HOUSTON, Tex. (KBTX) – The Texas A&M University System is making a half-billion-dollar investment in Houston’s Texas Medical Center to house their Engineering Medicine program. The announcement was made Thursday in Houston. Their project includes renovating an 18-story building and constructing two additional towers to house students and medical offices. The Engineering Medicine program, or EnMed, allows students to complete the requirements for master’s degrees in engineering and doctorates of medicine, while also being required to invent new devices or processes before they graduate. Texas A&M University System Chancellor John Sharp says EnMed will bring Aggie ingenuity to the medical center. Click to read more at www.kbtx.com.
For Immediate Release
Cushman & Wakefield Acquires Colvill Office Properties in Houston
HOUSTON, Feb. 19, 2019 — Cushman & Wakefield announced today that the firm has acquired Colvill Office Properties, a leading provider of office agency leasing services in Houston. Colvill Office Properties currently directs leasing and marketing efforts for 17 million square feet of Class-A office space in Houston. “As one of the five largest metro areas in the U.S., Houston remains a critically important market for Cushman & Wakefield,” said Andrew McDonald, President of Cushman & Wakefield’s West Region. “Providing our clients with the most respected and accomplished office agency in Houston complements our investor services platform significantly in Texas. The Colvill team has a proven track record of creating exceptional value for their clients and shares our commitment to collaboration and innovation.” The Colvill Office Properties team has more than 130 collective years of experience and is a four-time recipient of the Owner’s Representative of the Year award as voted by the Houston Office Leasing Broker’s Association (HOLBA). The Colvill current portfolio includes more than 30 individual properties in the CBD, Energy Corridor/Katy Freeway, Galleria/Uptown, Westchase, West Belt, Springwoods and Inner Loop submarkets. “We could not be more thrilled to join one of the world’s pre-eminent commercial real estate firms,” said Chip Colvill, the founder and former president/CEO of Colvill Office Properties, who joins Cushman & Wakefield as Executive Vice Chairman. Click here to read more at www.bizjournals.com.
Frank Liu had an opportunity in 2001 to buy 109 acres in a working-class section of Spring Branch for an enviable price: just over $1 per square foot. Yet he wasn’t immediately convinced the then-rough-and-tumble neighborhood — far off the radar of most Houston builders — would be the right spot for an upscale residential development. So he got in his car, day after day, and drove the area, passing overgrown lots and rusty warehouses. “At first I just didn’t quite fully get it,” Liu said on a recent tour of the property. “But then all of a sudden I realized when you have 109 acres it helps create that sense of community — even in a transitional area.” He bought the land, waited several years, and started developing it slowly and in phases. He hired a prominent architect to design a plan for the property and a “modern farmhouse” aesthetic for the homes, which have porches in the front and garages in the back, accessible by alleys. The first homes there sold for around $200,000 less than a decade ago. There are about 190 homes on the site today, selling for as much as $600,000 in the newest phase of the project. Liu, 63, has repeated this formula in other parts of town. He’s focused on neighborhoods in and around the 610 Loop where he could buy large enough parcels, by urban standards at least, to fashion miniature master-planned communities complete with dog parks, jogging trails and swimming pools. Click to read more at www.houstonchronicle.com.
Over the past several years, there’s been a continuous conversation about the iconic Astrodome and what should be done with it. Dubbed the “Eighth Wonder of the World,” Houstonians certainly don’t want to see the Astrodome go, as it is a landmark deeply embedded into the hearts and minds of our beloved city. Ideas have been thrown around, yet none of them seem to stick. The $105 million county-approved plan to renovate and build a multi-story parking garage that was approved under Judge Ed Emmett’s court in 2018 has been placed on hold until further notice. Why not put the Astrodome to good use as a catalyst for making Houston the petrochemical capital of the world? Houston is famously known as the world capital of the international energy industry, petroleum exploration, space exploration, medical communities and vast port systems across the Gulf. Our city hosts the annual Offshore Technology Conference (OTC), one of the largest oil and gas tradeshows in the world, which features the industry’s latest technology, products, networking opportunities and more. On average, more than 59,000 people attend OTC annually, with more than 15,000 attendees visiting from outside the U.S. In addition, Houston is also headquarters to more than 500 oil and gas exploration and production companies and has 10 refineries producing over 2.6 million barrels of crude oil daily. Click to read more at www.leeassociates.com.
Houston’s 2020 commercial real estate market outlook is positive with a few challenges in the office sector. The metro’s economy continues to recover from a lackluster energy market amid a general slowdown of global trading; nonetheless, job growth should remain positive through 2020.
Despite global trade stagnation, Port Houston, a major economic driver,
reports increasing volume and value, which should carry over into 2020 to remain among the top ports in foreign and domestic tonnage. Click to read more at www.rednews.com.
an Affordable Multifamily Property Located in Houston, Texas
New York, NY — January 28, 2019 — Hunt Real Estate Capital announced today that it has provided a Fannie Mae Multifamily Affordable Housing (MAH) Preservation loan in the amount of $18.1 million to refinance an affordable multifamily community located in Houston, Texas.
Copperwood Ranch Apartments is a 280-unit, garden-style multifamily community that was developed by the borrower in 2003 through the Low-Income Housing Tax Credit (LIHTC) program. Located at 6833 Lakeview Haven Drive, the property is situated on 12.1 acres of land and offers 48 one-bedroom, one-bathroom units; 168 two-bedroom, two-bathroom apartments; and 64 three-bedroom, two-bathroom units contained in 16 two- and three-story buildings. The community also features one single-story clubhouse building.
The 15-year loan features two years of interest-only payments followed by a 30-year amortization schedule. The property’s 15-year compliance period ended on December 31, 2019, through the borrower will ensure that 100% of units will be occupied by low-income households (household income not exceeding 60% of AMI) during a 15-year extended use period.
“This is the fourth Agency loan that we have closed for this experienced sponsor since 2016,” noted Paul Weissman, Senior Managing Director and Head of Affordable Housing Finance at Hunt Real Estate Capital. “The borrower currently maintains a Texas portfolio of 11 affordable housing communities with more than 2,300 units. Copperwood Ranch has been well maintained by the ownership for the past 16 years, with more than $160,000 in capital expenditures invested since 2018.”
Property amenities include a swimming pool, recreation room, playground, laundry facilities, gated access, covered parking, fitness center, Wi-Fi in common areas, business center, and internet/computer library.
The property is located approximately 22 miles northwest of the Houston Central Business District.
About Hunt Real Estate Capital
Hunt Real Estate Capital (HREC), a subsidiary of ORIX Corporation USA, is a leader in financing, investing and managing multifamily housing and commercial real estate. HREC is a source of debt and equity capital for multifamily, affordable housing, manufactured housing, healthcare/senior living, retail, office, industrial, self-storage, and mixed-use assets through Fannie Mae, Freddie Mac, FHA, its own balance sheet and managed public and private investment vehicles. To learn more, visit //huntrealestatecapital.com.