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NAR reaches agreement to resolve nationwide claims brought by home sellersNAR reaches agreement to resolve nationwide claims brought by home sellershttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=307432024-03-18T05:00:00Z2024-03-18T14:00:00Z

​CHICAGO – The National Association of Realtors announced last week an agreement that would end litigation of claims brought on behalf of home sellers related to broker commissions. The agreement would resolve claims against NAR, over one million NAR members, all state/territorial and local Realtor associations, all association-owned MLSs, and all brokerages with an NAR member as principal that had a residential transaction volume in 2022 of $2 billion or below.

The settlement​, which is subject to court approval, makes clear that NAR continues to deny any wrongdoing in connection with the Multiple Listing Service (MLS) cooperative compensation model rule that was introduced in the 1990s in response to calls from consumer protection advocates for buyer representation. Under the terms of the agreement, NAR would pay $418 million over approximately four years.

In addition to the financial payment, NAR has agreed to put in place a new MLS rule prohibiting offers of broker compensation on the MLS. This would mean that offers of broker compensation could not be communicated via the MLS, but they could continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals. 

Further, NAR has agreed to enact a new rule that would require MLS participants working with buyers to enter into written agreements with their buyers.​

National Association of Realtors®
U.S.
Housing
https://www.nar.realtor/newsroom/nar-reaches-agreement-to-resolve-nationwide-claims-brought-by-home-sellersRead more at {Source}
Hero Way West breaks ground in LeanderHero Way West breaks ground in Leanderhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=306202024-02-19T06:00:00Z2024-03-15T23:00:00Z

​LEANDER – Freehill Development Co. has broken ground on Hero Way West, a 227,200-sf industrial project.

The development will consist of three shallow-bay buildings, the largest being 129,000 sf, on 16.8 acres. The buildings will have 28-foot clear heights.

JLL arranged construction financing and joint venture equity for the project, and Transwestern has been appointed as the leasing agent.

Construction is expected to last about 12 months.​

REBUSINESS
Austin-Round Rock
Industrial
https://rebusinessonline.com/freehill-development-breaks-ground-on-227200-sf-industrial-project-in-leander-texas/Read more at {Source}
New homes being built under Austin's HOME InitiativeNew homes being built under Austin's HOME Initiativehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=306732024-02-28T06:00:00Z2024-03-15T23:00:00Z

AUSTIN – Architecture firm Dick Clark + Associates plans to build three homes on about two-tenths of an acre at 717 Prospect Ave. to test out the new HOME Initiative that the city council approved last year.

The 7,000-sf site will be home to two 1,350-sf residences and one 1,600-sf residence. The larger unit has a three-bedroom floor plan while the smaller units have two bedrooms.

Rent will be market rate. However, the project will address affordability for people seeking to live nearer to the heart of Austin by dividing the land cost by three.

The new HOME Initiative could save developers money by making the permitting process in Austin more efficient, as well as potentially saving on materials.

There is no general contractor attached to the project, but construction likely will start in the next six months.


Austin Business Journal
Austin-Round Rock
Housing
https://www.bizjournals.com/austin/news/2024/02/27/east-austin-home-initiative-dick-clark-associates.htmlRead more at {Source}
Fort Worth affordable apartment project breaks ground Fort Worth affordable apartment project breaks ground https://www.recenter.tamu.edu/news/newstalk-texas/?Item=306692024-02-26T06:00:00Z2024-03-15T22:00:00Z

FORT WORTH – A 398-unit apartment project with an affordable housing component broke ground recently. It will open in third quarter 2026.

The Jefferson Eastchase will have one-, two-, and three-bedroom layouts, a pool, fitness center, coworking lounge, dog park, and clubroom.

The apartment is developed by JPI in partnership with Fort Worth Housing Solutions. DLR Group Architects is the designer.​

REBUSINESS
Dallas-Fort Worth-Arlington
Multifamily
https://rebusinessonline.com/jpi-breaks-ground-on-398-unit-multifamily-development-in-fort-worth/Read more at {Source}
Giant Hill County solar project underwayGiant Hill County solar project underwayhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=307412024-03-11T05:00:00Z2024-03-15T20:00:00Z

​​HILL COUNTY – A solar manufacturing project is underway after securing $588 million in financing. The construction will create 350 jobs and provide $100 million in tax payments to the county over 30 years.

The Ash Creek Solar project spans thousands of acres across Penelope and Abbott. It will be under a long-term deal with Microsoft for the plant's entire capacity, which can power 90,000 homes for a year.

Developer Primergy Solar LCC is working with SOLV Energy as the contractor. Latham & Watkins worked with Primergy on the debt financing. Skadden Arps Slate Meagher & Flom advised the lender. 

