CRE Briefs: Luxury Development Breaks Ground in Fast-Growing DFW Neighborhood

The statistics of homebuying in Collin County continue to impress. Median home prices have increased 13.4 percent in the first quarter, home inventory for sale is at a record low, and the average day on the market is fewer than 36 days. City officials in Anna and the team at Dallas developer Centurion American broke ground on The Villages at Hurricane Creek, a sought-after new development that has brought the first water and sewage west of I-75 in that town. Mayor Nate Pike signaled that this was a landmark development for the fast-growing town north of Dallas.

“As the centerpiece of Anna’s west side, The Villages of Hurricane Creek leverages our ideal location in northern Collin County to draw a diverse mix of residents from throughout the region and meet the needs of our rapidly growing community,“ said Mayor Nate Pike of the City of Anna. “This groundbreaking represents another step in Anna’s trajectory as a flourishing community where our neighbors can enjoy an exceptional quality of life.”

 



The Villages of Hurricane Creek is a multi-phase mixed-use development. Phase one will include one- and two-story single-family homes, garden homes, and townhomes, which feed into the Anna Independent School District. The collection of homebuilders are Beazer Homes, First Texas Homes, and Mattamy Homes.

Centurion American Development Group is the developer of the revamped Statler Dallas hotel and master-planned communities, including Collin Creek in Plano, The Riverwalk in Flower Mound, Entrada in Westlake, and City Point in North Richland Hills.

Multifamily Net Absorptions Sees Slight Uptick

A report recently released by CBRE reports that multifamily net absorption totaled 3,707 units in the first quarter of 2021, a slight uptick of 18 units since the final quarter of 2020. DFW rents saw slight year-over-year growth, increasing by .3 percent from the first quarter of 2020 to the first quarter of 2021. Deliveries were slightly down, with 252 fewer units delivered in the first quarter of 2021 than in that final quarter of 2020.

Some of the report’s highlights include:

• DFW recorded 6.5 percent unemployment in January 2021, 20 basis points higher than December 2020.


• Comparing year-over-year, DFW has lost 96,000 non-farm jobs from March 2020 to March 2021 but has gained back 27,300 since February of 2021.


• In the first quarter of 2021, DFW multifamily occupancy also fell by 53 basis points to 94.1 percent this quarter.


• Net absorption in the first quarter tends to be seasonally low, so we can still expect occupancy levels to rise in coming quarters as we continue to progress past the pandemic.

JPI Joins WayMaker Partners Venture to Transform Communities

JPI CEO Brad Tayor and the firm’s Founder Bobby Page have joined the ranks of an investment committee for faith-based real estate investment fund WayMaker Partners—a venture comprised of multifamily veterans from industry leaders Streetlights Residential, Greystar, Cushman & Wakefield, Crescent Communities, and Advenir. Together, the investment committee boasts more than one million active apartment homes managed, have led over 2,000 multifamily transactions, and in their executive roles oversee $100 billion in current portfolio value, bringing a combined 280 years of multifamily experience.

Launched in 2020, WayMaker Multifamily invests in cash-flowing Class B assets in fast-growing sunbelt cities that need operational, software, and community expertise to improve the lives of residents and net operating income.

Through the partnership, JPI will integrate WayMaker’s technology and operational “love your neighbor” approach into its asset management portfolio to create a transformative living experience. It will also allow JPI to expand its relationship with Apartment Life, a nonprofit that helps apartment owners care for residents through relationship-building and WayMaker’s founding partner. Keith Dunkin, WayMaker’s founder and former JPI associate will spearhead the partnership’s integration with JPI.

M2G Delivers High Demand Development in Top Performing Industrial Market

M2G Ventures, a North Texas-based real estate investment and development company led by sisters Jessica Miller and Susan Miller Gruppi, has completed its 645,000 square foot North Quarter 35 industrial development. The idea behind the project was to deliver a first-class industrial park by creating places where users want to be.

Located along I-35 in the TexasAlliance Mobility Innovation Zone, North Quarter 35 is surrounded by some of the top logistics companies in the area with unparalleled access across the Alliance and Meacham Fossil Creek submarkets.

“We purchased the dirt in April 2019 with the vision of developing a first-class industrial park setting that meets tenants’ demand for great highway frontage, strategic location, and unmatched visibility,” Miller Essl said. “The delivery of North Quarter 35 exceeded that vision by continuously seeking the development’s differentiators and, in return, created a one-of-a-kind industrial opportunity.”

GSR Andrade is the architect, and FCL Builders is the general contractor for North Quarter 35.

Transwestern Hires Former CBRE Group COO

In line with its strategic growth plans, Transwestern has hired former CBRE Group Chief Operating Officer Grayson Gill as its Executive Managing Director. Based in Dallas, Gill is tasked with helping the company leverage its strengths in commercial owner advisory services to expand the platform and grow market share. This includes deepening relationships with new and existing investor clients, partnering with local market leaders to identify and fill gaps in geographical coverage or product specialization, and ensuring successful platform enhancements.

“This is an opportune time for us to comprehensively assess where expanded resources will best support the needs of our clients moving forward,” said Tom Lawyer, President of Transwestern Real Estate Services. “Much has changed over the past year, and Grayson’s expertise will help align market opportunities with both Transwestern’s existing strengths and long-term goals. His extensive industry knowledge, which includes a track record of successful mergers and acquisitions, combined with a client-first approach that recognizes the importance of cultural fit when executing a growth strategy, make him an obvious choice for this role.”

StreetLights Residential Breaks Ground Second Phase of Arlington Development

The developer behind projects such as The Christopher, The Hamilton, and The McKenzie has broken ground on Phase 2 of its luxury multifamily community in the Viridian Development in Arlington. StreetLight Residential’s new community will have 343 luxury apartment homes ranging from studios to three bedrooms. The development will also feature 32 townhomes averaging 1,902 square feet.

“The increase in demand for boutique-style luxury living in the area is what inspired our first development, and those same thoughtful details will be featured in the second phase,” said StreetLights Vice President of Development Greg Coutant. “Leasing continues to be strong in The Jackson, and we are eager to have our next phase underway in Viridian.”

StreetLights Creative Studio is the architect of record for the project and is handling all interior design in-house. SLR Construction, LLC is the general contractor. Apartments will be complete with offerings such as spa-inspired bathrooms, mudrooms, and Sonos speakers.