DEL CITY, OKLA. — Home Invest, a private investment firm and fund manager, has acquired Morgan Terrace, a 100-unit apartment complex in Del City, located southeast of the state capital. The sales price was $3.7 million, and the seller was an undisclosed, California-based investor. According to Apartments.com, Morgan Terrace was built in 1964 and offers one-, two- and three-bedroom units, as well as a courtyard and onsite laundry facilities.
By Joe Lutz, managing director at Leon Multifamily Group Market uncertainty has many real estate investors hesitating. Rising costs, high interest rates and shifting supply demand dynamics add to the caution. Yet Dallas-Fort Worth (DFW) remains a powerhouse in multifamily development, driven by strong demand and solid market fundamentals. For those willing to act, the opportunities are hard to ignore. Investor caution is evident, with a “stay alive through ’25” mentality reflecting economic pressures. Transaction volumes have dropped to historic lows. Newmark Capital Research (NCR) reports that 2023 and 2024 saw the weakest activity since 2013, with sales down 30 percent compared to the pre-COVID era. For the first time since 2008, 2023 ended without the usual year-end sales uptick, and 2024 data suggests a similar trend. While some feared a market collapse, conditions haven’t reached Great Financial Crisis levels. The multifamily sector faces supply imbalances and growing debt pressures. Construction starts hit their lowest levels since 2013, while completions exceeded new starts by over 200,000 units — a gap unseen since the 1970s, according to data from NCR. The surge in 2023 completions resulted from post-COVID low-interest-rate incentives, but now concerns over vacancies, concessions and stagnant rent growth linger. …
HOUSTON — ACMI Properties, the development arm of the American Center for Manufacturing & Innovation, will develop Exploration Park, a 1.5 million-square-foot build-to-suit industrial park in southeast Houston. The site spans 207 acres on NASA’s Johnson Space Center campus. Plans for Exploration Park currently call for as many as 22 buildings ranging in size from 15,000 to 500,000 square feet with 24- to 30-foot clear heights and rear- or side-load configurations. Construction is expected to begin in the second quarter and to be complete late 2026. JLL has been tapped as the leasing agent.
NEW CANEY, TEXAS — The East Montgomery County Improvement District (EMCID) is underway on construction of a 210,000-square-foot convention center within the Valley Ranch master-planned development in New Caney, a northeastern suburb of Houston. The facility will feature a 55,000-square-foot ballroom/exhibit hall, nearly 20,000 square feet of meeting space and approximately 25,000 square feet of pre-function and lobby space and outdoor courtyards. Plans also call for an attached 813-space parking garage and connection to a full-service hotel. Completion is slated for fall 2026. Signorelli Co. is the master developer of Valley Ranch and previously owned the land on which the facility will be located.
NORTH RICHLAND HILLS, TEXAS — Merlin Entertainments, an operator based in the United Kingdom, has opened a theme park in North Richland Hills, a suburb of Fort Worth, that is dedicated to children’s character Peppa Pig. The site formerly housed a Mountasia Family Fun Center, and the new park features multiple rides, interactive attractions, themed playscapes and shows. Merlin Entertainments, which also operates facilities for concepts including Legoland and Sea Life Aquariums, has a licensing agreement with toymaker Hasbro, which owns the intellectual property rights to Peppa Pig and associated characters. Merlin Entertainments announced the concept in spring 2023.
HOUSTON — CDC Houston, a subsidiary of Coventry Development Corp., has begun the renovation of the 128-room Residence Inn Houston City Place hotel. Built on 3.3 acres in 2015, the hotel is located within the 2,000-acre City Place master-planned community on the city’s north side. Suites feature full kitchens and separate living, working and sleeping areas. Amenities include an event space, a sport court, outdoor pool, onsite laundry facilities and a convenience store. Arkansas-based Julian Builders is leading design and construction of the project, which is expected to be complete in the second quarter.
AUSTIN, TEXAS — Marcus & Millichap has brokered the sale of an 86-room hotel in North Austin. The Best Western Plus Executive Residency Austin — Round Rock was built on 2.7 acres in 2019 and offers amenities such as a pool, fitness center and onsite laundry facilities. Chris Gomes of Marcus & Millichap represented the seller in the transaction and procured the buyer with support from Allan Miller of Marcus & Millichap. Both parties requested anonymity.
HOUSTON — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Park at San Marino, a 384-unit apartment community in West Houston. Built on 13 acres in 1984, The Park at San Marino offers one-, two and three-bedroom units, according to Apartments.com. The average unit size is 852 square feet. Amenities include a pool, fitness center, business center and a dog park. Greg Austin, Travis Austin, Jackson Hart, Will Balthrope and Kyle Devillier of IPA represented the seller and procured the buyer, both of which were limited liability companies, in the transaction. The sales price was not disclosed.
LEWISVILLE, TEXAS — Locally based investment firm M2G Ventures has acquired a 188,000-square-foot industrial complex in the northern Dallas suburb of Lewisville. Known as Lewisville 121 by virtue of its location along State Highway 121, the property comprises six buildings on an 11-acre site. The buildings were constructed between 1991 and 2007 and feature 19- to 33-foot clear heights. M2G Ventures acquired Lewisville 121, which was 96 percent leased at the time of sale, in partnership with Austin-based Evergen Equity. The new ownership will implement a value-add program and has tapped Stream Realty Partners as the leasing agent.
CELINA, TEXAS — The Home Depot (NYSE: HD) will open a new, 105,000-square-foot store in the North Texas city of Celina. The address was not disclosed, but local news outlet WFAA reports that the store will be located at the northwest corner of Ownsby Parkway and Preston Road, across from a future Lowe’s Home Improvement store and next to a planned Costco. The Atlanta-based home improvement retailer expects to obtain a certificate of occupancy by the end of July 2026 and to commence operations shortly thereafter.