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AcquisitionsMultifamilyTexas

Haven Housing Acquires 309-Unit Apartment Community in Kyle, Texas

by Taylor Williams

KYLE, TEXAS — California-based investment firm Haven Housing has acquired Hays Park Apartments, a 309-unit apartment community located south of Austin in Kyle. The garden-style property sits on 14.9 acres and features a mix of one- and two-bedroom units with an average size of 807 square feet. Amenities include a clubhouse, two pools, fitness center with yoga studios and a business center. Kevin Dufour, Matt Pohl, Spencer Roy and Forrest Bass of Walker and Dunlop brokered the sale of the property. The seller and sales price were not disclosed. 

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LoansMultifamilyTexas

Northmarq Arranges Refinancing of 199-Unit Apartment Complex in Corpus Christi

by Taylor Williams

CORPUS CHRISTI, TEXAS — Northmarq has arranged a loan of an undisclosed amount for the refinancing of the 199-unit Wood River Apartments in Corpus Christi. Built in 1983, Wood River Apartments offers one-, two- and three-bedroom units across 17 two-story buildings, as well as a pool and pet facilities. Cheryl Higley and Ryan Shoars led the Northmarq team that arranged the nonrecourse loan, which carried a five-year term and a fixed interest rate. The direct lender and borrower were not disclosed.

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Market ReportsMultifamilyNew YorkNortheastNortheast Market ReportsTexasTexas Market Reports

Two Cures for High Rent

by Taylor Williams

By Jack Stone, managing director, Greysteel In the last week of June, two things happened in the American multifamily market that belong side by side: New York City froze rents, and the Dallas Fed confirmed  that Texas is drowning in apartments. One of those scenarios involves a market correcting itself. The other is a market being told to stop. In New York City, the Rent Guidelines Board voted seven to one to freeze rents on roughly 1 million rent-stabilized apartments, including zero percent on one- and two-year leases, the first two-year freeze in the board’s history. That action impacts about a quarter of all housing inventory in the city and roughly 40 percent of its rental units. In Texas, markets have kept doing what they’ve been doing for two years: bleeding. Both states are wrestling with the same underlying problem. Rents got too high for many people to afford. The difference is what each one decided to do about it, and that difference is the whole story. Texas is in pain, and the pain is honest. The Dallas Fed put numbers to it this spring. A pandemic-era construction boom, cheap money and aggressive bank lending dumped a historic wave of …

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The-Langley-Houston
DevelopmentMultifamilyTexas

StreetLights Residential Completes 134-Unit Apartment Building in Houston

by Taylor Williams

HOUSTON — Dallas-based developer StreetLights Residential has completed The Langley, a 134-unit apartment building located near Rice University in Houston’s Museum District. The Langley is a 20-story building that houses two- and three-bedroom units that range in size from 2,165 to 3,396 square feet. Residences are furnished with walk-in closets, wine coolers, various smart technology features and service kitchens with secondary refrigerators. Outdoor amenities include a pool, grilling and dining stations, outdoor yoga space and a dog run. Indoors, residents have access to a fitness center, lounge, library, coffee bar, conference room and a mailroom. Leasing began in February. Monthly rents start at $9,480.

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AcquisitionsRetailTexas

JLL Brokers Sale of 72,184 SF Shopping Center in Northwest Houston

by Taylor Williams

HOUSTON — JLL has brokered the sale of Vintage Marketplace, a 72,184-square-foot shopping center in northwest Houston. Whole Foods Market anchors the center, which was roughly 95 percent leased at the time of sale. Other tenants include Torchy’s Tacos, Orangetheory Fitness, MOD Pizza, Jersey Mike’s and Nothing Bundt Cakes. Ryan West, Chris Gerard and Erin Lazarus of JLL represented the undisclosed seller in the transaction. The buyer was Brixmor Property Group.

