10 posts categorized "Apartments"


Student apartment community near TCU sold

Dallas-based Inland American Communities, a subsidiary of Inland American Real Estate Trust, has bought The VUE, a student housing property a block south of Texas Christian University on University Drive.

The four-story building with 68 apartments opened 100 percent leased in August 2012. The property also includes 6,000 square feet of retail space that is currently under construction and is projected to open this spring.

The VUE will be rebranded as a University House community, Inland American said.

Inland American Communities is a development, acquisition and management firm of communities in university markets nationwide.

_ Sandra Baker


Fort Worth apartment community sold

 Austin-based developer Oden Hughes and its partner White Conlee Builders have sold the 336-unit Republic Deer Creek apartment community off Interstate 35W near McPherson Boulevard to Miami-based Pensam Capital.

The development was started in late 2010 and completed in early 2012. It was 93 percent leased at the time of the sale.

"Republic Deer Creek experienced an extremely fast lease up in an underserved market," said Steve Oden, principal with Oden Hughes, in a statement.

Republic Deer Creek apartments range in size from one to three bedrooms. Amenities include a pool, walking trails, bocce ball courts and a dog park.

HHF’s Bill Miller and Roberto Casas represented the seller.

Oden Hughes has developed apartments in Austin, San Antonio, Dallas, Fort Worth and Houston.

_ Sandra Baker


Report finds area apartment industry has nearly $6 million economic impact

Apartment construction and operations contributed $5.9 billion to the metro Dallas economy in 2011 and support about 50,000 jobs, a report Tuesday by the National Multi Housing Council and the National Apartment Association finds.

The 2011 report is the latest figures available from the Washington-based groups. The metro Dallas area includes the 12-county North Texas region, including Tarrant County.

In Texas, the apartment industry contributed $93 million to the state’s economy and supported about 35,000 jobs in 2011, the report said.

The report covers the economic contribution of apartment construction, operations and resident spending on a national level plus all 50 states. Nationally, the apartment industry and its residents contributed $1.1 trillion to the economy in 2011.

"Although attention is usually focused on homebuilding and the single-family sector, the annual construction and operating outlays for apartment buildings with five or more units are major sources of economic activity, jobs and personal earnings," said Stephen Fuller, an economist at George Mason University, who worked on the study.

Added NMHC Chairman Thomas Bozzuto, "Even in one of the worst economic climates we’ve ever seen, the multifamily industry and its 35 million residents contributed more than $1 trillion to the economy. With up to seven million new renter households forming this decade, the dollars and jobs we add to the economy will only grow in magnitude."

_ Sandra Baker


FW developer sells apartment complex near Texas Christian University

Fort Worth real estate developer/investor Steve Berry has sold Edge 55, a student housing complex near Texas Christian University to a California company.

Berry’s Campus Village Centre limited partnership sold the property at 3517 S. University Drive, near the Bluebonnet Circle, to Shore to Shore Properties in Sausalito, deed records show.

Edge 55 was built in 2009 and has 55 units, each with three bedrooms and three bathrooms. It caters to TCU juniors, seniors and graduate students.

Dorothy Jackman and Travis Prince with Colliers International represented the seller. Nick Fluellen with Marcus & Millichap represented the buyer.

_ Sandra Baker


Hillwood sells land in north FW for another apartment community

FORT WORTH — Hillwood Properties has sold a tract of land for a multifamily development, the second such land sale since it announced earlier this year it planned as many as 3,000 apartments at its Alliance development in north Fort Worth.

Hillwood sold 18.5 acres at the northeast corner of Texas 170 and Old Denton Road to SWBC Real Estate in Dallas, which plans a 318-unit community called Overlook Ranch. The development will feature 15 garden-style apartment buildings and include one-, two- and three-bedrooms units. The units will average 850 square feet.

Amenities will include a movie theatre with surround sound, car wash/detail center, clubhouse with resort-style pool and spa, and state-of-the art fitness center. Construction is scheduled to begin later this year and pre-leasing starting in early 2013, Hillwood said.

SWBC real estate is a part of SWBC Enterprises in San Antonio, which is owned by Charlie Amato and Gary Dudley. SWBC Enterprises specializes in residential mortgage lending, insurance sales and investment advisory services.

