Texas

Walker & Dunlop Looks to Modernize the Multifamily Valuation Business with Apprise

by Sarah Daniels February 5, 2020

Technology and data are here to make things easier, faster and more accurate than ever before. However, some industries have lagged behind. This inspired Walker & Dunlop and its data science partner, GeoPhy, to fulfill a need in the market related to multifamily valuation. “We built Apprise because we saw a significant opportunity to improve a critical part of the underwriting and valuation process that has largely gone unchanged for decades,” says Brad Savage, Chief Product Officer for Apprise by Walker & Dunlop. “It is the natural and needed progression of any industry to harness the power of technology to make its practitioners more efficient and more informed. This is something we’re seeing in nearly all industries, except commercial real estate valuation…until now.” Apprise by Walker & Dunlop integrates data feeds and business processes that cover 80 percent of the steps in the traditional appraisal process. This can often result in appraisals in five days or less, compared to up to three weeks for traditional reports. The process is powered by GeoPhy’s Automated Valuation Model (AVM), which automates data feeds and can pre-populate relevant fields, preventing errors or duplicate entries that can happen with manual submissions. Selection bias is also reduced with the …

February 5, 2020

Affordable Housing Features Finance Insight Loans Midwest Multifamily Northeast Southeast Texas Western

Berkadia’s David Leopold on Tackling the Affordable Housing Crisis

by Sarah Daniels February 5, 2020

It’s no secret America is in a housing crisis, but the problem is easier to identify than it is to tackle. David Leopold, senior vice president and head of affordable housing for Berkadia, believes it can be tackled, however, if the industry’s best and brightest can collaborate on a nationwide strategy. Finance Insight (FI): What is your view on the affordable housing market? Leopold: It’s an exciting time in the affordable housing market. There’s massive demand for affordable housing nationwide, which means new opportunities for innovation and new needs to be fulfilled. There’s also a real sense of urgency and commitment galvanizing players across the industry to pursue innovative solutions that will result in decent, affordable and safe housing in every single community across the country. This extends to developers, lawmakers, real estate professionals and beyond. It’s a tall order, but this work is essential to the well-being of our communities. FI: Speaking of tall orders, what are some of the challenges facing the affordable housing industry? Leopold: Rent control is certainly a hot topic and will remain one in the year ahead. Last year was a significant chapter in the rent control debate, with comprehensive statewide reform enacted in …

February 5, 2020

Industrial Leasing Activity Texas

Amazon Signs 419,626 SF Industrial Lease at Eastpoint Distribution Center in East Dallas

by John Nelson February 4, 2020

DALLAS — Amazon has signed a 419,626-square-foot, 10-year industrial lease at Eastpoint Distribution Center, located at 8901 Forney Road in east Dallas. Freight company Shippers most recently occupied the rail-served property, which also offers proximity to Interstates 30 and 635. Matt Dornak and Ryan Wolcott of Stream Realty Partners represented the landlord, Dalfen Industrial, in the lease negotiations. Ryan Keiser and Dan Mulford of CBRE represented Amazon. The Seattle-based e-commerce giant will utilize an onsite 12-acre parcel for van, truck and car parking, according to Dalfen Industrial.

February 4, 2020

Development Office Texas

Drawbridge Realty Underway on Phase II of Uplands Corporate Center in Southwest Austin

by Alex Tostado February 4, 2020

AUSTIN, TEXAS — Drawbridge Realty, a California-based investment and development firm, is underway on construction of Phase II of Uplands Corporate Center, an office project in southwest Austin. Phase I of the project delivered a 167,369-square-foot building that is now fully leased. Phase II, completion of which is slated for the fourth quarter, will deliver a three-story, 124,405-square-foot building and expand the existing parking garage that serves the Class A campus. CBRE handles leasing of the property.

February 4, 2020

Acquisitions Multifamily Texas

Draper & Kramer Buys 374-Unit Crest at Las Colinas Apartments in Irving

by Alex Tostado February 4, 2020

IRVING, TEXAS — Draper & Kramer Inc. has purchased Crest at Las Colinas, a 374-unit apartment community in Irving. The property was built in 2017 and was 95 percent occupied at the time of sale. Units range in size from 600 to 1,500 square feet and feature hardwood-style plank flooring, espresso-stained kitchen cabinetry, granite countertops and stainless steel appliances. Amenities include a resident lounge, flexible workspaces, fitness center, pool and a coffee bar. Draper & Kramer acquired the asset from an undisclosed seller via a 1031 exchange.

