Hopkins County Commissioners Court has approved Pattern Development's $65 million reinvestment zone for the Solemio solar farm. 

The farm will be on four properties off CR 1102 and FM 2297.

Construction is slated to begin this spring and is expected to take nine to 12 months to complete.

California-based Pattern has solar projects in Fannin and Van Zandt Counties and wind projects all over Texas, mainly in the Panhandle and along the Gulf Coast.

The Vantage of closing the sale

SAN ANTONIO (Marcus & Millichap) – ​Vantage Communities has sold a four-property, Class A multifamily portfolio.

The properties, each containing 288 units, are:
  • Vantage at Brooks City Base at 7938 City Base Landing in San Antonio, bought by B&M Management;
  • Vantage at Judson at 5126 N. Loop 1605 E. in San Antonio, purchased by Harvest Equities;
  • Vantage at New Braunfels at 1747 FM 1101 in New Braunfels, bought by Hayden Properties; and
  • ​Vantage at Corpus Christi at 10113 Up River Rd. in Corpus Christi, purchased by Thrive FP.
Institutional Property Advisors represented the seller.
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. 

Alliance development Stacks up

FORT WORTH (Dallas Morning News) – Denver-based Stack Infrastructure and Hillwood Development will build a more than 400-acre data center campus in the AllianceTexas develo​pment. 

The 26,000-acre campus in northern Tarrant County east of I-35W is already home to one of North Texas' biggest data center projects, Facebook's huge campus on SH 170.

AllianceTexas​ houses more than 500 companies and over 61,000 jobs.

Development group swings into north Frisco

FRISCO (Dallas Morning News) – A development group has bought 250 acres off Legacy Dr. in the far north side for a 250-acre mixed-use project.

The project will be next to the site where Professional Golfers' Association of America is building its headquarters and golf courses.

Stillwater Capital, DSF Capital, and investor Stephen Summers formed the partnership to acquire the property. They will seek zoning to develop the site for retail, residential, office, medical, and hospitality buildings.
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Copyright © 2019, 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=241
RECON for January 18, 2019RECON for January 18, 2019Bryan PopePope
2019-01-18T06:00:00Z2019-01-18T06:00:00Z
​ ​
Real Estate Center Online News
Woman holding coffee cup and Tierra Grande
The January 2019 issue of Tierra Grande magazine is on its way to you. In this issue, read about Texas' purchasing power, the luxury home market, the economy and challenges in West Texas, restrictive covenants, and more. If you can't wait for your issue to arrive by mail, you can read the full issue online. (Photo from Center files.)
January 18, 2019

Texas unemployment remains at historic low

​​​AUSTIN (Texas Workforce Commission) – Texas’ seasonally adjusted unemployment rate remained steady at 3.7 percent in December, marking the third consecutive month of historic unemployment lows.​

According to data from the Texas Workforce Commission, the state’s seasonally adjusted unemployment has been at this level since October.​

The Texas economy added 38,0​00 seasonally adjusted nonfarm jobs last month. The state's annual employment growth was 3.2 percent in December​​, marking 104 consecutive months of annual growth.

The Texas metro with the lowest nonseasonally adjusted unemployment rate was Midland at 2.1 percent. McAllen-Edinburg-Mission had the highest at 6.7 percent.

​​​​​The mining and logging industry saw the largest seasonally adjusted growth in employment from December 2017 to December 2018, growing 18​ percent. The information industry was the only one to lose jobs with employment dropping 2.1 percent over the year.
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Ten Houston master-planned communities in top 50 nationally

​​​IRVINE, Calif. (John Burns Real Estate Consulting) – Ten Houston-area master-planned communities have landed on John Burns Real Estate Consulting's Top 50 list for 2018.

No metro appeared more times than Houston. The metro with the next-most number of appearances on the list is Phoenix. Texas was also the leading state with 14 appearances. Florida followed with 11 appearances. 

Johnson Development Corp.'s Sienna Plantation took the top spot in Texas and tied for 14th nationally with DMB's Verado development in Phoenix. The Missouri City community had 530 net sales last year.

Other area developments on the list are:
  • No. 18 Howard Hughes Corp.'s Bridgeland in Cypress, 482 sales;
  • No. 26 Johnson Development's Cross Creek Ranch in  Fulshear, 451 sales;
  • No. 30 AIRIA's Aliana in Richmond, 430 sales;
  • No. 31 Johnson and Land Tejas Co.'s Harmony in Spring, 425 sales;
  • No. 39 Johnson's Riverstone in Sugar Land, 370 sales;
  • No. 41 Johnson's Woodforest in Montgomery, 365 sales;
  • No. 44 The Woodlands Dev. Co. and Howard Hughe's The Woodlands, 343 sales;
  • No. 46 Friendswood Development Co.'s Wildwood at Northpointe in Tomball, 335 sales; and 
  • No. 47 Land Tejas Co.'s Balmoral in Houston, 334 sales. 
Four other Texas developments were on the list. They are:
  • No. 24 John Lloyd Development's Siena in Round Rock, 470 sales;
  • No. 33 Hillwood Communities' Harvest in Argyle, 420 sales;
  • No. 42 Johnson's Viridian in Arlington, 357 sales (tied with Brambleton Group's Brambleton in  Washington D.C.); and 
  • No. 48 Galo Properties' Alamo Ranch in San Antonio, 330 sales.
leading indicator fo remonthly west texas intermediate crude prices
In a December blog post, Center Research Economist Dr. Charles Gilliland looked ahead at quarterly oil prices. What has happened since then? Find out in his latest Mixed-Use Blog post.