Hillwood’s has planned for the construction of as many as 3,000 apartments at the 17,000-acre Alliance, primarily in the 900-acre Alliance Town Center. Hillwood has about 550 apartments at Alliance Town Center that are completed or under construction.

In April, Hillwood sold 20 acres near its Heritage community in Alliance to Atlanta-based Davis Development, which plans a 322-unit luxury apartment community called The Sovereign. Davis Development said it expected to begin construction this year at North Tarrant Parkway between Ray White Boulevard and U.S. 377.

"Overlook Ranch fills a growing need for increased multi-family options within AllianceTexas," said Mike Berry, Hillwood president. "The project complements Hillwood’s efforts in the multi-family industry in north Fort Worth."

Blake Barnard with J.B. Barnard & Co. coordinated the transaction.

_ Sandra Baker




Apartment demand up across the DFW area report says

Demand for apartments in Dallas-Fort Worth was strong in the second quarter because job growth was strong, the latest MPF Research report says.


Between April and June, renters leased 8,031 apartments, which was more than five times the number of units that were completed in the quarter, or 1,563 units, said Greg Willett, MPF Research vice president.

"Substantial job growth in North Texas is keeping apartment demand robust at the same time single-family home sales are rebounding from their recently low levels," Willett said. "These are the kind of housing demand numbers we were hoping for and expecting to see. While loss of renters to purchase is beginning to move upward, plenty of replacement renters are coming through the front door at most apartment properties."

Apartment occupancy in North Texas is now at 94.1 percent, up 1 percent from the first quarter, MPF Research said. A year ago, occupancy was 92.7 percent.

Willett said most of the vacancies are now in the oldest, least-desirable properties, some of which date to the 1970s and earlier.

As a result of the demand, rent has also risen. Rents on new leases rose 1 percent in the second quarter, and 4.3 percent from this time a year ago, MPF Research said.

Some areas, including Grapevine and north Fort Worth, rents have risen as much as 6 percent from a year ago. Rents are up as much as 8 percent in the popular Dallas urban core neighborhoods of Uptown and Oak Lawn, the report said.

Developers have 14,832 units under construction right now in North Texas, which will come on the market about 3,000 at a time for the next five quarters, which is well spaced out, Willett said.

"It makes it easier for the market to handle," he said. "In Dallas-Fort Worth we’re experiencing the job growth needed to support a sizable increase in apartment completions. That’s not true in all locations where building activity is picking up across the nation."

_ Sandra Baker


North Arlington apartment community sold

The Conner Group in Centerville, Ohio, a real estate investment firm, has sold Legacy Point, a 246-unit apartment community in Arlington.

The property, 1901 NE Green Oaks Blvd., was sold to MREF Legacy, Llc. in Carrollton for an undisclosed amount.

The Conner Group said it bought the property in 2007 for $25.2 million. The apartment community was built in 1995.

Larry Connor, Connor Group managing partner, said it was the right time to sell.

"We were at a point where we felt we could maximize our return to investors," he said.

The Connor Group bought the Lodge at Frisco Bridges in Frisco in March. The firm now owns and operates about 2,100 units in the Dallas-Fort Worth area and about 16,000 units nationwide.

_ Sandra Baker



Bob and Anne Bass spend $42 million for New York apartment

Fort Worth billionaire Robert M. Bass and wife Anne have paid $42 million for a co-op apartment in Manhattan that takes up half the 12th floor of its pre-World War II, Upper East Side building, according to New York media reports that cite deed records. According to the New York Observer, the property was originally listed at $34 million including furnishings, and at $42 million would have been the fourth most expensive residence sold in New York City last year.

It would be hard to spend that much on a home in Fort Worth. The Basses' Westover Hills residence, even at 16,500 square feet, is only valued at $8.35 million by the Tarrant Appraisal District. Dallas Mavericks owner Mark Cuban's North Dallas manses checks in at a mere $17.6 million, according to the Dallas Central Appraisal District.

The Basses' new neighbors at the 834 Fifth Ave. property include News Corp. Chairman Rupert Murdoch and Charles Schwab, the founder of his namesake investment company, according to Bloomberg News, which said Bass declined to comment through spokeswoman Marcia Horowitz.

