NewsTalk Texas

San Antonio multifamily market steady; units coming 

(12/19/2014 11:00:00 AM)

SAN ANTONIO - CBRE reports Texas' occupancy rate hit 91.7 percent third quarter 2014, slightly up from the same time last year. San Antonio's multifamily occupancy rate is slightly less, at 90.5 percent.

According to CBRE's research, the Stone Oak/Thousand Oaks/San Pedro community saw the most multifamily growth in 3Q with 416 units built. An additional 433 units are under construction in that neighborhood.

Compared to Austin, Dallas and Houston, San Antonio has the smallest number of multifamily units at about 159,400.

San Antonio touted the highest number of Class A units at 18 percent of its overall offerings. Dallas came in second with 16 percent of its multifamily units being categorized as Class A.

San Antonio had the highest share of Class B units at 36 percent of its 159,400 units. Dallas came in second once again.

The report also predicts that the hottest activity expected next year are on two opposite sides of San Antonio — downtown and the UTSA/La Cantera/Bandera Rd. areas. Those communities are expected to build more than 1,000 units combined over the next several months.

Read more at the San Antonio Business Journal.

Click here to see CBRE's Texas multifamily report from December 2014.

Lago Vista: $350 million Montechino on Lake Travis kicks off 

(12/19/2014 10:45:00 AM)

LAGO VISTA - Construction has started on the long-delayed Montechino project, a $350 million luxury community planned for Lago Vista that could bring more than 300 homes in coming years.

The project is planned for 250 acres on Lake Travis’ north shore. The developer, Houston-based investor Brian Atlas, bought the project out of bankruptcy nine years ago.

A 30-acre park, a 70-slip marina and a 96-room hotel also are planned, although Atlas said he does not yet have a hotel developer.

Montechino will have several housing types: garden homes, single- family homes, and waterfront condominiums as well as estate homes on lots ranging from three to ten acres. A few houses are nearing completion, and several more will be starting soon.

Plans call for 60 garden homes in a section called Camelot Woods, with three of those homes currently under construction. Prices will range from $280,000 to $470,000, Atlas said.

The 56 waterfront condos, in the Bella Vista section, will range from $780,000 to $1.75 million.

Among the single-family homes, the Signature Homes series will have 102 houses priced from $450,000 to $700,000. Another series, the Heritage Homes, will have 100 residences priced from $650,000 to $1.2 million.

The estate homes are expected to range from $1.2 million to $5 million.

Read more at the Austin American-Statesman.

Stewart Title extends 230,000-SF Post Oak Central lease 

(12/19/2014 8:14:00 AM)

HOUSTON - Stewart Information Services Corp., the parent company of Stewart Title, signed a 230,000-sf lease extension for its headquarters offices at the Post Oak Central office complex on Post Oak Blvd., north of Westheimer Rd. and west of Loop 610 near the Galleria.

Atlanta-based Cousins Properties, owner of Post Oak Central, announced the lease extension.

Stewart, whose lease was scheduled to expire in September 2016, extended its term for three years to September 2019.

Cousins bought the 1.3 million-sf Post Oak Central in 2013 for $233 million.

Last year Cousins made its $950 million purchase of the 4.4 million-sf Greenway Plaza office complex.

Stewart handles closings and title policies in 80 countries — spanning Asia, the Americas, Europe and Africa — through a network of regional offices in Australia, Canada, the Caribbean, Europe, Latin America and the U.S.

Read more at Realty News Report.

Post World War I-style brownstones rock in Southlake 

(12/19/2014 7:45:00 AM)

SOUTHLAKE - The second phase of new upscale housing is beginning to take shape in Southlake Town Square starting with 31 new brownstones built in a “post-World War I” style in the Garden District development.

The Garden District is the residential component of the Southlake Town Square mixed-use development.

The new brownstones are a continuation of the first phase of brownstones, which began in 2006 and consist of 43 units.

The second phase of brownstones will total 31 units. There will be 19 units on Meeting St. and nine on Park Ridge Blvd. In addition, three custom brownstones do not yet have a specific plan.

The brownstones on Meeting St. will range from 2,391 sf to 3,920 sf. The brownstones on Park Ridge will range from 4,934 sf to 5,041 sf.

The starting price of a brownstone is $975,000.

The homes on Park Ridge Boulevard are built on a grade that allows them to have a first floor five-car garage and three floors of living space, which includes five bedrooms, five full- and one half-bathrooms and an optional elevator.

The first residents are expected to move into the development by late summer of 2015.

Read more at Community Impact Newspaper.

tag: housing

Beaumont apartment overview Oct. 2014 

(12/19/2014 7:00:00 AM)

BEAUMONT - Apartment MarketData Research Services LLC has released October 2014 data. The multifamily market data represent three months trailing (August–October 2014).

As a rule these represent all properties except those that are leased but not occupied units.

Multihousing Market Condition Comparison Aug.–Oct. 2014
Age
Group
Beaumont Texas
Units Occ. Rate* Size** Units Occ. Rate* Size**
< 1970 2,030 94.6% $0.778 824 132,294 96.4% $0.852 832
1970's 5,042 92.4% $0.766 838 383,819 95.8% $0.841 818
1980's 4,930 96.7% $0.857 751 488,257 96.9% $0.928 780
1990's 1,840 96.8% $0.775 880 226,024 97.4% $1.080 922
2000's 4,733 96.2% $0.940 924 366,007 97.4% $1.046 963
2010's 831 96.4% $0.713 924 70,963 97.2% $1.194 927
Totals 19,406 95.2% $0.833 843 1,667,364 96.8% $0.966 859


*Rate: Rental Rate is the average market rate expressed as ($/SF/month).
**Size: The average size of each unit expressed as (SF/unit).

Click to see the full October 2014 Beaumont Multihousing Market Conditions Report, including previous data.

Source: Apartment MarketData Research Services LLC, San Antonio

tag: Texas apartment

Buckin' in Baytown with 60,000-SF Buc-ee's 

(12/19/2014 6:59:00 AM)

BAYTOWN - It's now easier than ever for Southeast to get their fix of beaver nuggets and habanero jerky.

Buc-ee's, the iconic Texas rest stop chain known for its clean restrooms and unique snacks, opened its 60,000-sf Baytown location on December 17.

It houses 96 gas pumps on an 18-acre lot. Located on I-10 at John Martin Rd., the store opened with appearances by Santa and the Buc-ee's beaver.

The store is expected to bring 200 jobs to the area.

Read more at the Beaumont Enterprise.

From mall to mixed-use: northeast El Paso development coming 

(12/19/2014)

EL PASO - Metro 31, which includes 325 units of apartments, 80 units of affordable senior housing and 48 live/work units, will be developed at the site of the former Northpark Mall in northeast El Paso, at the meeting of Dyer St. and Diana Dr.

Hunt Cos. Inc., through its affiliate Hunt Metro 31 LLC, will develop the project.

Integrated into the project will be Sun Metro’s BRIO station for northeast bus rapid transit, with covered parking for commuters and a transit plaza offering transfers to regional destinations.

In addition, the project will include about 135,000 sf of retail space anchored by a grocery store and as much as 100,000 sf of office space.

The development’s design is organized along “activated pedestrian roadways,” featuring shaded walkways, on-street parking and wide sidewalks with outdoor seating areas for food and beverage establishments.

Metro 31 will employ SmartCode development, which is stricter than standard zoning in many ways, regulating the location, shape and size of buildings and yards more precisely.

Read more at Multi-Housing News.

tag: Texas apartment

FMC Technologies' research to 55,000 SF in San Antonio 

(12/19/2014)

SAN ANTONIO - FMC Technologies, a Houston-based energy company, has begun construction on a 55,000-sf facility in south Bexar County that will house a regional research, testing and repair facility.

The new office will bring 160 new jobs to the area over the next three years.

The jobs and the new facilities represent a capital investment of more than $10 million. FMC's facility will be located at 3800 S. Loop 1604.

The company will serve oil-and-gas firms operating in the Eagle Ford Shale.

"We welcome FMC Technologies to Bexar County and the growing number of companies servicing the Eagle Ford Shale," said Bexar County Judge Nelson Wolff. "The research and high-tech jobs offered by this company will be the perfect complement to our local economy.”

Read more at the San Antonio Business Journal.

Cavender Cadillac rolls into 50,000-SF Live Oak dealership 

(12/19/2014)

LIVE OAK - Cavender Cadillac has officially opened its new automotive dealership near the intersection of I-35 and Loop 1604.

The company built the 50,000-sf dealership on ten acres near The Forum at Olympia Pkwy.

The move to the busy Northeast San Antonio corridor was prompted by the need for more space and a more modern facility, according to Principal Billy Cavender.

The dealership can house 300 new and used cars and 80 loaner cars.

Read more at the San Antonio Business Journal.

Houston's home sales to drop with oil prices? 

(12/19/2014)

HOUSTON - Houston home sales surged in November toward a record-setting year, but the Houston Association of Realtors (HAR) warns that falling oil prices will bring a slowdown in 2015.

HAR is predicting that home sales activity will drop 10 to 12 percent over the next year.

Falling oil prices could reduce job creation in Houston, which is known as the Energy Capital of the World, next year to only 65,000 new jobs — nearly half of the 120,000 new jobs gained in 2014.

Houston is having its strongest year ever for home sales in 2014. So even if sales slowdown more than 10 percent in 2015, the local housing market will still be fairly good.

The low-end of the housing market will be getting a boost from new rules just established by the government-chartered Fannie Mae and Freddie Mac, which will allow some buyers to get a mortgage with only 3 percent down payment.

The lenders have many of stipulations and require homebuyers to have a minimum FICO credit score of 620.

The lower down-payment programs could also help the home building industry, which has been highly focused on upscale homes with few low-priced offerings for first-time buyers.

Houston home sales have been stampeding ahead in a bull market for several years, showing amazing gains in sales velocity and prices. The question has been: “How long can it last?"

It appears the bull run in Houston housing is about over.

Nobody can predict oil prices and they could rise again in 2015. But 2014 will be the strongest year ever for Houston and the records set this year may not be broken for years.

Read more at Culture Map Houston.

Oakmont sells 1.3M-SF industrial portfolio near DFW airport 

(12/19/2014)

DALLAS-FORT WORTH - Atlanta-based Oakmont Industrial Group has sold its 1.3 million-sf industrial portfolio near Dallas-Fort Worth International Airport.

Two of the Class A warehouses are just north and just south of DFW International Airport, with another warehouse building in the Great Southwest market in Arlington. The properties include high-density dock doors and ample trailer storage.

The industrial deal is part of a larger trend of investors looking to buy real estate in DFW.

Real estate sources say big box tenants are driving the demand for industrial and warehouse real estate in North Texas, which is seen as one of the country's top distribution markets.

Read more at the Dallas Business Journal.

Houston: 159,000-SF Sam Houston Crossing sells for $26M 

(12/18/2014 1:00:00 PM)

HOUSTON - Sam Houston Crossing I, a 159,175-sf office building in northwest Houston has been purchased for $26.2 million. The buyer ia a joint venture between Houston-based Fuller Realty Partners and Independencia.

The three-story building was completed in 2007 with a typical floor plate offering 53,000 sf of rentable space.

The building is 100 percent leased to six tenants, including U.S. Steel; Farmers Insurance Exchange; C.H. Robinson Project Logistic; Brock Enterprises, Inc.; Axon EP, Inc.; and AMEC Oil & Gas, Inc.

Sam Houston Crossing I is located in Houston’s West Belt Corridor off of the Sam Houston Parkway (Beltway 8) between the Northwest Freeway (US 290) and Hwy. 249 at 10343 Sam Houston Park Dr.

SH Crossing I, LP — a joint venture between Fuller Realty Partners and Independencia — purchased the building from Duke Realty Corp. and Chambers Street Properties.

The acquisition follows Fuller Realty Partners’ recent purchase of a building being vacated by Exxon Mobil at 13401 North Fwy. in the Greenspoint area.

Read more at Realty News, Houston Chronicle.

Group grabs 1,650 apartment units in Texas  

(12/18/2014 9:02:00 AM)

DALLAS - Presidium Group LLC has acquired more than 1,650 apartment units throughout the state in a series of acquisitions over the last two months. The value of the portfolio exceeds $75 million.

