July 3, 2015
TAR Report: Condo, Townhome Sales Slowed in 2015's First Half
AUSTIN (Texas Association of Realtors) – Condominium and townhome sales slowed in Texas’ major metro areas in the first half of this year, according to the 2015 Texas Condominium Mid-Year Sales Report.
Austin, Dallas, Houston and San Antonio had an average 1 percent decrease in condo sales between January and May 2015. While Dallas and San Antonio posted small annual gains of 3 percent and 6 percent, respectively, condo sales decreased 1 percent year-over-year in Houston and 12 percent in Austin.
"The land and development costs for condominiums in Texas’ metro areas are so high that new condos being built today are priced outside of an affordable price range for many first-time homebuyers and buyers with lower household incomes," said Real Estate Center Research Economist Dr. Jim Gaines. "Existing condos, by comparison, are priced significantly less than new condos and therefore have a much higher demand and tighter inventory. In several of Texas’ metro areas, existing condos and townhomes are driving sales in that segment of the housing market."
$4.7 Million TIF Funding Approved for 277,000-SF Fort Worth Mixed-Use
FORT WORTH (Fort Worth Business Press) – The Lancaster TIF board has approved TIF funding for a mixed-use facility on the block surrounded by Lancaster Ave., Cherry St., Texas St. and Lamar St.
Catalyst Urban Development will receive $4.7 million for the $38 million project.
Measuring approximately 277,000 sf, the facility will house 254 multifamily units, 6,000 sf of retail space and a 601-space parking garage.
It will be completed in 2018.
Red Zone Podcast: Outside the Box
COLLEGE STATION (Real Estate Center) – On this week's Real Estate Red Zone, Center Research Economist Dr. Harold Hunt talks about why manufactured housing communities should be included in any discussion of affordable housing development.
This plus the latest real estate news from Austin, Dallas, Houston and Temple.
You can listen to the free podcast at recenter.tamu.edu/podcast. To subscribe, click on the RSS feed found on the podcast page. You can also subscribe through iTunes and download each episode to your iPod.
$48 Million El Paso Park Plan Gets Green Light
EL PASO (El Paso Times) – The city council has approved a master plan for the $48 million Eastside Regional Park. The park will have a ranch theme and feature public art across the 92-acre site.
The first phase consists of an indoor 50-meter competitive swimming pool, recreational pool, splash pad, lazy river, rock-climbing wall, recreational center, parking lot, landscaping and development of surrounding streets. Work will begin in third quarter 2016.
Phase two will bring in sports fields and related infrastructure. The third phase involves the long-term vision for the park's future and will occur over time as funding becomes available.
Richardson-based firm Halff and Associates came up with the Eastside Regional Park master plan.
Round Rock Getting Upscale Housing Development
ROUND ROCK (Community Impact Newspaper) – Taylor Morrison is building two residential communities off of University Blvd.
Traditions at Vizcaya, an upscale housing development, and Heritage at Vizcaya, an adjacent retirement community, are both open for sales, although construction is still in progress.
The developments will have a combined 1,200 units at build-out. Traditions homes will average $315,000.
Southlake Firm Completes $40M Theater Acquisition
SOUTHLAKE (Fort Worth Business Press) – United Development Co. of Southlake has purchased 11 movie theaters in eight states, completing a $40 million acquisition that includes several Texas locations.
The three Texas theaters in the 109-screen portfolio are UA Fossil Creek Stadium 11 in Fort Worth, UA Grand Prairie 10 in Grand Prairie and UA Galaxy Theater 10 in Dallas.
The Grand Prairie theater will close in early 2016 and be redeveloped as a retail center anchored by a grocery store and restaurant.
Players in the joint venture are United, ALA Holdings of Los Angeles and Iron Point Real Estate Partners III LP of Washington, D.C.
HFF arranged $27.8 million in financing for a two-year, floating-rate loan through CapitalSource.
MJW Adds 744 Raider Beds to Student Housing Portfolio
LUBBOCK (REBusiness Online) – MJW Investments has acquired Gateway at Lubbock, a student housing property at Texas Tech University.
The Class-A, 744-bed complex is the most recent acquisition for the California-based firm.
Five Texas Properties Receive TOBY Awards
LOS ANGELES (BOMA International) – The commercial real estate industry honored 15 commercial properties, five of which are in Texas, with The Outstanding Building of the Year (TOBY) Awards this week at the Building Owners and Managers Association (BOMA) International's annual conference.
Texas winners include:
- Hunt Corporate Headquarters in Dallas in the corporate facility category;
- Memorial Hermann Memorial City Medical Plaza 4 in Houston in the medical office building category;
- Preston Commons in Dallas in the renovated building category;
- Tollway Plaza in Dallas in the suburban office park mid-rise category; and
- 17Seventeen McKinney in Dallas in the 250,000- to 499,999-sf category.
Judging is based on community impact, tenant/employee relations programs, energy management systems, accessibility, emergency evacuation procedures, building personnel training programs and overall quality indicators.
New York Investor's Austin Office Purchase
AUSTIN (Austin Business Journal) – Valor Capital Partners of New York has purchased two Class-B office buildings from Dallas-based Rancho Texas 20 Investments LP.
The Wells Fargo Building, located at 2028 E. Ben White Blvd. near the intersection of I-35 and US 71, encompasses 60,720 sf on 3.5 acres.
Centre Creek Plaza has 60,295 sf. It is on 3.8 acres at 1812 Centre Creek Dr., north of US 183 east of I-35.
Both buildings were built in 1985. Each is valued at over $6 million.
MLK Real Estate Capital handled the equity financing on behalf of Valor Capital Partners.
Cadillac Lofts Driving into Cowtown
FORT WORTH (Fort Worth Business Press) – The Lancaster TIF board has approved TIF funding for an apartment complex called Cadillac Lofts on the southeast corner of Main St. and Lancaster Ave.
TX Kent Apartments LP, which will head the development, will receive $2.5 million to help fund the $26.6 million project.
Cadillac Lofts is slated for completion in 2017.
Sealy Sells 1.5 Million-SF Texas Industrial Portfolio
DALLAS (GlobeSt.com) – A week after acquiring a 902,715-sf industrial portfolio in El Paso and Harlingen, Sealy & Co. has disposed of its Texas Industrial Portfolio (which does not include the El Paso or Harlingen properties).
The portfolio consists of 19 institutional assets totaling nearly 1.5 million sf in Dallas, Houston and San Antonio. It is currently 91 percent leased, consisting of primarily multitenant, net-leased industrial facilities.
Sealy's Texas Industrial Portfolio was part of a joint venture holdings with AEW Capital Management.