{{titleBar.title}}

{{titleBar.tagline}}

 

 

RECON for July 16, 2019RECON for July 16, 2019Bryan PopePope
2019-07-16T05:00:00Z2019-07-16T05:00:00Z

RECON Real Estate Center
The $895 million Texas Capitol Complex in downtown Austin will consolidate state agencies in the area into 1.5 million sf north of the capitol. Details in today's RECON. (Rendering from the Texas Facilities Commission's website.)
July 16, 2019

Austin second-best large city to live in, reports WalletHub

WASHINGTON (WalletHub) – The Texas capital is the second-best large city in which to live, according to WalletHub's comparison of the 62 largest U.S. cities. Austin lost the top spot to Virginia Beach, Va., by a narrow margin.

WalletHub, a personal finance website, based its rankings on indicators such as quality of public schools, job opportunities, and property taxes.

Austin​ ranked third in "economy," eighth in "education and health," 17th in "quality of life," and 30th in "affordability." It was in a six-way tie for first in "highest income growth."​

Other Texas cities ranking among the top 50 were Arlington (25th), Fort Worth (30th), San Antonio (31st), El Paso (32nd), Corpus Christi (43rd), Houston (45th), and Dallas (47th).

Speaking of El Paso, the city ranked third in "lowest crime rate."
Population growth has pushed housing development into more flood-prone areas of the state. New products and methods can help residents in these areas protect their homes against floodwaters and minimize damage caused by hurricanes and other severe weather events.

$895M complex to consolidate Austin-area state agencies

AUSTIN (Strategic Partnerships) – A new downtown development currently in the works will consolidate area state agencies into 1.5 million sf north of the capitol.

The first phase of the $895 million Texas Capitol Complex started in 2018. That phase consists of two new office buildings—a 416,000-sf building at 1601 Congress Ave. and a 603,000-sf building at 1801 Congress Ave.—and five levels of underground parking.

Phase one will begin occupancy in 2021 with completion in May 2022.

Phase two includes buildings on 15th St. and Lavaca St., bringing an additional 525,000 sf of office space and 2,550 parking spaces to the Capitol Complex. This phase will begin in late 2022 and wrap up in July 2025.

Phase Three will add two more state office buildings to the complex.

Once the project is finished, the state will be able to retire all remaining area leases at an estimated annual savings of $7.5 million.
Helping Texans make better real estate decisions since 1971

McAllen industrial market vacancy hits record low

​​McALLEN (CBRE) – Second quarter 2019 net absorption softened compared with first quarter 2019, but remained positive registering almost 103,000 sf of net absorption and 233,000 sf of gross absorption.

Quarter-over-quarter, the marketwide vacancy rate dipped by 14 basis points and fell from 3.5 percent in 2Q2018 to 1.6 percent, setting a new record low.

Additionally, quarter-over-quarter, marketwide asking rates grew by $0.24 per sf.

During this same time, Class A rents increased by $0.29 per sf and Class B by $0.32 per sf, marking a new record high for both product classes as well as the marketwide rate.

The second quarter closed with users seeking over 1.3 million sf of space. This is 350,000 sf more than total available sf and three times more than total vacant sf in the market. 

One and Three Riverway wrap up renovations

HOUSTON (REBusiness) — Endurance Builders has completed renovations of One and Three Riverway, two office buildings totaling 880,000 sf.

Ziegler Cooper Architects handled the design of the renovation. Upgraded amenities include a coffee bar, tenant lounge, fitness center, and conference centers. 

CBRE handles leasing of the buildings, and Unilev Management Corp. manages them.
Email Notification graphic
Did you know you can get notified every time one of our new economic reports is released? Check out our email notification feature to get the latest economic data sent directly to your email inbox for free. 

EastGroup Properties to develop 369K-sf industrial park

​​SAN ANTONIO (San Antonio Business Journal) – Industrial developer EastGroup Properties is planning its latest industrial park.

Ridgeview 35, which will consist of four buildings totaling 369,000 sf, will be across from Brooke Army Medical Center between I-35 and Loop 410 along Binz-Engleman Rd. 

Phase one of the project will consist of two buildings totaling 226,000 sf, which will break ground this quarter.

