Category: News

Cove Capital Investments Acquires Value-Add Multifamily Community in Growing Dallas Fort-Worth, Texas Neighborhood for Its Cove Multifamily 59 DST

Posted on by Sarah

The acquisition represents another Texas multifamily purchase by Cove Capital as it continues to build a portfolio of debt-free multifamily offerings for accredited investors seeking Delaware Statutory Trust 1031 Exchange or Direct-Cash real estate Investments.

LOS ANGELES, Sept. 16, 2022 /PRNewswire/ — Cove Capital Investments, LLC, a DST Sponsor Company specializing in debt-free Delaware Statutory Trusts (DSTs) and other investment offerings for accredited investors, announced it has completed the purchase of a 159-unit, 130,128 square foot value-add multifamily community in the growing Dallas Fort-Worth area.

Cove Capital a DST Sponsor Company specializing in debt-free Delaware Statutory Trusts (DSTs) and other investment offerings for accredited investors announced it has acquired a value-add multifamily asset for its Cove Dallas 59 DST.

Cove Capital a DST Sponsor Company specializing in debt-free Delaware Statutory Trusts (DSTs) and other investment offerings for accredited investors announced it has acquired a value-add multifamily asset for its Cove Dallas 59 DST. Click to read more at www.prnewswire.com.

New Dallas Initiative Brings Minority Developers to the Forefront

Posted on by Sarah

A new Dallas initiative aims to bring minority real estate developers to the forefront. On Wednesday, Innovan Neighborhoods launched the Community Developers Roundtable to address gaps in affordable housing and community development.

It was an opportunity South Dallas native Jason Brown didn’t want to miss – to be in a room with other developers who look like him and have similar stories.

Brown is President and CEO of Dallas City Homes, a nonprofit community development organization. He credits an encounter years ago for leading him down this path.

“I’m in this position now because of someone that came to my career day back in middle school who was just talking about their involvement in commercial real estate and their niche in the market,” he said.

Commercial and Multifamily Mortgage Delinquency Rates Remain Low in Second-Quarter 2022

Posted on by Sarah

Commercial and multifamily mortgage delinquencies declined in the second quarter of 2022, according to the Mortgage Bankers Association’s (MBA) latest Commercial/Multifamily Delinquency Report.

“Delinquency rates for commercial and multifamily mortgages fell again during the second quarter of 2022,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research. “Many capital sources are seeing delinquency rates at or approaching pre-pandemic levels, which were some of the lowest delinquency rates on record. MBA survey data have shown significant differences by property type as the COVID-19 pandemic’s effects have morphed. These property-type differences, particularly across changing economic conditions, will continue to be a key factor in commercial and multifamily loan performance.”

MBA’s quarterly analysis looks at commercial/multifamily delinquency rates for five of the largest investor-groups: commercial banks and thrifts, commercial mortgage-backed securities (CMBS), life insurance companies, and Fannie Mae and Freddie Mac. Together, these groups hold more than 80 percent of commercial/multifamily mortgage debt outstanding. MBA’s analysis incorporates the measures used by each individual investor group to track the performance of their loans. Because each investor group tracks delinquencies in its own way, delinquency rates are not comparable from one group to another. As just one example, Fannie Mae reports loans receiving payment forbearance as delinquent, while Freddie Mac excludes those loans if the borrower is in compliance with the forbearance agreement. Click to read more at mba.org.

Molto Properties Breaks Ground on Speculative Industrial Development in Grand Prairie

Posted on by Sarah

On behalf of Molto Properties, CBRE announced construction has started on two speculative distribution buildings at GSW Commerce Center at 161, a Class A+ logistics park in DFW’s Great Southwest/Arlington (GSW) industrial submarket. Both rear load buildings are the initial phase of development and will total 464,495 square feet. They are expected to deliver in Summer 2023.

The industrial park is situated south of DFW airport and offers tenants highly desirable visibility on President George Bush Tollway (PGBT) and provides convenient access to robust transportation routes in I-30, SH-183, and I-20 just minutes away. More than half of the DFW metroplex — a total of 3.8 million people — can be reached within a 30-minute drive. The GSW submarket, the second-largest industrial submarket in the metroplex, contains approximately 115.5 million square feet of total inventory and encompasses approximately 13.1% of the overall market supply.

