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RECON for May 12, 2020RECON for May 12, 20202020-05-12T05:00:00Z2020-05-12T05:00:00Z
RECON Real Estate Center
Texas high-speed rail train
After a four-year court battle, the Texas Central high-speed rail was deemed a legal railroad, reversing a controversial decision by the 87th District Court of Leon County. Get the details on this and more real estate news in today's RECON. (Photo from Texas Central.)
May 12, 2020

Texas Central high-speed rail wins four-year court battle

CORPUS CHRISTI (Connect Media) ​– ​Texas Central, the company that intends to build a high-speed rail line between Dallas and Houston, won a key legal decision last week. 

The ​Texas 13th District Court of Appeals ruled that Texas Central and its subsidiary, Integrated Texas Logistics, are legally railroads, despite operating no trains yet. This reverses a previous decision by the 87th District Court of Leon County. 

The decision by Justice Nora Longoria comes after a four-year court battle waged by landowners along the proposed route in Leon County. The landowners argued that the Texas Central project wasn’t a railroad and therefore didn’t have the rights associated with a railroad, including eminent domain and access to property for surveyors.

The landowners plan to appeal the ruling to the Texas Supreme Court. ​​

In 2017, Real Estate Center Research Attorney Rusty Adams wrote about the Texas Central rail in "Courts, Trains, and Eminent Domain."
Texas Housing at a Glance
Read the Center's latest Texas Housing Insight report for more. 

Waco home sales down in April 

​WACO (Waco Tribune) – Local home sales slowed by 15.3 percent last month amid the COVID-19 pandemic. 

The metro saw 249 homes change hands, down from 294 in April last year. 

The sales volume fell 14.6 percent year over year to $53.5 million. 

However, homes stayed on the market an average of 15 days fewer than April last year. Mortgage rates also went near all-time lows, driving a boom in the refinance market. 
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. 

Work starts on Humble multifamily project

​​HUMBLE (Realty News Report) – Locally based Martin Fein Interests Ltd. is breaking ground this month on the 318-unit Pavillion at the Groves Apartment Homes.

The Class A community will be on 20.2 acres near the intersection of Madera Run Pkwy. and Woodland Hills Dr. 

The two- and three-story community will have efficiency and one-, two- and three-bedroom apartment homes and several three-bedroom townhomes. Units will range from 556 to 1,734 sf.

The developer purchased the site, which is within the 1,000-acre The Groves master-planned community, from Ashlar Development. 

Steinberg Dickey Collaborative is the architect, Moore Design Group is handling interior design, and Westchase Construction Ltd. is the general contractor.

CBRE arranged equity financing through Nationwide Insurance. Frost Bank is providing construction financing.  

Delivery is set for first quarter 2022. ​
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. 

Austin apartment rents drop during COVID-19 outbreak

AUSTIN (Austin Business Journal) – COVID-19 has slowed down the metro’s multifamily market, according to ApartmentData.com.

From March to April, apartment rents dropped 1.2 percent to $1,297. That's a contrast from last year, when rents saw a 5.7 percent increase. 

Occupancy went up 0.3 percent to 91.1 percent in April. 

Austin saw negative absorption of five apartment units in April — meaning less units were occupied than the previous month — due to shelter-in-place orders. In April 2019, 1,217 more units were rented than in the previous month.

An additional 4,500 apartments will be delivered by the end of the year, but it’s unclear how quickly the units will lease because of the pandemic. 
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FedEx taking 777K-sf of industrial space in south Dallas

DALLAS (Dallas Morning News) – FedEx is taking a big block of distribution space in the Cedardale Distribution Center near I-20.

The 776,630-sf warehouse at 3800 Cedardale Rd. was built in 2018. It will be fully operational in November 2020. 

The shipping hub is the first phase of the two-building, 1.7 million-sf business park developed by Trammell Crow Co. and Morgan Stanley.

Alliance Architects designed the project. Jordan Foster Construction was the general contractor.

CBRE marketed the business park.
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.

342-unit Belvedere Springwoods Village trades hands

HOUSTON (Realty News Report) – Wisconsin-based MLG Capital has acquired ​Belvedere Springwoods Village, a 342-unit mid-rise multifamily community at 2323 E. Mossy Oaks Rd.

Developed in 2014 by Martin Fein Interests, the property is in Springwoods Village on the west side of I-45, north of the Grand Parkway.

Berkadia represented the seller and arranged financing for the buyer.
Helping Texans make the best real estate decisions since 1971

238K-sf apartment complex at Rayzor Ranch Town Center complete

​​DENTON (Connect Media) – Construction has wrapped on The Village at Rayzor Ranch, a luxury apartment community in the Rayzor Ranch Town Center mixed-use development. 

Developer EPC Real Estate Group selected KWA Construction to build the four-story, 237,781-sf apartment complex. 

The project at 3235 Heritage Trail Blvd. includes concierge services, a pool, pickleball and bocce ball courts, a massage and sauna spa, fitness and yoga studio, coworking office studios, and dog park.​
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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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