Omni Hotels & Resorts has kicked off development of its latest resort, which will sit next to the PGA’s new headquarters in Frisco. The PGA announced in 2018 announced plans to move from Palm Beach, Florida. Its new headquarters will anchor a 600-acre, mixed-use development that will also include three golf courses, a putting green, retail shops, and the $500 million Omni PGA Frisco. (Scroll down to click on an images gallery.) Key players were on hand May 4 to officially break ground on the project. Peter Strebel, president of Omni Resorts, talked about how the deal came together and Omni parent company TRT Holdings’ Bob Rowling, founder, and his son, Blake Rowling, who serves as president. Peter Strebel speaking at Tuesday’s groundbreaking. The Rowlings “live and breathe golf,” Strebel said. “So, when they heard the PGA was thinking of moving its headquarters to Texas, especially Frisco, they jumped all over that, because they knew that that would be a place where they would want to be involved.” As plans progressed, the Rowlings remained fully committed, despite difficulties brought on by the pandemic. “Candidly, I cannot think of anybody who may have had a more challenging year this past year than Bob Rowling,” Gov. Greg Abbott said of the founder of Omni’s parent company, TRT Holdings, at the groundbreaking event. “There probably was no industry in the United States, maybe the entire world, that was more challenged over the COVID year, than the hospitality industry.” Click to read more at www.dmagazine.com.
Kalterra Capital Partners has announced the sale of Park Place, a 213-unit apartment complex, located at 240 Park Place Blvd, in Waxahachie, Texas. The project is Kalterra’s second sale this year and one of three ground-up multifamily developments in Kalterra’s portfolio expected to transact in 2021. The 12-acre site falls within the rapidly growing Ellis County submarket, located 30 miles south of the DFW Metroplex. Just east of Hwy 287 and directly adjacent to Waxahachie’s Sports Complex, the project will serve the growing demand for Class-A luxury apartments in the county. Kalterra plans to begin construction on a second conventional multifamily development and an active adult development in Waxahachie this year. Park Place is another example of a successfully executed high-end multifamily product in suburban markets. The multifamily development is the first of three for Kalterra in Waxahachie this year, with more active developments in the works coming soon. The contemporary design includes luxurious interior and exterior finishes designed to meet the needs of diverse professionals seeking high-quality amenities and low maintenance living. The project includes lifestyle-focused amenities such as a resort-style pool, well-appointed fitness center, large dog park, private yards, attached garages, and a walking trail. Premium Property USA also partnered with Kalterra in the closing of Park Place. Kalterra has experienced success due to its ability to develop design-forward communities in key submarkets. The company is building a legacy to challenge the status quo, maintain an investor focus, and move quickly and efficiently to deliver outstanding results to its investors.
NorthMarq’s Dallas investment sales team of Taylor Snoddy, managing director, James Roberts, senior vice president and Phillip Wiegand, the senior vice president closed on seven multifamily properties totaling a combined 2,167 units. The properties are located throughout the Dallas-Fort Worth MSA. NorthMarq represented the seller, S2 Capital Partners, a large Dallas-based investor with a decade-long portfolio of holdings. The buyer is Manhattan Five Partners, LLC., a New York-based investment company. This acquisition is their first in the Texas market.
