IRVING, TEXAS — FOX-owned local television station KDFW-TV/KDFI-TV will open a new 50,000-square-foot studio in Irving via construction of a two-story building at 2203 W. Royal Lane in the Las Colinas district. The entire network staff of about 170 people will relocate to the new studio, which will feature a newsroom, offices, technical suites, podcasting studios and other content-creation facilities. Construction is scheduled to begin in the fourth quarter, and the facility is expected to be operational by 2026.
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Multifamily Markets See Silver Lining Despite Economic Headwinds
Like other property sectors, rental housing assets have experienced big swings in fortunes over the past few years. Historically high rent growth during the pandemic came to a halt amid new supply in many markets. And the end of cheap debt has stymied investment sales and is stressing investors who paid handsomely for apartments using short-term financing. But the situation could be worse. Housing remains in high demand, and despite higher mortgage rates and a collapse in home sales, a severe lack of inventory on the market continues to prop up home values and price out would-be buyers. In May, home prices across the country increased 5.9 percent over the previous year, according to the latest S&P CoreLogic Case Shiller U.S. National Home Price NSA Index. Rental housing owners and operators are the obvious beneficiary of those challenges, says Ivy Zelman, executive vice president and co-founder of Zelman & Associates, a Walker & Dunlop company that provides housing research, analysis and consulting. Move-outs attributed to home purchases clearly illustrate the trend. An apartment and single-family rental operator in Phoenix recently told Zelman that such move-out activity has dropped to about 13 percent from an historical average of 30 percent, she …
OKLAHOMA CITY — Dallas-based Mintwood Real Estate has begun leasing The Residences at OAK, a 320-unit apartment community in Oklahoma City. The site is situated within OAK, a 20-acre mixed-use project by Veritas Development that will feature 135,000 square feet of retail space, a 132-key boutique hotel by Gatehouse Capital and a 7,000-square-foot green space as part of its initial phase of development. The Residences at OAK features studio, one-, two- and three-bedroom floor plans. Amenities include a fitness center, children’s playroom, pool and elevated courtyards. The first move-ins are slated for late August. Rents start at about $1,500 per month for a studio apartment.
CARROLLTON, TEXAS — Locally based investment firm S2 Capital has acquired The Place at Saddle Creek, a 238-unit apartment community located in the northern Dallas metro of Carrollton. According to Apartments.com, the property was built in 1983 and offers one- and two-bedroom units. Select residences feature modern finishes such as quartz countertops, stainless steel appliances, balconies, fireplaces and upgraded flooring. Amenities include a pool, fitness center, pickleball and tennis courts, outdoor grilling and dining stations, business center and a dog park. S2 Capital, which assumed the undisclosed seller’s existing fixed-rate loan, plans to continue with capital improvements and rebrand the property as Brookbend.
CONROE, TEXAS — Dallas-based investment sales brokerage firm STRIVE has arranged the sale of Teas Crossing, a 57,612-square-foot shopping center in Conroe, about 40 miles north of Houston. Built in 2008, the center was 70 percent leased at the time of sale to tenants such as Verizon Wireless, Benihana, Firehouse Subs and Massage Envy. Jake Dutson and Adam Gottschalk of STRIVE represented the seller, Houston-based development and investment firm Read King Commercial, in the transaction. John Harry of John Harry Realty Advisors represented the buyer, an undisclosed, Houston-based 1031 exchange investor.
AMARILLO, TEXAS — Coldwell Banker Commercial First Equity has negotiated a 51,848-square-foot office lease in Amarillo. The 237,204-square-foot building at 701 S. Taylor St. is located in the downtown area. Rachel Shreffler of Coldwell Banker represented the landlord, an entity doing business as 1908 Properties LLC, in the lease negotiations. The name and representative of the tenant were not disclosed, but the space can support more than 300 employees.
HOUSTON — Colliers has brokered the sale of a 25,992-square-foot industrial building that sits on a 2.2-acre site in southwest Houston. According to LoopNet Inc., the single-tenant building at 4303 South Drive was constructed in 2006 and features 30-foot clear heights. Christopher Winters and Walter Menuet of Colliers represented the seller, Glenmorangie LLC, in the transaction. Michael Stavinoha with Dominion International Group | eXp Realty represented the undisclosed buyer.
TAYLOR, TEXAS — The City Council of Taylor, a northern suburb of Austin, has approved a proposal and economic development agreement for a $225 million data center project, according to multiple publications, including the Austin Business Journal, Taylor Press and Community Impact Newspaper. Taylor Press reports that the city council approved the proposal during its meeting on Aug. 8, voting unanimously to grant tax rebates to Austin-based data center owner-operator BPP Projects. Taylor Press also reports that the project will be developed on 52 acres of city-owned land, and that construction will be carried out in three phases, each of which will deliver 45,000 square feet of space. Construction could begin as soon as next summer. Community Impact Newspaper reports that the city council approved a 10-year, 50 percent tax rebate for each phase of construction on the data center. In addition, the outlet states that BPP will also receive a 50 percent rebate on the local use tax collected on materials used during construction. Multiple publications report that the city’s economic development department expects the project to generate more than $1 billion in capital investment for the region over the next decade. The company has also agreed to guarantee …
PFLUGERVILLE, TEXAS — Los Angeles-based investment firm Decron Properties has acquired Citizen House Pflugerville, a 334-unit apartment community located on the northern outskirts of Austin. The garden-style property houses one- and two-bedroom units that are furnished with quartz countertops, stainless steel appliances, wood-style flooring and walk-in closets. The amenity package comprises a pool with a spa and cabanas, clubhouse with a demonstration kitchen and coffee bar, a two-level fitness center with virtual training capabilities, an outdoor entertainment lounge, package lockers and a dog park. The seller and sales price were not disclosed.
GRAPEVINE, TEXAS — Chicago-based investment firm Equity Residential has purchased Marlowe Grapevine, a 324-unit apartment community located in the northern-central part of the Dallas-Fort Worth metroplex. The property was built on 15 acres in 2023. According to Apartments.com, Marlowe Grapevine features one-, two- and three-bedroom units that range in size from 705 to 1,693 square feet. Amenities include a pool, fitness center, clubhouse, lounge, spa and a pet play/washing area. Equity Residential purchased the property from a partnership between Greystar and Carlyle Group for an undisclosed price. Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill and Shelby Clark of Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the deal.