MESQUITE, TEXAS — Greysteel has arranged the sale of Town East, a 190-unit multifamily property located in the eastern Dallas suburb of Mesquite. The property was built in 1959 and offers one- and two-bedroom units with an average size of 608 square feet. Doug Banerjee, Jack Stone and Andrew Mueller of Greysteel represented the undisclosed seller in the transaction. The buyer, Elevate Commercial Investment Group, plans to upgrade unit interiors.
AUSTIN, TEXAS — A partnership between locally based development and brokerage firm AQUILA Commercial and institutional funds backed by J.P. Morgan Asset Management is underway on construction of Alto, a 110,000-square-foot office project at 924 E. Seventh St. in East Austin. Construction began earlier this year and is slated for delivery in the fourth quarter of 2023. The five-story building will include four levels of underground parking and an onsite restaurant. The Beck Group is the architect and general contractor for the project. AQUILA will also handle leasing of Alto.
Affordable HousingFeaturesMidwestMultifamilyNortheastSeniors HousingSoutheastStudent HousingTexasWestern
Four Ways Technology Can Keep Onsite Multifamily Staff Happier During the Great Resignation
The Great Resignation. The Big Quit. Call it what you will. The widespread trend of employees leaving their jobs in 2021 and 2022 has placed a burden on onsite property management staff at multifamily communities. Like other industries nationwide, the multifamily industry has been hit hard by this period where record numbers of employees are leaving their current positions. According to the National Apartment Association (NAA), rental owners and operators have reported up to 70 percent of their workforce resigning during this period. Historically, employee turnover ranges from 30 to 50 percent annually. In roles that often require wearing many hats to keep up with prospective renters and resident requests, leasing teams are feeling added pressure. With technology solutions that alleviate daunting tasks for onsite staff, you can save your staff valuable time and unnecessary manual effort. Your leasing team can simplify tour scheduling, automate routine communications, and set up seamless multifamily marketing campaigns that free up time for staff to better connect with renters. Here are four steps operators can take to maximize efficiencies and achieve better outcomes. 1. Automate Apartment Tour Scheduling The first step to helping your team thrive during a spike in renter demand is understanding …
ANNA, TEXAS — PC5 Properties, a holding company of HOLT CAT, an authorized dealer of products by construction machinery manufacturer Caterpillar, has acquired Anna Business Park. The 82-acre industrial development is located about 60 miles north of Dallas. Located at the northeast corner of the Collin County Outer Loop and State Highway 5, the site can support more than 3 million square feet of industrial development. The Anna Economic Development Corp. and the Anna Community Development Corp. sold the property for an undisclosed price.
FLOWER MOUND, TEXAS — Realty Capital will develop Terranea at Lake Grapevine, a 200-unit apartment complex in Flower Mound, located in the northern central part of the metroplex. Designed by Merriman Anderson Architects, Terranea at Lake Grapevine will rise 16 stories and include townhouses, penthouses and retail space in addition to traditional rental units. Amenities will include a pool deck overlooking Lake Grapevine, a fitness center, golf simulator, game room, bar, dog wash, storage and outdoor gathering spaces. Construction is slated to begin this summer and to be complete in 2024.
IRVING, TEXAS — Cushman & Wakefield has negotiated a trio of office leases totaling roughly 128,000 square feet at VariSpace Las Colinas, a 312,000-square-foot building in Irving. Aviation engineering firm CAE signed a lease for 16,000 square feet; Caris Life Sciences inked a deal for 37,000 square feet; and an undisclosed education organization committed to 75,000 square feet. Cushman & Wakefield’s Johnny Johnson and Chris Taylor represented the landlord, Vari, a provider of office furniture and other workplace solutions, in the lease negotiations. Jeff Eiting of CBRE represented CAE, and Greg Burns of ESRP represented Caris Life Sciences.
HOUSTON — Locally based developer Avera Cos. has broken ground on a 120,022-square-foot industrial project that will be located on an 8.2-acre site in north Houston. The building will be the fourth within Avera’s Century Plaza Distribution Center and will feature 32-foot clear heights, 195-foot truck court depths and an ESFR sprinkler system. Construction is scheduled for a second-quarter 2023 completion. CBRE will lease the building.
DALLAS — Austin-based investment firm Long View Equity has acquired Preston Grove, a 111,286-square-foot office park in Dallas. The three-building complex is situated on a seven-acre site on the city’s north side. Steve Simon, Steve Rowland and Chris Lipscomb of Transwestern represented the seller, Reserve Capital Partners, in the transaction. Additional terms of sale were not disclosed.
MISSION, TEXAS — Locally based firm Killam Development has broken ground on Sharyland Business Park, a 175-acre industrial development located in the Rio Grande Valley city of Mission. The development comprises 15 parcels and could span up to 3 million square feet of industrial space across an undetermined number of buildings. Sharyland Business Park will be located within a larger master-planned community that extends into nearby McAllen and will house residential and commercial uses, as well as parks and hiking trails.
IRVNG, TEXAS — Los Angeles-based investment firm TruAmerica Multifamily has acquired Rancho Mirage, a 310-unit apartment community in Irving that was originally built in 1991. Rancho Mirage features one- and two-bedroom units and amenities such as a pool, fitness center, business center, indoor racquetball court, billiards and game room, dog park and outdoor grilling and dining areas. TruAmerica plans to implement a multimillion-dollar value-add program focused on unit interiors and building exteriors. The seller and sales price were not disclosed.