By Garrett Karam, chief investment officer, EMBREY The Texas Stock Exchange (TXSE) represents the most serious attempt in 55 years to challenge the NYSE-Nasdaq duopoly and signals something that has not happened in generations: New York City’s monopoly on exchange infrastructure now has a credible challenger. As the TXSE prepares to launch in phases through 2026, EMBREY, a San Antonio-based investment and development firm, shares insights on how the exchange could further reinforce Dallas-Fort Worth’s (DFW) emergence as one of the country’s most important financial and economic centers. We also consider the direct implications for long-term economic growth and multifamily demand correlated to the launch of TXSE. Announced in 2024 and approved by the SEC in 2025, the TXSE has already raised more than $270 million from institutions including BlackRock, Citadel Securities, J.P. Morgan, Goldman Sachs, Bank of America and Charles Schwab. The exchange’s pitch to public companies centers around lower listing costs, fewer prescriptive requirements and a governance framework designed for operators. Combined with the state’s broader efforts to position itself as an increasingly attractive destination for business and corporate investment, the TXSE reinforces a larger shift already underway across North Texas. The exchange arrives at a time in …
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Crescent, Stockbridge Capital Break Ground on 277-Unit Apartment Development in West Nashville
by John Nelson
NASHVILLE, TENN. — Crescent Communities has broken ground on NOVEL Richland Creek, a 277-unit multifamily development located in west Nashville. The Charlotte-based firm is co-developing the community with San Francisco-based Stockbridge Capital Group, which owns the adjacent Lion’s Head Village, a shopping center anchored by Trader Joe’s. Designed by KTGY, NOVEL Richland Creek will feature studio, one-, two- and three-bedroom apartments, as well as 4,800 square feet of retail space and direct trailhead access to the Richland Creek Greenway. Amenities will include a lobby with a café and wine bar, maker and wellness spaces, coworking and book club room areas, a rooftop pool and indoor and outdoor gathering spaces. The design-build team includes ESG (interior design), EM Structural (structural engineer), Lighthouse Engineering (MEP engineer), Barge Civil Associates (civil engineer) and Hawkins Partners (landscape architect). J.P. Morgan provided an undisclosed amount of construction financing to Crescent and Stockbridge Capital.
ORLANDO, FLA. — Tavistock Development Co. has signed four new tenants to join the roster at Lake Nona West, a walkable, 405,000-square-foot shopping center underway in the Lake Nona master-planned community in Orlando. The 54-acre, Target-anchored shopping center is set to debut next month. New retailers joining the development include Drybar, Just Salad, Gloss Nail Co. and Kilwins Ice Cream. Previously announced tenants at Lake Nona West include Homesense, Barnes & Noble, Dick’s Sporting Goods, Golf Galaxy, Total Wine & More, JETSET Pilates, Nordstrom Rack, Sephora and Canonita, a Mexican restaurant.
ROCKVILLE, MD. — Comstock Holding Cos. Inc. has purchased The Reed, a 417-unit apartment community located at 15955 Frederick Road in Rockville, about 21 miles north of Washington, D.C. Comstock acquired the property in a joint venture with an institutional fund advised by Benefit Street Partners, with additional capital coming from Comstock affiliate Comstock Partners LC. The seller and sales price were not disclosed, but the Washington Business Journal reports that a person familiar with the transaction stated the property traded for $110 million. NewPoint Real Estate Capital provided Freddie Mac financing and arranged equity capital for the transaction. CHCI Residential Management and ParkX Management, both affiliates of Comstock, will operate The Reed. Built in 2015, the community is adjacent to the Shady Grove Metro Station and features one-, two- and three-bedroom apartments, as well as a resort-style swimming pool, fitness center with a yoga/boxing studio, clubroom, outdoor gathering spaces, multiple resident lounges and a private parking garage.
COLLEGE STATION, TEXAS — A partnership between Landmark Properties, a Georgia-based student housing owner-operator, and San Francisco-based investment firm Stockbridge has acquired an 801-bed property in College Station. The Junction Cottages & Townhomes was built on 22 acres in 2016 and offers 186 units across three- and five-bedroom standalone cottages, as well as three-, four- and five-bedroom duplex townhomes. The average unit size is 1,700 square feet. Amenities include a clubhouse with office space, pool with a swim-up bar, outdoor grilling and dining stations, social gaming lounge and a fitness center. CBRE brokered the deal. The seller and sales price were not disclosed.