The properties include:

•  Dallas: Plaza on Harvest Hill, a 404-unit complex;
•  Dallas: Spring Hill Apartments, a 606-unit complex;
•  Houston: 3737 Hillcroft Apartments, a 381-unit complex;
•  Houston: Colonial Woods, a 112-unit complex; and
•  San Antonio: Cenizo Flats, a 150-unit complex.

Dallas-based Presidium Group will implement a repositioning program for each property that will revitalize the assets to compete within each submarket.

The plans include various levels of unit interior renovations, resident amenity enhancements and common-area upgrades. Presidium will also rebrand the properties within the next few months.

Read more at GlobeSt.com.

Tag: apartments

Houston: Parkway inks two office leases totaling 213,000 SF 

(12/18/2014 9:00:00 AM)

HOUSTON - Parkway Properties Inc. has signed two leases totaling 213,000 sf with Nabors Industries and Bristow Group Inc.

"These two leases help to quickly mitigate some upcoming known move-outs in our Houston portfolio with little to no downtime," stated James R. Heistand, president of Parkway.

Nabors Industries signed a 98,000-sf expansion lease at One Commerce Green, located in the Greenspoint submarket, that expires September 2025.

The Nabors expansion will immediately back-fill space that Southwestern Energy Company will vacate during first quarter 2015.

Bristow Group Inc. signed a 115,000-sf new lease at CityWestPlace, located in the Westchase submarket, that expires January 2025.

The Bristow lease will back-fill known move-outs at CityWestPlace of approximately 39,000 sf of 2014 expirations and approximately 76,000 sf of 2017 expirations.

Read more at PRNewswire.

Winter home sales warm up San Antonio; inventory cools 

(12/18/2014 8:46:00 AM)

SAN ANTONIO - According to the San Antonio Board of Realtors (SABOR), the local housing market had 3.9 months worth of housing inventory in stock in November, the lowest it's been since January.

A balanced market is usually around a six-month supply.

Lisa Sinn, a local real estate agent, said that due to the competition among buyers, homeowners selling their houses are getting multiple offers at closer asking prices.

"Usually winter is the slowest time of year but this fourth quarter has been busy," Sinn said. "Generally I tell people to hold out until February or March to sell their homes because that's when the buyers are out, but the buyers are out now."

SABOR reported 1,694 homes were sold in November, a slight increase when compared to the 1,642 homes sold in the same month last year.

The average price of a home sold in November was $225,674, compared to $215,628 in November 2013.

Angela Shields, president and CEO of SABOR, expects those numbers to continue climbing. "With our warm weather and healthy job market, we expect to keep seeing a strong housing market here," Shields said.

Read more at the San Antonio Business Journal.

tag: San Antonio housing

2,400 Homes set to rise in Sun City Texas 

(12/18/2014 8:45:00 AM)

GEORGETOWN - Del Webb, a national home builder, will develop an additional 1,100 acres at its Sun City Texas active adult community in Georgetown.

Some 2,400 new homes will be built mostly on two parcels — one along SH 195 and another along Ronald Reagan Blvd.

Infrastructure work is scheduled to begin in early 2015 with construction of the new homes projected to begin next summer.

Del Webb will introduce 11 new home designs, ranging in size from 1,300 sf to more than 3,500 sf.

Prices will begin near $190,000.

Sun City Texas, which caters to the 55 and older demographic, currently encompasses 4,100 acres with 7,500 home sites and 11,500 residents.

Read more at the Austin Business Journal.

Census: Fort Worth fastest growing city in U.S. 

(12/18/2014 8:00:00 AM)

FORT WORTH - Fort Worth came in as the top big city in the nation for population growth between 2000 and 2013, boasting a 42.3 percent increase, according to the U.S. Census Bureau.

It dwarfed Austin, which came in third, by nearly 15 percent, and had more than double the gain of San Antonio, which came in fourth. Dallas took 24th with 2.8 percent.

The data shows a mass migration to Texas and North Texas specifically.

The region is an attractive job hub, being home to 18 Fortune 500 companies across a variety of sectors. Toyota's move is expected to bring and hire more than 3,000 workers.

"Dallas and Fort Worth have been leaders in the job gain category," said KC Sanjay, a senior real estate economist with Axiometrics. "Where there are jobs, naturally you pull in people from all over."

Most of those packing their bags for DFW are from California, according to Chuck Ehmann, a real estate economist with Axiometrics. Omnitracs and Active Networks, both headquartered in San Diego, have announced moves to Dallas.

Companies and individuals are also migrating from Florida and the Midwest.

When they arrive in North Texas, most migrants ages 36 and older are settling in suburbs to take advantage of better school districts. However, ages 22 to 35 tend to settle closer to the cities' urban cores, such as in Dallas' downtown and Oak Lawn neighborhoods, to be closer to work.

Read more at the Dallas Business Journal.

Tag: Texas housing

Houston: green to glam for 14 acres in Memorial 

(12/18/2014 7:45:00 AM)

HOUSTON - A vacant 14-acre site at 12601 Memorial Dr. has been sold to development firm Midway who plans to fill the property with million-dollar homes, luxury apartments and commercial space.

The project, called Memorial Green, is about a mile away from Midway's CityCentre complex near the intersection of I-10 and Beltway 8.

Midway's new plan includes a gated complex of 57 two- and three-story homes, averaging between 3,000 and 5,000 sf to be built along the back of the property.

Along the Memorial side of the property, Midway will develop a six-story, 250-unit apartment complex and a four-story office building with 47,000 sf of office space.

Builders will include Jeff Paul Custom Homes, McCollum Custom Homes and Pelican Builders.

It is expected to break ground in January and be completed summer 2016.

Read more at the Houston Chronicle.

Austin: first tenant for 220,000-SF Champion Office Park 

(12/18/2014)

AUSTIN - Champion Office Park, a 220,600-sf campus in northwest Austin, has been completed. The development is located at RM 2222 and Loop 360.

On Dec. 15, Jobs2Careers moved into 13,000 sf at the park, making it the first tenant.

Endeavor Real Estate Group developed Champion Office Park.

Read more at Community Impact Newspaper.

North Texas home sales Nov. 2014 

(12/18/2014)

DALLAS-FORT WORTH - North Texas Real Estate Information Systems has released home sales facts for November 2014. Below is a snippet of cities that you might want to see. There's more at the link below!

•  The median price of existing single-family homes increased to $184,900, up 2.8 percent from October 2014.
•  Existing single-family home sales decreased 27.8 percent from October, with 4,970 units sold.
•  Condos decreased in price to $147,900, down 1.3 percent from October 2014.
•  Existing condo sales decreased 30 percent in November, with 333 sold units.

Dallas-Fort Worth Region Sales and Price Activity by Units Sold
MLS Wide Median Price
  Nov. 2014
Price Chg.
Nov. 2013
Units Sold
Nov. 2014 
Sale Chg.
Nov. 2013
NTREIS* (single-family) $184,900 12.1% 4,970 -8.9%
NTREIS(condo) $147,900 -1.3% 333 1.8%
Region Cities**        
Fort Worth $165,000 13.8% 582 -7.6%
Dallas $265,000 17.3% 492 -8.9%
Arlington $142,450 11.9% 214 -7.0%
Plano $275,000 19.6% 214 -1.4%
Frisco $300,000 3.8% 151 -1.9%
Garland $139,500 12.5% 131 -4.4%
Grand Prairie $163,000 22.6% 107 8.1%


*North Texas Real Estate Information Systems
**Data include single-family only and represent select region cities that sold at least 100 units during November 2014.

See the full report from NTREIS.

tag: Dallas-Fort Worth data, housing, apartment

Ogle buys two Austin offices; leases rush in overnight 

(12/18/2014)

AUSTIN - Ogle Properties has purchased a 56,100-sf office building at 8920 Business Park Dr. and Hyridge Plaza, a 30,300-sf office building at 8716 N. Mopac Expy.

Within days of closing the deal, Kucera Cos. helped Ogle improve the occupancy with a lease with Tech Ranch for 11,000 sf at the 8920 Business Park Dr. building.

The seller of 8920 Business Park Dr. was RGK Rentals Ltd. and the seller of Hyridge Plaza was KMS Ventures.

At closing on December 5, occupancy for the Business Park Dr. building was 46 percent and for Hyridge Plaza was 54 percent.

Now with the Tech Ranch deal, occupancy at Business Park Dr. is 67 percent.

Kucera also negotiated a lease with Western Land Services at Hyridge for 2,615 sf. Occupancy there currently is up to 65 percent.

The Business Park Dr. property is valued at $5,781,472 and Hyridge Plaza at $2,041,669, according to the Travis County Appraisal District.

Read more at the Austin Business Journal.

San Antonio: Hotel Emma rising as jewel of the Pearl 

(12/18/2014)

SAN ANTONIO - Hotel Emma, the 146-room hotel set inside the historic Pearl brewery, will be one of the few hotels overlooking the northern part of the River Walk. It is set to open spring 2015.

In 2002, Silver Ventures acquired the 22-acre site that is the Pearl Brewing Co. The company built a separate tower to accompany the original building.

In all, the hotel will span 160,000 sf over seven floors. About 60 percent of the hotel is in the original building, and the other 40 percent is in the newly built tower.

The hotel has a 3,000-sf lobby that includes a restaurant, a market with prepared meals and a library where guests and locals can enjoy books. There is also 8,000 sf of meeting space and a 3,200-sf ballroom for events.

The hotel will be managed by Kimpton Hotels and Restaurants, who is set to be purchased by InterContinental Hotels Group for $430 million.

InterContinental will take over Kimpton's 62 hotels and 71 hotel-based destination restaurants, bars and lounges.

Over the past 12 years, the 22-acre Pearl Brewery site has been slowly revitalized into a planned community of sleek apartments, enviable eateries, industrial office spaces and historic venues.

Hotel Emma is one of the last pieces of the puzzle.

Read more at the San Antonio Business Journal.

For more information on InterContinental's purchase of Kimpton, see the San Antonio Business Journal.

Kilgore OKs $400,000 deal with Triumph to keep jobs in town 

(12/18/2014)

KILGORE - The Kilgore Economic Development Corp has approved as much as $400,000 to promote a $5.3 million investment by Triumph Structures in its Kilgore facility and the retention of 106 full-time employees.

The development corporation agreed to pay as much as $100,000 per year for four years if the company invests in the property and keeps at least 106 full-time employees during the period.

The money will go for an expansion of the company’s facility at 703 Old Hwy. 135 and to purchase equipment.

“There could have been job loss, because if you don’t maintain your competitiveness then you could potentially lose contracts and if you lose contracts you lose jobs,” said KEDC Executive Director Amanda Nobles.

Read more at the Longview News-Journal.

Katy: 172,000-SF spec office underway in Grand Crossing 

(12/18/2014)

KATY - One Grand Crossing, a three-story, 172,000-sf office building, is going up on an eight-acre site within the Grand Crossing development at the southwest corner of Grand Pkwy. and I-10.

The new Class A office building will be a tilt-wall concrete structure with a minimum parking ratio of 4.5 spaces per 1,000 sf of office space. The building will be ready for occupancy fourth quarter 2015.

The office project will be a multiphase development potentially including 350,000 sf in two buildings. Trammell Crow Co. and Prudential Real Estate Investors are developing the project.

In addition to office space, the 124-acre Grand Crossing project expected to include hotel rooms, retail, restaurants and housing.

A luxury garden apartment community with 311 traditional apartment homes and 40 townhome units is also being built within the mixed-use development, according to Kansas City-based Price Development Group LLC's website.

According to Price Development, Grand Crossing will include approximately 15 acres for multifamily development, a 1.8-acre hotel site, approximately 300,000 sf of office space and at least 500,000 sf of big box, junior anchor, in-line and pad retail space.

Read more at the Houston Chronicle and the Houston Business Journal.

tag: Houston office

Houston: 319-unit CityLake sells near Texas Medical Center 

(12/18/2014)

HOUSTON - Grayco Partners sold its 319-unit mid-rise wrap apartment complex at 8877 Lakes at 610 Dr. to Carroll Organization.

