Texas

Lincoln Property Co., Phoenix Property Co. Partner with DivcoWest to Build 48-Story Office Tower in Austin

by Kristin Harlow April 20, 2022

AUSTIN, TEXAS — Lincoln Property Co. (LPC) and co-developer Phoenix Property Co. (PPC) have partnered with DivcoWest to develop The Republic, a 48-story office tower in downtown Austin. The developers say they have secured the building’s first major tenant, enabling construction to move forward. The developers expect to break ground on the project in the second quarter of this year. Located at 401 W. 4th St. and spanning 833,000 square feet, The Republic will overlook Lady Bird Lake and offer a direct connection to Republic Square Park. The office tower will feature a green public plaza at its main entrance that will act as an extension of the park. A 19th-floor amenity level will boast more than 50,000 square feet of indoor-outdoor space, including conference rooms, a fitness center, clubroom and a 25,000-square-foot outdoor terrace covered by canopies. In addition to the 20,000-square-foot public plaza, the ground floor will feature restaurant and retail space. Floor plates will average 29,000 square feet, and each floor will feature a private terrace. The building design by Duda Paine Architects emphasizes both outdoor space and health and wellness. Features include touchless access technology and enhanced air-filtration systems. The developers are pursuing WELLv2 Core certification, …

April 20, 2022

Industrial Market Reports Texas Texas Market Reports

El Paso Industrial Market: The Birth of The ‘Borderplex’

by Taylor Williams April 20, 2022

By Josh Meredith, director of development, VanTrust Real Estate Sharing a 2,000-mile border, Mexico and the United States trade over $500 billion worth of goods and services each year, representing our country’s second-largest trade partnership. Impressively, over 20 percent of this exchange travels through the El Paso, Texas, port of entry, according to the Texas Comptroller of Public Accounts. This movement has deemed the El Paso/Ciudad Juarez (Mexico) region as one of the most important industrial centers in North America for years. Although the El Paso/Juarez market has a history of extensive commercial activity, with more than 1,100 manufacturing operations alone, the region has remained under the radar, experiencing traditional, steady industrial growth for the past decade. However, with undeniable strategic advantages and 300-plus Fortune 1000 companies in the El Paso/Juarez region, the past couple of years have attracted an increasing number of developers looking to capitalize on the market’s industrial and distribution needs. Now, with record net absorption and a remarkably low vacancy rate, the “borderplex” is the market to watch, building a reputation as not only a competitive industrial center, but also as a driver of some of the most important global manufacturing trends. Competitive Edge With more …

April 20, 2022

Midwest Multifamily Multifamily & Affordable Housing Feature Archive Northeast Southeast Texas Western

How to Dispute Unfair Multifamily Property Assessments in Six Steps

by Jaime Lackey April 19, 2022

Property tax systems vary from state to state across the country, with differing procedures in each assessor’s jurisdiction. Complicating things further, the personalities of assessors and their staff influence the way they interact with property owners or their agents. It is the responsibility of the property owner or their agent to learn and adapt to the procedures and behaviors at work in their assessor’s offices. However, there are universal pre-emptive steps that property owners in any jurisdiction can take to combat excessive valuations. These property-specific action items and best practices can significantly increase the chances of a successful valuation protest. 1. Document Property Financial Statements In most appraisal systems, income-producing apartment property will be valued using the income approach. Arguably the most important pieces of information the apartment owner can present in protesting assessed values are the property’s rent rolls and profit-and-loss statements. The timely preparation and completion of these documents prior to a protest is essential to any discussion of fair market value. Key line items such as potential gross income, vacancy and collection loss, and net operating income can assist in negotiating lower assessed values. Market rent, in-place rents and occupancy are key indicators on a rent roll …

April 19, 2022

Acquisitions Multifamily Texas

Magma Equities Acquires 1,361-Unit Multifamily Portfolio in Texas from Hilltop Residential

by Taylor Williams April 19, 2022

MANHATTAN BEACH, CALIF. — California-based investment firm Magma Equities has acquired a portfolio of 1,361 multifamily units that are located across various major markets in Texas from Houston-based Hilltop Residential. The sales price was not disclosed, nor were the specific names and locations of the properties. Institutional Property Advisors, a division of Marcus & Millichap, brokered the sale. The deal represents Magma Equities’ initial foray into the Houston and San Antonio multifamily markets and boosts the firm’s holdings in Dallas-Fort Worth to more than 2,000 units.

April 19, 2022

Acquisitions Multifamily Texas

Berkadia Arranges Sale of 319-Unit Apartment Community in Katy, Texas

by Taylor Williams April 19, 2022

KATY, TEXAS — Berkadia has arranged the sale of Boardwalk Lofts, a 319-unit apartment community in the western Houston suburb of Katy. Developed by Houston-based Sueba USA in 2021, Boardwalk Lofts offers one-, two- and three-bedroom units ranging in size from 520 to 1,914 square feet. Units feature stainless steel appliances, brushed nickel hardware, granite countertops, wood-style flooring and patios/balconies. Amenities include two pools, an outdoor kitchen with gas grills, business center, fitness center, coffee bar, walking trails and valet trash service. Jeffrey Skipworth, Kyle Whitney, Joey Rippel, Chris Young, Chris Curry and Todd Marix of Berkadia represented Sueba USA in the sale. The buyer and sales price were not disclosed.

