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RECON for May 26, 2020RECON for May 26, 20202020-05-26T05:00:00Z2020-05-26T05:00:00Z
RECON Real Estate Center
Inwood Station apartments in Dallas
What's happening in today's RECON? Texas economy loses 1.3 million jobs in April, 250-unit cottage development underway in San Angelo, and Dallas' Inwood Station apartments becoming affordable housing. Keep reading for the details. (Photo from Fairfield Residental.)
May 26, 2020

Texas unemployment rate hits 12.8 percent in April

AUSTIN (Texas Workforce Commission) – Over the past month, the Texas economy lost nearly 1.3 million jobs due to the COVID-19 outbreak, according to the Texas Workforce Commission. 

The state's se​asonally adjusted unemployment rate rose to 12.8 percent in April, below the national average of 14.7 percent. 

Before the pandemic, the state's job growth rate had remained above 2 percent for around two years. 

Amarillo had the lowest nonseasonally adjusted unemployment rate in the state at 8.8 percent. Beaumont-Port Arthur had the highest at 18.1 percent.

All employment sectors had seasonally adjusted job losses since April 2019 except for the financial services industry, which grew 0.5 percent. Leisure and hospitality had the largest job loss with employment falling 39.3 percent. 

In the week ending May 16, nearly 130,800 initial unemployment insurance claims were filed in Texas, bringing the total since March 21 to 2.1 million.

The Center's latest Monthly Review of the Texas Economy report has more Texas employment data.
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Cy-Fair ISD buys 16.7 acres for new school

​​CYPRESS (Houston Chronicle) – ​The Cypress-Fairbanks Independent School District has purchased 16.7 acres in Parkland Village within Howard Hughes Corp.'s Bridgeland master-planned community. 

The site near Tuckerton and Westgreen Roads will be home to a two-story elementary school. The 125,000-sf school will accommodate​ nearly 1,100 students when it opens for the 2022-23 school year. 

Texas-IBI Group is the architect. 

The school will be the fourth in Bridgeland. ​​​
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. 

Inwood Station apartments becoming affordable housing

​​DALLAS (Dallas Morning News) – The Dallas Housing Authority has acquired Inwood Station apartments at 2727 Inwood Rd. near Love Field.

The agency leased-back the asset to seller Fairfield Residential with requirements that at least 50 percent of the project be used for affordable housing. 

Affordable apartments must be rented to residents earning less than 80 percent of the area’s median income.​

Built in 2018, the 347-unit project was last assessed at $28.8 million.​
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250-unit multifamily underway in southwest San Angelo

​SAN ANGELO (San Angelo Standard-Times) – JFerg Homes and Flat Creek Builders' Justin Hardin are developing Creek 27, a 250-unit multifamily development. 

​The project at 5702 Melrose Ave. will consist of small homes ranging from 750 to 1,100 sf. 

The first half of the project will be ready this November.
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.

Trez Capital, Hines pick up 760-unit Wylie storage facility

​​WYLIE (REBusiness Online) – A partnership between Trez Capital and Hines has acquired a 760-unit self-storage facility at 570 Country Club Rd. 

The 11-building, Class A property spans 101,931 sf and includes 75 RV storage spaces. 

CubeSmart operates the facility.

Killeen ISD turns page with Elementary School No. 36

​​KILLEEN (Killeen Daily-Herald) – The Killeen Independent School District has broken ground on Elementary School No. 36 at 5501 Azura Way. 

The $16.7 million project will be constructed by Bartlett Cocke General Contractors. 
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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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