February 4, 2020

Acquisitions Retail Texas

EXP Realty Advisors Brokers Sale of 50,196 SF Retail Center in Lubbock

by Alex Tostado February 4, 2020

LUBBOCK, TEXAS — EXP Realty Advisors, a boutique investment sales firm focused on retail assets, has brokered the sale of The HUB, a 50,196-square-foot shopping center in Lubbock. Situated on 5.5 acres, the center houses tenants such as Tea2Go, Cyclebar and Urban Brick’s Pizza. Andrew Greenberg of EXP Realty Advisors represented the buyer, a 1031 exchange investor, in the transaction. Coldwell Banker represented the seller, a California-based investor. Both parties requested anonymity.

February 4, 2020

Acquisitions Multifamily Texas

Berkadia Arranges Sale of 268-Unit Magnolia Grove Apartments in Houston

by Alex Tostado February 4, 2020

HOUSTON — Berkadia has arranged the sale of Magnolia Grove, a 268-unit apartment community in Houston’s Southbelt/Ellington neighborhood. Built in 1984, the property features one- and two-bedroom units and amenities such as a pool, fitness center, resident clubhouse and outdoor grilling area. Ryan Epstein, Jennifer Ray and Scott Bray of Berkadia represented the seller, Dallas-based Lantower Residential, in the transaction. John Koeijmans and Austin Blankenship of Berkadia arranged a 10-year, floating-rate acquisition loan through Freddie Mac on behalf of the Dallas-based buyer.

February 4, 2020

Market Reports Texas Texas Market Reports

Texas Forecast Survey: Party Keeps Rolling in 2020

by Taylor Williams February 4, 2020

Much like the broader U.S. economy, the commercial real estate markets of Texas continue to display strong fundamentals that should fuel another year of robust demand for space, elevated valuations of commercial properties and disciplined, yet confident lending for new development. So say the majority of commercial brokers, developers and owners who responded to Texas Real Estate Business’ ninth annual forecast survey. These professionals did acknowledge that uncertainty during presidential election years — particularly when the current president is facing impeachment proceedings — can undoubtedly rattle markets. Ultimately, however, industry professionals believe that the dual drivers of job and population growth, coupled with record levels of capital seeking placement in Texas markets, are strong enough to overcome geopolitical concerns such as the United States-China trade dispute and a stark partisan divide in Washington, D.C. “Job and population growth are both indicators and driving forces for resiliency, and behind the job and population growth are systemic organizational re-allocations of capital, mission-critical operations and human resources into the Texas markets,” says Aaron Johnson, director of capital markets in JLL’s Dallas office. Johnson adds that in Dallas, the arrivals of corporate giants like Toyota, Liberty Mutual and McKesson Corp. illustrate these companies’ belief …

February 4, 2020

Acquisitions Retail Texas

Stockdale Investment Acquires Whole Foods-Anchored Preston Forest Shopping Center in Dallas

by Taylor Williams February 3, 2020

DALLAS — Stockdale Investment Group, a locally based firm, has acquired Preston Forest Shopping Center, a 200,000-square-foot retail property located at the corner of Preston Road and Forest Lane in north Dallas. Anchored by Whole Foods Market, the property houses other tenants such as Staples, Walgreens, JOANN Fabric & Crafts, Corner Bakery, Velvet Taco and Wells Fargo. Preston Forest Shopping Center was built on 13 acres in 1961 and was 95 percent leased at the time of sale. The seller was Mixon Investment Co. Inc.

February 3, 2020

Loans Multifamily Texas

ACRES Capital Provides $49M Construction Loan for Multifamily Project in Downtown Houston

by Taylor Williams February 3, 2020

HOUSTON — Acres Capital Corp., a New York-based balance sheet lender, has provided a $49 million construction loan to fund the completion of Sovereign at the Ballpark, a 229-unit apartment community located near Minute Maid Park in downtown Houston. Units at the Class A property will feature stainless steel appliances, granite and quartz countertops, walk-in closets and individual washers and dryers. Amenities include a pool, fitness center, game room, golf simulator and a coffee bar. The borrower was Sovereign Properties, an investment and development firm led by Russ Krivor. The construction loan carries an 18-month term.

February 3, 2020

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