RECON for August 27, 2019RECON for August 27, 2019Bryan PopePope

RECON Real Estate Center
3D rendering of Austin FC stadium
Austin FC, the city's first Major League Soccer Team, is gearing up to break ground on its new stadium. Keep scrolling for the details on this story and more. (Rendering from Community Impact Newspaper.)
August 27, 2019

North Texas dominates hottest real estate markets list

​​​WASHINGTON (WalletHub) – Five North Texas cities have landed on WalletHub's list of the top ten best places to buy a house in the U.S.

Frisco took the number two spot, ranking first in affordability and economic environment and ninth in real estate market.

Denton, ranking fifth overall, was third in real estate and 41st in affordability. No. 6 McKinney followed closely behind, ranking second in affordability and 26th in real estate.

Carrollton, ranking seventh overall, was sixth in real estate and 21st in affordability.

Allen ranked ninth overall, sixth in affordability, and 13th in real estate. It also had the lowest foreclosure​ rate nationwide, according to the study.

"The relocation of companies to metro Dallas has brought new commercial and housing developments not only for families but also for single young professionals." said Real Estate Center Research Economist Dr. Luis Torres. "Also, the building of new schools and infrastructure increases attractiveness and quality of life."

Ranking 12th and 13th, respectively, Austin and Fort Worth were the top two large cities on the list. 

Richardson also made an appearance on the list, rounding out the top 25. 

"You will continue to see growth going forward at a lower rate since the market cannot maintain those high levels of growth forever," Torres said. "As long as it continues to be an attractive place to live, people will move to North Texas, but that also causes land prices and home price​s to go up, making the area less affordable for some people."

WalletHub evaluated 300 cities based on 23 relevant metrics to determine the rankings.
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Two more warehouses break ground at Layne Crossing 

​​​​​HOUSTON (Houston Business Journal) – Crow Holdings is moving ahead with the next phase of the Layne Crossing development​ in Greenspoint near the I-45 and Beltway 8 exchange.

The city has issued building permits for two more of the six warehouses the company plans to build as part of the 530,000-sf industrial park.​​​​

The first permit was issued to Burton Construction for​ a $1.7 million, 85,502-sf warehouse at 11123 Beltline Rd.

Crow Holdings is also building a 56,211-sf warehouse at 11103 Beltline Rd. That warehouse is expected to cost $1.4 million.

Layne Crossing is expected to deliver all six warehouses by fourth quarter 2019. JLL has been hired to lease the buildings. 
Sketchy drawing of commercial buildingsThe Real Estate Center's Texas Quarterly Commercial Report looks at past, present, and future commercial real estate activity in the state's four major metropolitan areas. It covers the office, retail, and warehouse sectors. Read and download the report for free, and subscribe to know when the next issue is published.

Tradewind secures lease hold interest on Wurzbach Pkwy.

SAN ANTONIO (San Antonio Business Journal) – Tradewind Properties has bought the lease hold interest in the 306-unit Upton at Longhorn Quarry apartments at 4906 Wurzbach Pkwy.

Instead of the buyer and seller exchanging the property's deed, Tradewind signed a 75-year lease on the complex. The property is owned by the San Antonio Housing Trust Public Facility Corp (PFC).

Ownership of the land and eventual ownership of the property after 75 years will revert to the PFC​​. 

In exchange, the developer and subsequent owners of the property don't have to pay property taxes as long as they offer half of the apartment's units to those making 80 percent or less of the area's median income.

The property was sold by its developer, The NRP Group. Berkadia represented the seller during the transaction. 

Built in 2017, The Upton's units average 982 sf and rent for an average of $1,340 per month.
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.

Austin FC to break ground on stadium 

AUSTIN (Community Impact Newspaper) – Austin FC, the city’s first Major League Soccer team, will break ground next month on its new stadium at 10414 Mc​Kalla Pl. 

A phase-one permit allows developers to start work like grading and erosion control to prepare the site. 

The 24-acre project will have eight acres of open space for concerts, fan activities, and other community events. It will also have 835 parking spots.

The Central Texas division for Austin Commercial is managing construction on the stadium, which will host its first home game in spring 2021. 
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Investors pick up The Palm at South Padre 

CORPUS CHRISTI (REBusiness Online) – ClearWorth Capital has acquired The Palm on South Padre, a 299-unit apartment community at 7218 S. Padre Island Dr. 

Built in 1973, the property has one-, two-, and three-bedroom units and amenities such as two pools, a dog park, and outdoor grilling areas.  

The company will implement a value-add program that will deliver new flooring, cabinetry, backsplashes, lighting fixtures, and upgraded plumbing. Signage and landscaping will also be updated.

Cawley Partners plans 150K-sf office in Mayfield Groves 

GRAND PRAIRIE (Dallas Business Journal) – Cawley Partners will build a 150,000-sf office building within the Mayfield Groves mixed-use development at the SH 161 Toll Rd. and Forum Dr. 

The development will include multifamily properties, restaurants, and retail space.

Construction will begin in late 2020.​

Mayfield Groves includes multifamily units, restaurants, and retail space. IKEA Grand Prairie has already been built at the development.

Retail leasing is being handled by Venture Commercial.
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.

Raytheon planning new 200K-sf McKinney HQ

McKINNEY (Community Impact Newspaper) – Raytheon will build a new 200,000-sf office ​facility at its Space and Airborne Systems headquarters at 2501 W. University Dr.

The facility, set to deliver in late 2020, will support 500 new high-tech jobs​. It will specialize in surveillance, intelligence, and recon systems.

Raytheon is McKinney's largest employer.

316-unit Ariza Gosling breaks ground

​​​​SPRING (REBusiness Online) – Cypressbrook Development Co. has broken ground on Ariza Gosling, a 316-unit multifamily project on 12.1 acres at 23217 Gosling Rd.  

The property will feature a pool, fitness center, game room, business center, dog park, and walking trails. 

According to TDLR, the project is slated to deliver in November 2020.
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Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Real Estate Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.

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