Formerly known as CityLake Apts., the community was completed in 2013 near the Texas Medical Center.

Carroll Organization has rebranded the community as ARIUM City Lake.

The community offers studio, one- and two-bedroom floor plans from 638 sf to 1498 sf.

Read more at CoStar Group.

Source: ARIUM City Lake

H&M doubles down in El Paso with 29,000 SF 

(12/18/2014)

EL PASO - H&M has opened its second El Paso store at Cielo Vista Mall on the East Side.

The apparel retailer opened an outlet store earlier this year on the West Side at the Outlet Shoppes at El Paso.

The new Cielo Vista store is a 29,000-sf location that occupies two levels next to Macy's on the mall's east end.

Read more at El Paso Development News.

$82M Renaissance Hotel presence to Plano's Legacy 

(12/17/2014 10:00:00 AM)

PLANO - A 300-room high-rise hotel is coming to Plano’s Legacy West development.

The City of Plano has approved incentives for the construction of the $82 million Renaissance Hotel project, which will be built in the new Legacy West development on the Dallas North Tollway.

The hotel project has the backing of the family that owns the hugely successful Sam Moon retail firm. The project will also include 26,200 sf of conference space.

Plano City Council approved a $4 million economic grant to support the new hotel which is to be located in the same area where Toyota is building its new North American headquarters.

The hotel is part of the 240-acre Legacy West development which will kick off in February with the construction of retail, apartments and office space.

The Renaissance will be the second new full-service hotel planned for West Plano.

In August a 299-room Hilton opened in the Granite Park project at the southeast corner of the Dallas North Tollway and SH 121.

Read more at the Dallas Morning News.

Showtime: 239,000 SF kicks up in Austin's Expo Business Park 

(12/17/2014 9:30:00 AM)

AUSTIN - Trammell Crow Co. and Clarion Partners have broken ground on two buildings totaling 239,205 sf in the Expo Business Park Phase II in Southeast Austin.

Expo 10 and Expo 11 will measure 109,263 sf and 130,002 sf, respectively, and consist of warehouse, flex and manufacturing space with 28-foot clear heights and 24 dock-high doors per building.

The facilities are expected to be move-in ready by June 2015.

New York-based Clarion Partners is a joint venture partner on the two-building project and has been since the first phases of the 15.5-acre park at 6231 E. Stassney Lane were built in 1996.

Some of the largest tenants in the business park currently are Calendar Club, Goodwill Industries, Crawford Electric Supply, Dakota Hardwoods, USA Cable and Wire, Otis Spunkmeyer, Shelton Keller Group, Chaparral Distributors and Illumitex.

Read more at CoStar Group and the Austin Business Journal.

ALN Corpus Christi apartments Nov. 2014 

(12/17/2014 8:30:00 AM)

CORPUS CHRISTI - ALN Apartment Data has released November 2014 apartment occupancy and effective rent data for apartments.

Corpus Christi Market Review
Corpus Christi Market Stabilized Market*
Nov. 
2014
Annual
Chg.
Occupancy rate 93.8 -0.6%
Units added 228  
Units absorbed (annual) 56  
Average size (SF) 849 0.1%
Asking rent $871 4.1%
Effective rent $864 3.6%
Effective rent per SF $1.02 3.6%
Offering concessions 16% 62.2%
Avg. concession package 4.1% 20.7%


*Stabilized market is everything in a market except for apartments in initial lease-up. 

Floor Plan Breakdown - Corpus Christi
Plan
Type
Market Avg.
SF
Avg.
Market
Rent/Mo.
Avg.
Eff.
Rent/Mo.
Efficiency 2.9% 468 $669 $660
1 BR 39.5% 667 $754 $747
1 DEN 0.7% 767 $842 $836
2 BR 44.5% 943 $944 $938
2 DEN 0.5% 1,152 $955 $955
3 BR 9.9% 1,197 $1,075 $1,070
>3 BR 2.1% 1,374 $2,171 $2,171


Read more at ALN Market News.

Tag: Texas apartment, Corpus Christi data

West Plano Village people coming 

(12/17/2014 8:15:00 AM)

PLANO - West Plano Village is expected to see its first residents in February 2015, followed by shoppers in spring 2015.

The mixed-use development will ultimately be comprised of 90,000 sf of retail, 60,000 sf of office and 264 apartment units. The project is along the Dallas North Tollway and Parker Rd.

The development is anchored by the European-style eatZi’s restaurant that opened in 2013, and is complemented by shadow anchor Cinemark West Plano.

The list of restaurants includes Princi Italia, Pakpao, Mi Dia from Scratch and Kona Grill.

With the residential portion of the development opening first, preleasing began in October.

Read more at Community Impact Newspaper.

Waco: Letís Gel hits the mats in 64,000-SF facility 

(12/17/2014 8:14:00 AM)

WACO - Let's Gel, Inc., an Austin-based company, has acquired a 64,000-sf manufacturing facility location along Precision Dr. The facility marks the company's entrance into internal manufacturing, part of its strategy for vertical integration.

The company's capital investment of $3.5 million includes building purchase and improvements, as well as investments in machinery and equipment.

The company will create 35 jobs over a three-year period.

Let's Gel is a developer of gel-filled floor comfort mats. Founded in 2004, owner Robb McMahan wanted to create an anti-fatigue flooring solution.

"Waco was chosen for its central location, skilled workforce and a commitment from the area city business leaders in driving the local economy. We are very excited that Waco will be the exclusive manufacturer of our premium line of comfort mats," said McMahan.

Since production began, Let's Gel has sold more than 2 million mats to the residential, commercial and medical markets through direct sales at GelPro.com and through leading online, catalog and brick and mortar retailers, including Bed Bath and Beyond, JCPenney, Belk and more.

Source: Waco Chamber

Wichita Fall's United Regional to undergo $28M expansion 

(12/17/2014 8:13:00 AM)

WICHITA FALLS - United Regional Health Care System will undergo a $27.7 million renovation and expansion at the emergency department at 1617 Eleventh St.

The renovation includes upgrading 20,200 sf and adding another 25,670 sf. The project is expected to be completed in 2016.

United Regional is the region’s largest health care provider and delivers comprehensive medical care to a nine-county service area.

The care provider was named one of Truven’s Top 100 Hospitals in 2013 and 2014 and was awarded Truven’s Everest Award for performance improvement in 2013 and 2014.

United Regional has the area’s only Level II Trauma Center and Primary Stroke Center. With 350 beds, it is the only full-service hospital for the Wichita Falls community of 100,000 people.

The nonprofit hospital delivers $23.5 million in charity care annually.

Read more at the Fort Worth Business Press and Citybizlist.

ABoR: Peek inside new 33,000-SF HQ 

(12/17/2014 8:00:00 AM)

AUSTIN - The Austin Board of Realtors is preparing to move to its new headquarters on a hillside overlooking Bull Creek at 4800 Spicewood Springs Rd. in Northwest Austin.

The 33,000-sf building features a wrap-around terrace, mini-ballroom, production studios, Realtor retail store, membership lounge, training rooms and executive offices.

Most of the move for the 50 employees will take place over the holidays, and a grand opening celebration is planned for early January.

ABOR hopes to solidify its status in the community by opening the ballroom and meeting spaces to public and private events. ABOR plans to employ an event specialist to make those arrangements and create an additional stream of revenue.

Read more at the Austin Business Journal.

Medical waste recycler bringing 100 jobs at Sherman facility 

(12/17/2014 7:45:00 AM)

SHERMAN - Renew Blue, a company that recycles nonhazardous medical waste plastics, will begin operations in the former Sherman Manufacturing facility at 1815 S. Sam Rayburn Fwy. in February 2015.

The medical waste recycler will create more than 100 jobs and provide new disposal options for hospitals and clinics in Dallas-Fort Worth.

The company recycles a polypropylene plastic cloth commonly called "blue wrap" into plastic pellets.

Renew Blue also will recycle other non-contaminated polypropylene plastics, which along with the blue wrap, can be turned into thousands of everyday products, said Brian Hays president of Renew Blue.

The company initially will employ 100 and plans to grow, Hays said. 

Hays expects to begin hiring route drivers, line workers, machine operators, sales, administrative and maintenance positions in mid January 2015.

The company expects to eliminate about 10 million pounds from North Texas landfills per year. Renew Blue initially will serve the area from the Oklahoma line south to DeSoto, west to Irving and east to Rockwall.

The Sherman Economic Development Corp. Board of Directors and Renew Blue have reached an Economic Development Performance Agreement, which includes a $400,000 incentive grant to be paid in three installments.

Incentives will be dispersed based on company performance criteria outlined in the agreement to help offset investments of $150,000 in building renovation and $1 million in manufacturing equipment.

Read more at the Dallas Business Journal.

British O-rings seal Brenham's 30,000-SF plant 

(12/17/2014)

BRENHAM, WASHINGTON COUNTY - The 30,000-sf Precision Polymer Engineering (PPE)/IDEX Sealing Solutions plant has been completed. The cost of construction was $3.5 million, according to state filings.

GSL Welcome Group constructed the plant, which has 3,960 sf of office and 26,040 sf of warehouse space on 4.9 acres in the Brenham Business Center on Blue Bell Rd.

PPE is expected to create 22 jobs during the first year of operation and 60 new jobs over a five-year period. Salaries will average about $46,000, according to Clint Kolby of the Brenham Economic Development Foundation (BEDF).

PPE will invest $3.7 million in capital for machinery and equipment in the first year and another $8.3 million in capital improvements after five years.

The company has received a tax abatement from the Brenham City Council, which will allow a portion of city property taxes to be set aside.

Both PPE and GSL Constructors will receive $635,175 in total abatement during the tax phase-in period but will have paid a total of $1,143,685 in new taxes during the same period, according to the BEDF.

Based in northern England, Precision Polymer Engineering makes O-rings and high performance compression molding components for use in the oil and gas, food, pharmaceutical and engine manufacturing industries.

Read more at the Houston Chronicle.

See previous story, British bell rings for Brenham jobs and facility.

Georgetown 225-room Sheraton construction set 

(12/17/2014)

GEORGETOWN - Construction will start on the 225-room Sheraton Hotel in the next 30 to 45 days as part of The Summit at Rivery Park project.

The project — located west of I-35 between SH 29 and Williams Dr. — also includes a conference center, a parking garage and a park.

The City of Georgetown has agreed to a $25 million tax incentive deal and recently amended the agreement to push the construction deadline back to June 30, 2016.

The tax deal includes $12.5 million the Georgetown City Council agreed to pay for a parking garage and other transportation improvements and $11.7 million that Williamson County is contributing.

The developers also agreed to spend more than $3 million for infrastructure improvements. The city, the county and the developer will pay for most of the improvements through taxes generated by increased property value at the project.

The Georgetown Economic Development Corporation is also kicking in an additional $750,000 for roads for the project.

The Summit will eventually include more than 200 apartments, retail stores and restaurants. It already has luxury apartments.

Read more at the Austin American-Statesman.

Dallas 2015: retail plus 182-unit Knox Heights planned 

(12/17/2014)

DALLAS - A six-story mixed-use project in Dallas’ Knox St. neighborhood is planned by Trammell Crow Co. and Northwestern Mutual Real Estate.

The project, called Knox Heights, will include 182 apartments and ground floor retail space. The development site is now occupied by old apartments and commercial buildings.

Construction will start on the project in 2015, which is located on McKinney Ave., just north of Knox St.

Crow’s project is in the same neighborhood where Sarofim Realty Advisors and Lincoln Property are building their new retail and apartment building.

It’s also just around the corner from construction of Mill Creek Residential Trust’s 208-unit, six-story apartment building.

Read more at the Dallas Morning News.

Houston: 127-acre Fallbrook Pines Business Park underway 

(12/17/2014)

HOUSTON - Fallbrook Pines Business Park is now the largest industrial park project underway in Houston, according to Trammell Crow. The 127-acre park is located near the intersection of Beltway 8 and Hwy. 249 on Fallbrook Dr.

The first phase is scheduled for completion first quarter 2015. It will be composed of four tilt-wall office/warehouse buildings totaling 709,045 sf.