Remodeling spending slowing but growing

​​CAMBRIDGE, Mass. (Joint Center for Housing Studies at Harvard University) – Annual growth in national home improvement and repair spending is expected to slow considerably by the end of the year, according to the Leading Indicator of Remodeling Activity (LIRA) released by the Remodeling Futures Program at the Joint Center for Housing Studies (JCHS) at Harvard University.

The LIRA projects that gains in renovation and repair spending to owner-occupied homes will shrink from 7.5 percent in 2018 to 5.1 percent in 2019.

“Slowing house price appreciation, flat home sales activity, and rising mortgage interest rates are deflating owners’ interest in making major investments in home improvements this year," said JCHS Managing Director Chris Herbert. "Continued slowdowns in homebuilding, sales of building materials, and remodeling permits all point to a more challenging environment for home remodeling in 2019.”

Despite these challenges, improvement and repair spending will still expand to over $350 billion this year. This slowdown is more in line with the historical average annual gain.
Real Estate Red Zone logoIn this week's Red Zone podcast, we address some questions and comments sent to us by our constituents. We also get the scoop on the Texas economy from two of the Center's latest monthly economic reports. Tune in for all that and more. 

Midland continues streak of 200 homes sold in a month 

MIDLAND COUNTY (Midland Reporter-Telegram) – November 2018 marked the ninth-straight month of more than 200 homes sold in the area.

The Permian Basin Board of Realtors reported the 204 homes sold was the first time this decade that 200 or more homes were sold in November.

The total also indicates there will be a new decade-high for homes sold in a year. Through November, 2,325 homes were sold in the county.

At the same time, the number of available homes on the market dropped to 327, the lowest number since June.

In November, the most homes sold in a price range was 50 in the $300,000 to $399,999 range. There were 45 homes sold in the $250,000 to $299,999 range.
I Received A Complaint, Now What Happens? Don't Worry We're Here to Help So, you have a problem with a licensed real estate sales agent or maybe you’re aware of conduct of a real estate broker that you believe is improper.  Standards & Enforcement Services (or “SES”) is the TREC division that handles enforcement of the Commission’s laws and Rules through complaint investigation and disciplinary action, and we're here to help. What should you do?

Tight Dallas housing market loosens up a bit

​​DALLAS (Dallas Morning News) – The average time it takes to sell a house in North Texas has gone up about 20 percent in the last couple of years, according to data from the Real Estate Center at Texas A&M University.

Average days on market in North Texas bottomed out at around 36 days back in early 2016. Since then, the time to sell a home has been slowly creeping up.

December's market time of 57 days was the longest since early 2015.

"The problem is everyone now expects to be able to list their house and get four offers in 24 hours," said Center Chief Economist Dr. Jim Gaines. "It's what people got accustomed to over the last few years.​

​"In a normal market, you might list a house and not get an offer for some time. Sellers' expectations have to be changed a little bit."​​​

Local real estate agents sold about 8 percent fewer homes in the area in the fourth quarter compared with the same period in 2017, and the number of houses on the market has grown almost a quarter since a year ago.

Yet, even with the longer sales times and more listings, DFW still has a tight housing market.

In December, there was only a 2.4-month supply of homes listed for sale with North Texas real estate agents. The Center considers a six- to 6.5-month supply a balanced market.
Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:

Patience: 600 Building sale completed after three-year negotiation 

CORPUS CHRISTI (Corpus Christi Business News) – After three years in negotiations, Wisznia Architecture and Development of New Orleans have purchased the 600 Building in uptown.

​Designed as a business tower, the building soon will become a 131-unit multifamily apartment complex.

No changes are expected for the exterior, which will be preserved in compliance with federal and state historical regulations.

Built in 1963, the 600 Building is the sixth-tallest tower in Corpus Christi, reaching 248 feet tall over 21 floors. The project is expected to begin in summer 2019.​
The Real Estate Center will be closed Monday, Jan. 21 in observance of Martin Luther King Jr. Day.

NAPA flattens its North Texas portfolio

​​​​​DALLAS (PRNewswire) – Austin-based NAPA Ventures LLC has sold four of their multifamily properties in North Texas. 