The project worked with over 20 landowners who will earn $1 million to $2 million cumulatively in annual lease payments.​

Dallas Morning News
NonMSA Texas
Infrastructure & Transportation
https://www.dallasnews.com/business/real-estate/2024/03/11/588-million-in-financing-propels-texas-solar-project-involving-microsoft/Read more at {Source}
Two new self-storage projects coming to Frisco, GarlandTwo new self-storage projects coming to Frisco, Garlandhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=306472024-02-23T06:00:00Z2024-03-15T19:00:00Z

​FRISCO, GARLAND – Developer Hines is building two new first-class self-storage projects totaling 167,325 sf.

The Custer Self Storage in Frisco will be in the 4.6-acre Shops at Custer Bridges on Custer Rd. and the Sam Rayburn Tollway. The 76,675-sf building will have 709 climate-controlled units across two stories.  

The Jupiter Self-Storage in Garland on 2.5 acres at Jupiter Rd. and Buckingham Rd. will have two three-story buildings totaling 90,650 sf.

Hines manages $94.6 billion in properties across 30 countries with a dozen in North Texas.​

Dallas Morning News
Dallas-Fort Worth-Arlington
Retail
https://www.dallasnews.com/business/real-estate/2024/02/22/developer-hines-headed-to-frisco-and-garland-for-new-projects/Read more at {Source}
323-unit Fort Worth apartment complex sold 323-unit Fort Worth apartment complex sold https://www.recenter.tamu.edu/news/newstalk-texas/?Item=307402024-03-11T05:00:00Z2024-03-15T18:00:00Z

FORT WORTH – A Wisconsin-based investment firm has sold a 323-unit apartment community.

Located at 6051 South Hulen St., Copperfield Apartments has one- and two-bedroom layouts, a pool, fitness center, outdoor grilling and dining stations, business center, and laundry facilities.

The seller, MLG Capital, acquired the apartments in 2019.​

REBUSINESS
Dallas-Fort Worth-Arlington
Multifamily
https://rebusinessonline.com/mlg-capital-sells-323-unit-copperfield-apartments-in-fort-worth/Read more at {Source}
Developers near completion of Museum District apartment-to-condo conversion projectDevelopers near completion of Museum District apartment-to-condo conversion projecthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=306712024-02-27T06:00:00Z2024-03-15T17:00:00Z

HOUSTON – Tema Development Inc. is wrapping up a renovation project that converted The Parklane, a 35-story apartment building at 1701 Hermann Dr., into condos.

Built in 1983, The Parklane has 195 units ranging from one-bedroom to three-bedroom penthouse units on the top three floors with an average size of 1,480 sf.

The Parklane's conversion involved remodeling all the building's units as well as the lobby and other common areas.

The 4,530-sf lobby is expected to be completed within the next three months. Upgrades to the lobby involve the addition of lighting fixtures, a gas fireplace, gathering areas, a mailbox area, a business office, a conference area, and concierge desk.

The building's amenity deck and pool area now spans 35,200 sf after one of the building's two tennis courts was converted into a grilling and activity area. The amenity deck also has a fitness center, tennis court, dog park, playground area, and an outdoor fitness area.​

Houston Business Journal
Houston-The Woodlands-Sugar Land
Multifamily
https://www.bizjournals.com/houston/news/2024/02/26/the-parklane-apartment-condo-conversion-wraps-up.htmlRead more at {Source}
95-unit supportive housing complex slated for Houston95-unit supportive housing complex slated for Houstonhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=307272024-03-08T06:00:00Z2024-03-15T14:00:00Z

​HOUSTON – Temenos Community Development Corp. and The NHP Foundation have opened a 95-unit supportive housing complex.

The property has an entire floor dedicated to at-risk youth, and 80 units replace those lost to TXDoT to make way for highway improvements.

The City of Houston Housing & Community Development provided $12.5 million for the project, while the Harris County Community Services Department provided $11 million.​

REBUSINESS
Houston-The Woodlands-Sugar Land
Housing
https://rebusinessonline.com/tenemos-nhp-foundation-open-95-unit-supportive-housing-complex-in-houston/Read more at {Source}
Ridge Apartments moving forward in east AustinRidge Apartments moving forward in east Austinhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=306242024-02-19T06:00:00Z2024-03-14T23:00:00Z

AUSTIN – The Ridge Apartments are expected to be built on five acres along FM 969 just east of Decker Ln., with some of its 250 units priced below market rates.

