HOUSTON — Berkadia has negotiated the sale of Hollister Apartments, a 156-unit multifamily property in southeast Houston. Built in 1976 and renovated in 2019, Hollister Apartments features one-, two- and three-bedroom apartments. Newly renovated units range in size from 362 to 1,350 square feet. Amenities include two pools, a pet park, open green spaces and onsite laundry facilities. Chris Young, Joey Rippel and Kyle Whitney of Berkadia represented the seller, Southern California-based Sunstone Property Trust, in the transaction. Johnny King of Berkadia originated Freddie Mac acquisition financing on behalf of the buyer, New York-based Lone Star Capital.
PLANO, TEXAS — Locally based developer Billingsley Co. has begun construction on a 250,000-square-foot office building that will be located within International Business Park, a 300-acre campus in Plano. The project includes the development of a 584-space parking garage. The five-story building will be located adjacent to a 187,100-square-foot office building and a 9,000-square-foot amenity center that houses a fitness room, conference facilities, tenant lounge and a convenience mart. GFF Architects is designing the project, and Adolfson & Peterson Construction is the general contractor. JLL is the leasing agent. Completion is slated for spring 2023.
PLANO, TEXAS — A joint venture between High Street Residential and Principal Real Estate Investors has broken ground on Legacy Square, a 363-unit multifamily project in Plano. Units will be available in one-, two- and three-bedroom floor plans with private garages and patios/balconies available in select residences. Amenities will include a pool, courtyard with lounge seating, fitness center, clubroom, business center with conference facilities and four acres of open space. GFF Architects is designing the project, and Andres Construction is the general contractor. The first units are expected to be available for occupancy in late 2022, with full completion slated for June 2023.
AUSTIN, TEXAS — Houston-based Allied Orion Group will develop a 350-unit apartment community within Whisper Valley, a 2,067-acre master-planned community on the east side of Austin by master developer Taurus Investment Holdings. Designed by The Sage Group, Evergreen at Whisper Valley will feature one-, two- and three-bedroom units. Amenities will include a pool with cabanas, fitness center, clubhouse with a game room and catering kitchen, grilling areas with gazebos, a dog park with an agility course, business center and a beer garden. Construction is scheduled to begin in the first quarter of 2023, with the first units being delivered in the second quarter of 2024.
LAKE JACKSON, TEXAS — Fairstead, a residential investment firm with three offices along the East Coast, has acquired Lake Jackson Apartments, a 160-unit mixed-income community located on the southern outskirts of Houston. The property consists of 11 residential buildings and one communal building on a 14-acre site. The property’s affordable units are reserved for renters earning 60 percent or less of the area median income (AMI). Amenities include a pool, fitness center, dog park, playground, volleyball court and storage units. Fairstead plans to invest about $14 million in capital improvements and preserve affordability by converting a portion of the market-rate units into affordable housing for families earning 80 percent or less of AMI. The seller was not disclosed.
FORT WORTH, TEXAS — Lee & Associates has negotiated a 156,205-square-foot industrial sublease at 401 Railhead Road in Fort Worth. According to LoopNet Inc., the property was built in 2001 and totals 305,225 square feet. Reid Bassinger and Trey Fricke of Lee & Associates represented the sublessor, Davoil Inc., in the lease negotiations. Tim Vogds of CBRE represented the sublessee, Dallas-based home goods retailer Tuesday Morning Inc.
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2021 Multifamily Housing Market Outlook Shaped by Growth Trends, Housing Prices
COVID Disrupts Markets Again The country began breathing a sigh of relief in the second quarter of 2021 as U.S. GDP returned to pre-pandemic levels. With a substantial part of the U.S. population vaccinated, the unemployment rate plummeted, schools began preparing for in-person instruction and restaurants were back in business, again surpassing grocery sales in volume. But just as things seemed to be returning to “normal,” the delta variant of COVID began to spread. New COVID cases turned into rising COVID deaths by August,[1] disrupting supply and demand chains. Consumer confidence, which had been rising since hitting a low in April 2020, dipped to a new low point in August; consumer spending stalled[2], and fewer people traveled by plane[3] or returned to the office[4] that month. While economic growth remains positive, the delta variant, now accounting for almost all new COVID cases[5], again introduced market uncertainty, resulting in a 4 percent drop in stock market pricing in September. However, as COVID cases began declining in mid-September, stock prices began to rise, erasing the September drop in October, and resulting in a 22.6 percent gain for the year. Overall, economists maintain strong economic growth expectations of 6.1 percent GDP growth for …
CEDAR PARK, TEXAS — The Cedar Park City Council has approved an agreement with CPM Development for a 117-acre mixed-use project that is expected to generate more than $435 million in tax revenue for the northern Austin suburb over the next 25 years. The approval of the development agreement on Dec. 9 marks the first step into making the project, which will be anchored by Nebraska Furniture Mart (NFM), a reality. Preliminary plans include a 250-room hotel with a 30,000-square-foot convention center that would be owned by the city; a 500,000-square-foot NFM store and showroom; a 700,000-square-foot warehouse to support NFM’s retail operations; and 250,000 square feet of additional commercial space. The terms of the agreement also call for CPM Development to invest a minimum of $400 million to build the NFM-anchored development, which then must generate a minimum of $450 million annually in sales. The project also must generate a minimum of 725 jobs within the first year of opening. In return, the city will issue a maximum of approximately $45 million total in performance-based tax rebates to CPM Development. Rebated funds will be used in part to reimburse the developer for costs associated with required on- and offsite …
ROSENBERG, TEXAS — Locally based developer Satya will build a mixed-use project on a 37-acre site within a Qualified Opportunity Zone in Rosenberg, a southwestern suburb of Houston. The project will consist of Fairgrounds Apartments, a 312-unit multifamily community complex situated on a 15-acre site, as well as retail and restaurant space on an adjoining 17-acre parcel. Tenants such as Arby’s, Starbucks, Whataburger, AutoZone and Harbor Freight have already committed to the latter portion of the project. Residential units will feature one-, two- and three-bedroom floor plans ranging in size from 670 to 1,500 square feet. Amenities will include a pool, playground, dog park, fitness center, golf simulator, beer garden and an Amazon package locker system. Garcia & Associates is the project architect. Construction is set to begin next summer and to be complete in the fourth quarter of 2023.
HUTTO, TEXAS — Joeris General Contractors, in partnership with the Hutto Independent School District, has completed the renovation of Hutto Memorial Stadium, a 10,000-seat venue located north of Austin. The total project cost was approximately $18 million. Upgrades include a new visitors’ field house, new home and visitors’ concessions and restroom facilities, an enhanced LED video display board, multi-level press box and film deck and additional site improvements to support these facilities. VLK Architects designed the project.