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IndustrialLeasing ActivityLee & AssociatesTexas

Hawk Logistics Signs 26,707 SF Industrial Lease in East Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Hawk Logistics has signed a 26,707-square-foot industrial lease in East Fort Worth. The space is located within Building 1 of the Riverbend East development. Tomas Wilson, Alex Wilson and Mark Graybill of Lee & Associates represented the tenant in the lease negotiations. Steve Trese and Brian Gilchrist of CBRE, along with Wilson Brown of HPI Real Estate Services & Investments represented the landlord, Leon Capital.

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IndustrialLeasing ActivityLee & AssociatesTexas

Lee & Associates Negotiates 20,092 SF Industrial Lease in McKinney, Texas

by Taylor Williams

MCKINNEY, TEXAS — Lee & Associates has negotiated a 20,092-square-foot industrial lease in the northern Dallas suburb of McKinney. The space is located within Building 2 at McKinney Trade Center. Brett Lewis and Taylor Stell of Lee & Associates represented the tenant, Blount Fine Foods Corp., in the lease negotiations. Ken Wesson and Adam Graham, also with Lee & Associates, represented the landlord, Chicago-based ML Realty Partners.

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The growing presence of first-time and out-of-market buyers throughout Texas suggests that investor confidence is beginning to return.
Content PartnerMultifamilyOfficeTexas

Why Texas’ Market Recalibration is Creating New Opportunities for Commercial Real Estate Investors

by Jaime Lackey

For much of the past several years, Texas commercial real estate markets have been characterized by a disconnect between buyer expectations and seller pricing. As interest rates increased and capital became more selective, transaction activity slowed while many property owners remained reluctant to adjust valuations. Today, that dynamic is changing. Across Texas, commercial real estate markets are undergoing a period of recalibration. While conditions vary by asset class and market, pricing expectations, capital availability and investor sentiment are gradually moving toward a new equilibrium. As that process unfolds, transaction activity is increasing and new opportunities are emerging for investors willing to take a long-term view. Transaction Activity is Beginning to Accelerate One of the clearest signs of improving market conditions is the return of transaction activity. As buyers and sellers become more aligned on pricing, more assets are trading and a broader range of investors are entering the market. Local investors remain active, while out-of-state capital continues to target Texas opportunities. In addition, many first-time buyers are pursuing acquisitions in markets and asset classes that may have seemed out of reach during previous market cycles. This increase in participation is helping restore liquidity and creating a healthier transaction environment. Rather …

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FORME-Houston
DevelopmentMultifamilyTexas

Raven Capital Completes 33-Story Multifamily High-Rise in Houston’s Museum District

by Taylor Williams

HOUSTON — Developer Raven Capital has completed FORME, a 33-story multifamily high-rise located at 5501 La Branch St. in Houston’s Museum District. Designed by LJC Design & Engineering and operated by Sentral, FORME features 475 units, including 55 boutique hotel suites. Residences range from 500-square-foot studios to 1,400-square-foot three-bedroom apartments, all of which are equipped with walk-in closets and smart-home technology. The property also features a pool and hot tub, 20,000 square feet of fitness and recovery areas and 20,000 square feet of coworking space with reservable offices and quiet zones. The 12th floor is occupied by The Branch on La Branch, a cocktail lounge and raw bar. Rents start at $1,750 per month for a studio apartment.

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AcquisitionsIndustrialSelf-StorageTexas

Versal Arranges Sale of 279-Unit U-Haul Storage Facility in Corpus Christi

by Taylor Williams

CORPUS CHRISTI, TEXAS — Self-storage brokerage firm Versal has arranged the sale of Action Storage U-Haul, a 279-unit facility in Corpus Christi. The property spans 51,164 net rentable square feet. Bill Bellomy, Michael Johnson, Logan Foster, Hugh Horne and Kirk Silas of Versal represented the seller, a locally based entity doing business as Mission Lake Estates Inc., in the transaction. The team also procured the buyer, Dallas-based Hinze Capital.

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