FORT WORTH, TEXAS — Stockyards Heritage Development Co., which is a partnership between California-based Majestic Realty and Fort Worth-based Hickman Cos., will undertake a $30 million renovation of two hospitality properties in the historic Stockyards District in downtown Fort Worth. The renovation of the Stockyards Hotel and H3 Ranch will deliver upgraded infrastructure and a refreshed dining room, as well as other updates to preserve the properties’ historic character. The hotel first opened in 1907, and the H3 Ranch debuted in 1998. Work is set to begin in early April, with the H3 Ranch scheduled to reopen by the end of the year. The hotel will reopen in early 2027.
GARDENA, CALIF. — Cityview and Stockbridge have completed Apollo, an apartment property located at 12888 Crenshaw Blvd. in Gardena. The project team includes Westport Construction, AC Martin, Nadia Geller Designs and MJS Landscape Architecture. The eight-story Apollo features 265 studio, one- and two-bedroom floor plans with full-size in-unit washers/dryers, luxury vinyl plank flooring, stainless steel appliances, quartz countertops, designer backsplashes, soft-close cabinetry, under-cabinet lighting and gas ranges. The units also include smart home systems, including thermostats and keyless entry, and smart lighting switches in select units. Additionally, some units offer floor-to-ceiling windows, private balconies and walk-in closets. Community amenities include community-wide high-speed internet and Wi-Fi connectivity, a pool, spa, terrace with lounge seating, an outdoor kitchen, a media and club room, an outdoor game deck, an indoor sports simulator, an indoor fitness center, an outdoor training deck and CV Works coworking space with high-speed Wi-Fi and tech-enabled workspaces. The property also features covered bike storage, electric vehicle charging stations, a parcel room, controlled access parking and a pet-friendly playground and wash station.
Stockdale Capital Partners Completes Recapitalization of 1.1 MSF Shops at Northfield Retail Center in Denver
by Amy Works
DENVER — Stockdale Capital Partners, in collaboration with UBS’s Global Alternatives – Real Estate, has completed the recapitalization of The Shops at Northfield, an open-air lifestyle center in Denver. Situated on 87 acres, The Shops at Northfield offers 1.1 million square feet of retail, restaurant and entertainment space. Since purchasing the property in 2021, Stockdale has executed a series of initiatives, including securing entitlements for up to 1,500 multifamily units, reletting former anchor boxes to Wayfair and Life Time and completing approximately 350,000 square feet of new leases, including lululemon, Nike, Sephora and a national grocer.
Brixton Capital Sells Pacific Town Center Retail Property in Stockton, California for $27M
by Amy Works
STOCKTON, CALIF. — Brixton Capital has completed the disposition of Pacific Town Center, a newly remodeled shopping center in Stockton. CJ Park & Associates acquired the property for $27 million. Sean Cox and Kevin Fryman of Hanley Investment Group Real Estate Advisors represented the seller, while the Los Angeles-based buyer was self-represented in the deal. Located at 616-760 W. Hammer Lane, Pacific Town Center offers 142,957 square feet of retail space that was built in 2003 and remodeled in 2025. Situated on 10 acres, the property’s tenant mix consists of 98 percent national and regional retailers, including Smart & Final Extra!, Chuze Fitness, Ross Dress for Less, Aaron’s, CoinWorks, Concentra Health Services, H&R Block, Panda Express, Subway, Total Wireless and Western Dental.
Comstock Inks Two Office Leases With Booz Allen at Reston Station in Metro D.C. Totaling 310,000 SF
by John Nelson
RESTON, VA. — Comstock Holding Cos. Inc. has inked two office leases with Booz Allen Hamilton at two adjacent office towers within Reston Station, a 90-acre, transit-oriented mixed-use development in the Washington, D.C., suburb of Reston. Reston Station will now be the corporate headquarters for the global technology and consulting firm, which will fully occupy the nearly finished office building at 1870 Reston Row Plaza and multiple floors within the adjacent office building at 1800 Reston Row Plaza, which was recently delivered. The two leases combine for more than 310,000 square feet and include the enclosed bridge that will connect the two office towers on the seventh floor. The design team for 1800 and 1870 Reston Row Plaza included HKS Architects and Michael Graves Architecture. The two LEED Silver office towers are situated in The Row at Reston Station, the second of five planned phases of Comstock’s Reston Station development, which also houses offices for Google, ICF International, CARFAX, Spotify, Qualtrics International and Rolls-Royce of America, among other companies.
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