The future Ridge Apartments site, encompassing addresses 8601, 8609, and 8613 FM 969, is currently occupied by a vacant, 1,400-sf home. The property was valued at just over $300,000 by the Travis Central Appraisal District in 2023.

The apartment complex is being developed by 3423 Investments LLC and MF Austin Ridge LLC.​

Austin Business Journal
Austin-Round Rock
Multifamily
https://www.bizjournals.com/austin/news/2024/02/16/east-austin-apartments-tesla.htmlRead more at {Source}
Rezoning in southeast Austin to nearly triple number of multifamily unitsRezoning in southeast Austin to nearly triple number of multifamily unitshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=307122024-03-06T06:00:00Z2024-03-14T23:00:00Z

​AUSTIN – The number of apartments on five acres in southeast Austin's Riverside neighborhood will nearly triple after rezoning of 1900 Burton Dr.

The rezoning enables the owner of Flats on Burton LLC to redevelop the existing 134-unit Easton Hills apartments into a vertical mixed-use complex with 385 multifamily units and 9,000 sf of office and retail space.

In exchange for the increased density, the developer has the option of providing on-site affordable housing or paying a fee in lieu of doing so. In this case, at least 10 percent of the new residential rental units need to be dedicated for households earning under 80 percent of the region's MFI to be considered affordable housing.

The property is currently valued at $12.3 million.​

Austin Business Journal
Austin-Round Rock
Multifamily
https://www.bizjournals.com/austin/news/2024/03/01/easton-hills-south-austin-apartment-redevelopment.htmlRead more at {Source}
New project debuts in Amarillo to fight homelessnessNew project debuts in Amarillo to fight homelessnesshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=307382024-03-08T06:00:00Z2024-03-14T23:00:00Z

AMARILLO – An outdoor safe space and cabin shelter community dubbed Transformation Park has officially broken ground downtown.

There will be single and family-sized cabins on the property, along with bathroom facilities and security.

The project is anticipated to finish in about six months and should be fully operational by the first of the year with about 45-50 cabins available.​

Amarillo Globe-News
Amarillo
Housing
https://www.amarillo.com/story/news/2024/03/08/city-of-amarillo-breaks-ground-on-transformation-park-night-shelter/72881166007/Read more at {Source}
Mansfield building new city hall and town squareMansfield building new city hall and town squarehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=307202024-03-06T06:00:00Z2024-03-14T22:00:00Z

MANSFIELD – A new city hall and town square are being built in a 200-acre mixed-use development.

The city purchased ten acres for the project that will anchor the mixed-use Reserve development. Construction will begin by the end of 2024 and finish in December 2026.

Developed by Stillwater Capital Investments LLC, the Reserve will have office, retail, residential, hospitality, and entertainment space as well as water features and green space.

Dallas Business Journal
Dallas-Fort Worth-Arlington
Public Facilities
https://www.bizjournals.com/dallas/news/2024/03/06/mansfield-stillwater-land-sale.htmlRead more at {Source}
Apartments on Dallas’ Trinity River to open doorsApartments on Dallas’ Trinity River to open doorshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=306672024-02-26T06:00:00Z2024-03-14T19:00:00Z

DALLAS – A 204-unit rental community will open soon on the Trinity River near Downtown.

The seven-story Modera Trinity apartments on North Beckley Ave. will have units averaging 1,000 sf with a monthly rent of $1,800. 

It will have 4,000 sf of ground-floor retail floor, access to the Trinity Skyline Trail, a fitness center, and coworking space.

Developer Mill Creek Residential Trust began construction in 2020.​

Dallas Morning News
Dallas-Fort Worth-Arlington
Multifamily
https://www.dallasnews.com/business/real-estate/2024/02/26/new-dallas-apartments-opening-on-the-banks-of-the-trinity-river/Read more at {Source}
361-unit Richardson apartment completes construction 361-unit Richardson apartment completes construction https://www.recenter.tamu.edu/news/newstalk-texas/?Item=307322024-03-08T06:00:00Z2024-03-14T18:00:00Z

RICHARDSON – A San Francisco-based developer has finished construction of a 361-unit apartment community.

Located at 2323 Plaza Blvd., the Ovation at Galatyn Park has one-, two-, and three-bedroom layouts ranging from 500 to 1,700 sf with monthly rents starting at $1,525. The apartment also includes a pool, fitness center, sky lounge, outdoor game room, arcade, billiards room, and a podcast studio.