The company purchased the properties as part of an eight-property portfolio in 2016 and renovated each as part of a value-add strategy.

The properties include:
  • Westwood Apartments at 3064 Spruce Valley Ln. in Dallas;
  • Ravenwood Apartments at 2333 Escalante Ave. in Fort Worth;
  • Oates Creek Apartments at 1805 Oates Dr. in Mesquite; and
  • Brandon Mill Apartments at 8081 Marvin D. Love Fwy. in Dallas.​
NAPA is also set to sell two more properties this quarter: the 650-unit Montecito Creek Apartment Homes at 11300 Amanda Ln. in Dallas, and the 159-unit Pleasant Creek Apartments at 1255 W. Pleasant Run Rd. in Lancaster.​
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.

Adkisson Group to build 225-acre Baytown business park

BAYTOWN (Houston Business Journal) – Adkisson Group Inc. has acquired the nearly 225-acre Bay Ten Business Park at 100 Kilgore Pkwy. from Parkside Capital.

The owner plans to offer several sites for sale, or build-to-suit, and will begin building several 10,000- to 30,000-sf freestanding buildings that will offer crane capabilities and acreage for outside storage. 

The property is already home to Safe Chemicals LLC, San Antonio-based Zachry Corp., and Illinois-based National Tube Supply.

Lee & Associates represented Adkisson in the deal, while HFF represented Parkside. 
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Mixed-use development in The Realm of possibilities

LEWISVILLE (Fort Worth Business Press) – Bright Realty is expanding its Castle Hills development with a 324-acre, mixed-use project currently underway.

The Realm at Castle Hills, just west of SH 121/Sam Rayburn Tollway and Josey Lane, will include office, dining, retail, entertainment, and multifamily components. 

The first phase, Offices at The Realm, is set to delivery in fall 2019. It will include a nine-story Class AA office building with 235,000 sf of office space; 15,000 sf of first-floor restaurant space; and park/outdoor entertainment space.

In addition, The Sojourn at The Realm condominiums will feature first-floor retail and garage parking in two five-story buildings.

Florida buyer heads for the Westover Hills

​SAN ANTONIO (San Antonio Business Journal) – Florida-based Waypoint Residential has bought a 343-unit apartment complex formerly known as Aura Westover Hills.

The complex at 5002 Wiseman Blvd. features one-, two-, and three-bedroom units. Monthly rents average $1,079, or $1.24 per sf.

The multifamily community has been rebranded as Fifty02 Westover Hills.

The property was sold by Dallas-based developer Trinsic Residential Group. ​
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Roger that: 170K-sf shopping center sold

SAN ANTONIO (San Antonio Business Journal) – Nooner Holdings has purchased the 171,404-sf Military Crossing Shopping Center from Santikos Real Estate Services.

The shopping center at the northwest corner of W. Military Dr. and NW Loop 410 was last assessed for nearly $21.4 million, according to the Bexar County Appraisal District.

The center’s tenants include Academy Sports + Outdoors, LA Fitness, and Chase Bank.

Simpkins Group acquires 129K-sf Houston office

HOUSTON (Houston Business Journal) – Weingarten Realty Investors has sold a 129,250-sf office building at 1919 N. Loop W. to Simpkins Group Inc.

The building's occupancy hovers​​​​​ between 85 percent and 90 percent, according to JLL. 

Since the time of purchase, Simpkins Group has increased rent rates at the building. JLL represented Weingarten in the deal.
Texas Association of Realtors quote about Real Estate Center
Copyright © 2019, 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=240
RECON for January 15, 2019RECON for January 15, 2019Bryan PopePope
2019-01-15T06:00:00Z2019-01-15T06:00:00Z

Real Estate Center Online News
The Houston Purchasing Manager's Index forecasts continued overall economic growth in Houston but warns that manufacturing growth may slow over coming months. More on this in today's RECON. (Photo from Getty Images.)
January 15, 2019

Good behavior: UT HSC unveils $125 million behavioral health campus

HOUSTON (Connect Media) – The University of Texas Health Science Center at Houston and the Texas State Health and Human Services Commission have unveiled plans for development of the UTHealth Continuum of Care Campus for Behavioral Health.

Located at 5601 W. Leland Anderson St., the facility will cost $125 million and be adjacent to the UTHealth Harris County Psychiatric Center.

Construction will begin in summer 2019 and will be financed by state funds approved by the 2017 Legislative Budget Board and Texas Governor Greg Abbott. 

Once complete, the campus will be the largest academic psychiatric hospital in the United States and the first public mental health hospital built in Houston in more than 30 years.

Perkins+Will is the architect of record. Vaughn Construction is the general contractor.
Helping Texans make better real estate decisions since 1971

Texas ranks No. 1 for women entrepreneurs

TEXAS (Patch.com) – The Lone Star State ranked No. 1 in a recent study by FitSmallBusiness.com​ assessing the best places for women entrepreneurs.