-- Jim Fuquay



Hillwood in Fort Worth hires market veteran to run apartment division

Hillwood Properties, developer of Alliance in north Fort Worth, plans a big push in apartment building in the next decade and said Tuesday it has hired a veteran in the multifamily market to lead those efforts.

Hillwood said it has brought on Mark McHenry as a vice president, who most recently led the southwest regional multifamily development operations for Atlanta-based Lane Co. to oversee the construction of about 3,000 apartments in the next 10 years at Alliance Town Center. McHenry also headed regional multifamily operations for JPI and United Dominion Realty Trust.

Housing demands at Alliance are greater because of the growing employment base there and the surrounding area, Hillwood said.

"We are committed to the multifamily product sector as a key component of our business strategy going forward," said Ross Perot, Jr., Hillwood’s chairman, in a statement. "The multifamily strategy complements our other core business lines at AllianceTexas. The ability to deliver quality multifamily housing as a residential option serves to enhance the appeal of the region for corporate employers, and retail and service companies evaluating the location or expansion of their business operations in the AllianceTexas region."

Hillwood currently has land zoned for more than 5,000 apartments, and that is located just east of Alliance Town Center, the 900-acre section in Alliance along Interstate 35W from North Tarrant Parkway to Golden Triangle Boulevard.

So far, Monterra Village, a 288-unit community south of North Tarrant Parkway, between I-35W and North Riverside Drive, is the only multifamily project in the 17,000-acre master-planned development. It opened in 2008 as the first smoke-free property in the Metroplex. Occupancy at Monterra Village stays at about 95 percent, Hillwood said.

In November, Hillwood said it has plans to add 262 units at Monterra Village. At that time, Hillwood said it has also built 7,645 homes at Alliance neighborhoods of Park Glen, Heritage and Saratoga. Hillwood recently announced a joint venture project with Realty Capital Management in Dallas to start building homes in the 1,000-acre Belmont project in Northlake and Argyle, just north of Alliance. Lots should be ready for home-building in the spring 2013.

Alliance Town Center has more than 850,000 square feet of existing retail space, but it also includes other office, medical and commercial uses. North Hills Hospital has opened an emergency room at Alliance Town Center and Texas Health Harris Methodist Hospital Alliance is scheduled to open this fall.

The pace of construction of the apartment communities, as well as their size, design and amenities, will be market-driven, Hillwood said. But, the developer said it anticipates building a new community every 12- to 18-months.

In addition to hiring McHenry, Hillwood also has brought in-house the management team for its multifamily division. Stephanie Isham was hired as property manager for Monterra Village. Isham previously served in senior property manager roles with Lincoln Property Co. and Riverstone Residential Group. Also, Christine Adeeb and Amy Perez, who have served as leasing consultants at Monterra Village for three years, have been hired as full-time Hillwood associates.

"We believe keeping management in-house gives us the best opportunity to control the operating expenses at our properties, while maintaining a consistent level of product quality and resident services that will lead to higher resident retention rates," said Mike Berry, Hillwood president.

_ Sandra Baker


North Texas apartment rents on the rise, study says

Star-Telegram's Sandra Baker is reporting this today:

North Texas apartment dwellers can expect to pay higher rents in the coming months as occupancy begins to tighten, a new study finds.

Rents rose 2 percent between July and September, driving rents up 4 percent at the end of September compared to September 2010, said MPF Research, a division of RealPage Inc. Average monthly rent is now $802.

During the past year, rents rose 5.7 percent at communities built during the 1990s, where the average monthly rent is $959, and 4.9 percent at communities built since 2000, where average rents stand at $1,063, the study finds.

"Substantial rent growth at the top of the market reflects that vacancies in that product category are few and far between," said Greg Willett, MPF Research vice president.

Occupancy is at 96.1 percent in properties from the 1990s and 94.2 percent in the 2000s-generation stock, he said. Overall occupancy in Dallas-Fort Worth is 92.9 percent, up 0.2 percentage points since June and 1.4 points ahead of the year-ago rate.

Willett said Dallas-Fort Worth apartment rents could go up another 4.4 percent during the next 12 months.

"The substantial rent growth occurring in the North Texas apartment market looks sustainable over the near term," he said.


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