Building one will be a front-load warehouse distribution building totaling 136,700 sf with room for two tenants. 

Building two will be a rear-load light distribution building totaling 89,300 sf and could accommodate up to four tenants. Both buildings will have I-35 frontage and visibility.

The two buildings are expected to break ground in September and wrap up construction by May 2020. 

The phase-one development team includes architect Pross Design Group out of Dallas, civil engineer Pape-Dawson Engineers Inc., general contractor R.C. Page Construction, and the project's listing broker, Cavender & Hill Properties.

NitNeil loads up on 678-unit Round Rock self-storage

ROUND ROCK (REBusiness) – NitNeil Partners has purchased a 678-unit self-storage facility at the corner of University Blvd. and N.A.W. Grimes Blvd. 

Built in 2017, the multistory property spans approximately 78,000 rentable sf of climate-controlled space. 

Life Storage manages the property, which is NitNeil’s second in metro Austin, including one under construction within an East Austin opportunity zone.
Free land data ad
Looking for reliable rural land data for Mississippi, Louisiana, Alabama, and Texas? We've got you covered. Get the data exclusively from the Real Estate Center.
Twitter
Facebook
LinkedIn
Instagram
Copyright © 2019, All rights reserved.
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.
https://www.recenter.tamu.edu/news/recon/?Item=291
RECON for July 12, 2019RECON for July 12, 20192019-07-12T05:00:00Z2019-07-12T05:00:00Z
RECON Real Estate Center
master-planned community
According to RCLCO Real Estate Advisors' mid-year rankings, 13 Texas master-planned communities are among the 50 top-selling developments. Which Texas communities made the list? Keep reading today's RECON to find out. (Photo from Center files.)
July 12, 2019

Millionaire, demi-billionaire growth boosts Texas real estate 

​​BRENHAM (Coldwell Banker Properties Unlimited) – An unprecedented increase in millionaires and demi-billionaires in the United States has given rise to the purchase of new properties in Texas.

"There has been an uptick in the numbers of listings and sales of multimillion-dollar properties because of the increase in the wealthy migrating to our area," said Kelli Brennan, vice president of Coldwell Banker Properties Unlimited. "Many millionaires and demi-billionaires in the market are buying their second or third homes, and Texas is one of their desired destinations."

Nationwide, there are now 32 million millionaires, defined as those with a net worth of $1 million or greater, and there are approximately 2,000 demi-billionaires (those with more than $500 million in assets), which is a sharp increase since the 1980s.

Two of the top 15 locations in the U.S. for the ultra wealthy are Dallas-Fort Worth-Arlington and Houston-The Woodlands-Sugar Land.

​For more on the high-end home market in Texas, read "Livin' Large: Texas' Robust Luxury Home Market," by Center Senior Data Analyst Joshua Roberson.
As the U.S. economy achieves the longest expansion recorded in the nation’s history, recession fears are rising, and we’re once again trying to solve the mystery of the murdered economic expansion. Who are the suspects? Real Estate Center Research Economist Dr. Luis Torres says more in our latest Mixed-Use blog post.

13 Texas master-planned communities among top-selling nationwide

​​​​​​LOS ANGELES (RCLCO Real Estate Advisors) – For the first half of 2019, 13 Texas communities landed on RCLCO Real Estate Advisors' list of the top 50 master-planned communities, representing 21 percent of sales nationwide.

​Nine of those communities are in the Houston-The Woodlands-Sugar Land area, with three in Austin-Round Rock and one in Dallas-Fort Worth.

Sonwest's Sonterra project in Jarrell sold 455 new homes so far this year, ranking first in Texas and ninth overall. 