Analysts credited the lack of corporate or income taxes as factors elevating Texas to the top spot, along with a high rate of startup growth.

"Texas used to conjure images of cowboys in the Wild West, but it's becoming a startup hot spot with new business increasingly saddling up in the Lone Star State," researchers wrote. "Texas is hands-down one of the nation's top states due to its business-friendly legal and economic climate."

State performance was ranked among four main metric categories: Business/Climate Opportunity; Opportunity for Women in Business; Economical and Financial; and Health and Safety/Quality of Life.

The metrics comprised both general business environment and gender-specific factors that influence business success and livability for women.
Texas Housing Insight cover
Texas housing sales ticked down 1.1 percent in November 2018 and remained on a flat trajectory. The shortage of homes priced below $300,000 and rising interest rates continued to weigh on overall activity. Listing inventories inched forward but still remained tight relative to demand. Housing demand showed signs of normalizing, particularly in North Texas, after a multiyear period of unsustainable growth. Steady population and job growth, however, suggest healthy demand for the duration of the current economic expansion. The recent pause in sales activity calmed home-price appreciation, but rising interest rates hindered affordability across the state. Click here to read the Real Estate Center's latest Texas Housing Insight report.

Development has never been this Sachse

​​​​​​SACHSE (Dallas Morning News) – A $250 million development in the works will bring new housing, commercial, and retail space.

Called The Station, the 119-acre mixed-use development will be built on Bush Turnpike between Miles and Merritt Roads. The development is on both sides of the turnpike.

The project includes an upgrade for the city's Heritage Park, which will get amenities such as an amphitheater, a boardwalk surrounding a large water feature, and walking trails.

Dallas-based PMB Capital Investments is building the project, which will include 400,000 sf of commercial and retail, more than 600 apartments, and more than 250 single-family homes.

The Station is scheduled to open in early 2020.
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.

10X marks the spot for Cardone Capital

AUSTIN (Multi-Housing News) – Cardone Capital has purchased Gables Grandview, a 458-unit garden-style apartment community at 6500 Champion Grandview Way.

Located on 87.7 acres, the complex contains 34 buildings and is approximately 94 percent occupied. The buildings feature floor plans with one-, two-, and three-bedroom units.

The Class A multifamily complex was rebranded as 10X Living at Grandview.

CBRE Capital Markets originated a $60.7 million loan from Fannie Mae for the property in late December.​​​​
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DFW's smallest apartments see biggest price gains

DALLAS-FORT WORTH-ARLINGTON (Dallas Morning News) – Over the last ten years, the least expensive apartment category—the efficiency/studio—has seen the greatest price jump in North Texas, soaring by nearly 80 percent, a new report found.

In late 2008, an efficiency apartment in the Dallas area went for an average of $481 a month and measured 476 sf, according to ApartmentData.com.

Fast-forward to late 2018—an efficiency apartment went for an average of $863 a month and measured 511 sf, a price increase of 79.4 percent and a size increase of 7.4 percent.

There were nearly 714,000 apartments of all sizes in North Texas in November, according to ApartmentData.com. Of those, only 18,908, or about 2.6 percent, were efficiencies.

By comparison, one- and two-bedroom apartments made up 90 percent of the market, and each saw price increases closer to 50 percent over the past decade.

In addition, efficiencies saw the smallest increase in supply since 2008—only about new 6,000 units, compared with 85,286 new one-bedroom apartments and 46,251 new two-bedroom units.

Houston economic indicators inch toward neutral

HOUSTON (Houston Chronicle) – A near-term forecast indicates continued overall economic growth in Houston but warns that manufacturing growth may slow over coming months.

The Houston Purchasing Manager's Index reported that manufacturing activity in Houston expanded in December for the 15th consecutive month, and overall economic activity expanded for the 29th month.

The index registered at 53.3, down from 54.9 in November. Readings over 50 generally indicate expansion; readings below 50 show contraction.

The index's readings for Houston's employment and lead times, two of three underlying indicators tied to economic activity, showed continued strength. ​

The third indicator—the sales and new orders index—fell below neutral for the first time in 13 months.

The three-month forecast for the Houston index registered 49.8, down 3.3 points from its November reading of 53.1. 

Weakening sales/new orders, production, and lead times, which are all directly tied to economic activity, were the primary drivers for the fall.

The institute projected continued strength during the next three months for health care and construction but expects manufacturing and wholesale trade to weaken.
Communication Matters video seriesThe Real Estate 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.

"New year, new you" says first hotel of a dual-brand conversion

​​​​​AMARILLO (Mission Capital) – Mission Capital Advisors has arranged an undisclosed amount of financing for the acquisition and renovation of a 229-room hotel at 1911 East I-40.

The property currently operates as an unflagged hotel. It will be recreated as a dual-branded hospitality property consisting of a 106-key Marriott Fairfield Inn & Suites and a 123-key Four Points by Sheraton.

