LUBBOCK, TEXAS — Tangram Interiors, a Dallas-based interior design firm, has opened a new office at 6510 70th St. in Lubbock. Britni Wilkens, a sales executive with the company, will lead the Lubbock office, which is the seventh for Tangram Interiors. The company’s other five offices are located in California. Tangram Interiors is the flagship dealer for office furniture manufacturer Steelcase, which recently opened a new showroom in Dallas.
LAREDO, TEXAS — SE Legacy Development LLC, a development firm founded by the Walker Family, has broken ground on a $7.4 billion master-planned project in South Texas. The development, named Talise, will be situated on 13,000 acres north of Laredo in an unincorporated portion of Webb County. Situated at the intersection of I-35, U.S. Highway 83 and Texas Highway 255, Talise will feature thousands of single-family and multifamily residences, an industrial and manufacturing park, town center retail space, regional airport and a newly discovered water source. The name Talise is a term with Native American-Iroquoian roots meaning “lovely water.” The Walker Family, a multi-generational entity that has owned ranch land spanning more than 250,000 acres over the course of its history, owns the land for Talise and is investing $1.6 billion in the development. The Walker Family discovered the water source on the land and is proposing a way to use the resource as an alternative solution to current water shortages in Laredo and Webb County. The newly established Legacy Water Supply Corp. is proposing a method to treat 50 million gallons of water within the Talise land holdings daily. SE Legacy Development is drilling 40 water wells to access …
By Taylor Williams The multifamily markets of Austin and San Antonio — two of the fastest-growing cities in the country over the last decade — are on pace to deliver above-average volumes of new apartments in 2024, causing some industry experts to express concerns of potential oversupply. The origins of oversupply are not hard to trace, assuming the average apartment project in those markets takes about four years to complete from the time the site is identified and the entitlement and permitting processes begin to when the property is stabilized. Call it five years for some projects that experienced delays due to COVID-19. But in either case, the current wave of new product was largely financed at historically low interest rates at a time when healthy rent growth was easily underwritten. Demand was there, so developers supplied. And for similar reasons, the distress should be short-lived. With interest rates having risen by 400-plus basis points over the last two years and cuts for 2024 looking increasingly less likely, 2025 should be a year of very few new construction starts. Many owners that are delivering product this year will want to allow time for excess supply to be absorbed and see …
CORPUS CHRISTI, KILLEEN, NOLANVILLE AND HUNTSVILLE, TEXAS — Berkadia has brokered the sale of a portfolio of four manufactured housing properties totaling 544 sites in Texas. Two of the properties, the 126-site Clear Creek and 98-site Cimarron Park Estates, are located in the Central Texas cities of Killeen and Nolanville, respectively. The 295-site Gateway MHC is located in Corpus Christi, and the 61-site Hidden Valley is located north of Houston in Huntsville. Ian Hilpl, Kevan Enger, Brian Hummell and Hunter LaRocca of Berkadia represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.
SAN ANTONIO — A partnership between Bitterblue Inc., Morgan Group and the San Antonio Housing Trust is nearing completion of Caroline at Rogers Ranch, a 351-unit mixed-income residential project located on the north side of San Antonio. Units come in one-, two- and three-bedroom floor plans, with 176 residences reserved for households earning between 60 and 80 percent of the area median income. Amenities include a pool, fitness center, business center, resident clubhouse and a game lawn. Davies Collaborative designed the project. Construction began in early 2022, and the first residents have begun moving in over the past several months. Full completion is slated for later this year. Rents start at $1,250 per month for a one-bedroom market-rate apartment.
MELISSA, TEXAS — Greysteel has arranged an undisclosed amount of construction financing for Wolf Creek Farms, a 343-unit build-to-rent residential project in Melissa, located north of Dallas in Collin County. The project has a total price tag of $95 million. Homes will come in one-, two- and three-bedroom floor plans and will be situated on a 32-acre site. Residents will have access to amenities such as a pool, fitness center, dog park, courtyards and lounges. Construction is scheduled to begin in the fall and to be complete by the end of 2025. The developer is Dallas-based Welker Properties.
SAN ANTONIO — JLL has negotiated the sale of Jones & Rio, a 191-unit apartment complex located in the River Walk area of San Antonio. The property offers studio, one- and two-bedroom floor plans and amenities such as a pool, fitness center, resident lounge, rooftop terrace, coffee bar and outdoor grilling and dining stations. Robert Arzola, Ryan McBride and Robert Wooten of JLL represented the seller, Benefit Street Partners, in the transaction. The buyer and sales price were not disclosed.
HOUSTON — Howard Hughes Holdings Inc. (NYSE: HHH) has broken ground on One Bridgeland Green, a 49,000-square-foot, mass timber office project in northwest Houston. The site is located within the 925-acre Bridgeland master-planned development. The design team includes San Antonio-based Lake Flato and Houston-based Kirksey Architecture. Tellepsen is the general contractor for the project, which is slated for a summer 2025 delivery. JLL has been tapped as the leasing agent.
AUSTIN, TEXAS — A partnership between St. Louis-based developer Sansone Group and Principal Asset Management has broken ground on Austin Hills Commerce Center, a 134-acre industrial project. The site is located 10 miles south of downtown Austin near the Tesla Gigafactory, and plans for the development call for six buildings totaling roughly 1.3 million square feet. Burton Construction is the general contractor for the project, and Stream Realty Partners has been appointed as the leasing agent. Austin Hills Commerce Center will be developed in phases, and Phase I will consist of three buildings totaling 538,000 square feet that are slated for a second-quarter 2025 delivery.
DALLAS — Driftwood Capital, a Miami-based lender, has provided a $30 million mezzanine loan for the refinancing of the 1,841-room Sheraton Dallas Hotel. Built in 1959, the recently renovated hotel is located at 400 Olive St. in the downtown area and features 230,000 square feet of meeting and event space and five onsite restaurants in addition to standard hospitality amenities. The two-year, floating-rate loan includes three one-year extension options and supplements a $270 million senior loan provided by Goldman Sachs and JP Morgan Securities. The sponsor is San Francisco-based Chartres Lodging Group.