JLL Capital Markets announced today that it has arranged a $130 million refinancing for the Vireo BTR Portfolio, a premier collection of three Class-A build-to-rent properties strategically located across the Dallas, Austin and Tampa metropolitan areas.

JLL represented the borrower in securing the refinancing through KeyBank National Association’s – Institutional Real Estate Group, after a competitive loan process.

The portfolio consists of residential units across 780,624 rentable square feet. The three properties include Vireo Medical District, a 210-unit property at 2300 S. McDonald St. in McKinney, Texas that delivered in 2024 and recently stabilized; Vireo Twelve Oaks, a 217-unit property at 201 Morningstar Blvd. in Georgetown, Texas that recently delivered in 2025 and is currently in lease-up; and Vireo Wesley Chapel, a 181-unit project at 1219 Violetear Dr. in Wesley Chapel, Florida that is currently finishing up construction.

The portfolio offered a rare financing opportunity that blends the privacy and space of single-family homes with the amenities and convenience of multi-community living, creating a scarce, high-quality product that meets the growing demand for luxury rental housing in their respective metropolitan areas.

Vireo BTR Portfolio offers residents premium amenities and modern living spaces while providing the lifestyle benefits of detached housing within professionally managed communities, epitomizing quality and desirability in the build-to-rent sector.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Jim Curtin, Director Lauren Dow, Vice President Rex Cruz and Analyst Obi Eboh.

A growing number of renters are spending too much of their incomes on rent, according to the latest research from Zumper.

In its 2025 State of Renting Report, Zumper reported that 59% of renter respondents said that they are rent-burdened, spending more than 30% of their incomes on rent each month.

Renters surveyed by Zumper said that they would consider it reasonable to spend 28% of their income on rent. Unfortunately, renters in the survey said that they are spending 40% of their incomes on rent on average.

Renters don’t expect their financial situations to improve, either. According to the survey, 82% of renters say they lack confidence in the U.S. economy and 66% said that they believe the United States is in a recession.

Another interesting finding? The days of most renters working from home appear to be over. Only 12% of renters said they now work fully remote, down from about 25% in 2021 through 2023. As the return-to-the-office movement gains strength, more renters are moving back toward major employment hubs. The top-five destinations renters relocated to in 2025 were Los Angeles, Atlanta, New York City, San Francisco and Charlotte, Zumper reported.

A total of 35% of renter respondents told Zumper that they do not believe that the American Dream includes owning a home. That is up from 27% in 2021. What’s behind this trend? High housing prices, high mortgage interest rates and lifestyle preferences.

When it comes to finding apartment units, more renters are turning to AI. Zumper found that nearly 10% of renters said that they used tools like ChatGPT to help find a new apartment unit. That figure rose to as high as 15% in major coastal cities. Apartment hunters used AI for everything from tour booking to question-and-answer support, Zumper said.

MAG Capital Partners acquired Airforce Turbine Service’s (ATS) global headquarters facility in Mathis, Texas, featuring a private 2,700-foot runway.

Located at 11557 State Highway 359 on 37.7 acres, the 34,150-square-foot South Texas industrial property is minutes from I-37, the key corridor linking San Antonio and Corpus Christi, a critical industrial hub on the Gulf Coast. The site includes an FAA/EASA-certified turbine maintenance, repair and overhaul shop, test cell and parts department. ATS also maintains numerous country-specific CAA and DGC certifications with field support centers located in the U.S., Asia-Pacific, Africa and Latin America.

Founded in 1989, ATS is an independent provider of MRO services, parts, and sales and leasing for PT6A engines.

ATS serves commercial operators, agricultural businesses, and high-usage aviation fleets across a broad range of markets and regions. In 2024, The Texas Workforce Commission recognized ATS with its Veteran-Friendly Employer of the Year award for its efforts to recruit and hire veterans.

JLL’s Steven Okon, Blake Shaffer and Anthony Walters advised on the transaction. DWG Capital Group placed the debt on behalf of the purchaser. 

 JLL Capital Markets announced today the successful sale of Park North Shopping Center, a premier 635,325-square-foot regional retail destination in San Antonio. The transaction marks the largest shopping center sale in the San Antonio market since JLL’s record-setting sale of The Rim in 2021.

