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Texas-Affordable-Workforce-Housing-Brokerage-Panel
Affordable HousingConference CoverageMarket ReportsMultifamilyTexasTexas Market Reports

InterFace Panel: Texas Affordable Housing Sales Volume Should Rebound Marginally in 2025

by Taylor Williams

By Taylor Williams DALLAS — As is the case for many commercial asset classes and markets in 2025, there is an expectation of elevated deal volume for investment sales of affordable housing properties in Texas. But brokers in that space caution that the rebound will likely be marginal and is not necessarily indicative of ideal market conditions taking hold. A quintet of panelists broke down this notion and others at the InterFace Texas Affordable & Workforce Housing conference on Feb. 13 at the Westin Galleria Dallas hotel. Mary Ann Bennett, senior managing director at BBG Real Estate Services, moderated the discussion on investment sales activity. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. Panelist Michael Furrow, senior vice president of affordable housing at commercial finance firm BWE, took the audience of 200-plus back in time to illustrate just how quiet the past two years had been. He did so by providing statistics on affordable housing sales for Dallas-Fort Worth (DFW) between 2021 — when multifamily rents and sales prices were peaking across the board — and 2024, when they …

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Whitis-Hall-UT-Austin
DevelopmentMultifamilyStudent HousingTexas

Balfour Beatty, UT Austin Underway on $145M Student Housing Project

by Taylor Williams

AUSTIN, TEXAS — Balfour Beatty Campus Solutions and the University of Texas at Austin are underway on construction of a $145 million student housing project. The development will replace a six-building, 200-bed student housing complex located along Whitis Avenue on the northwestern part of the campus with a 1,070-bed building. The new student housing building will feature a mix of single and double rooms with community bathrooms, an area housing office and a variety of student amenities, including lounges, study spaces and a university-managed conference center. Clark Nexsen and Levy Dykema are the project architects, and Andres Construction is the general contractor. Demolitions of existing structures and preliminary sitework work commenced in June 2024, and the new facility is scheduled to open in advance of the fall 2027 semester.

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Gateway-Logistics-Park-El-Paso
DevelopmentIndustrialTexas

Provident Breaks Ground on 497,280 SF Industrial Project in El Paso

by Taylor Williams

EL PASO, TEXAS — Dallas-based development and investment firm Provident has broken ground on a three-building, 497,280-square-foot industrial project in El Paso. The project, all buildings of which will feature rear-load configurations, represents Phase IV of Gateway Logistics Park. Buildings 4 and 5 will each span 147,420 square feet and will have a shared 205-foot truck court. Building 6 will total 202,440 square feet and will have a 130-foot truck court and 44 trailer parking stalls. Completion is slated for early 2026. The first three phases of Gateway Logistics Park added 921,759 square feet of space to the local supply. Last fall, in two separate transactions, Provident sold three buildings within the development to Philadelphia-based EQT Exeter: two buildings totaling 576,365 square feet in August and a 345,394-square-foot building in September.

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IndustrialLoansSelf-StorageTexas

Joint Venture Receives $21M Construction Loan for Self-Storage Redevelopment in Irving

by Taylor Williams

IRVING, TEXAS — A joint venture between LaTerra Development and Platinum Storage has received a $21 million loan for a self-storage redevelopment project in Irving. The site at 2488 Market Place Blvd. formerly supported retail use and is adjacent to an existing Home Depot store and a future H-E-B grocery store. The project will transform the former retail site into a 195,000-square-foot facility. The number of units was not disclosed, but the facility will feature climate-controlled space and RV storage capabilities. An affiliate of New York City-based Andover Properties provided the loan.

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LoansMultifamilyTexas

UC Funds Provides $11M Acquisition Loan for Multifamily Portfolio in Northwest Texas

by Taylor Williams

BOSTON — UC Funds, a Boston-based debt fund, has provided an $11 million acquisition loan for a portfolio of four multifamily properties in northwest Texas totaling 275 units. Known as the Medlock Portfolio, the properties are located in Amarillo, Lubbock and Plainview. The loan carries an 18-month term, and the undisclosed sponsor will use a portion of the proceeds to fund stabilization and lease-up costs. Additional details of the transaction were not disclosed.

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IndustrialLeasing ActivityLee & AssociatesTexas

Lee & Associates Negotiates 22,500 SF Industrial Lease in Northeast Austin

by Taylor Williams

AUSTIN, TEXAS — Lee & Associates has negotiated a 22,500-square-foot industrial lease in northeast Austin. The space is located within Building 1 of Springdale Business Center, which according to LoopNet Inc. totals 69,000 square feet and features 24-foot clear heights. Adam Green and Luke Boykin of Lee & Associates represented the landlord, Mississippi-based EastGroup Properties (NYSE: EGP), in the lease negotiations. The name and representative of the tenant were not disclosed.

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AcquisitionsMultifamilyTexas

AvalonBay Agrees to Acquire Dallas-Fort Worth Multifamily Portfolio for $431.5M

by Taylor Williams

DALLAS — Virginia-based multifamily REIT AvalonBay Communities (NYSE: AVB) has agreed to acquire a portfolio of six multifamily properties totaling 1,844 units in the Dallas-Fort Worth (DFW) metroplex for $431.5 million. The seller is BSR REIT, and the deal is expected to close in the second quarter. The properties — Auberry at Twin Creeks, Satori Frisco, Vale Frisco, Aura Benbrook, Lakeway Castle Hills and Wimberly — were all built between 1995 and 2021 and range in size from 216 to 349 units. AvalonBay acquired the portfolio in conjunction with two Austin-area communities that sold for $187 million.

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AcquisitionsIndustrialOfficeTexas

BH Properties Buys 374,085 SF Legacy R&D Business Park in Plano, Plans Industrial Conversion

by Taylor Williams

PLANO, TEXAS — California-based investment firm BH Properties, which also has two offices in Texas, has purchased Legacy R&D, a 374,085-square-foot business park in Plano that the company plans to convert to industrial use. The 40-acre property consists of seven buildings that were 58 percent leased at the time of sale. Elizabeth Malone and K.C. Scheipe of Eastdil Secured represented the undisclosed seller in the transaction. The new ownership has tapped Stream Realty Partners to lease the park, including to prospective life sciences users.

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Airport-Bend-Commerce-Center-Irving
DevelopmentIndustrialTexas

Alliance Industrial Breaks Ground on 201,221 SF Distribution Center in Irving

by Taylor Williams

IRVING, TEXAS — Houston-based developer Alliance Industrial has broken ground on Airport Bend Commerce Center, a 201,221-square-foot distribution building in Irving. The 13.2-acre site formerly housed the office operations of retailer Michaels. The development will feature two rear-load buildings totaling 171,608 and 29,613 square feet with 32-foot clear heights. Project partners include Seeberger Architecture, Langan Engineering, Alliance Industrial Builders and Stream Realty Partners. Completion of Airport Bend Commerce Center is slated for the first quarter of 2026.

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DevelopmentRetailTexas

Weitzman Completes Renovation of 78,914 SF Shopping Center in Irving

by Taylor Williams

IRVING, TEXAS — Weitzman has completed the renovation of Grande Center, a 78,914-square-foot shopping center in Irving. The project involved resurfacing the center’s stucco façade and updating tenant and pylon signage with new lighting and color schemes. The renovation also revamped Grande Center’s signature building and created additional tenant visibility. Weitzman acted as the project manager, with Hodges & Associates and Preston Pierce Construction acting as architect and general contractor, respectively.

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