Other Texas master-planned communities in the top 50 are:
  • No. 11 Howard Hughes Corp.'s Bridgeland in Cypress, 351 sales;
  • No. ​17 Land Tejas/Johnson Development's Harmony in Spring, 289 sales;
  • No. 18 Johnson/Toll Brothers' Sienna in Missouri City, 281 sales;
  • No. 21 Johnson's Cross Creek Ranch in Fulshear, 262 sales;
  • No. 22 Land Tejas' Balmoral in Houston, 261 sales;
  • No. 27 Scarborough Lane's Sunfield in Buda, 245 sales;
  • No. 33 Caldwell Communities' Towne Lake in Cypress, 223 sales;
  • No. 35 AIRIA Development's Aliana in Fort Bend County, 220 sales;
  • No. 40 Johnson's Woodforest in Montgomery, 206 sales;
  • No. 42 Hillwood Communities' Harvest in Argyle, 205 sales;
  • No. 47 Mariner Real Estate Development's Santa Rita Ranch in Liberty Hill, 192 sales; and
  • No. 50 Johnson's Harvest Green in Richmond, 187 sales
The highest-selling master-planned community nationally is The Villages, developed by a company of the same name in The Villages, Fla., with an estimated 1,000 sales.
helping Texans weather the storm
With hurricane season in full swing, storm and flood protections are on the minds of many Texans in flood-prone areas. However, many properties outside of floodplains are damaged by rising waters every year. How can you protect yourself? Real Estate Center Research Economist Dr. Harold Hunt shares his insights on this week's Red Zone podcast. 

Austin's 'Jenga' tower wraps up construction 

AUSTIN (REBusiness Online) – CIM Group and Aspen Heights Partners have completed construction of The Independent, a 58-story residential tower at the corner of W. Third St. and West Ave.

Situated on 1.7 acres overlooking Shoal Creek, the 363-unit condominium rises 685 feet, making it the tallest tower in Austin. 

Locally known as the "Jenga" building, The Independent houses one- to four-bedroom units and penthouses, and all residences feature ten-ft ceilings and private patios or balconies. 

Amenities include a pool, fitness ce​n​ter, resident clubhouse, spa, theater, business center, dog park, and children’s play area.
Blockchain graphicBusiness news outlets are speculating about blockchain's impact on commercial real estate transactions. For the Real Estate Center's perspective, read our latest report, "Blockchain and Real Estate," by Center Research Economist Dr. Luis Torres and Communications Intern Kyle Brann.

Rad! Houston professional-level bike park opens 

HOUSTON (Houston Business Journal) – After nearly four years of construction, the North Houston Bike Park is set to open next month as it prepares to host the 2020 UCI BMX World Championships. ​
The 20-acre, $26 million park is at the intersection of I-45 and Kuykendahl Rd.

Once open, the park will seat up to 3,500 and feature an array of BMX-approved race tracks, freestyle amenities, street courses, and a community events ​​​​​​​center.

The course is expected to draw cyclists from across the country, as well as from abroad, who are looking for a world-class place to train for the X-Games and other competitions. 

OJB Landscape Architecture was hired by the Greater Greenspoint Redevelopment Authority to design the park alongside Endrestudio. 

Walter P. Moore served as civil engineer, with additional engineering consultation by Wylie Consulting Engineers.
Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:

Work starts on age-restricted community in Pearland

​​​​​​​​PEARLAND (REBusiness Online) – California-based Drever Capital Management has ​​broken ground on Larkspur at Shadow Creek, a 257-unit 55-and-older multifamily community.

The 12-acre property will have a 215-unit primary apartment building with 18,000 sf of amenity space plus 42 private cottages.

The first units will come online in the second half of 2020.

Drever recently completed the 243-unit Larkspur at Twin Creeks in Allen and is planning another age-restricted community in New Braunfels.  

169K-sf industrial portfolio sold in DFW

DALLAS-FORT WORTH (REBusiness Online) – Locally based MoxieBridge has acquired a 168,600-sf North Texas​ industrial portfolio.

The portfolio, which was fully leased at the time of sale, spans seven buildings built between 2006 and 2009. in Dallas, Fort Worth, and Grand Prairie.

Combined, the properties offer 560 trailer parking spaces and 34 tenant suites. 
Helping Texans make better real estate decisions since 1971

Austin investor goes Hogg hunting

​​​HOUSTON (Realty News Report) – ​​Austin-based Kline Properties has acquired the Hogg Palace Lofts, an eight-story mixed-use property at 401 Louisiana St.

​​​Constructed in 1921, the 80,343-sf building, designated a historical site by the Texas Historical Commission, was converted into lofts in 1995 by seller Randall Davis Co. 

It features 79 units ranging from 670 to 1,811 sf. It also has 14,212 sf of retail and office space on the first and eight floors. 

