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RECON for September 3, 2019RECON for September 3, 2019Bryan PopePope
2019-09-03T05:00:00Z2019-09-03T05:00:00Z

RECON Real Estate Center
Aerial view of highway interchange
We're revving up the transportation news in today's RECON. The Texas Department of Transportation has approved a $77 billion congestion and safety plan, and a Texas city has landed on WalletHub's list of the top ten best cities for driving. Keep reading for all this and more real estate news. (Photo from Center files.)
September 3, 2019

TxDOT approves $77B congestion, safety plan

​​​​​​AUSTIN (Texas Department of Transportation) – ​The Texas Transportation Commission has unanimously approved a $77 billion 2020 Unified Transportation Plan to improve safety, address congestion and connectivity, and preserve roadways throughout the state over the ne​xt ten years. 

​​Around $28 billion will be allocated to Texas' five major metropolitan areas. 

More than $4 billion will be set aside for safety ​improvements. 

To reduce crashes by 2050, an additional $600 million will widen roads, improve medians and bridges, upgrade guardrails, improve intersections, and make safety enhancements for bicyclists and pedestrians over the next two years.

The Permian Basin will receive over $600 million for transportation improvements.

Funding comes from legislative and voter-approved initiatives​ from oil and gas taxes, sales taxes, and other resources. ​​​
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Be your local housing market expert. Find out how by visiting the Real Estate Center’s booth (801/900) at the Texas Realtors Trade Expo on Sept. 14 at the Fort Worth Convention Center.

Corpus Christi seventh best U.S. city to drive in

WASHINGTON (WalletHub) – Start your engines, South Texans. ​​Corpus Christi is the seventh best city in the country to drive in, according to a WalletHub study.

​​The coastal city ranked seventh in traffic and infrastructure, 14th in cost of vehicle ownership and maintenance, 27th in safety, and 84th in access to vehicles and maintenance. ​

Lubbock had the third-lowest annual hours spent in traffic per auto commuter. It also had the second lowest car theft rate and ranked third in lowest accident likelihood compared with the national average. 

San Antonio, Laredo, and Corpus Christi had the first, third, and fourth lowest average gas prices, respectively. 

Laredo and El Paso had the third and fourth lowest auto maintenance costs. Houston had the fifth most auto repair shops per capita. Laredo had the third fewest auto repair shops.

Corpus Christi tied with Reno, Nev., for lowest parking rates. 

Laredo and Garland had the first and fifth fewest car washes per capita. 

Other Texas cities in the top 25 overall rankings were:
  • No. 11 El Paso,
  • No. 13 Plano,
  • No. 16 Austin,
  • No. 18 San Antonio,
  • No. 20 Laredo, and 
  • No. 25 Arlington.
According to WalletHub, the best city to drive in is Raleigh, N.C. The study looked at the 100 most populated U.S. cities, excluding the surrounding metro area.
Manufactured home
Factory-built homes that meet certain guidelines now qualify for 30-year Fannie Mae and Freddie Mac financing, providing an affordable option to first-time homebuyers looking for new homes. The challenge for builders is overcoming the general public perception of what constitutes a traditional single-family home. Center Research Economist Dr. Harold Hunt elaborates in "The Next Generation: Mainstreaming Manufactured Housing."

Neighboring Oak Hill apartments purchased

AUSTIN (Multi-Housing News) – BSR Real Estate Investment Trust has acquired two adjacent Class A garden-style communities from Starlight Investments for $104.4 million.

Cielo is a 26-building, 326-unit property built in 2014 on 38 acres. 

Built in 2015, Madrone totals 228 units in eight three- and four-story buildings spread across 41 acres.

​Units include one- to three-bedroom floor plans ranging from 627 to 1,607 sf. They feature washers and ​​dryers, high ceilings, private balconies/patios, and outside storage. 

Amenities include a fitness center, a business center, two swimming pools, and 831 parking spaces. 

After purchasing the communities in 2016, Starlight had combined the properties at 3499 Ranch Rd. 620 S. into one community called Madrone Apartment Homes. 
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.

Edgen Murray adds 36 acres for distribution center

​​​​​HOUSTON (Houston Chronicle) – Edgen Murray is leasing 36 more acres at its facility at 8026 Miller Rd. for a new pipe, valve, and fittings distribution center.​

The company now leases a total of 98 acres, including a 150,000-sf industrial warehouse. 

JLL represented Edgen Murray. Raintree Commercial represented the landlord, Pescador Partners.
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. 

135K-sf East Austin office sells in off-market deal

AUSTIN (Austin Business Journal) – Riverside Resources has sold a 135,000-sf office building at 1801 E. Sixth St. in an off-market deal.

The buyer was an entity connected to AEW, an affiliate of Natixis Investment Managers.​

Tenants began moving in early this summer. They include SAS Institute, Pirkey Barber PLLC, ForeFlight, Snow Software, and The Zebra.

The building is 96 percent leased.

According to the Travis Central Appraisal District, the property is valued at $44.4 million.
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Draper & Kramer picks up 211-unit McKinney multifamily

Mc​​​​KINNEY (REBusiness Online) – Draper & Kramer Inc. has purchased St. Paul's Square, a 211-unit multifamily community at 470 Adriatic Pkwy.

The property offers one-, two-, and three-bedroom units ranging from 735 to 2,073 sf. They feature wood-plank flooring, granite countertops, stainless steel appliances, and washer and dryer connections.

Amenities include a pool, fitness center, outdoor grilling areas, a coffee bar, business center, and rentable storage units. 
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101K-sf Concord Park III set to break ground 

SAN ANTONIO (REBusiness Online) – Concord Properties will break ground mid-September on Concord Park III, a 101,000-sf office building on E. Sonterra Blvd. 

Designed by HKS Architects, the four-story property will feature a conference center, outdoor seating areas, and a deli. 

The park will be available for occupancy in first quarter 2021.

Endura Advisory Group LLC will handle leasing.

Landmark Properties making its Mark in Austin

AUSTIN (Connect Media) – Landmark Properties is building the Mark at Austin, a 975-bed student-housing complex at 801 W. 24th St.

The company will demolish the University Towers to make way for the complex. It acquired the pair in 2018.

The new development will include a parking garage and 2,900 sf of ground-floor retail space.

Humphreys & Partners Architect LP designed the complex.

Construction will commence in the first half of 2020. 
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.

232 Killeen apartment units sold

​​KILLEEN (REBusiness Online) – The Willows Apartments, a 232-unit multifamily asset at ​​​1100 Willow Springs Rd., has been sold.

Built in 1983, the property features one-, two- and three-bedroom units as well as a pool and outdoor picnic area. 

Greystone arranged the sale.​

Got Extra Space for 100K-sf self storage facility? 

NEW BRAUNFELS (Community Impact Newspaper) – Extra Space Self Storage will construct a 100,000-sf climate-controlled storage facility at 1360 Ranch Pkwy.

A grand opening is slated for summer 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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