FORNEY, TEXAS — Kansas City-based VanTrust Real Estate LLC will develop Forney Distribution Center, a 621,874-square-foot speculative industrial building in the eastern Dallas suburb of Forney. The property will be located at the intersection of U.S. Highway 80 and South Gateway Boulevard. Construction is scheduled to begin in April and to be complete in May 2022. CBRE is leasing the project.
DALLAS — A joint venture between California-based KBS and Nashville-based Southern Land Co. has completed Novē at Knox, a 309-unit apartment high-rise building in the Knox-Henderson area of Dallas. The location at 3031 Oliver St. puts the 19-story building adjacent to the Highland Park and Turtle Creek neighborhoods. The property offers a variety of different floor plans and amenities such as a pool deck with fitness terrace, community lounge, business center, recreation room, fitness center with yoga studio, concierge service, 465-space parking garage and valet parking. Southern Land designed the property and will also manage it.
BRENHAM, TEXAS — Houston-based development and leasing firm Baker Katz has broken ground on Brenham Crossing, a 163,518-square-foot retail project in Brenham, located about 75 miles northwest of Houston. Baker Katz is developing the property, which spans 50 acres at the intersection of U.S. Highway 290 and Chappell Hill Road, in partnership with the City of Brenham. Retailers including Hobby Lobby, Marshalls, Five Below, PetSmart and Burkes Outlet have already signed leases at the center, which is scheduled to open in 2022.
DALLAS — A joint venture between McCarthy Buildings Cos. and The Crowther Group has completed construction of the 40,000-square-foot Parkland Health & Hospital System’s Moody Center for Breast Health in Dallas. The outpatient clinic provides services such as surgical oncology, plastic surgery, imaging, infusion and physical therapy. The facility occupies the first floor of a 500,000-square-foot medical office building.
IRVING, TEXAS — Wellington Realty has arranged the sale of Pioneer Valley, an apartment complex in Irving that was built in 1983. According to Apartments.com, the property totals 56 units and offers amenities such as a clubhouse, picnic area and onsite laundry facilities. David Shaffer, Caleb Jones, Will Miller and Troy Sanders of Wellington Realty brokered the deal for the value-add property, which was 94 percent occupied at the time of sale. The buyer and seller were not disclosed.
2020 was a year of job losses and difficulties for many. There was a great deal of need for affordable housing but also challenges for those seeking to provide it. Process delays caused by COVID-19 and slowdowns in funding hampered efforts to develop affordable housing, according to Gregg Gerken, Head of U.S. Commercial Real Estate with TD Bank. The question is: will the affordable housing and workforce housing industry be better served by 2021? The problem of affordable housing is one seen in many communities, irrespective of geography. “I think some communities have the equivalent of workforce housing, which in many cases is affordable. But when you get into a lot of the more expensive urban areas and densely populated cities there’s this issue of supply and demand — there just isn’t enough supply of affordable housing to really reach the demand,” Gerken says. How have government programs and policies affected the affordable housing sector? How will renters and landlords be impacted by these programs going forward? What happens after the end of the eviction moratorium? Watch the interview for Gerken’s insights on affordable housing development. This article is posted as part of REBusinessOnline’s Finance Insight series. Click here to subscribe to the Finance Insight newsletter, a …
HOUSTON — Berkadia has added a new multifamily investment sales team to its Houston office with the hiring of Chris Curry, Todd Marix, Joey Rippel and Chris Young, all of whom are joining the company from JLL. The team works with a diverse client base, including institutions, private capital, developers, special servicers and government institutions across all multifamily asset classes. Berkadia’s hiring of a new Houston multifamily investment sales team from JLL follows the departure of a longstanding, eight-member team to Walker & Dunlop earlier this month.
SAN ANTONIO — Arizona-based PEM Real Estate Group has purchased Edge & Stone, a 335-unit, newly built apartment community in north-central San Antonio. The property sits on 22 acres and features studio, one- and two-bedroom units with quartz or granite countertops and private balconies or patios. Amenities include a pool with cabanas, outdoor grilling stations, fitness center and a dog park. Will Balthrope and Drew Garza of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, a partnership between Thompson Realty Capital and Trez Capital, in the transaction. The duo also procured PEM Real Estate as the buyer.
GEORGETOWN, TEXAS — Trez Capital has provided $12.7 million in construction financing for Phase I of Parmer Ranch, a 454-acre mixed-use project in the northern Austin suburb of Georgetown by developer Owen Holdings Inc. The first phase will consist of 155 single-family homes. The entire project will ultimately feature 1,000 single-family homes, 100,000 square feet of commercial space, a 4.5-acre community center, a new middle school and 47 acres of open space. Phase I also includes the development of a 10-acre park with an event lawn and outdoor pavilion, a food truck court, green space with hiking trails and an amenity pond.
FRISCO, TEXAS — General contractor Talley Riggins Construction Group has broken ground on Shops at Creekside, a 20,130-square-foot retail project located at 13030 Preston Road in Frisco. Cross Architects is designing the project, and AOS Panther Creek LLC is the developer. Inroads Realty is leasing the project and has already secured commitments from Sweetwaters Coffee & Tea, Domino’s Pizza and a general dentistry practice. Construction of Phase I, which centers on the 13,250-square-foot main building, is underway. Construction of Phase II, which will feature a 6,880-square-foot building that could become a build-to-suit, is scheduled to begin in the coming weeks.