JLL brokered the deal.​

Parking garage planned near Lubbock's Citizens Tower

​​​​​​​LUBBOCK (Lubbock Avalanche-Journal) – The city council is building a three-story, $6.7 million parking garage south of Citizens Tower.

​The under-construction tower at 1208 14th St. will be ​the new home for city officials. With police headquarters and municipal court also moving to the area, more parking spots were necessary.

​The garage will have more than 400 parking spaces

A two-story garage was demolished on the site. Completion is expected by the end of 2020.
Subscribe to RECON if you haven't already. Click here to go to our website.
If not, click here to head to our website, where you can fill out this simple form for free. Once you do, the biggest headlines in Texas real estate will come straight to your inbox twice a week. Oh, and did we mention it's free?

Wood Partners building 304 units on W. Alabama

​HOUSTON (Multi-Housing News) – Wood Partners has broken ground on Alta West Alabama, a 304-unit luxury community at 3623 W. Alabama St.

Floor plans will range from one- to three-bedroom units​ with open-concept designs, high-end finishes, and full-size washers and dryers. 

Amenities will include a pool, courtyard with an outdoor kitchen, clubroom, gaming lounge, and sky lounge with pool tables. 

The project is slated to open in third quarter 2020, adding to the company’s existing portfolio of 16 properties in Texas.

The Brandt in Las Colinas sold

​​IRVING ​(REBusiness Online) – Western Wealth Capital has purchased The Brandt, a 504-unit multifamily community at ​​3950 N. Story Rd. in Las Colinas.

​The property offers one- and two-bedroom floor plans ranging from 632 to 1,045 sf. 

Amenities include three pools, a fitness center, dog park, and clubhouse.

Berkadia arranged a $48 million acquisition loan through Freddie Mac on behalf of the borrower, who will upgrade unit interiors.​
Texas Realtors quote about Real Estate Center
Twitter
Facebook
LinkedIn
Instagram
Copyright © 2019, All rights reserved.
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.


https://www.recenter.tamu.edu/news/recon/?Item=290
RECON for July 9, 2019RECON for July 9, 2019Bryan PopePope
2019-07-09T05:00:00Z2019-07-09T05:00:00Z

RECON Real Estate Center
Post hurricane Alex flooding in coastal neighborhood of Treasure Island, Freeport Texas 77541
With summer storms brewing in the Gulf, flooding and emergency preparedness are on the minds of many coastal residents. Homeowners in some parts of Texas have been hit by floods each of the past few years, prompting builders and engineers to find innovative ways to help. Read "Ahead of the Storm: New Ideas in Flood Protection," to learn more. (Photo from Center files.)
July 9, 2019

Texas best state to start a business 

​​​​​WASHINGTON (WalletHub) – Texas is 2019's best state in which to start a business, according to WalletHub.

​The Lone Star State was first in business environment and 11th in ​access to resources. It also ranked:​
  • fourth in longest ​average length​ of work week in hours;
  • fourth in average growth in number of small businesses;
  • fifth in highest total spending on incentives as a percentage of gross domestic product;
  • 13th in industry variety;
  • 20th in cost of living; and 
  • 30th in labor costs.
"Texas offers a business-friendly environment characterized by low taxes (e.g., no state income tax) and less burdensome regulation that favors a market economy that has created lower costs for doing business," commented Real Estate Center Research Economist Dr. Luis Torres. ​"In addition, this lower-cost environment has helped keep housing comparatively affordable."

Utah, Georgia, North Dakota, and Oklahoma rounded out the top five rankings. Rhode Island ranked 50th. 

For more, check out the Real Estate Center's Texas economy page​ on its website. 
Legal Update 1 & 2 instructor trainingRegistration for the Texas Real Estate Commission (TREC) Legal Update 1 and 2 Instructor Training course is now open. Instructors must be approved by TREC before attending instructor training, and registration requires a TREC instructor license number. Early-bird pricing ends September 30, and courses begin in October. Sessions are offered in Fort Worth, Dallas, San Antonio, Austin, and Houston. 

Sweet Victory for Hillwood, USAA

DALLAS (Dallas Morning News) – Hillwood Urban and USAA Real Estate are developing the first new Victory Park office project in more than a decade.