The project will incorporate 28 to 32-foot clear heights, 52-foot-wide column spacing, extra trailer parking/outside storage, ample car parking, wide truck courts and ESFR sprinkler systems.

Dallas-based Trammell Crow Co. and New York-based Clarion Partners are developing the project. They expect the project's versatile design to target a wide range of tenants, including consumer goods distributors, oilfield service companies and light manufacturers.

The remaining 66 acres in the park are available for build-to-suit projects.

Read more at Houston Business Journal and GlobeSt.

Houston: 256-unit Alta Heights sells to MIG 

(12/17/2014)

HOUSTON - Alta Heights, a 256-unit apartment community located at 145 Heights Blvd., just north of Washington Ave., has been sold.

Sitting on a 3.5-acre site, Alta Heights consists of a four-story building with studio, one- and two-bedroom floor plans and a five-story parking structure.

The project was developed by Wood Partners and was completed about a year ago.

MIG Real Estate, a Newport Beach, California-based real estate investment company, purchased the property.

“Alta Heights has strong upside potential, benefiting from its excellent amenity package and proximity to major employers,” said Greg Merage, CEO of MIG Real Estate.

Read more at Realty News Report.

tag: Houston apartment

The Woodlands: Memorial Hermann $17 million redo 

(12/17/2014)

THE WOODLANDS - Memorial Hermann Health System plans to renovate its emergency department at its Woodlands hospital in a $17.4 million project.

The project, slated to start in 2015, will include approximately 3,400 sf of new space, seven additional treatment rooms including three trauma rooms, as well as an area designed for pediatric patients, according to a statement.

The reason for the new renovation is the fast-growing population in The Woodlands and surrounding area, Josh Urban, CEO of Memorial Hermann The Woodlands, said.

It's estimated that over the next five years, Montgomery County and the surrounding area will grow 11.4 percent, or by 70,000 residents.

The new space will bring the department's total to 32,400 sf and its room count to 35, according to a statement. Memorial Hermann's Life Flight helipad will move to a new east tower.

The plan is to make The Woodlands a Level II trauma center, said Urban. To achieve that designation, patients would need access to a variety of specialists 24 hours a day. Memorial Hermann in the Texas Medical Center is one of the city's two Level I Trauma Centers.

Read more at the Houston Business Journal.

Room to breathe in 80,000-SF Kelsey-Seybold Clinic 

(12/17/2014)

THE WOODLANDS - Kelsey-Seybold Clinic has relocated to its new three-story building with 80,000 sf at 106 Vision Park Blvd.

The clinic relocated from a 41,000-sf space in the Medical Arts Center II building at 17350 St. Luke's Way.

"We are all very excited. This is the first time that our Woodlands Clinic will have its own free-standing building, hassle-free parking and plenty of space to care for our patients," said Hugh Poindexer, M.D., managing physician.

The new clinic has room for 38 physicians in select specialties. Planned new medical specialties will include Optometry and Orthopedics.

The Woodlands location is a part of a $200 million capital investment Kelsey-Seybold is making in the Houston area.

It is one of four major construction projects to be completed in 2014 along with new clinics in Clear Lake and Humble and the remodeled Tanglewood Clinic in the Galleria area.

Kelsey-Seybold operates 19 clinics in the Houston area.

Read more at the Houston Chronicle.

Amarillo building report Nov. 2014 

(12/17/2014)

AMARILLO - The City of Amarillo has released the November 2014 building report.

Amarillo Building Report
Type Nov. 2014 YTD 2014
Permits Total
Value
Permits Total
Value
New single-family
homes
39 $11,674,682 406 $110,163,336
Retail/restaurant 1 $14,290,905 11 $28,555,685
Residential
alterations
252 $2,621,486 7,353 $90,490,317
Nonresidential
alterations
57 $4,460,244 1,310 $136,213,709
Total* 372 $36,667,179 9,295 $508,665,951

*Total represents all permit types.

Source: City of Amarillo

Abilene building permits: Nov. 2014 

(12/17/2014)

ABILENE - The City of Abilene's building permit data through December 17, 2014 are available.

Abilene Building Permits 2014
Month New Single-Family
Residence
New
Business*
Total**
  Permits Total
Value
Permits Total
Value
Permits Value
Sept. 26 $5,355,420 7 $1,202,045 109 $7,442,993
Oct. 21 $3,649,700 10 $4,515,600 114 $12,602,087
Nov. 12 $2,121,184 7 $3,477,000 67 $6,576,472
Dec.
1 - 17
15 $2,666,000 1 $852,853 57 $4,091,588
Total
YTD
270 $55,799,627 93 $74,853,279 1,250 $163,933,371

*New business does not include industrial or multifamily.
**Total represents all permit types.

Source: City of Abilene

Bryan: Nov. 2014 building permits 

(12/17/2014)

BRYAN - The City of Bryan's building permit data for November 2014 are available.

Bryan Building Permits
Permit Type Permits Total Value
Nov.
2014
Nov.
2013
Jan.-Nov.
2014
Jan.-Nov.
2013
Nov.
2014
Nov.
2013
Jan.-Nov.
2014
Jan.-Nov.
2013
New residential – single-family 13 9 215 170 $2,909,650 $2,309,865 $46,957,061 $33,379,498
New residential – 2-unit bldgs. 0 8 5 10 $0 $1,328,712 $1,651,712 $1,648,712
New residential – 3-4 unit bldgs. 0 4 2 6 $0 $458,150 $459,220 $890,916
New residential – 5+ unit bldgs. 0 176 0 186 $0 $16,131,375 $0 $25,868,910
New commercial 5 10 72 42 $2,848,700 $8,752,127 $40,493,788 $54,819,442
Totals* 79 276 1,313 1,514 $9,665,788 $30,830,691 $124,137,767 $140,101,135

*Totals include all permit types including additions, renovations and manufactured homes.

Source: City of Bryan

Indeed to click 300 Austin hires in 2015 

(12/17/2014)

AUSTIN - Indeed, a job-listing service, plans to hire 1,000 workers next year — including 300 in Austin.

The Austin-based company that aggregates job listings from thousands of other online job posts reported a 72 percent growth this year and needs engineers, customer service and sales workers to keep up with demand, according to CEO Hisayuki Idekoba.

It currently lists 55 Austin job openings on its website.

Indeed, which was founded in 2004, employs 1,278 workers, including 330 in Austin. It hired 130 local workers this year and reached 150 million unique visitors to its website in November.

Read more at the Austin Business Journal.

Austin neighborhoods where houses sell like hot cakes 

(12/17/2014)

AUSTIN - Redfin has analyzed residential sales in major U.S. markets and picked the fastest-selling houses at the biggest markups.

In the Austin market, Redfin postulates that older bungalows in trending neighborhoods present the best opportunities for quick sales at prices substantially exceeding the list price.

Redfin ranks the Crestview, Brentwood and Windsor Park neighborhoods among the hottest in town. All are in North Austin. Crestview and Brentwood are west of I-35 and Windsor Park is east of I-35.

Redfin highlighted three specific sales in its report.

One was a three-bedroom, two-bathroom house originally built in 1932 on Pecan Springs Rd. that sold within three days with a 26 percent increase from the list price of $294,000. It sold for $370,000, or $214 per sf.

Read more at the Austin Business Journal.

Flour Bluff: Candlewood Suites South opens 

(12/17/2014)

FLOUR BLUFF - Candlewood Suites South, 9225 South Padre Island Dr., has opened a new extended stay hotel.

Candlewood Suites South has 68 rooms, all with full kitchens, walk-in closets, lounge chairs, built-in storage, and a Blu-ray player.

The hotel is a part of the Intercontinental Hotel Group and will be the only branded property in Flour Bluff.

Source: Corpus Christi Caller-Times

Kingsdown mattress wakens Sleeping Beauty in Waco 

(12/16/2014 8:45:00 AM)

WACO - Kingsdown Inc. has entered into a long-term lease for the former U.S. Postal Service sorting center on Imperial Dr.

Kingsdown, which is the nation’s largest independent and employee-owned mattress manufacturer, is investing $2 million in the 100,000-sf facility.

The company will convert the space into a state-of-the-art sleep products manufacturing and distribution center that will support its growing business in the central portion of the country.

The new plant will create 50 new local jobs.

Hiring at the Waco plant is expected to begin immediately, and the company plans to start manufacturing by Jan. 19, 2015.

This will be Kingsdown's sixth domestic manufacturing facility.

Source: Waco Chamber

Mapping cost of living across 32 Texas cities 

(12/16/2014 7:00:00 AM)

TEXAS - Home affordability rankings for 32 large and midsize Texas cities have been released by fixr, according to Texas Monthly.

Cities are grouped into affordability brackets — based on annual household income and realistic cost of living — and then sorted by discretionary income, which is the yearly amount remaining from earnings after covered expenses.

Annual household income draws on data from the Bureau of Labor Statistics, and the realistic cost of living derives from our formula of seven factors — housing, food, utilities, child care, taxes, health care and transportation. The full methodology is available here.

Below are the top three cities for a working class family, middle class couple, and upper middle class family.

Working Class Family
  (seeking 1,500 sf with three or four bedrooms)
City Income Expenses Discretionary
Income
Killeen $60,200 $57,468 $2,733
Wichita Falls $60,200 $57,952 $2,249
Abilene $60,200 $58,327 $1,874

 

Middle Class Couple
  (seeking 1,700 sf with two or three bedrooms)
City Income Expenses Discretionary
Income
Killeen $87,701 $54,768 $32,934
Mesquite $90,540 $58,731 $31,810
Fort Worth $90,513 $58,794 $31,719

 

Upper Middle Class Family
  (seeking 2,100 sf with three or four bedrooms)
City Income Expenses Discretionary
Income
Houston $233,553 $160,017 $73,537
Pasadena $232,411 $159,332 $73,080
Beaumont $216,700 $147,376 $69,325


See more categories, cities and full rankings with explanations at fixr.

Far Northwest San Antonio submarket ranks No. 7 in U.S. 

(12/16/2014 6:40:00 AM)

SAN ANTONIO - Far Northwest San Antonio has been named the seventh busiest submarket in the nation in this cycle by MPF Research.

Far Northwest San Antonio’s apartment inventory expansion rate since 2012 is 44.2 percent, including new apartment supply plus units under construction at the end of third quarter 2014.

Putting that percentage into numbers, Far Northwest San Antonio has received 2,741 new units since 2012, with another 1,473 units under construction.

San Antonio is quickly growing north, and Far Northwest San Antonio is in that growth path.

The submarket contains two important roadways: Loop 1604 and I-10, which intersect in the southern part of the submarket. That intersection is a hotbed for apartment development, as well as retail and office space.

Another big apartment demand driver in the Far Northwest San Antonio submarket is the University of Texas at San Antonio (UTSA). As of the fall semester 2014, there were 28,628 students enrolled at UTSA.

Far Northwest San Antonio is quickly becoming the retail and entertainment hub of San Antonio with attractions such as The Rim, Top Golf, Six Flags Fiesta Texas and The Shops at La Cantera.

Zip codes for Far Northwest San Antonio, according to MPF Research:

78006, 78013, 78015, 78023, 78063, 78074, 78249, 78255, 78256, 78257

Read more at Property Management Insider.

Booked solid: Amarillo hotel market on the rise 

(12/16/2014 6:35:00 AM)

AMARILLO - Investors are stirring up the Amarillo lodging market. Three of the city's newest hotels recently sold in a $31.4 million package deal, while some older properties, including the high-rise Ambassador Hotel, also have changed hands this year.

American Hotel Income Properties REIT (AHIP) forked over $31.4 million, or about $107,000 per room. The deal represented 293 rooms in all.

AHIP purchased Holiday Inn Amarillo West Medical Centre at 8231 W. Amarillo Blvd.; Fairfield Inn & Suites Amarillo Airport at 1740 Airport Blvd.; and Sleep Inn & Suites West Medical Centre at 6915 W. Interstate 40.

In May 2014, First Capital Real Estate Investment acquired the 262-room Ambassador Hotel, and since then the property has been converted to a Wyndham Garden Hotel as part of a $5 million revamp.

The Hampton Inn & Suites and Holiday Inn under construction side by side at 7777 and 7779 E. I-40 should be complete in late 2015. The two hotels, valued at about $16 million, will add nearly 250 rooms to the market.

