BUILDING OUR CHILDREN'S FUTURE
FRISCO (rebusinessonline.com) – The Frisco Independent School District has chosen Cadence McShane to construct Frisco Career and Technology Center.
The almost 126,000-square-foot building on Wade Boulevard will feature career-focused and technology education for 11th and 12th grade students. Amenities will include a testing center, restaurant, TV studio, computer and animation labs, marketing and media center, employee training area, and medical and veterinary science labs.
The project is scheduled for a June 2008 completion.
SOLD ON SAFETY
COLLEGE STATION (Real Estate Center) – Recent headlines reporting assaults against real estate licencees continue to point out some of the hazards of showing homes to prospective buyers.
The Real Estate Center has produced a video in cooperation with the Houston Association of Realtors and the Houston Police Department that provides safety tips to help avoid becoming a victim. Click "Sold on Safety" to view this free video.
To find other Center videos, click "Video Archives" and scroll down to view topics of interest to you, including highlights from the Texas Association of Realtors' 2006 Convention.
THIRD TIME CHARM
DALLAS (globest.com) – Greenwood Apartments has been sold to a private Los Angeles–based partnership for the $1.42 million asking price, which represents about a 9 percent cap rate.
According to Al Silva, investment associate with Marcus & Millichap Real Estate Investment Brokerage Co., who assisted in brokering the sale, two previous contracts had fallen through for the 60-unit, all-bills-paid complex.
The 95 percent leased complex, built in 1964 on more than two acres at 716 N. Plymouth St. in North Oak Cliff near I-3, had been purchased two years ago and renovated. The complex consists of one- and two-bedroom units ranging from 750 to 950 square feet. Monthly rents are between $525 and $700.
LaSalle Bank in Chicago financed an 80 percent loan for ten years at a fixed interest rate for the buyer's first-time purchase in the Metroplex.
WOW! WE'RE GONNA GET A VA!
FORT WORTH (Dallas Business Journal) – The Veterans Administration (VA) plans to open the nation's largest outpatient clinic for military veterans here.
The $13.4 million, 238,000-square-foot-plus clinic will accommodate a projected 192,000 patient visits per year by 2025, according to the VA. The existing clinic, which is about 50,000 square feet, was designed to serve 45,000 annual patient visits, but is handling more than 149,000 visits annually.
The VA is expected to advertise for interested developers in April, receive initial offers from developers by June 15, and select a developer by Nov. 15. Grand opening is slated for the spring of 2010.
BRAKER FIVE SOLD
AUSTIN (Austin Business Journal) – Vintage Interests LP of Dallas has purchased the Beatrice Cove industrial office park at Kramer and Braker lanes from TCC-Beatrice Cove LP (TCC).
TCC is a partnership that included HPI Real Estate Services & Investments. Vintage has retained HPI Real Estate Services to lease and manage the properties, which are about 80 percent leased.
Rusty Perry, founder and managing partner for Vintage Interests, says the company will soon begin a capital improvement program for the five-building, 119,000-square-foot portfolio, also known as Braker 14 through 18.
Last year, the company purchased another industrial building at 3733 Drossett Lane. Vintage is now more than halfway toward fulfilling its goal of assembling a $100 million industrial portfolio within its first two years of operation.
Holliday Fenoglio Fowler (HFF) represented the seller on the transaction, and HFF in Dallas arranged financing for the buyer.
THURSDAY DEADLINE FOR REDUCED CONFERENCE RATES
COLLEGE STATION (Real Estate Center) – Thursday is the last day to take advantage of the reduced registration fee and hotel rate for the 17th Annual Outlook for Texas Land Markets conference.
Registration for the conference, to be held April 11–13 at the Hyatt Regency on the Riverwalk in San Antonio, will increase from $200 to $220 per person Friday. The Hyatt Regency's $189 room rate will also increase at that time.
To take advantage of the reduced rates, register for the conference at http://recenter.tamu.edu/register/ and reserve a room at http://www.sanantonioregency.hyatt.com/groupbooking/tamu2007.
The land conference will provide information on a variety of legal, economic, social and natural resource issues influencing current land market dynamics. For more information, go to http://recenter.tamu.edu/events/.
INNER LOOP RETAIL PLANNED
GEORGETOWN (Austin Business Journal) – New America Georgetown LLC of Houston will break ground later this spring on a 500,000-square-foot retail and commercial development on the northeast and northwest corners of the SH 29 and Inner Loop intersection.
The Inner Loop development will become the area’s second-largest retail development after the 700,000-square-foot Wolf Ranch, which opened in the summer of 2005.
A 2004 retail market study by the Capital Area Planning Council found that Georgetown was losing about $500 million in retail sales out of a potential $1 billion market, said Mark Thomas, director of Georgetown's Economic Development Corp.