April 19, 2022

Acquisitions Retail Texas

Triten Real Estate Begins Redevelopment of 300,000 SF Market Square Mall in Plano

by Taylor Williams April 19, 2022

PLANO, TEXAS — Texas-based development and investment firm Triten Real Estate Partners has begun the redevelopment of Market Square Mall, a 300,000-square-foot shopping and dining destination located north of Dallas in Plano. The firm originally acquired the 26-acre property, which was built in the mid-1980s, in January 2021. Plans for the redevelopment, which will be branded Assembly Park, currently call for 180,000 square feet of office space, 16,500 square feet of retail and restaurant space and 305 residential units, all of which will surround a central park. Agent Architecture and Michael Hsu Office of Architecture are handling design of the project, with GFF serving as the architect of record and lead designer of the multifamily component. Newmark is leasing the office space. Completion is slated for late 2023.

April 19, 2022

Acquisitions Multifamily Seniors Housing Texas

Blueprint Negotiates $52M Sale of Seniors Housing Portfolio in Texas

by Taylor Williams April 19, 2022

CHICAGO — Blueprint Healthcare Real Estate Advisors has brokered the sale of four seniors housing communities in Texas, one in each of the four major markets (Dallas, Houston, Austin and San Antonio), for $52 million. The portfolio totals 315 skilled nursing beds and 24 assisted living beds. All facilities were constructed between 2017 and 2018 and feature resort-style amenities with therapy and rehabilitation gyms. The buyer and seller were not disclosed.

April 19, 2022

Industrial Leasing Activity Texas

Stream Realty Partners Negotiates 100,129 SF Industrial Lease in Arlington

by Taylor Williams April 19, 2022

ARLINGTON, TEXAS — Stream Realty Partners has negotiated a 100,129-square-foot industrial lease at 3101 Pinewood Drive in Arlington. The single-tenant building is a redevelopment of a facility that had been vacant for the past 10 years and is now fully leased. Luke Davis and Mike Knudsen of Stream Realty Partners represented the landlord, locally based developer M2G Ventures, in the lease negotiations. Steve Koldyke and Brian Gilchrist of CBRE represented the tenant, an undisclosed tech firm.

April 19, 2022

Lument Affordable Housing Multifamily buildings

Affordable Housing Content Partner Development Features Georgia Lument Midwest Multifamily Northeast Southeast Texas Video Western

Utilizing Tax Credits to Create Affordable Housing in High-Opportunity Communities

by Sarah Daniels April 19, 2022

The Section 42 Low-Income Housing Credit program has been America’s primary tool in the effort to construct affordable homes for low- and moderate- income households and ease renter cost burdens since 1986. This public-private partnership has created or preserved more than 3.1 million rental units, accounting for over 30 percent of the nation’s affordable housing stock. Congress is considering legislation that would materially expand and strengthen the tax credit program. In addition to several technical changes to tax credit accounting and rules governing the use of private-activity bond financing, the legislation would authorize increases in credit allocation in 2021 and 2022. The impact of these changes would be substantial, catalyzing construction of more than 100,000 additional units per year over a 10-year period, perhaps trimming the number of rent burdened low-income households by half. Building more affordable housing will represent a significant step toward reducing housing instability and economic inequality in America. But are quantitative gains alone enough? Constructing affordable housing in low-poverty, high-opportunity census tracts is challenging. The following discussion explores some ways in which developers, lenders and credit allocating agencies can increase the level of affordable housing construction in low-poverty, high-opportunity areas (LPHOA) and optimize the …

April 19, 2022

Acquisitions Company News New York Northeast Student Housing Texas Top Stories

Blackstone Agrees to Acquire Student Housing Giant American Campus Communities for $12.8B

by Katie Sloan April 19, 2022

NEW YORK CITY AND AUSTIN, TEXAS — Blackstone Inc. (NYSE: BX) has agreed to acquire American Campus Communities (NYSE: ACC) in a deal valued at $12.8 billion, including the assumption of debt. ACC is the largest publicly traded owner, manager and developer of student housing in the United States. Blackstone plans to take the company private through Blackstone Real Estate Income Trust Inc. and Blackstone Property Partners, which unlike its traditional private-equity funds can hold properties as long-term investments, according to media sources. This move comes as the price of public equity has been more expensive than private institutional capital over the past few years, according to Bill Bayless, co-founder and CEO of ACC, in a letter to employees. During that time, many of the private players in the sector were able to acquire and develop more aggressively than the cost of public equities permitted. The purchase price represents a premium of 22 percent against ACC’s 90-day, volume-weighted average share price as of April 18, and a 30 percent premium over the company’s closing stock price on Feb. 16, the day prior to ACC disclosing an indication of willingness from Blackstone to acquire the Austin-based firm. This transaction marks Blackstone’s largest investment …

April 19, 2022

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