Work is underway on the 15-story, 365,000-sf Victory Commons building on Victory Ave.

It is across the street from the American Airlines Center, a DART commuter rail station, and a new one-acre park.

Locally based BOKA Powell designed the brick-and-glass high-rise. It will have a rooftop terrace and views of downtown. 

Construction will finish in fall 2021. ​​
Helping Texans make better real estate decisions since 1971

First-time homebuyers moving to McKinney

​​WASHINGTON (WalletHub) – McKinney is the ninth-best city for first-time homebuyers, according to a WalletHub study.

​​The Collin County city ​​ranks first in real estate market hotness, 45th in quality of life, and 160th in affordability.​​​

Frisco ranks 13th overall on the list, landing ​19th in market hotness, 48th in quality of life, and 142nd in affordability.

​Laredo ranks first in ​lowest cost of living. Corpus Christi ​has the fourth-highest total home-energy cost.​

The top five best cities for first-time homebuyers are: 
  • Tampa, Fla.;
  • Overland Park, Kan.;
  • Thornton, Colo.;
  • Grand Rapids, Mich.; and 
  • Boise, Idaho.​
Berkeley, Calif.; Detroit; and Santa Barbara, Calif. are the three-worst cities on the rankings.
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. 

GenCap begins construction on 350 Atascocita units

ATASCOCITA (REBusiness Online) – GenCap Partners Inc. has begun construction on The Sarah at Lake Houston, a 350-unit multifamily project at 17810 W. Lake Houston Pkwy.

The 17-acre community will offer one-, two-, and three-bedroom units ranging from 560 to 1,616 sf. 

Units will have nine-ft ceilings, wood-style flooring, quartz countertops with tile backsplashes, custom cabinets, and stainless steel appliances. 

Amenities will include a club area, private party room, fitness center, pool with a sundeck and cabanas, onsite spa, and pet park. 

Completion is slated for second quarter 2020. 

JHP Architects is designing the project, and Oden Hughes Taylor Construction is the general contractor. Amegy Bank provided construction financing. 

JLL and Vickery & Associates ​represented GenCap Partners in the land acquisition.
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.

NRG consolidating in Waller Industrial Park 

WALLER (Archway Properties) – NRG Manufacturing, Inc. will consolidate its manufacturing, testing, and regional office at Waller Industrial Park. 

As part of the relocation, NRG and developer ​Archway Properties are renovating an existing 144,500-sf facility on 14.6 acres. 

Additionally, Archway is building a state-of-the-art component manufacturing and separate test facility totaling 94,400 sf on the adjacent 16 acres. 

Construction is underway and will wrap up in November 2019. 

The development team includes ARCO Design/Build Southwest, Method Architecture, and Archway Advisors. 

Archway Advisors represented the landlord in the lease transaction. 
Email Notification graphic
Did you know you can get notified every time one of our new economic reports is released? Check out our email notification feature to get the latest economic data sent directly to your email inbox for free. 

First multifamily near McKinney Falls breaks ground 

AUSTIN (Austin Business Journal) – Daniel Corp. has begun construction on a 264-unit luxury apartment community on 20 acres along E. William Cannon Dr. near McKinney Falls State Park.

The property at 7106 Janes Ranch Rd. ​will have one-, two-, and three-bedroom units. Units will have granite countertops, stainless steel appliances, and high ceilings.

Community amenities will include a clubhouse, pool, fitness center, outdoor fireplace, green space, and a private wooded trail.

The project will be one of the first multifamily communities in the immediate vicinity of McKinney Falls, an area that has seen tremendous growth in single-family homes.

Daniel is developing the community with CNL Financial Group Inc. Rampart Construction Company is the general contractor and Group4 Designs is the architect.

Completion is slated for late 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.

Hyde Park sold, getting upgrades

AUSTIN (REBusiness Online) – Hyde Park at Wells Branch, a 29.3-acre, 576-unit multifamily property at 2801 Wells Branch Pkwy., has been sold.

Built in 1999​, the property offers two pools, outdoor grilling areas, a fitness center, and a dog park.