A $6.2 million Home2 Suites by Hilton is also under construction on West Amarillo Blvd., adjacent to the Holiday Inn West Medical Centre.

The 115-room Quality Inn Amarillo East at 1515 E. I-40 changed hands in April 2014, and the Potter-Randall Appraisal District database shows the property has an appraised value of $1.5 million.

Average occupancy for all Amarillo properties has increased slightly to 63 percent, and room rates have risen 2.3 percent to $72, said Jan Freitag vice president of STR.

For the first nine months of 2014, 66 percent of Amarillo hotels had occupancies of more than 70 percent, and 30 percent of hotels saw occupancies of more than 80 percent, according to Dan Quandt, Amarillo Convention & Visitor Council Vice President.

At least one quarter of Amarillo hotels had rates of more than $100, and occupancy and rates have continued to rise even as 1,200 rooms have been added to the city’s inventory in the past ten years.

Read more at the Amarillo Globe-News.

tag: Amarillo data

Tyler apartment market overview Oct. 2014 

(12/16/2014)

TYLER - Apartment MarketData Research Services LLC has released October 2014 data. The multifamily market data represent three months trailing (Aug.–Oct. 2014).

As a rule these represent all properties except those that are leased but not occupied units.

Multihousing Market Condition Comparison Aug.–Oct. 2014
Age
Group
Tyler Texas
Units Occ. Rate Size Units Occ. Rate Size
< 1970 709 96.9% $0.750 832 132,294 96.4% $0.852 832
1970's 5,216 98.5% $0.767 832 383,819 95.8% $0.841 818
1980's 4,015 98.7% $0.859 753 488,257 96.9% $0.928 780
1990's 894 99.6% $0.755 822 226,024 97.4% $1.080 922
2000's 2,761 97.3% $0.850 1,048 366,007 97.4% $1.046 963
2010's 344 99.7% $0.829 931 70,963 97.2% $1.194 927
Totals* 13,939 98.3% $0.811 854 1,667,364 96.8% $0.966 859


Rate: Rental Rate is the average market rate expressed as ($/SF/month).
Size: The average size of each unit expressed as (SF/unit).
*Totals include four-bedroom units.

Click to see the full October 2014 Tyler Multihousing Market Conditions Report, including previous data.

Source: Apartment MarketData Research Services LLC, San Antonio

tag: Texas apartment, Tyler data

Harbor docks 3,100 units in DFW, Houston 

(12/16/2014)

DALLAS-FORT WORTH - Harbor Group International, a Virginia-based real estate investment firm, has purchased ten North Texas properties as part of a larger 12-property buy.

The acquisition also includes two properties in Houston and totals 3,100 units. The new owner plans to spend $10 million to upgrade the apartments.

Below are the properties purchased in Dallas-Fort Worth, their addresses, and the amount financed for each property (if applicable):

•  330-unit Abbey at Vista Ridge — 4747 N. Josey Lane (Carrollton)
•  364-unit Carrington Park — 3001 Communication Pky. (Plano), $36.3 million
•  180-unit Fieldcrest — 350 E. Vista Ridge Mall Dr. (Lewisville)
•  216-unit Fossil Hill — 5700 N. Beach St. (Fort Worth), $12 million
•  320-unit Sunset Oaks — 3550 Timberglen Rd. (Dallas), $19.7 million
•  216-unit Tall Timbers — 501 Sycamore Ln. (Euless), $3.4 million
•  238-unit Briarcrest — 1330 MacArthur Dr. (Carrollton), $17.2 million
•  224-unit Huntington Glen — 2900 Harwood Rd. (Bedford), $11.3 million
•  244-unit Villas at Waterchase — 165 N. Old Orchard Ln. (Lewisville), $4 million

The apartment communities were acquired from Canada-based England Group.

Read more at CoStar Group, Dallas Morning News and the Dallas Business Journal.

tag: Texas apartments

$33 Million unmanned aircraft complex on deck for Fort Bliss 

(12/16/2014)

EL PASO - A $33 million unmanned aircraft launch and recovery complex will be built at Fort Bliss. The complex will cover about 150 acres and include a 50,000-sf maintenance hangar and over a mile of runways, aprons and taxiways.

SGS will build the complex, and plans to begin construction in late 2014 or early 2015. The company also plans to use local subcontractors for the project.

SGS has previously completed seven projects valued at $78 million at Fort Bliss.

Read more at the El Paso Times.

MPF: San Antonio apartment trends 3Q 2014 

(12/16/2014)

SAN ANTONIO - Like other major metros in Texas, San Antonio’s apartment sector showed strong growth coming out of the recession.

But unlike those other metros, San Antonio already appears to be reverting to a slow growth pattern that is more consistent with its own historical performances.

Structurally, the San Antonio metro is a more moderate-growth metro — heavy on government-related jobs, but not on large private employers.

Eight of San Antonio’s ten largest employers are concentrated in either the public sector or in health care, which helps during economic downturns but limits upside potential during prosperous times.

Economic progress and population growth doesn’t translate into housing demand as quickly in San Antonio as they do in the other metros that have given Texas a fast-growth reputation.

Still, San Antonio’s relatively strong performances coming out of the recession led to increased apartment development.  

Properties sampled 675 Units sampled 141,737 Submarkets 14


What changed this quarter? In 3Q 2014, demand remained at healthy levels and outpaced new supply. As a result, occupancy jumped 0.4 points quarter-over-quarter, pushing the overall rate to 93.6 percent. Meanwhile, same-store rental rates increased 0.9 percent in the quarter.

3Q 2014 San Antonio Apartment Trends
Effective Rent Occupancy Annual Job Change Annual Permits Annual Demand Annual Completions
$838 93.6% 24,300 jobs 3,693 units 5,035 units 6,233 units


For a submarket map and additional information, read more at MPF Research.

tag: San Antonio data, apartment

Houston: 900-unit apartment portfolio sold 

(12/16/2014)

HOUSTON - A 900-unit portfolio of four Class A apartments has been sold.

The portfolio, located in the Texas Medical Center and Galleria submarkets, is 95 percent leased overall and will be managed by Lincoln Property Company.

Portfolio
Property Name Location Submarket Units
Mirage Apartments 2100 Bering Dr. Galleria 200
Parque Del Oro Apartments 8380 El Mundo St. Texas Medical Center 224
San Melia Apartments 6383 El Mundo St. Texas Medical Center 252
Versailles Park Apartments 7200 Almeda Rd. Texas Medical Center 224



Southwest Multifamily Partners, a commingled fund jointly led by Los Angeles-based CityView and Dallas-based Lincoln Property Co. purchased the portfolio in a joint venture with an institutional co-investment partner.

Read more at HFF and Realty News Report.

tag: Houston apartment

Frisco boom largest in North Texas 

(12/16/2014)

FRISCO - With more than $5 billion in developments in the works, Frisco is arguably the most dynamic real estate market in Texas.

Ahead of Uptown, Plano, Richardson — Frisco has more huge developments these days than any other property market. Even if only half of them get built, the one-time railroad town will be ground zero for the biggest commercial real estate boom ever in North Texas.

“Just about every tract of land from SH 121 to Main St. along the Dallas North Tollway (DNT) is having plans made or is under development,” said Jim Gandy, CEO of the Frisco Economic Development Corp.

Hillwood Properties, VanTrust Real Estate and the Rudman Partnership are teaming up to build Frisco Station surrounding the Dallas Cowboys’ new headquarters at the DNT and Warren Pkwy.

The Cowboys’ 91-acre Star mixed-use project is already under construction next door to Frisco Station.

Thomas Land & Development is building its $1.6 billion Wade Park mixed-use complex on 175 just across the DNT on Lebanon Rd.

If you had to pick a point in time when the game changed for Frisco, it would be back in 1996, when developer General Growth Properties bought 130 acres at the northwest corner of Preston Rd. and SH 121 for a new shopping mall.

Some 18 years later, there is now 4.5 million sf of retail space within a mile of Frisco’s Stonebriar Center mall.

The other real estate milestone came in 1997, when developer Craig Hall broke ground on his 162-acre Frisco office park. Hall Office Park now has 2.2 million sf of office space that houses 180 companies with some 8,000 workers.

Hall Financial just finished its 16th building in the Frisco office park.

Read more at the Dallas Morning News.

For more on what is happening in Frisco, check out other stories from NewsTalk Texas.

Wichita Falls among most affordable places to live in Texas 

(12/16/2014)

WICHITA FALLS - Wichita Falls ranks as one of the top five least expensive places to live places to live in the state, according to Fixr’s 2014 Texas Affordability Rankings.

Wichita Falls has a very affordable cost of living for young families, minimum-wage workers and single freelancers. Fixr’s study used housing, food, transportation and other factors to determine rankings.

In 2013 the average sale price of a home in Wichita Falls was $120,000 and today its $124,000.

In the first eleven months of 2014 versus 2013, the greater Wichita Falls area sold exactly 49 more homes. Real estate experts say they did not expect to see a great year, but considering the drought, the market fared out well.

Read more at KAUZ-TV.

See Mapping cost of living across 32 Texas cities.

Houston stage right for 168,000-SF arts high school 

(12/16/2014)

HOUSTON - Construction begins today on a sleek five-story, 168,000-sf building for Houston ISD's High School for Performing and Visual Arts at the corner of Rusk and Austin.

The $80 million project will include a 200-seat mini-theater, 200-seat black box theater, 150-seat recital hall, rooftop garden and outdoor art studio.

The centerpiece will be an 800-seat main theater, complete with a balcony, that will fit the magnet school's entire faculty and student body with room to spare.

"We're downtown and so close to the arts district, you can just feel the energy down here. It's going to be amazing to have the kids down here," said HSPVA principal R. Scott Allen.

The new space, approved by voters in a 2012 bond, will allow the school to move from its current Montrose campus. It will also provide room for the new creative writing program, whose students currently take classes in the library and in portable trailers.

Read more at the Houston Chronicle.

San Antonio: Huebner Medical Center I, II sells 

(12/16/2014)

SAN ANTONIO - The 166,167-sf Huebner Medical Center I & II has been sold to Ohio-based Equity Inc. and and Grapevine, Tex. 2GR Equity.

Completed in 1991, the facility is located at 9150 Huebner Rd. in the South Texas Medical Center.

One of the tenants operating out of the facility is Methodist Ambulatory Surgical Hospital (MASH), the area's third largest private employer and one of eight Methodist/HCA Healthcare System hospitals in San Antonio.

MASH occupies 48,000 sf with 28 beds and nine operating rooms.

Source: CoStar

MPF highlights DFW multifamily 3Q 2014 

(12/16/2014)

DALLAS-FORT WORTH - Apartment completions have picked up significantly in DFW, but substantial growth in the economy and other drivers have spurred absorption enough to mute the effect of the elevated supply, according to the latest report from MPF Research.

Demand for new lease-ups has been strong, and middle-market demand remains strong as well.

Such demand has prevented significant occupancy declines, giving apartment operators confidence to continue pushing rents. In particular, middle- and lower-tier market segments in the Dallas metro have exceeded rent growth expectations.

What changed this quarter? Strong apartment absorption outpaced high levels of new supply. In turn, occupancy rose to 94.7 percent, a 13-year high for the region. Meanwhile, same-store rental rates jumped 1.4 percent quarter-over-quarter.

3Q 2014 DFW Apartment Trends*
Effective Rent Occupancy Annual Job Change Annual Permits Annual Demand Annual Completions
$903 94.7% 101,500 jobs 19,540 units 15,961 units 16,193 units


*Properties sampled 2,552; Units sampled 567,123; Submarkets 36

Find the report at MPF Research. Be sure to check out the Submarket Map with Zip Codes.

tag: Dallas-Fort Worth apartment

Allen's 70,000-SF Cornerstone Crossing sells 

(12/16/2014)

ALLEN - The 70,145-sf Cornerstone Crossing at 1300 N. Central Expy. has been sold. The 14-year-old building sits on 5.5. acres at the corner of N. Central Expy. and Exchange Pkwy.

The Class B building is 100 percent leased to tenants including Amphenol Fiber Systems and Cosmic Jump.