Renovations will deliver upgraded amenity spaces as well as a facelift to the property’s exterior and each guestroom.

The project will be the first dual-brand conversion between Marriott- and Starwood-branded hotels.​​

Help Texas beaches spruce up for summer

​AUSTIN (Texas General Land Office) –​​ The Texas General Land Office needs help next month cleaning up Texas beaches.

The 22nd Annual Winter Texan Beach cleanup will be Feb. 8 (South Padre Island) and Feb. 9 (Coastal Bend area).

For more information or to sign up, visit www.texasadoptabeach.org. ​
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Copyright © 2019, 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=239
RECON for January 11, 2019RECON for January 11, 2019Bryan PopePope
2019-01-11T06:00:00Z2019-01-11T06:00:00Z

Real Estate Center Online News
Aerial view of a San Antonio neighborhood
With every $1,000 home price increase, 127,560 American households are priced out of the new-home market, according to the National Association of Home Builders. Texas has the largest number of households priced out, with 11,152 potential buyers unable to purchase a new median-priced home with that increase. For the details, keep reading today's RECON. (Photo from Center files.)
January 11, 2019

Renting more affordable than buying in most markets

​​IRVINE, Calif. – Renting a three-bedroom property is affordable in 442 of the 755 U.S. counties analyzed in ATTOM Data Solution's 2019 Rental Affordability Report. 

The report calculated rental affordability as a percentage of wages to rent. Rental affordability was compared with housing affordability, calculated as a percentage of wages and the monthly cost of owning a median-priced home (based on a 3 percent down payment and including mortgage, property tax, homeowner's insurance, and private mortgage insurance). 

According to the report, it is more affordable to rent than buy in 71.1 percent of the 45 Texas counties that were analyzed. ​Those counties are (in alphabetical order):
  • Bell
  • Bexar
  • Brazoria
  • Brazos
  • Collin
  • Comal​
  • Dallas
  • Denton
  • Ellis
  • Fort Bend
  • Galveston
  • Grayson
  • Gregg
  • Guadalupe
  • Harris
  • Hays
  • Henderson
  • Hidalgo
  • Hood
  • Johnson
  • Kendall
  • McLennan
  • Midland
  • Montgomery
  • Parker
  • Randall
  • Rockwall
  • Smith
  • Tarrant
  • Taylor
  • Travis
  • Williamson​
The counties in which it is more affordable to buy are:
  • Cameron
  • Ector
  • El Paso
  • Hunt
  • Jefferson
  • Kaufman
  • Lubbock
  • Nueces
  • Orange
  • Potter
  • Tom Green
  • Webb
  • Wichita​
​The analysis used 2019 rent data from the U.S. Department of Housing and Urban Development, wage data from the Bureau of Labor Statistics, and public record sales deed data from ATTOM. ​​
Buy or rent in 2019 heat map

NAHB: 127,560 households priced out with each $1,000 increase

​​​​WASHINGTON (National Association of Home Builders) – A $1,000 increase in the cost of a median-priced newly-built home pushes 127,560 prospective buyers out of the market, according to the National Association of Home Builders (NAHB). 

Based on their incomes, these households would be able to qualify for a mortgage to purchase the home before the price increase, but not afterward.

Additionally, a quarter-point rise in the rate for a 30-year fixed-rate mortgage would price out around one million households.

Of all the states, Texas had the largest number of homebuyers that would be priced out of the new-home market. The $1,000 price increase would push out 11,152 households. 

Texas is followed by California (9,897) and Ohio (7,341).​

"This study illustrates how even a relatively small increase in price or interest rates can dramatically impact housing affordability," said NAHB Chairman Randy Noel. "Housing affordability is a serious problem right now in communities across the country. Rising interest rates, regulatory barriers, higher building materials costs, and labor shortages all add to the cost of a home and are preventing households from achieving the goal of homeownership."
Dr. Jim GainesWhat's the outlook for Texas housing affordability this year? Find out from Center Chief Economist Dr. Jim Gaines. He joins us on this week's Real Estate Red Zone podcast. We also look at employment data from around Texas. Tune in for all this plus news from Houston, Dallas, Corpus Christi, and Upton and Crockett Counties. (15 min. 08 sec.) 

DFW home sales have second-best year ever

​​DALLAS (Dallas Morning News) – North Texas real estate agents sold 9 percent fewer homes in December than they did a year earlier.

This marks the fifth consecutive month of year-over-year declines.

Despite the decreses, 2018 was "still the second-best year ever," said Real Estate Center Chief Economist Dr. Jim Gaines. 

Last month, 7,786 homes were sold through the agents' multiple listing service, according to data from the Center​ and the North Texas Real Estate Information Systems.

Last year, 104,572 North Texas single-family home were sold, a drop of just 1 percent from 2017's record sales total. The slight decline in home purchases in the area followed almost eight years of increases.