The new ownership will implement a capital improvements program that will upgrade cabinets, lighting, plumbing, and amenity spaces.

Hunt Real Estate Capital provided a $55.2 million Freddie Mac acquisition loan for the buyer.

315-unit senior-living community coming to Georgetown

GEORGETOWN (REBusiness Online) – A partnership between MedCore Partners, The National Realty Group, and Watermark Retirement Facilities will develop a 225-unit housing community for seniors.

The 13.2-acre property will have 125 independent-living, 80 assisted-living, and 20 memory-care units.

A second phase will add 90 independent-living residences to the project, bringing the total unit count to 315.

Construction will​ begin in January 2020 and wrap up ​​​in summer 2021.
Free land data ad
Looking for reliable rural land data for Mississippi, Louisiana, Alabama, and Texas? We've got you covered. Get the data exclusively from the Real Estate Center.
Twitter
Facebook
LinkedIn
Instagram
Copyright © 2019, All rights reserved.
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.
https://www.recenter.tamu.edu/news/recon/?Item=289
RECON for July 5, 2019RECON for July 5, 2019Bryan PopePope
2019-07-05T05:00:00Z2019-07-05T05:00:00Z

RECON Real Estate Center
Aerial view of an oil refinery outside of Houston
Continued job and population growth, a growing e-commerce enterprise, and heightened activity in the Port of Houston are driving demand for industrial space across the Houston metro. A record-breaking 20.5 million sf was under construction in second quarter 2019, according to a CBRE report. The details are in today's RECON. (Photo from Center files.)
July 5, 2019

Average Texan pays $295 in monthly energy costs

​​​​​WASHINGTON (WalletHub) – The average Texan pays $295 per month for energy, the 19th-lowest cost in the nation, according to WalletHub.

The Lone Star State had the 11th-highest cost for electricity at $140. It was 28th in motor fuel ($134) and 39th in natural gas ($20).

Texans on average pay nothing each month for home heating-oil.

Connecticut residents pay the most for their energy at $373. People in the District of Columbia have the lowest cost at $204.
Texas housing at a glance

Record-breaking 20.5M sf of industrial space underway in Houston

​​​​HOUSTON (CBRE) – A record-breaking 20.5 million sf of industrial space was under construction in the Houston area in second quarter 2019, according to a CBRE report.

During the same period, 11.2 million sf of new industrial space ​broke ground, bringing the year-to-date starts total up to 13.6 million sf.

Industrial absorption climbed out of negative territory this quarter with a strong 2.9 million sf of industrial space absorbed in 2Q2019. 

Vacancy jumped ten basis points to 5.5 percent.

Continued job and population growth, a growing e-commerce enterprise, and heightened activity in the Port of Houston are driving demand for industrial space across the metro.
Helping Texans make better real estate decisions since 1971

American Landmark acquires four DFW apartments

​​​​DALLAS-FORT WORTH (REBusiness Online) – ​​Tampa, Fla.-based ​​​​American Landmark Apartments has acquired four communities totaling 1,616 units across the Metroplex.

The properties are the:
  • 490-unit Meadows at Bedford at 1400 Sierra Springs Dr. in Bedford;
  • 440-unit Remington Hill Apartments at 5701 Overton Ridge Blvd. in Fort Worth;
  • 226-unit Rock Ridge Apartments ​at 305 Ranch Dr. in Arlington; and
  • 460-unit Summer Villas​ at 17717​ Preston Rd. in Dallas.
Other than Rock Ridge, which was built in 2003, all the properties were built in the 1980s and were between 91 and 96 percent occupied at the time of sale.

The five-property, $246.7 million portfolio also included a 232-unit asset near ​Nashville, Tenn. 

American Landmark will invest about $18 million in upgrading the properties. 
Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:

Demolition begins on San Jacinto Mall

​BAYTOWN (Connect Media) – Fidelis Real Estate Partners has begun demolition work on the main structure of the San Jacinto Mall.

The open-air project, called San Jacinto Marketplac​e, will have​​​ 1.1 million sf of retail space, 80,000 sf of office space, 20 restaurants, and a festival and concert venue. 

Tenants will include JCPenney, Premier Cinema, and Macy's. 

The first phase of the development at I-10 E. and Garth Rd. will open in late 2020.