Located between E. Rock Island Rd. and E. Shady Grove Rd. in Grand Prairie, the first phase of construction offers two rear load buildings ranging in size from 211,940 to 252,555 square feet, 36-foot clear heights, 180 feet truck court aprons, ESFR sprinklers, dock high doors, grade level ramps, and a combined 116 trailer parking spaces and 410 standard parking spaces. The design and layout of the property includes three points of ingress and egress along Highway 161 and two points along E. Rock Island Road. It can accommodate a variety of industrial user demands including bulk distribution, shallow-bay or office/showroom. GSW Commerce Center will ultimately consist of multiple phases spanning across 145 acres total. Phase I and subsequent phases, which will be announced in more detail in Q4 2022, will total approximately two million square feet across multiple buildings in a diverse building configuration.

CBRE’s Brian Gilchrist, Steve Koldyke and Kacy Jones oversee the marketing and leasing of the business park on behalf of the developer.

Berkadia Arranges Sale of Multifamily High-rise in Central Houston

Posted on by Sarah

Berkadia Institutional Solutions has arranged the sale of Chelsea Museum District, a 325-unit trophy-quality multifamily high-rise in Central Houston. Senior Managing Directors Chris Curry and Todd Marix, Managing Directors Jeff Skipworth, Chris Young and Joey Rippel and Director Kyle Whitney of Berkadia Houston marketed the property on behalf of the seller, Alliance Residential Company, a residential real estate developer based in Scottsdale, Arizona.

Chris Pollard and Jason Rice of Berkadia Dallas secured the debt on behalf of the buyer, Madera Residential, an investment company based in Lubbock, Texas.

Built in 2021 and located at 4641 Montrose Boulevard, Chelsea Museum District offers one- and two-bedroom apartments averaging from 412 to 1,632 square feet. Individual units feature 10-foot ceilings, light wood plank flooring, quartz countertops, blackout shades, temperature-controlled wine chillers, washer and dryers with smart technology and private oversized balconies or private yards. The community amenities include a pool with tanning ledge and private cabanas, an outdoor kitchen with two gas grills, exercise center, a yoga and spin room, a co-working lounge with private conference room, a speakeasy, wine lounge with city views, golf simulation room, electronic package lockers, pet spa and bark park.

Located between Downtown Houston and the Texas Medical Center, Chelsea Museum District is close to more than 200,000 jobs. Residents are within walking distance to Houston’s Museum District, the Innovation Corridor, Hermann Park and Bell Park, and a short drive away from Greenway Plaza, Galleria/Uptown, Rice University, the University of Houston, Rice Village and the River Oaks District.

QDOBA Mexican Eats® Debuts its Vibrant, Flavorful Food to Austin, Texas Through New Ghost Kitchen Partnership

Posted on by Sarah

Partnership with REEF Technology expands QDOBA’s flavor-filled menu in Texas, now available through select delivery services

SAN DIEGO, Sept. 9, 2022 /PRNewswire/ — QDOBA®, a leading fast-casual Mexican restaurant, is bringing its vibrant and flavorful food to Austin, Texas through the first of two ghost kitchens in the area. In partnership with national ghost kitchen operator, REEF Technology, QDOBA’s Austin debut allows an increased number of QDOBA food lovers across the city to conveniently indulge in its tasty menu offerings. Ghost kitchens, also known as delivery-only restaurants, are commercial kitchens optimized for food delivery service apps such as Uber Eats and Postmates.

“Austin is well-known for its lively and flavorful food scene, making it the natural choice for our REEF ghost kitchen launch. It opens the doors to consumers to enjoy our unique spin on Mexican food who haven’t had access to QDOBA previously,” said Karin Silk, CMO of QDOBA. “Our partnership with REEF means bringing QDOBA’s signature flavors, including our well-loved three-cheese queso, salsas and cremas, and handmade guacamole, to Austinites. While this is our first venture into the virtual restaurant space, we can’t wait to share the flavor with additional markets!” Click to read more at www.prnewswire.com.