​Along with the dip in home sales, the median sales price was just 4 percent higher in December than a year earlier. 

The number of homes for sale in the almost two dozen North Texas counties included in the report was 22 percent higher than a year earlier.

Even with the increase in inventory, there was only about a 2.4-month supply of houses listed for sale in the area at the end of December. The Center considers a six- to 6.5-month supply a balanced market. 
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We want to know what you think of our Real Estate Red Zone podcast, so we're passing the mic to you. Regardless of how often you tune in, your opinion matters. Take our short three-minute survey and tell us what you think. 

TREC rule change shortens delegated supervisor time requirements

​​​​AUSTIN (Texas Association of Realtors) – The Texas Real Estate Commission (TREC) has shortened the time span that determines whether a broker must designate someone as a delegated supervisor.

A broker must now notify TREC within 30 days if someone has been or will be acting as a delegated supervisor for more than three consecutive months.

Previously, the requirement was for six months in a two-year license period. ​

TREC also clarified that anyone who leads, supervises, or directs a team in their brokerage for more than three consecutive months—or is anticipated to do so—must be designated as a delegated supervisor by the broker with TREC. 

A delegated supervisor is a sales agent or another broker who has been assigned in writing the responsibility of assisting the sponsoring broker in complying with The Real Estate License Act and TREC rules. Delegated supervisors are required to take the six-hour broker responsibility course at each license renewal.
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Center Research Economist Dr. Luis Torres recently attended a Federal Reserve panel at the American Economic Association's annual meeting in Atlanta​​​. In our latest Mixed-Use blog post, he shares some insights about the U.S. economy in 2019. 

Entry-level subdivisions underway in North Houston

​​​​​HOCKLEY (Houston Business Journal) – Friendswood Development Co. will soon start work on two subdivisions northwest of Houston between Prairie View and Tomball. 

These two subdivisions—one 55 acres and the other 48 acres—will feature entry-level homes on 40-ft lots likely starting under $200,000.

Becker Meadows will have about 250 lots while neighboring Becker Fields will have 140. 

Homes will range between 1,300 sf and 2,200 sf and will be zoned to Waller Independent School District schools. 

The subdivisions will likely feature basic amenities such as pocket parks and internal trails, but offerings won’t be as varied as those found in a master-planned community.

Becker Meadows is expected to deliver by the end of 2019 and Becker Fields sometime in 2020.
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Texas' economic expansion continued in November 2018 but lost some steam. A drop in oil prices and housing sales combined with weaker hiring in the service sector weighed on momentum. The overall outlook, however, remains positive. Crude oil production hovered around historic levels, and low unemployment pushed wages upward. The number of homes in foreclosure held at its lowest level in decades as Texans' employment and earnings prospects improved. Read more in the latest Outlook for the Texas Economy report. 

El Paso: Employment down, housing heats up

EL PASO (Connect Media) – The regional economy in November 2018 was marked by a decline in payrolls, but continued decent year-to-date employment growth. 

Furthermore, the housing market is still humming along, according to data from​​ the Federal Reserve Bank of Dallas.

Payrolls dropped at an annualized rate of 4.1 percent, though expanded at a 1.4 percent annualized rate on a year-to-date basis. Unemployment was 4.1 percent, unchanged from October 2018. 

In housing, annualized sales totaled 8,578, a 7.3 percent increase from the year before. 

The median price of $154,007 was 0.6 percent higher than what was reported in November 2017.

Dallas Fed analysts added that existing-home inventories in November were 4.1 months, well below the six months of supply that signify a balanced market.​
Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:

Special needs-inclusive development coming to suburban DFW

GARLAND (Dallas Business Journal) – A former country club site will get a new life as an inclusive special needs community.

My Possibilities, a nonprofit organization that aids adults with cognitive disabilities, has purchased the 178-acre former home of Eastern Hills Country Club at 3000 S. Country Club Rd.

The large parcel is slated for a master-planned community with a premium placed on lower density and more greenspace.

My Possibilities' inclusive community will be one of very few developments in the U.S. designed to incorporate both the general public and adults and families with special needs.
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First opportunity zone investment in Texas coming to San Antonio

SAN ANTONIO (San Antonio Business Journal) – Brooks, the former Air Force base-turned-mixed-used development, will soon be home to Texas' first Opportunity Zone investment.

DPR Investments has bought 9.4 acres on the eastern portion of Brooks along City Base Landing for a climate-controlled self-storage facility and flex space for small businesses. 

The $16 million project will break ground in fall 2019.

The Opportunity Zones program, created by congress in the Tax Cuts and Job Act of 2017, establishes tax incentives to encourage private individuals to invest unrealized capital gains in projects in high-poverty communities. Brooks is one of 24 Opportunity Zones in Bexar County, as designated by Gov. Abbott in March 2018. 
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.