Austin-based Davis/Parmer Investments L.P. purchased the office and warehouse building from Cornerstone Crossing TIC Owners.

Read more at the Dallas Business Journal and at Citybizlist.

$23.5M McAllen Airport expansion completed 

(12/16/2014)

McALLEN - A $23.5 million expansion is completed and now open at McAllen-Miller International Airport.

"We've got the expanded restaurant area and newsstand area, an expanded waiting area and 40,000 additional sf that we added," said Elizabeth Suarez, the city's aviation director.

Work continues on two of the airport’s six gates — one more than before — as workers finish up installing exterior sprinkler systems. That phase of the project is expected to finish in January 2015.

Additionally, work continues on expanding the Transportation Security Administration passenger screening area, which is expected to be complete by February 2014.

The airport handles about 60 percent of commercial traffic in and out from the Rio Grande Valley.

Read more at KRGV-TV and The Monitor.

GTAR: Tyler region home sales Nov. 2014 

(12/16/2014)

TYLER - There were 300 houses sold in November, compared to 253 units in November 2013, according to figures released by the Greater Tyler Association of Realtors (GTAR). Last month’s sales were an 18.7 percent slump from the 369 homes sold in October.

Home inventory was 7.6 months in November, compared to 8.1 months in October and 9.4 months in November 2013.

The median home price for November was $159,450, rising 14.3 percent from the same time a year ago and 9.97 percent from the month before, GTAR reported.

Many of the houses selling are $250,000 to $300,000 and greater, according to home builder Trey Hunt.

Tyler Region Sales and Price Activity by Units Sold Nov. 2014
MLS Wide Median Price
  Nov. 2014
Price Chg.
Nov. 2013
Units Sold
Nov. 2014
Sales Chg.
Nov. 2013
TYLER (single-family) $158,500 13.8% 285 9.6%
TYLER (condo) $131,000 0.8% 3 0.0%
Region Cities*        
Tyler $173,500 9.1% 78 -6.0%
Bullard $168,500 -35.2% 21 75.0%
Lindale $168,300 25.3% 18 -5.3%
Flint $233,200 55.5% 14 7.7%
Mt. Pleasant $159,500 67.9% 12 -25.0%
Holly Lake Ranch $192,450 39.5% 12 33.3%

*Data include single-family only and represent six select region cities sorted by number of units sold. Data released December 10, 2014.

Read more at the Greater Tyler Association of Realtors and the Tyler Morning Telegraph.

tag: Tyler real estate news; Tyler data

Nurtur Health feels good with Farmers Branch office 

(12/16/2014)

FARMERS BRANCH - Nurtur Health, Inc. has signed a 23,893-sf lease at 4001 McEwen Rd.

The 95,192-sf office building was constructed in 1981 in the West LBJ Fwy. submarket.

The building, along with 4101 and 4099 McEwen Rd., comprise the Centre Office Park campus, which is serviced by the DART bus and positioned 15 minutes from DFW Airport.

Read more at CoStar Group.

San Antonio: 2014 retail sector's big year 

(12/15/2014 10:00:00 AM)

SAN ANTONIO - Dan Mitchell, executive vice president of The Weitzman Group in San Antonio, said 2014 was a big year for retail.

Mitchell said for six or seven years, nobody was building retail developments in San Antonio, such as shopping centers or free-standing stores, except large companies such as Walmart and H-E-B.

Now, a number of developers have shovels in the ground again.

Class A shopping centers are full and Class B centers have a healthy occupancy rate, which means Class C projects are receiving new-found attention.

In 2014, the I-10 corridor from UTSA Blvd. all the way north to Boerne Stage Rd. was a hotspot for new retail development.

Mitchell predicts the next big area slated for retail development is the far west side of San Antonio near Alamo Ranch.

Read more at the San Antonio Business Journal.

tag: San Antonio data, retail

ALN: Austin, Atlanta, DFW, Houston, Tampa, San Antonio 

(12/15/2014 7:15:00 AM)

AUSTIN, DFW, HOUSTON, SAN ANTONIO - ALN Apartment Data released the November 2014 review of occupancy, effective rent and more for Austin, Dallas-Fort Worth (DFW), Houston and San Antonio.

For reference, Atlanta, Ga., and Tampa, Fla., are shown. The general overview includes properties in initial lease-up.

General Overview Nov. 2014
Markets Austin DFW Houston San
Antonio
Atlanta Tampa
Occupancy rate 91.8 92.5 91.6 89.5 92.4 92.6
Units added 6,041 8,391 11,818 3,757 5,193 4,683
Units absorbed (annual) 4,219 7,871 9,292 1,937 6,014 4,398
Average size (SF) 852 859 874 838 1,014 922
Asking rent $1,100 $927 $963 $867 $936 $948
Effective rent $1,091 $918 $951 $850 $930 $943
Effective rent per SF $1.28 $1.07 $1.09 $1.01 $0.92 $1.02
Offering concessions 14% 25% 22% 38% 21% 16%
Avg. concession package 5.1% 4.4% 5.3% 4.8% 3.8% 3.4%


Read more at ALN Apartment Data.

tag: apartment

MPF Research: Austin multifamily 3Q 2014 

(12/15/2014 6:55:00 AM)

AUSTIN - Broad-based economic gains combined with the metro’s already favorable demographics have fueled demand for housing in Central Texas, which has generated strong revenue growth for the apartment sector, according to the latest report from MPF Research.

Such solid demand for apartments has strengthened the market’s fundamentals and led to elevated levels of apartment development.

Occupancy has hovered around the 95 percent mark for over three years. In response to the high occupancy, apartment operators have pushed rents around 4 percent to 7 percent annually for 14 straight quarters.

A point of strength for the apartment market so far has been middle- and lower-tier units that generally feed off economic growth but don’t compete with apartment development or single-family sales.

What changed this quarter? Quarterly apartment demand surged to a 17-year high during third quarter 2014, outperforming the 20-year high concurrent supply volume.

As a result, occupancy increased 0.3 points, with the rate landing at a solid 95.7 percent. Meanwhile, apartment operators pushed same-store rents 1.9 percent during 3Q 2014.

3Q 2014 Austin Apartment Trends
Effective Rent Occupancy Annual Job Change Annual Permits Annual Demand Annual Completions
$1,078 95.7% 31,700 jobs 9,898 units 10,181 units 10,562 units


Find the report at MPF Research. Be sure to check out the Submarket Map with Zip Codes.

tag: Austin apartment

GEPAR: El Paso area home sales Nov. 2014 

(12/15/2014 6:45:00 AM)

EL PASO - The Greater El Paso Association of Realtors (GEPAR) has released home sales data for November 2014. Some quick facts include:

•  The median price of existing single-family homes decreased to $122,000, down 6.2 percent from October 2014.

•  Existing single-family home sales decreased 12 percent from October 2014 for a November 2014 total of 309 sold units.

•  Condos increased in price to $141,000, up 36.9 percent from October 2014.

•  Existing condo sales decreased 47.1 percent in November 2014 from October 2014 for a total of 9 sold units.

Select zip codes are represented below along with statistics from the GEPAR MLS area as a whole.

El Paso Region Sales and Price Activity by Units Sold
MLS Wide Median Price
Nov. 2014
Price Chg.
from Nov.

2013
Units Sold
Nov. 2014
Sales Chg.
from Nov.

2013
GEPAR
(single-family)
$122,000 -2.4% 309 30.4%
GEPAR
(condo)
$141,000 28.2% 9 -18.2%
Zip Codes*        
79938 $136,500 12.9% 44 63.0%
79936 $112,500 11.7% 42 5.0%
79912 $174,450 -12.3% 34 -20.9%
79924 $89,000 -6.8% 25 56.3%
79925 $134,250 0.2% 24 100.0%
79928 $124,450 13.2% 24 60.0%
79932 $163,500 -3.8% 22 100.0%
79934 $131,950 7.3% 19 11.8%

*Region Zip Code data include single-family only and represent eight select zip codes sorted by number of units sold.

Source: Greater El Paso Association of Realtors (GEPAR)

tags: El Paso housing, apartment

Dallas: Turtle Creek's 380,000-SF project next to Mansion 

(12/15/2014 6:42:00 AM)

DALLAS - Prescott Group has purchased a 5.5-acre property next door to the Mansion on Turtle Creek where it plans to build a 14-story, 380,000-sf office and retail project.

The development — called 2727 Turtle Creek — is just the latest in a series of new deals in the Oak Lawn market.

The new owners will tear down an eight-story building constructed in the 1980s. A six-story office building that dates to the 1950s will be stripped back to the beams and included in the new construction.

A ground-floor restaurant space and conference center are planned, and the project will use the existing 1,100-space parking garage on the north side of the property.

Prescott plans to start construction next year and have the building ready by the end of 2016.

Read more at the Dallas Morning News.

For more on what's going on in the Oak Lawn market, check out other stories from NewsTalk Texas.

Odessa: Leases hot at Chimney Rock 

(12/15/2014 6:40:00 AM)

ODESSA - The 340,000-sf Chimney Rock Shopping Center, situated on 36 acres at the northeast corner of Loop 338 and Hwy. 191, has gained five new tenants with leases totaling 48,100 sf.

The Woodmont Co. has signed the following leases:

•  Northern Tool+Equipment (18,000 sf);

•  Petco (13,500 sf);

•  Lone Star ER (8,500 sf);

•  Mattress Firm (5,500 sf); and

•  Firehouse Subs (2,600 sf).

The five new leases bring Chimney Rock’s occupancy to 90 percent, and they will join Academy Sports+Outdoors, Marshalls, Best Buy, Jo-Ann Fabric & Crafts, ULTA Cosmetics, Kirkland’s Home Decor and Dickey’s BBQ, among others.

“High income levels, low unemployment and year-over-year growth of the local economy is the reason Odessa is one of the most dynamic markets in Texas, if not nation,” said Trip Green, vice president of investment sales and leasing at The Woodmont Co.

Northern Tool+Equipment and Firehouse Subs recently opened at the center, and the buildings for Petco, Lone Star ER and Mattress Firm are beginning construction shortly and will open in early summer 2015.

The Woodmont Co. serves as a development partner and construction manager on behalf of the Chimney Rock Shopping Center’s ownership, Excel Trust. The firm also handles leasing and property management for the asset.

“What is also significant is that these five retailers are new to the Odessa market, indicating strength of this area now and in the years to come,” said Green.

Read more at GlobeSt.

ALN Amarillo apartments Nov. 2014 

(12/15/2014)

AMARILLO - ALN Apartment Data has released November 2014 apartment occupancy, effective rent data and more for apartments in the Amarillo market.

Amarillo Market Review
Amarillo Market Stabilized Market*
Nov.
2014
Annual
Chg.
Occupancy rate 90.3 -1.5%
Units added 0  
Units absorbed (annual) -152  
Average size (SF) 811 0%
Asking rent $673 2.6%
Effective rent $660 2.3%
Effective rent per SF $0.81 2.4%
Offering concessions 33% -4.5%
Avg. concession package 4.9% 4.1%


*Stabilized Market is everything in a market except for apartments in initial lease-up.

Floor Plan Breakdown - Amarillo
Plan Type % of
Market
Avg.
SF
Avg.
Market
Rent/Mo.
Avg.
Eff.
Rent/Mo.
Efficiency 2.4% 472 $493 $487
1 BR 45.5% 663 $589 $579
1 DEN 1.3% 768 $683 $669
2 BR 39.4% 944 $745 $732
2 DEN 1.1% 917 $831 $811
3 BR 9.2% 1,209 $824 $813
>3 BR 1.1% 1,303 $1,165 $1,147


Read more at ALN Market News.

For more stats, see Multifamily under Amarillo Market Data Sources.

Tag: Texas apartment

Far North Central San Antonio submarket ranks No. 9 in U.S. 

(12/15/2014)

SAN ANTONIO - Far North Central San Antonio has been named the ninth busiest submarket in the nation by MPF Research.

Far North Central San Antonio’s existing apartment base expansion rate since 2012 is 42.7 percent. That rate calculation includes new apartment supply (1,742 units) since 2012 and the construction volume (1,220 units) at the end of 3rd quarter 2014.