FROM GABLES TO ESTATES
DALLAS (The Dallas Morning News) – Gables Highland Park apartments have been purchased by CWS Apartment Homes LLC (CWS). They will be renamed the Estates of Highland Park.
The six-year-old project at 4201 Lomo Alto Dr. has 55 large apartments with monthly rents ranging from $1,700 to $2,500.
In 2004, CWS, an Austin builder and investor, bought the West Village apartments and converted about a dozen of the largest units to condominiums.
Gables, which owned this complex until 2004, still owns the 57-unit Gables Highland Park Brownstones at 4733 Bowser Ave.
DALLAS, HOUSTON APARTMENT SALES SKYROCKET
DALLAS, HOUSTON (costar.com) – Both metro areas recorded a significant jump in apartment sales last year. Dallas recorded more units and more square footage for apartment sales, while Houston racked up a higher percentage of units sold over the previous year.
In Dallas, more than 52,300 apartment units were sold last year, which represents a 40 percent increase over the 37,500 units sold in 2005, according to CoStar Comps' information on buildings totaling at least 15,000 square feet.
More than 44.7 million square feet sold last year compared with 32.8 million in 2005.
Last year’s notable sales include the 267-unit The Ashton for $103 million, or about $385,800 per unit (April); the 422-unit Manchester State Thomas for $71.3 million, or about $169,000 per unit (March); and the 331-unit Windsor at Turtle Creek for $61.1 million, or about $184,500 per unit (September).
Houston apartment sales increased 58 percent last year over 2005 sales. More than 30,600 multifamily units were sold last year compared with 19,300 units sold in 2005.
Sold units last year totaled more than 26.8 million square feet, while the 2005 total was just over 17.8 million square feet.
Last year’s top three Houston multifamily transactions include the 346-unit Montierra Apartments for $60 million, or about $173,400 per unit (January); the 314-unit San Montego for $52.1 million, or about $166,000 per unit (June); and the 385-unit Pin Oak Estates for $45.7 million, or about $118,700 per unit (September).
Transactional unit counts and square footage calculations are important indicators of real estate investment behavior in Texas because of the state’s nondisclosure rules.
LAKESIDE APARTMENT COMMUNITY COMING
HOUSTON (rebusinessonline.com) – Newport on the Lake apartments will be constructed on ten acres along Barker Cypress Road.
Newport on the Lake, a limited partnership that includes Cambridge Development Group and Atticus Real Estate Development, will build 234 units consisting of one- to three-bedroom units in two- and three-story buildings. Amenities will include a conference room, a business room and a fitness center.
UPSCALE SELLS NEAR DOWNTOWN
AUSTIN (Austin Business Journal) – Investment Realty Holdings LLC of Alabama has purchased the 308-unit Alexan Cityview from Atlanta-based Trammell Crow Residential.
The upscale development at 4900 E. Oltorf St. is minutes from the city’s central business district, but it rents for 40 percent lower than comparable downtown units. As a result, the property historically has an occupancy rate of more than 95 percent.
Apartment Realty Advisors represented Trammell Crow.
SUMMERFIELD SUITES CONVERTING TO CONDOS
AUSTIN (Austin Business Journal) – Developer Bill Hale has purchased the Summerfield Suites near Northcross Mall at 7685 Northcross Dr. with plans to convert the hotel to condominiums.
Each of the 11 buildings has 18 units that will continue functioning as hotel rooms while the conversion is conducted in phases. The project will include a mix of one-bedroom units at around 575 square feet and two-bedroom units at around 850 square feet. On the ground floor, 20 units will serve special-needs residents.
The city is purchasing 34 one-bedroom and six two-bedroom units to resell through its affordable housing program. Paul Hilgers, director of neighborhood housing and community development for the city, says the project is significant because it will be the first for-sale affordable housing in the city's program west of I-35.
WE'LL TAKE THE FIFTH
AUSTIN (Austin American-Statesman) – Next up in downtown's condo-building boom is Sabine on Fifth, a ten-story building of mostly empty offices that CWS Capital Partners LLC is converting into 80 condominiums.
Crews are gutting the building, which adjoins the Hilton Garden Inn on the corner of Sabine and Fifth. Prices start in the mid-$190,000s for one-bedroom units with about 700 square feet and range up to the mid-$500,000s for 1,461-square-foot units.
Urbanspace Realtors LLP of Austin is marketing the units.
NO RECON FRIDAY
COLLEGE STATION (Real Estate Center) – Because the Real Estate Center will be closed for spring break beginning tomorrow, there will be no Friday edition of RECON this week. We will resume our normal publication schedule next week.
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