The portfolio is comprised of:
The Hangar: 201 S Clark Road; Cedar Hill, TX; 268 Units; Completed in 1980
Annex: 4709 Samuell Boulevard; Mesquite, TX; 267 Units; Completed in 1985
Forty200: 4200 US 80 Frontage Road; Mesquite, TX; 512 Units; Completed in 1983
Residence on Lamar: 1224 East Lamar Boulevard; Arlington, TX; 482 Units; Completed in 1976
Amp at the Grid: 765 Polk Drive; Arlington, TX; 446 Units; Completed in 1970
Current at the Grid: 724 Polk Drive; Arlington, TX; 192 Units; Competed in 1978
The Dallas-Fort Worth multifamily market experienced exponential activity, with sales velocity in the fourth quarter outpacing levels from the same period in 2019. Furthermore, sales of local multifamily properties in the fourth quarter of 2020 increased approximately 60 percent from Q3 levels. The forecast for 2021 remains strong with so much pent up capital looking to be placed. Despite strong headwinds created by the pandemic and the election, the Dallas multifamily team closed nearly $700 million in transactions in Q1 2021, a 300 percent increase over Q1 2020. This included 6,650 units from 19 communities, as well as the largest multifamily sale in Dallas history. With a successful Q1 in the books, the team is already looking forward with $1.5 billion currently under contract on the market, including 47 communities containing approximately 14,000 units. View the team’s available listings.
It’s early afternoon in the Bishop Arts District on a Tuesday, and it’s easy to see the lure of the North Oak Cliff neighborhood. Parking along North Bishop Avenue is tight as locals wander into shops and fill benches outside of eateries. I meet developers Katy Slade and Nick Venghaus outside of La Reunion, where we order a few glasses of water and iced coffee. The two long-time industry leaders ventured out about two years ago to launch Mintwood Real Estate and, along the way, have put in some groundwork for future projects and helped turn two vacant office floors in Santander Tower into a chic hotel called The Guild. Today, we were there to talk about their first ground-up project. Katy and Nick were both previously at Gables Residential for a little over a decade. She was on the development team, and he was running construction. They did a lot of really cool mixed-use deals, including the Gables McKinney Ave. The duo makes for the perfect partnership as Nick has a great capacity to understand complicated construction projects, and Katy excels at researching and understanding the needs of the market to build innovative projects. It all ties into how they could build 55 units on the site of a former 10 unit apartment building on Melba Street. Click to read more at www.dmagazine.com.
When you boil down real estate, it really just comes down to three factors: demand, supply, and location. The TexAmericas Center in Texarkana can claim two of those and this summer, when its new 150,000-square-foot spec building is complete, it will hit the trifecta.
Texarkana, which is nestled at the cross-section of Texas, Arkansas, Louisiana and Oklahoma, is an often-overlooked distributor’s dream. Nearly 54 million people live within 500 miles, almost 10 million more than are reachable from the Dallas market. “If your goal is to access a large market, we’re a better fit because we are closer to the population center, as well as the geographic center, of the United States,” says Eric Voyles, Executive Vice President and Chief Economic Development Officer at TexAmericas Center. “Plus, you get to stay in Texas if you operate from here.” TexAmericas Center is a special purpose district of the State of Texas with the mission of redeveloping former military property in Bowie County, including portions of the Red River Army Depot, with the purpose of creating quality jobs for the region “We act as a not-for-profit industrial development and management company,” Voyles explains. Created by the Texas Legislature in 1997 and fully operational by 2000, the organization just marked its 20th year of operation. “What Texarkana needed was product,” says Voyles. “This city is in a great location. It has an available workforce. Our taxes, labor, and utility rates are all well below the rest of the state.” Demand TexAmericas Center delivered that product, becoming a high-quality, value-driven solution for the industrial real estate market. Click to read more at www.rednews.com.
DALLAS — Just because Texas announced plans to rescind its statewide face mask orders, don’t expect to see every company return 100 percent to the office by next week. However, members of the local commercial real estate community are feeling positive about the news. “The governor’s announcement yesterday was extremely well received at our offices. Our office team was buzzing and fist bumps were exchanged when the news came down. It was also well received from our clients. Many … have been wanting to have a good reason to bring more of their people back to the office,” said Tom Lynn, chairman and office division president for NAI Robert Lynn. Local real estate professionals say even before Tuesday’s announcement, most companies had already been slowly returning to the office. Since last year, Dallas has been a leading market for daily office occupancy, according to Kastle Systems. Click to read more at www.12newsnow.com.