From hospital to homes

DALLAS (Dallas Morning News) –​ Centurion American Development Group will transform a defunct mental hospital into a residential neighborhood.

The Timberlawn Behavioral Health System psychiatric hospital campus on Samuell Blvd. closed last year when state regulators threatened to shut down the facility.

The nearly 50-acre campus includes nine buildings constructed over more than 80 years, including a century-old neoclassical style house that was home to the Timberlawn Sanitarium.

Houses in the project will start at around $250,000.​

Wind farms pick up speed in West Texas

IRION COUNTY (San Angelo Standard-Times) – Sustainable ​energy developer Invenergy began construction on a new 300-megawatt (MW) wind farm between Mertzon and Big Lake, about 70 miles west of San Angelo.

The Santa Rita East wind farm, ​located north of Barnhart, is scheduled to come online mid-2019.

In 2018, Invenergy announced three virtual-power purchase agreements for Santa Rita East totaling 260 MW. The agreements were with Mexico-based bakery giant Grupo Bimbo for 100 MW, pharmaceutical maker Merck for 60 MW​, and health care-focused Novartis of Switzerland for 100 MW.
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Telecom Corridor data center underway

RICHARDSON (Dallas Morning News) – Dallas-based KDC has received funding for a Telecom Corridor data center project. 

The 130,000-sf data center at 1510 E. Lookout Dr. is south of KDC's $2 billion CityLine development. The firm also built the State Farm Insurance data center next door.

The project, which is KDC's fifth data center development, will be completed next summer.

Holliday Fenoglio Fowler LP arranged construction financing and joint venture equity for the development.

World Surf League paddles into Central Texas

AUSTIN (Austin Business Journal) – The World Surf League has purchased the NLand Surf Park on SH 71.

The 14-acre surf lagoon is the world’s only inland surf destination and brewery. It is the largest in the world and offers waves for beginning to pro surfers.

​The World Surf League, which is the governing body for professional surfers, is also the owner of Kelly Slater Wave Company LLC, a maker of repeatable man-made wave technology. 

NLand was developed by Doug Coors, heir to the Coors brewing dynasty.
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Looking for reliable rural land data for Mississippi, Louisiana, Alabama, and Texas? We've got you covered. Get the data exclusively from the Real Estate Center.

Diamonds are forever, but Zales' Las Colinas HQ isn't

IRVING (Dallas Business Journal) – Coppell-based Varidesk  has purchased the former Zales headquarters in Las Colinas with plans to convert the building into a new flexible office concept.

The office furniture and equipment company will turn the 15-acre site at 901 West Walnut Hill Lane into an “active workspace environment” called Varispace Las Colinas.

The three-story, 424,000-sf office building was built in 1983 and already includes a four-story parking garage, cafeteria, fitness center, and conference facilities.

Varidesk's offices will open in summer 2019.

Success spurs business park expansion

PLANO (Dallas Morning News) – Billingsley Co. is pushing ahead with the next section of its International Business Park following a series of recent leases signed.

The new five-building office campus ​is being developed at 6161 Plano Pkwy., west of the Dallas North Tollway.

Work will start on the first 180,000-sf, four-story office building in the next few months, along with a fitness center, conference center, and a coffee bar to serve the entire project.

Dallas architect GFF designed the project.

International Business Park is a 300-acre mixed-use project with almost two million sf of office space that houses more than 100 businesses with over 4,000 employees. 

The nine buildings in the park are currently over 90 percent leased.
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Copyright © 2019, 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=238
RECON for January 8, 2019RECON for January 8, 2019Bryan PopePope
2019-01-08T06:00:00Z2019-01-08T06:00:00Z
​ ​
Real Estate Center Online News
The U.S. Army Corps of Engineers has awarded its first contract in a $326 million project to deepen and widen the Corpus Christi Ship Channel. To get the details on this story and more, keep reading today's RECON. (Photo from Center files.)
January 8, 2019

Tortoise and hare: Rents rise at different paces statewide

​​​​​SANTA BARBARA, Calif. (WFAA-TX) – Renters in Dallas ended 2018 paying an average of $31 more per month than they did at year-end 2017.

That reflects a 2.7 percent change, according to RentCafé.

Apartment rents in Dallas during 2018 grew to $1,182 from $1,151 the previous year.

The average puts Dallas at No. 12 for most expensive rent among RentCafé's top 20 "renter mega-hubs." That puts it right ahead of No. 13 Houston.

Houston saw rents grow 1.7 percent year over year, or about $18, to an average rent of $1,093 per month, making the city one of the nation's largest cities with the slowest-growing rents.

Rents in Austin ranked highest in the state; in 2018, rent grew an average of $57 a month, or 4.4 percent, to yield an average monthly rent of $1,361.