Many of the apartments that either recently completed or that were under construction at the end of 3rd quarter 2014 were near major thoroughfares such as Loop 1604 and Hwy. 281.

Another large chunk of new apartments are either in or near high-end communities, such as Sonterra and Stone Oak.

In addition, office construction in the metro is at its highest level since 2009, with over 900,000 sf of product underway.

Quick Facts
Population 127,701
Median age 37
Average monthly rent  $1,161
Median family income $99,231
Occupancy 3Q 2014 95.5%
Existing units 8,676
Annual rent growth 2.3%


The submarkets were identified based on inventory growth since 2012, including the total number of units completed since 1Q 2012 and the total number of units under construction at the end of 3Q 2014.

Zip codes for Far North Central San Antonio, according to MPF Research:

78004, 78027, 78070, 78163, 78258, 78259, 78260, 7826

Read more at Property Management Insider.

Kyle Medical Pavilion sells for $17 million to REIT 

(12/15/2014)

KYLE - Health Care REIT has purchased a portfolio of medical office buildings (MOBs) that include the 42,000-sf Kyle Medical Pavilion at 135 Bunton Creek Rd.

Completed in 2012, the three-story facility is home to tenants including Hays Surgery Center, Texan Urgent Care and Austin Pain Associates.

Health Care REIT paid $402 per sf for the property, totaling $16.9 million. The REIT paid at least $69 million for the five-property portfolio, according to information from Real Capital Analytics.

After taking a bit of a hiatus from acquiring MOBs in 2013, Health Care REIT has been very active in the space in 2014, as its purchases of such properties could total about $306 million in the second half of the year, according to the company.

Read more at GlobeSt.com.

Frisco: $1 billion twinkles around Cowboy 'Star'  

(12/15/2014)

FRISCO - A development team that includes the Perot family’s Hillwood Properties and auto sales giant Van Tuyl are joining forces to build Frisco Station, a more than $1 billion development.

The almost 250-acre project will wrap around the Dallas Cowboy’s new headquarters and retail complex under construction at the Dallas North Tollway and Warren Pkwy.

The overall project will have more than 4 million sf of office space, 2,400 apartments, shops, restaurants and civic facilities. A large greenbelt and park will cut through the middle of the community.

Jim Gandy, president of the Frisco Economic Development Corp., said the two projects together will ultimately employ almost 19,000 people.

Frisco Station will include a combination of corporate office towers, shopping and entertainment plazas, mid-rise apartments, medical facilities and other buildings that will surround the Cowboy’s new “Star” project on three sides.

Hillwood and the Van Tuyl family’s VanTrust Real Estate are partnering with the Rudman family, which has owned the site for more than 50 years.

Read more at the Dallas Morning News.

For more on the Dallas Cowboys' "Star" project, see previous story Cowboys score $115M Frisco facility.

Irving's Four Seasons spring to 'Well Being' in 185,000 SF 

(12/15/2014)

IRVING - The Four Seasons Resort and Club in Dallas at Las Colinas plans to develop a $3.5 million sports facility and spa totaling 185,000 sf on the resort grounds in Irving.

The luxury fitness center and spa — dubbed Well & Being — will become the recreational centerpiece of the Las Colinas hotel, with workout classes and specialized spa concepts, including acupuncture, shiatsu and other healing therapies.

Construction is underway on the new facilities with its debut in late spring 2015.

Earlier this year, the 431-room resort and club sold for an estimated $150 million to Blackstone Real Estate Advisors after lenders foreclosed on the property. The previous owners defaulted on a $175 million loan on the hotel.

Read more at the Dallas Business Journal.

For more on the sale of the resort, see previous story Las Colinas' Four Seasons Resort sold for $150M.

Orangetheory Fitness working out in Austin in 2015 

(12/15/2014)

AUSTIN - Orangetheory Fitness, a Florida-based chain of workout studios, has inked a franchise agreement for its first three locations in the Austin area.

The first location will debut on Jan. 1 in Four Points northwest of Austin near Lake Travis, at 7301 N. FM 620. The other locations are expected to open later in 2015.

Franchise owners Ron Levy and Stephanie Wang-Levy said they were drawn to Orangetheory Fitness by its high-intensity interval training, heart-rate monitoring and class camaraderie; it had everything they had been looking for in a workout concept.

The classes are centered around a 60-minute, five-zone, heart-rate monitored interval training workout.

Read more at the Austin Business Journal.

Texas housing sales boom to second best year ever 

(12/15/2014)

TEXAS - Sales this year for existing homes are expected to be the second best ever statewide, according to the Texas A&M Real Estate Center.

Housing sales are soaring across the state of Texas. There were 242,422 existing homes sold across the state from January to October.

Dr. Jim Gaines, research economist with Texas A&M Real Estate Center, says the state's booming economy is helping housing sales.

Gaines expects interest rates to stay steady for the coming months, but it's the higher end homes driving up sales volume. Home sales under $200,000 as well as new construction of more affordable homes is down.

Gaines adds that while housing prices are going up, incomes are not keeping up with the pace, so affordability will continue to be a problem for some homebuyers.

Read more at KBTX.

SABOR: San Antonio home sales Nov. 2014 

(12/15/2014)

SAN ANTONIO - San Antonio Board of Realtors (SABOR) has released November 2014 home sales data.

Some quick facts include:
•  The median price of existing single-family homes increased to $171,000, up 3.7 percent versus October 2014
•  Existing single-family home sales decreased 27 percent from October 2014 for a November 2014 total of 1,365 sold units.
•  Condos decreased in price to $96,250, down 1.3 percent versus October 2014.
•  Existing condo sales increased 37.7 percent in November 2014 from October 2014 for a total of 38 sold units.

Select region cities are represented below along with statistics from the SABOR MLS area as a whole.

The chart below is from December 10, 2014.

SABOR Nov. 2014 Regional Sales and Price Activity
MLS Wide Median Price
Nov. 2014
Price Chg.
vs. 
Nov. 2013
Units Sold
Nov. 2014
Sales Chg.
vs. Nov
. 2013
SABOR
(single-family)
$171,000 8.2% 1,365 -1.2%
SABOR (condo) $96,250 -12.5% 38 -19.1%
Region Cities*  
San Antonio $160,458 8.4% 950 -2.1%
New Braunfels $209,000 19.1% 61 13.0%
Boerne $348,750 8.3% 48 33.3%
Converse $140,900 17.4% 32 6.7%
Schertz $189,000 18.1% 29 20.8%
Cibolo $185,250 12.4% 26 30.0%
Helotes $335,000 38.4% 23 -23.3%
Spring Branch $299,900 15.3% 13 -38.1%

*Region Cities' data include single-family only and represents eight select cities sorted by number of units sold.

Source: San Antonio Board of Realtors (SABOR)

tag: housing data, housing news

San Diego firm buys Holiday Inn near SeaWorld 

(12/15/2014)

SAN ANTONIO - Pacifica Companies, a San Diego-based investment firm, has acquired the 194-room Holiday Inn hotel on SH 151.

The hotel, which opened in 2009, is located near SeaWorld San Antonio on the Northwest Side.

The hotel was the first in Texas and with the Holiday Inn brand to be LEED (Leadership in Energy & Environmental Design) certified.

It is the preferred hotel of the 250-acre SeaWorld San Antonio, the world’s largest marine life theme park.

Read more at the San Antonio Business Journal.

ABoR: Austin area home sales Nov. 2014 

(12/15/2014)

AUSTIN - The Austin Board of Realtors has released home sales facts for November 2014. Below is a snippet of cities that you might want to see. There's more at the link below!

•  The median price of existing single-family homes increased to $240,050, up 0.6 percent from October 2014.
•  Existing single-family home sales decreased 22.7 percent from October 2014, totaling 1,614 units.
•  Condos decreased in price to $201,000, down 7.2 percent from October 2014.
•  Existing condo sales decreased 42.8 percent from October 2014, totaling 143 sold units.

Select region cities are represented below along with statistics from the ABoR MLS area as a whole.

Austin Region Sales and Price Activity by Units Sold
MLS Wide Median Price
  Nov. 2014
Price Chg.
Nov. 2013
Units Sold
Nov. 2014 
Sale Chg.
Nov. 2013
ACTRIS* (single-family) $240,050 10.6% 1,614 0.7%
ACTRIS (condo) $201,000 7.2% 143 -26.7%
Region Cities**        
Austin $302,000 11.0% 663 -4.6%
Round Rock $205,000 2.0% 167 0.6%
Georgetown $228,000 -1.3% 105 1.0%
Pflugerville $195,000 28.3% 97 11.5%
Cedar Park $245,000 25.6% 73 -18.9%
Leander $193,000 20.6% 63 -14.9%
Kyle $167,000 15.2% 50 22.0%
Buda $228,000 16.3% 41 115.8%

*Austin/Central Texas Realty Information Service
**Data include single-family only and represent select region cities that sold at least 40 units during November 2014.

See the full report from the Austin Board of Realtors.

tag: Austin data, Austin real estate news

CoStar inventories Austin industrial data 3Q 2014 

(12/15/2014)

AUSTIN - During third quarter 2014, two buildings totaling 18,250 sf were completed, according to CoStar Group.

There was 821,396 sf of industrial space under construction at the end of 3Q 2014.

The largest projects underway at the end of 3Q 2014 include:

  • FedEx Ground Distribution – a 199,865-sf building with 100 percent of its space pre-leased and
  • Heritage Crossing – Bldg. 3, a 109,887-sf facility that is 23 percent pre-leased.

Some of the notable 2014 deliveries include Heritage Crossing - Bldg. 1, a 222,454-sf facility that delivered in 1Q 2014, and Pecan 130 Business Park - Bldg. 1, a 120,000-sf building that delivered in 2Q 2014.

Total industrial inventory in the Austin market area amounted to 93,463,535 sf in 3,776 buildings as of the end of 3Q 2014.

The flex sector consisted of 21,643,972 sf in 561 projects.

The warehouse sector consisted of 71,819,563 sf in 3,215 buildings. Within the industrial market there are 250 owner-occupied buildings accounting for 17,381,439 sf of Industrial space.

Read more at CoStar Group.

Austin: sale rounded up with 25,952-SF Trails at 620 

(12/14/2014)

AUSTIN - The Trails at 620, a mixed-use development at 8300 N. FM 620, has been sold.

The property includes retail locations, restaurants and The Moviehouse & Eatery theatre.

The 25,952-sf development was sold by a local private development partnership. The Trails at 620 was 93 percent occupied at the time of sale.

Read more at the Austin Business Journal.

Houston Energy Corridor 286,000-SF Kirkwood Tower sold 

(12/12/2014 7:15:00 AM)

HOUSTON - The 15-story Kirkwood Tower, a 286,000-sf Class A office building, has been sold. The 92 percent occupied tower at 11757 Katy Fwy. is located in Houston's Energy Corridor submarket.

Tenants include Texon LP, Skyline Executive Suites Ltd., KCA Deutag LLC, First Solar Inc., Greene's Energy Group LLC and Mac Haik Holding Co. Inc.

Santa Fe, New Mexico-based Rosemont Realty acquired the building. The purchase was a joint venture through a new arm of the company — Rosemont Investor Central Properties. The sellers were co-investors Denver-based Amstar and Dallas-based Frontier Equity.

Rosemont now owns 16 buildings representing nearly 2.5 million sf of office space in the Houston area, including Kirkwood Atrium II next door.

Read more at the Houston Business Journal.

ALN Abilene, Amarillo, Corpus Christi, Lubbock apartment 

(12/12/2014 7:12:00 AM)

ABILENE, AMARILLO, CORPUS CHRISTI, LUBBOCK - ALN Apartment Data has released the November 2014 review of occupancy, effective rent and other data for many Texas cities.

*Stabilized Market Nov. 2014
 Markets Abilene Amarillo Corpus
Christi
Lubbock
Occupancy rate 93.2 90.3 93.8 93.6
Units added 0 0 228 521
Units absorbed (annual) 41 -152 56 152
Average size (SF) 869 811 849 847
Asking rent $676 $673 $871 $707
Effective rent $669 $660 $864 $703
Effective rent per SF $0.77 $0.81 $1.02 $0.83
Offering concessions 23% 33% 16% 13%
Avg. concession package 4.2% 4.9% 4.1% 5.1%


*Stabilized market is everything in a market except for apartments in initial lease-up.