JLL worked on behalf of the seller, Sterling Organization, with Dhanani Private Equity serving as the buyer.

Park North Shopping Center is strategically positioned at 842 NW Loop 410, offering exceptional visibility and access to 241,000 vehicles per day on Loop 410. The property is uniquely anchored by Target on a ground lease, an arrangement rarely seen in the retail landscape, and features a diverse mix of entertainment, shopping and dining options including Pinstack, Alamo Drafthouse Cinema, Norris Conference Centers and Outlaw Pickleball.

The 93.3% leased shopping center sits on 45.75 acres and serves a trade area of more than 304,100 consumers within a five-mile radius with an average household income of $95,057. The property benefits from its infill location in the heart of San Antonio, surrounded by affluent neighborhoods, employment centers, entertainment destinations and military hubs.

JLL Capital Market’s Investment Sales and Advisory team was led by Senior Managing Directors Chris Gerard and Barry Brown and Directors Erin Lazarus and Whitney Snell.

Constellation Real Estate Partners acquired 29 acres of land at 6339 S. Sam Houston Pkwy E. in Houston, Texas, for the development of Constellation Southbelt, a three-building 375,602-square-foot speculative industrial project. 

Additionally, the firm has acquired 20 acres of land located at 13814 Cullen Boulevard in Houston, Texas for the development of Constellation Cullen, a 282,272-square-foot industrial building. Both of these industrial development projects are in partnership with a real estate fund advised by Crow Holdings Capital, a real estate investment management firm with a strong track record of cycle-tested performance. Since founding in 2021, Constellation Real Estate Partners has built a pipeline of 24 projects, totaling 12 million square feet across key Sunbelt logistics markets.

              Constellation Southbelt broke ground in Q4 2025 and will feature 32-foot clear heights, 412 car parking spaces, 220-foot shared truck court depths, a 75-foot laydown yard for additional outdoor storage and trailer parking, and visibility on South Beltway 8, with access to Highway 3, and 45S.  Building sizes range from 89,792 square feet to 160,233 square feet.  Constellation Southbelt is scheduled for completion in Q4 2026.

Constellation Cullen will break ground in Q1 2026 and will feature 36-foot clear heights, 222 car parking spaces, 130-foot truck court depth, 53 trailer parking spaces and visibility on Cullen Boulevard with direct access to South Beltway 8.  Constellation Cullen is scheduled for completion in Q4 2026.

Marketing and leasing efforts for Constellation Southbelt will be exclusively handled by Zack Taylor, Ryan Byrd, and Jason Scholtz with Colliers and Cape Bell, Greg Holmes and Savannah Smith with CBRE overseeing marketing and leasing at Constellation Cullen.

Morgan and Carlyle celebrated the groundbreaking of Pearl Lake Pointe, a new luxury apartment community at 16435 Creekbend Drive in Sugar Land, Texas.

Construction began in November 2025, and Morgan, together with Carlyle, marked the project’s official start during a groundbreaking ceremony held on December 10, 2025. Joined by representatives of the City of Sugar Land, project partners, and Texas Capital Bank, Morgan celebrated this milestone for the region as the first multifamily site to receive entitlements in Sugar Land since 2012.

Located approximately 20 miles southwest of downtown Houston, Pearl Lake Pointe will encompass a five-story wrap community comprising 376 apartments—including five live-work units—over 6.46 acres. Residents will have access to a resort-inspired pool, a state-of-the-art fitness centers, golf simulator, fifth-floor sky lounge, and a first-floor café. The site also includes 9,940 square feet of commercial office space and a six-story parking garage, with luxury units featuring open-concept layouts with quartz countertops, stainless-steel appliances, in-unit washers and dryers, and balconies in select homes.​

Situated adjacent to the former Fluor campus with picturesque views of Brooks Lake, Pearl Lake Pointe is designed to offer a differentiated lifestyle within Sugar Land’s rare multifamily-zoned land. The delivery of first units is anticipated for the second quarter of 2027, and the development will be managed and owned by Morgan and Carlyle, with project financing provided by Texas Capital Bank.