Fort Worth experienced the largest percent change in rent growth among the Texas renter mega-hubs. The city saw rent increase by 3.8 percent with an average $40 increase per month.
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Texas continues to grow faster than the U.S. The state gained 365,400 nonagricultural jobs from November 2017 to November 2018, an annual growth rate of 3 percent, higher than the nation's 1.7 percent. Read more in the latest Monthly Review of the Texas Economy report.

Corpus Christi Ship Channel's ship coming in

CORPUS CHRISTI (Houston Chronicle) – The U.S. Army Corps of Engineers has awarded its first contract in a $326 million project to deepen and widen the Corpus Christi Ship Channel.

The $92 million contract was given to Illinois-based Great Lakes Dredge and Dock Company.

Dredging crews are expected to begin work out in the Gulf of Mexico just east of Port Aransas and continue through the entrance of the ship channel to Harbor Island.

Great Lakes is expected to begin the work in March or April and be finished within one year.

The dredging project involves deepening the entire ship channel from 45 to 54 ft and widening it from 400 to 520 ft.

Once completed in 2022, the channel will support two-way traffic of supertankers capable of carrying up to two million barrels of crude oil and refined products per shipment.
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. 

Saddle up, partner, it's gonna be a windy ride

UPTON, CROCKETT COUNTIES (North American Windpower) – Enel Green Power North America Inc. has started construction on the 450-megawatt (MW) High Lonesome​ wi​nd farm​ in West Texas.

Located in Upton and Cr​ockett Counties, the $600 million project will be the largest wind farm in Enel’s global renewables portfolio.

​The project is expected to enter into operations by the end of 2019. 

Once fully operational, the wind farm will be able to generate around 1.7 terrawatt hours annually.

Enel currently operates the 63-MW Snyder wind farm in Scurry County.
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. 

Venture capital funding slows in San Antonio, spikes in Austin

SAN ANTONIO (San Antonio Business Journal) – The flow of venture capital for local companies tracked by national reports has slowed considerably in the past year, according to the PricewaterhouseCoopers Money Tree report.

Only $19.1 million was invested across eight deals during 2018, down from $43.7 million in seven deals recorded during 2017.

The region is bucking a nationwide trend, which saw the amount invested increase from $76.4 billion during 2017 to $99.5 billion during 2018. There has been an increase in venture capital in Austin as well. That market saw more than 100 deals worth $1.3 billion in 2018, the first time since 2014 the region has exceeded $1 billion.
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Valvoline inks lease in La Porte

​​LA PORTE (Houston Business Journal) – Lexington, Ky.-based​ Valvoline has leased 427,000 sf  in the Port Crossing Commerce Center. 

The space at 1302 Wharton Weems Blvd. will be used to store and distribute lubricants, antifreeze, and other automotive chemicals. The facility is about ten miles from the company's Deer Park plant.

Valvoline will occupy the space starting in second quarter 2019.​

Colliers International represented the landlord, Liberty Property Trust. JLL represented Valvoline. 
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Capital Commercial starts new year off with Legacy buy

PLANO (Dallas Morning News) – Capital Commercial Investments has bought the Bank of America building at 6400 Legacy Dr. just west of the Dallas North Tollway.

The five-story, 231,479-sf office building is just across the street from the $3 billion Legacy West development and the Campus at Legacy West, which was built as JCPenney's headquarters. 

The purchase includes 16 acres.

The granite-clad office building originally housed operations for Countywide Home Loans and is part of the four-building Bank of America complex in Legacy business park.​

New apartments called 'Abacus'? Count on it

SAN ANTONIO (San Antonio Business Journal) – Austin-based Heiser Development Corp. has started work on a 320-unit apartment complex on the Far West Side called Abacus Alamo Ranch.

The project is on nearly 25 acres at the corner of Alamo Pkwy. and Culebra Rd. It is the company's first ground-up building locally.

Abacus Alamo Ranch will be built in two phases, with the second beginning in fall 2019; phase one will likely take 18 to 24 months to complete. 

Local firm RVK Architects designed the project, and it will be built by Austin-based Skybeck Construction.​
Communication Matters video seriesThe Real Estate 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.

Northeast San Antonio industrial property sold to Exeter group

​​​​SAN ANTONIO (San Antonio Business Journal) – Exeter Property Group has bought a 247,861-sf warehouse on the city's northeast side, according to county deed records.

The property at 1610 Cornerway Blvd. was sold by Boston-based STAG Industrial, which has owned the property since 2016.

Built in 1989, the building is occupied by Victory Packaging.

It's simple: Central Austin complex sells to investors

​AUSTIN (Austin Business Journal) – The Arnold, a 346-unit apartment community at 1621 E. Sixth St., has sold to Invesco Real Estate. 

The property, which was completed in July 2016, includes 9,450 sf of ground-level retail space. It was 95 percent leased at the time of sale.

Amenities include a pool, activity courtyard, roof deck with views of downtown,​ and a fitness center.
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Copyright © 2019, 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=237

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