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RECON for September 15, 2020RECON for September 15, 20202020-09-15T05:00:00Z2020-09-15T05:00:00Z
RECON Real Estate Center
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According to the Real Estate Center's latest Texas Housing Insight, statewide housing sales rose 17.1 percent in July to a record-breaking 36,165 sales. Supply-side activity bounced back with large increases in building permits and housing starts, although months of inventory decreased to an all-time low of 2.6 months. Looking forward, the housing market will be characterized by low inventories accompanied by positive price growth amid stable demand. Read the report for the full story. (Photo from Center files.)
September 15, 2020

Massive undeveloped tract in Collin County sold

​​​McKINNEY (Dallas Morning News) – New York-based JEN Partners has acquired more than 1,100 undeveloped acres north of US 380 near Lake Forest Dr.

Seller Brinkmann Ranches had originally planned to develop 3,000 homes on the land, which is one of the largest undeveloped tracts in the area. 

JEN has already sold a 126-acre portion to local builder Green Brick Partners. 

The deal is one of the biggest suburban land sales in North Texas this year. ​​​
texas weekly leading indicatorThe Texas Weekly Leading Index decreased for the second straight week in the week ended Sept. 5, 2020. The leading index's overall trend indicates the state's economy recovery continues to lose steam at the start of September. The decrease was mainly due to an increase in the number of people filing for unemployment insurance and a decrease in the number of new business applications. Two weeks of increases in new unemployment claims, along with the absolute numbers that remain around three times greater than the historical average before the pandemic hit, suggests the labor market's recovery has lost momentum. Prospects for the state economy's reopening and recovery improve as the number of new COVID-19 cases continues trending downward. Read COVID-19 Impact Projections on Texas' Economy for more.

Methodist Hospital-Northeast to undergo $86M expansion

​​​​LIVE OAK (San Antonio Business Journal) – Methodist Healthcare is expanding its Northeast hospital at 12412 Judson Rd. 

The $86 million project will expand operating rooms and cardiac catheter ​laboratory facilities and add a multilevel parking garage. 

In addition, Methodist is planning a ​60,000-sf medical office building on the campus. The $19 million project will be separate from the hospital expansion. 
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. 

Berkshire acquires two-property North Dallas portfolio

​​DALLAS (Connect Media) – Berkshire Property Holdings has acquired a two-property, 568-unit​ apartment portfolio from a local investor for $56.8 million. 

The properties include The Parks at Walnut and Ninety Nine 44 at 10000 and 9944 Walnut St.

Florida-based Berkshire will undertake a multimillion-dollar renovation program.

The buyer leveraged the acquisition with ten-year agency financing from Freddie Mac, which was arranged by CBRE. 

Berkadia represented both parties in the transaction.
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. 

13-story luxury apartment tower coming to downtown SA

​​​​SAN ANTONIO (San Antonio Business Journal) – Laney Development Group LLC is developing Durango Apartments, a 13-story multifamily ​tower at 421 S. Presa St.

The $25 million property will feature 70 apartments, two townhouses, three live-work units, ground-floor retail, and two floors of parking. 

The building’s fourth floor will have a fitness center, pool, and green space. 
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101K-sf Decatur storage facility changes hands

​​​​DECATUR (REBusiness Online) – Denver-based Argus Self-Storage Advisors has brokered the sale of 2264 Self Storage, a 101,000-sf facility at FM 2264.​​

The property was 76 percent occupied at the time of sale. It consists of 30,000 sf of self-storage space and 71,000 sf of boat and RV storage space. 

A six-door warehouse building with a storage yard is attached to the offices.​
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.

29th Street Capital picks up 308-unit Live Oak Apartments

​​​LIVE OAK (Connect Media) – 29th Street Capital​ has acquired Live Oak Apartments, a 308-unit apartment complex at 13012 Oak Terrace Dr. 

The Class C property has studio and one- and two-bedroom units. Rents range from $720 to $969 per month. 

Amenities include a laundry facility, resident lounge, pools, and dog parks. 

The new owner​ will fully renovate 163 units and lightly renovate the rest.
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Billingsley opens Grapevine multifamily

​GRAPEVINE (REBusiness Online) – Billingsley Co. has opened Wallis & Baker, a 432-unit multifamily community​ ​​at 3155 Stars and Stripes Way. 

The property has one-, two-, and three-bedroom units. Amenities include ​a pool, fitness center, club​room with a bar​, wine room with billiards table, sand volleyball court, dog park, private dining room, and library. 

Billingsley is also developing 27,400 sf of adjacent office and retail space. 
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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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