Developer Legacy Partners is working with Bridge Investment Group on the project. WDG Architecture is the designer.​

REBUSINESS
Dallas-Fort Worth-Arlington
Multifamily
https://rebusinessonline.com/legacy-partners-completes-361-unit-ovation-at-galatyn-park-apartments-in-metro-dallas/Read more at {Source}
McNair developing 371-unit multifamily in HoustonMcNair developing 371-unit multifamily in Houstonhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=306642024-02-26T06:00:00Z2024-03-14T16:00:00Z

HOUSTON – McNair Interests is developing a 371-unit community on five acres at 3001 W 11th St.

The project will be a part of McNair's planned 46-acre mixed-use development that would repurpose existing 1920s-era factories on adjacent land.

The first phase of the five-story apartment project is slated to open in second quarter 2025, with completion expected in early 2026.​

Houston Chronicle
Houston-The Woodlands-Sugar Land
Multifamily
https://www.houstonchronicle.com/business/real-estate/article/timbergrove-lazybrook-apartments-break-ground-18672699.phpRead more at {Source}
Texas median home price down in 2023 while most MSAs see increaseTexas median home price down in 2023 while most MSAs see increasehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=307422024-03-14T05:00:00Z2024-03-14T13:00:00Z

AUSTIN – While the state's overall median price of $335,100 in 2023 was down 1.4 percent from the previous year, 17 Metropolitan Statistical Areas had increases.

According to Texas Realtors' 2023 Texas​ Real Estate Year in Review, all but five metros had less than a 5 percent change (higher or lower) in median price.

El Paso and McAllen-Edinburg-Mission saw the highest increases in median price (7.6 percent and 6.8 percent, respectively).​

The biggest drop in median price (-10.4 percent) occurred in Austin-Round Rock. However, at $450,000, Austin-Round Rock remained the highest median price in Texas.

Texas REALTORS
Texas
Housing
https://www.texasrealestate.com/about-us/newsroom/news-releases/texas-home-sales-dipped-in-2023-median-prices-were-mixed/Read more at {Source}
Arden at Kohler's Crossing in Kyle to open this monthArden at Kohler's Crossing in Kyle to open this monthhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=306592024-02-26T06:00:00Z2024-03-13T23:00:00Z

KYLE – Arden at Kohler's Crossing, a new apartment complex at 19500 I-35, is nearing completion.

The 262-unit gated apartment complex will have studio and one- and two-bedroom floor plans equipped with stainless steel appliances, granite countertops, smart locks, and smart thermostats.

Amenities include a resort-style swimming pool and sundeck, fitness center, pickleball court, billiards lounge, business center, and electric vehicle charging stations.

The project is being developed by Kalterra Capital Partners LLC.

Arden at Kohler's Crossing opens this month.​

Community Impact Newspaper
Austin-Round Rock
Multifamily
https://communityimpact.com/austin/san-marcos-buda-kyle/development/2024/02/20/arden-to-offer-luxury-apartment-living-in-kyle/Read more at {Source}
New ownership, new improvements for SA multifamilyNew ownership, new improvements for SA multifamilyhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=306892024-03-01T06:00:00Z2024-03-13T23:00:00Z

SAN ANTONIO – 29th Street Capital recently acquired Renata on Fredericksburg Apartments at 9939 Fredericksburg Rd.

29th Street plans to add stainless steel appliances, wood plank flooring, and washers and dryers; modernize kitchens and bathrooms; and improve amenities.

Bexar County records show an appraised value of $27 million for the property, as well as a $20 million Freddie Mac loan made to 29th Street for the acquisition.​

San Antonio Business Journal
San Antonio-New Braunfels
Multifamily
https://www.bizjournals.com/sanantonio/news/2024/02/27/chicago-investor-29th-street-renata-apartments.htmlRead more at {Source}
75 acres added to Briarwood MUD in Elgin75 acres added to Briarwood MUD in Elginhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=307102024-03-06T06:00:00Z2024-03-13T23:00:00Z

ELGIN – An under-construction mixed-use development has gained a lot more space to build on after the annexation of more land into the municipal utility district (MUD).

Ashton Gray Development's 205-acre Briarwood neighborhood gained 75 acres after the city council approved the annexation.

Briarwood is off of FM 1100, but the new land is not contiguous with the original plot. The addition will add about 182 townhomes, 19 acres of mixed-use, multifamily, or commercial development, and 43 acres of parkland and open spaces.

The original 205 acres will house 772 single-family homes, 19 acres of mixed-use space, and 33 acres of open space and parkland.

New plans call for an additional $81,000 to the original $154,000 donation to Elgin Independent School District.

Briarwood is Elgin's first in-city MUD.​

Austin Business Journal
Austin-Round Rock
Land
https://www.bizjournals.com/austin/news/2024/03/04/elgin-briarwood-mud.htmlRead more at {Source}

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