The former Ward's and Bealls buildings have already been demolished. 

Fidelis purchased the property in 2015. When it opened in 1981, it was the single-largest property and sales taxpayer for the city.

193K-sf industrial pair sold

DALLAS (Marcus & Millichap) – Two area industrial properties totaling 192,797 sf have been sold.

Stericycle Inc. at ​945 W. Pleasant Run Rd. totals 126,490 sf. Marcus & Millichap brokered the 1031 exchange.

NAI partnered with Marcus & Millichap on the sale of 4343-4345 Sigma Dr., a 66,307-sf building pair​.
Subscribe to RECON if you haven't already. Click here to go to our website.
If not, click here to head to our website, where you can fill out this simple form for free. Once you do, the biggest headlines in Texas real estate will come straight to your inbox twice a week. Oh, and did we mention it's free?

Strode sells Southlake retail

SOUTHLAKE (Connect Media) – Strode Property Co. has sold Kimball Oaks, a 126,654-sf retail center, to a private exchange buyer.

The 15-acre property at 2231 E. Southlake Blvd. opened in 2014. At the time of sale, it was 97 percent occupied. 

Anchor tenants included PGA Tour Superstore, Marshall's, Tuesday Morning, and Bassett Furniture.​

Disney Investment Group represented the seller and procured the buyer.​

JV picks up affordable Austin housing

​​AUSTIN (REBusiness Online) – A joint venture between the Community Development Trust, the Housing Authority​​ of the City of Austin, and the Austin Affordable Housing Corp. has purchased The Bridge at Asher Apartments.

Built in 2003, the 452-unit affordable housing community sold for $70 million. 
Texas Realtors quote about Real Estate Center
Twitter
Facebook
LinkedIn
Instagram
Copyright © 2019, All rights reserved.
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.
https://www.recenter.tamu.edu/news/recon/?Item=288
RECON for July 2, 2019RECON for July 2, 2019Bryan PopePope
2019-07-02T05:00:00Z2019-07-02T05:00:00Z
RECON Real Estate Center
Barn painted like Texas flag in green grass on a clear day
According to Texas Realtors, small land sales volume and median price in the Lone Star State experienced strong growth last year. For the second year in a row, the total dollar volume topped $1 billion. Keep scrolling through RECON for the details on this story and more. (Photo from Center files.)
July 2, 2019

Texas small land sales volume tops $1B for second straight year

​​​​​​​​AUSTIN (Texas Realtors) – ​​Texas small land sales volume and median price experienced strong gains in 2018, while total dollar volume topped $1 billion for the second year in a row, according to the 2019 Texas Small Land Sales Report by Texas Realtors.

​For the sixth straight year, Texas recorded a statewide increase in small land sales volume, with sales increasing 5.9 percent annually to 8,036 tracts sold. The average price per acre grew 5.13 percent year over year to $5,804 an acre.

Small land sales in West Texas (Region​​ 3), Gulf Coast-Brazos Bottom (Region 5), and Austin-Waco-Hill Country (Region 7) all experienced double-digit percentage gains in 2018. Conversely, small land sales volume in the Panhandle and South Plains (Region 1), Northeast Texas (Region 4), and South Texas (Region 6) regions all had declines.

The definition of a “small” land sale varies by region but is generally a sale of 200 acres or less. The exception is Far West Texas (Region 2), where 500 to 8,000 acres qualifies as a small land sale.

According to the report, average tract size for small land sales fell 8.3 percent to 33 acres. However, Regions 1 and 6 experienced increases, growing 29 percent and 5.5 percent, respectively.​

"Statewide, smaller properties are growing in popularity with many being purchased as an expansion of a larger property, especially in sub-markets right outside of the large metro areas," said Real Estate Center Research Economist Dr. Charles Gilliland. "With housing prices increasing statewide, there is demand for more subdivision developments, and, thus, more tracts are being purchased for pre-development."

The Center has rural land data ​online for free. For more information on Texas' land market regions, ​read Characteristics of Texas Land Markets: A Regional Analysis ​by Center Assistant Research Economist Dr. Erin Kiella. ​

Texas Land Markets map

Hilltop Residential secures 246-unit Waterside at Mason

RICHMOND (Holliday Fenoglio Fowler) – Hilltop Residential has secured acquisition financing for Waterside at Mason, a 246-unit, Class A apartment community at 1901 Waterside Village Dr.