Read more at ALN Apartment Data.

For more ALN stories from other cities, see NewsTalk Texas.

Tag: Texas apartment

El Paso housing stats 3Q 2014 Coldwell Banker 

(12/12/2014 6:04:00 AM)

EL PASO - Coldwell Banker de Wetter Hovious Inc. has released its third quarter 2014 El Paso housing report.

Home price growth moderated in third quarter 2014, nearly matching the levels of 2Q 2014. The overall price trend remains upwardly biased, albeit at a much more predicable pace than other Texas cities.

Year-over-year, closings were off just 2 percent, and down just over 5 percent from 2Q 2014. This is not very alarming considering that 2Q 2014 as one of the best in years in terms of sales velocity.

Listing activity jumped slightly in 3Q 2014 and on a year-over-year basis a bit more dramatically. Combining the slightly higher level of active inventory and the mild drop in absorption, months-of-supply increased to nearly eight months.

New home permitting activity remains very mild, and months-of-supply, while not elevated above historical averages does not have significant pressure to add substantive supply.

El Paso Key Stats
  3Q 2014 3Q 2013 Change
Average sales price $156,055 $161,682 -3.5%
Average $/SF $83 $85 -1.7%
Median sales price $139,950 $142,450 -1.8%
DOM 96 104 -7.8%
Sale % of list 97.2% 97.2% 0.0%
# of sales 1,633 1,667 -2.0%
Listed inventory 4,257 3,955 7.6%


Source: Coldwell Banker de Wetter Hovious (quarterly report on lower left bottom)

For the entire report, see Housing under El Paso Market Data Sources.

tag: housing, apartment

Spike in Houston rents outpaces U.S. average 

(12/12/2014 6:04:00 AM)

HOUSTON - Renters in the Houston metro area this year paid about $600 more on average than they did in 2013 as rents have increased at twice the national rate, according to data analyzed by San Francisco-based Apartment List.

In November, Apartment List found that Houston one-bedroom rents averaged $910 and two-bedrooms averaged $1,040. Rents here are 9 percent more expensive than the national average based on two-bedroom rents.

Even Houston’s suburbs are seeing sky-high rents, although they vary. Renters in The Woodlands pay 75 percent more than those in Pasadena.

The Woodlands, Katy and Pearland are the most expensive markets, with two-bedrooms averaging more than $1,330 a month. Tomball, Houston proper and Spring average $1,050.

Humble and Pasadena — at $900 and $760, respectively — are the only two suburbs where rents are below the $950 national average.

In Houston, Downtown is the most expensive neighborhood, with the average rent at $2,600 per month.

The least expensive neighborhoods in the city are Northshore, Sharpstown and greater Greenspoint, where rents hover at $750 per month.

Read more at the Houston Chronicle.

tag: Houston apartment

High schoolers: 'Find Your Future' in less than ten 

(12/12/2014 6:02:00 AM)

TEXAS - While Texas leads the nation in the creation of good jobs, many of the state's employers say they cannot find workers with the skills they need.

TEXASgenuine.org is a free resource that high school counselors and college advisors are using to showcase the value of career and technical education and to help students explore career options.

The website's "Find Your Future" career assessment takes less than 10 minutes to complete.

Among five recommendations, the Texas Comptroller's office suggests that Texas needs to do a better job of broadcasting the positive outcomes of career and technical education.

According to the Association of Career and Technical Education, these programs prepare students for a range of high-wage and high-demand careers, as well as further educational opportunities.

Offered by high schools, community colleges and technical schools, these programs equip students with employability skills and job-specific technical skills as well as core academic skills.

Read more at the Victoria Advocate.

Corpus Christi plunges into $50 million aquarium expansion 

(12/12/2014 6:00:00 AM)

CORPUS CHRISTI - Texas State Aquarium is readying to take visitors on a Caribbean Journey. Ground has been broken ground for the Caribbean-themed $50 million expansion project.

The expansion includes 65,000 sf, a four-story addition and creation of a Center for Excellence in Science, Technology, Engineering and Math (STEM) education.

Officials said the expansion is expected to increase the economic impact to $69 million, support 887 local jobs and create 41 full-time jobs. The aquarium currently has an economic impact of $43 million annually.

Named one of the top 20 aquariums nationwide last year by TravelChannel.com, the Texas State Aquarium also placed second in the Best Aquarium in the Nation list by USA Today.

Construction is expected to take 18 to 24 months with a goal of opening in first quarter 2017.

Read more at the Corpus Christi Caller-Times.

Lubbock apartment market overview Oct. 2014 

(12/12/2014)

LUBBOCK - Apartment MarketData Research Services LLC released October 2014 data. The multifamily market data represent three months trailing (August–October 2014).

As a rule these represent all properties except those that are leased but not occupied units.

Multihousing Market Condition Comparison Aug.–Oct. 2014
Age
Group
Lubbock Texas
Units Occ. Rate Size Units Occ. Rate Size
< 1970 2,688 96.5% $0.788 752 132,294 96.4% $0.852 832
1970's 6,042 97.0% $0.751 803 383,819 95.8% $0.841 818
1980's 4,289 96.3% $0.832 785 488,257 96.9% $0.928 780
1990's 1,342 98.8% $0.758 854 226,024 97.4% $1.080 922
2000's 3,182 97.2% $0.825 927 366,007 97.4% $1.046 963
2010's 570 99.1% $0.950 935 70,963 97.2% $1.194 927
Totals 18,113 97.0% $0.797 821 1,667,364 96.8% $0.966 859


Rate: Rental Rate is the average market rate expressed as ($/SF/month).
Size: The average size of each unit expressed as (SF/unit).

Click to see the full October 2014 Lubbock Multihousing Market Conditions Report, including previous data.

Source: Apartment MarketData Research Services LLC, San Antonio

tag: apartment research

Amarillo apartment market overview Oct. 2014 

(12/12/2014)

AMARILLO - Apartment MarketData Research Services LLC has released October 2014 data. The multifamily market data represent three months trailing (August–October 2014).

As a rule these represent all properties except those that are leased but not occupied units.

Multihousing Market Condition Comparison Aug.–Oct. 2014
Age
Group
Amarillo Texas
Units Occ. Rate Size Units Occ. Rate Size
< 1970 1,858 95.2% $0.793 785 132,294 96.4% $0.852 832
1970's 4,266 90.8% $0.735 788 383,819 95.8% $0.841 818
1980's 4,743 96.1% $0.857 753 488,257 96.9% $0.928 780
1990's 414 94.9% $0.816 811 226,024 97.4% $1.080 922
2000's 2,356 98.3% $0.822 919 366,007 97.4% $1.046 963
2010's 643 96.9% $0.603 1,044 70,963 97.2% $1.194 927
Totals* 14,280 94.7% $0.791 810 1,667,364 96.8% $0.966 859

Rate: Rental Rate is the average market rate expressed as ($/SF/month).
Size: The average size of each unit expressed as (SF/unit).
*Totals include four-bedroom units.

Click to see the full October 2014 Amarillo Multihousing Market Conditions Report, including previous data.

Source: Apartment MarketData Research Services LLC, San Antonio

tag: apartment research

311-Unit Union at Carrollton Square sold to Olympus 

(12/12/2014)

CARROLLTON - Olympus Property has purchased the 311-unit Union at Carrollton Square in downtown.

The five-acre, transit-oriented project is adjacent to downtown Carrollton’s DART light rail station. It offers one- and two-bedroom units ranging from 580 sf to 1,182 sf.

Opened in 2013 and 2014, the project includes 4,700 sf of ground level retail space.

Olympus — which is based in North Texas and San Francisco — just bought the 440-unit Mosaic loft apartment project at Akard St. and Bryan St. in downtown Dallas. That project was expected to sell for near $80 million.

Founded in 1992, Olympus owns and manages more than 9,000 apartments in nine states.

Read more at the Dallas Morning News.

For more on the Mosaic loft purchase, see previous story Dallas' 440-unit Mosaic paints a new picture with sale.

tag: Dallas apartment, apartment
 

Houston home sales Nov. 2014 (HAR) 

(12/12/2014)

HOUSTON - The Houston real estate market grew in all categories in November, with total property sales, total dollar volume and average and median pricing all up when compared to November 2013.

According to the latest monthly report prepared by the Houston Association of Realtors (HAR), single-family home sales totaled 5,092 units, an increase of 1.8 percent compared to November 2013.

Months of inventory, the estimated time it would take to deplete the current active housing inventory based on the previous 12 months of sales, dipped to a 2.7-months supply versus a 2.9-months supply last November.

Houston Real Estate Milestones in November

    Single-family home sales rose 1.8 percent versus November 2013;
    Total property sales were up 2.8 percent year-over year;
    Total dollar volume increased 12.3 percent, from $1.4 billion to $1.6 billion on a year-over-year basis;
    At $194,800, the single-family home median price achieved a record high for a November;
    At $271,232, the single-family home average price also reached a November high;
    Days on Market for single-family homes was 54 days;
    Rentals of single-family homes rose 4.2 percent year-over-year and the cost of renting those homes increased 5.0 percent to $1,669.
    Townhouse/condominium rentals climbed 5.7 percent, with rents up 3.6 percent at $1,520.

Housing Market Summary: Nov. 2013 vs. Nov. 2014
  Nov. 2013 Nov. 2014 Chg.
Total sales 6,044 6,212 2.8%
Total dollar volume $1,430,952,766 $1,606,455,376 12.3%
Total active listings 30,341 27,374 -9.8%
Total pending sales 3,273 3,404 4.0%
Single-family sales 5,000 5,092 1.8%
Avg. price single-family home $245,933 $271,232 10.3%
Median price single-family home $182,500 $194,800 6.7%
Single-family inventory* 2.9 2.7 -7.3%

* The number of months it will take to deplete current active inventory based on the prior 12 months of sales activity. The market is considered evenly balanced between supply and demand when it has a six-month inventory.

Source: Houston Association of Realtors

Also see 'Housing' under Houston Market Data Sources.

HAR: Houston area cities' home sales Nov. 2014 

(12/12/2014)

HOUSTON - Houston Association of Realtors (HAR) released home sales data for November 2014. Some quick facts include:

•  The median price of existing single-family homes increased to $198,000 — up 1.5 percent from October 2014.
•  Existing single-family home sales decreased 23.6 percent from October 2014 for a November 2014 total of 4,940 units sold.
•  Condos increased in price to $172,000 — up 6.8 percent from October 2014.
•  Existing condo sales decreased 25.3 percent in November 2014 over October 2014 for a total of 518 units sold.

Select region cities are represented below along with statistics from the HAR MLS area as a whole.

HAR Nov. 2014 Regional Sales and Price Activity
MLS Wide Median Price
  Nov. 2014
Price Chg.
vs. Nov. 2013
Units Sold
  Nov. 2014
Sales Chg.
vs. Nov. 2013
HAR
(single-family)
$198,000 7.6% 4,940 -1.8%
HAR (condo) $172,000 7.5% 518 -8.3%
Region Cities*        
Houston $175,000 3.0% 1,572 1.9%
Spring $182,500 8.6% 344 -11.3%
Katy $242,000 7.6% 327 -3.3%
Cypress $238,783 11.1% 210 -9.5%
Richmond $245,000 15.8% 179 -3.8%
Humble $170,000 4.9% 135 -36.0%
Sugar Land $335,000 8.1% 129 -9.8%
Pearland $237,266 18.6% 124 -9.5%

*Region Cities' data include single-family only and represent eight cities sorted by number of units sold.

See Housing under Houston-Sugar Land-Baytown Market Data Sources or see the full report from Houston Association of Realtors.

Arlington's Park Row East sells for $6 million 

(12/12/2014)

ARLINGTON - The 205-unit Park Row East at 3201 E. Park Row Dr. has be sold to Darcorp Properties. Clear Real Estate and The PPA Group sold it for slightly more than $6.285 million, or approximately $31,000 per unit.

Built in 1972, the multifamily community is spread across 28 buildings in the Outer Arlington Multifamily submarket.

Source: CoStar.com

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