Situated on 6.6 acres, the property has one- and two-bedroom units averaging 867 sf. 

Amenities include a resort-style pool, fitness center, conference room, recreation room, in-unit washers and dryers, walk-in closets, and patios or balconies.

HFF worked exclusively on behalf of the borrower to arrange the five-year, fixed-rate loan with interest-only payments.
The Real Estate Center will close at noon on Wednesday, July 3. We will resume normal business hours on Friday, July 5. Happy Independence Day!

Austin office quarterly absorption, asking rates hit historic highs

​​​​AUSTIN (CBRE) – As the first half of the year closes out, the Austin office market registered a historic high in absorption levels, surpassing 1.1 million sf of positive net demand.

According to CBRE, that absorption was largely driven by tenants occupying preleased space in newly constructed buildings.

With resounding tenant demand and ever-increasing operational costs, the citywide average asking rent rose to $37.79 per sf, another historic high.

​The increase in asking rents this quarter was softer than previously seen, which could suggest that rents are starting to level out throughout the market. 

Vacancy fell 30 basis points to 9 percent. Preleasing activity in new product has remained strong, with more than half of the development pipeline having been taken.
total recall
What's happening around the Center? Last month, we received three awards for our publications. We also published several articles to our online research library. Read the June 2019 issue of Total RECall to stay up to date, and sign up to join the VIP list.

Work starts on San Pedro Creek multifamily

​​​SAN ANTONIO (San Antonio Express-News) – ​​Cleveland-based NRP Group has started work on Acero, a $56 million multifamily project along San Pedro Creek. 

The 323-unit apartment complex ​​​will have one-, two-, and three-bedroom floor plans across five buildings. There will be surface and garage parking, bike storage, a ​dog park, and pet wash. 

Acero will have a mix of market-rate and affordable units.

The San Antonio Housing Trust Public Facility Corp., a nonprofit that aims to create affordable housing, is working with NRP.

Delivery is set for spring 2021.
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. 

Capital City retail steadily moving along 

​​​​​​​​​​​AUSTIN (CBRE) – Steady vacancy and increasing rents propelled​ the retail market forward in the second quarter, according to CBRE.

Market fundamentals remained solid, with vacancy holding steady and the average asking rate rising to $21.50 per sf.

Absorption fell over the quarter, yet still registered at 46,994 sf.

Last quarter, deliveries grew to 171,374 sf. Over 1.2 million sf of retail space was under construction.​

Much of the retail strength can be attributed to continued population growth.​
Email Notification graphic
Did you know you can get notified every time one of our new economic reports is released? Check out our email notification feature to get the latest economic data sent directly to your email inbox for free. 

Triple-branded hotel coming to Irving

IRVING (REBusiness Online) – Civitas Capital Group will develop three hotels totaling 320 rooms at Avion Business Park, a 50-acre development owned by KDC.

The three hotels will be within the same building and will carry the brands EVEN (110 rooms), Staybridge Suites (115 rooms), and Avid (95 rooms), a new brand by Intercontinental Hotel Group.

Construction is scheduled to begin during first quarter 2020, with completion slated for fourth quarter 2021.
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.

Old Three Hundred Capital buys 141 SA units

SAN ANTONIO (REBusiness Online) – Old Three Hundred Capital has purchased the Brix at Terrell Hills, a 141-unit apartment property at 2447 Harry Wurzbach Rd. 

Situated on 4.4 acres, the property encompasses studio and one- and two-bedroom floor plans averaging 800 sf.

Amenities include a pool, outdoor grilling area, business center, and onsite laundry facilities.

Berkadia represented the seller in the transaction. 
Free land data ad
Looking for reliable rural land data for Mississippi, Louisiana, Alabama, and Texas? We've got you covered. Get the data exclusively from the Real Estate Center.
Twitter
Facebook
LinkedIn
Instagram
Copyright © 2019, All rights reserved.
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.
https://www.recenter.tamu.edu/news/recon/?Item=287

 Search RECON Issues