Rosewood Property Company and equity partner Barings have broken ground on The Gilman, a Class-A multifamily community in the Las Colinas neighborhood of Irving, Texas.

Set on 6.86 acres in the heart of Las Colinas off Highway 114, The Gilman will feature 370 apartment homes with a modern, transitional architectural design with sweeping views of The Nelson Golf & Sports Club. Residences offered will be a mix of studios, one bedroom, two bedrooms and three bedrooms. Apartment homes will range from 615 square feet studios to 1,460 square feet in the three-bedroom apartments. The multifamily community is expected to be completed by early 2027.

The Gilman will feature top-of-market amenities for the residents such as: a clubroom, formal living rooms, co-working offices, a TrackMan golf simulator, a top-level sky lounge overlooking the golf course, three outdoor courtyards, a resort pool, dog park and dog spa and an expansive two-story fitness center.

The Gilman is part of an 18-acre master-planned development by Rosewood, which includes townhomes being built by David Weekley and boutique office spaces by Savannah Developers. The site holds historical significance as the location of Las Colinas’ first office building and is being reimagined as a vibrant, mixed-use community.

It’s no secret that the United States needs more affordable multifamily apartment units. But a new report suggests that relief for tenants seeking lower-cost apartments isn’t coming anytime soon.

Yardi Matrix in its February report on affordable housing, said that construction starts of affordable multifamily properties are slowing. This means that the need for these units will only continue to grow.

There is some good news, though. Yardi Matrix said that completions of affordable multifamily units are set to reach a multi-year high of 78,000 in 2025.

The problem, though, is that as the price of construction rises, the number of construction starts of affordable apartment units has already dropped. This means that the delivery of new affordable units will fall in the coming years all while demand for them is rising.

Yardi Matrix reported that starts of fully affordable apartment units fell by 28.7% in 2024 to 66,000. That is the lowest number since 2020.

What’s interesting is that the starts of market-rate apartments have fallen at an even faster rate, dropping by 47% to 208,000 in 2024. That’s the lowest this number has been since 2013.

What’s behind the drop in both market-rate and affordable multifamily construction starts? Yardi Matrix points to the rising costs of land, labor and materials. Rising insurance premiums, a lack of available labor, delays in entitlements and slower construction times are also playing a role.

These are especially important in the affordable arena. Yardi Matrix says that as construction costs rise, the same amount of government subsidies produce fewer affordable units.

Will Wisconsin get its first Buc-ee’s travel center and gas station in 2027? That looks likely, according to city officials in Oak Creek, Wisconsin, a suburb of Milwaukee.

Earlier this year, Oak Creek city officials said that Buc-ee’s plans to open its first Wisconsin location at the southwest corner of Interstate-94 and Elm Road in Oak Creek.

According to a story from WISN 12 News, Andrew Vickers, city administrator with Oak Creek, said that Buc-ee’s and Oak Creek officials began discussions about a new Buc-ee’s location in the fall of 2024.

Buc-ee’s had already purchased the 29-acre plot of land before reaching out to Oak Creek officials, Vickers told WISN 12.

Buc-ee’s is famous for its large travel stations with dozens of fuel pumps. The chain also has a reputation for providing clean bathrooms.

Travelers can order brisket, sausage, pulled pork and turkey sandwiches; tacos; fudge; and its famed Paddle Tail, a pastry shaped like a beaver’s tail and made with pastry, cinnamon, brown sugar and icing. Chain locations feature large car washes and gift stores selling merchandise with Buc-ee’s beaver mascot on it.

The Buc-ee’s planned for Oak Creek will be another large facility, covering 73,370 square feet. It will feature 120 gas pumps and EV charging stations. WISN reported that the new station will employ about 175 full-time workers.

“Buc-ee’s is excited to have the opportunity of adding Oak Creek to our expansion into Wisconsin,” Buc-ee’s said in a statement released to WISN. “We have plan submittals, commission approvals, and final city council decisions to be made before we can put a shovel in the ground.”

The Oak Creek Plan Commission met Jan. 28 to discuss the project. The Milwaukee Journal Sentinel reported that plan commission members approved a resolution amending the city’s comprehensive plan to change the zoning for the site of the proposed Buc-ee’s from business park to commercial.

The commission also voted to recommend to the Oak Creek Common Council that it rezone several properties making up the site to the B-6 Interchange Regional Retail District, according to the Milwaukee Journal Sentinel.

These are the first two steps in bringing Buc-ee’s to Oak Creek. The Oak Creek Common Council will hold a public hearing on both of these Plan Commission recommendations March 18. Council members can then vote to rezone the land if they support the commission’s recommendations.

At the plan commission meeting, Angela Janik, project coordinator for Buc-ee’s, stressed that the chain does not run truck stops. Instead, it operates travel centers, she said.

Janik referred to Buc-ee’s as the “Disneyland of gas stations” during the meeting.

Janik told the plan commission that from 4,000 to 8,000 cars visit the typical Buc-ee’s location on a daily basis. These cars bring an average of 100,000 visitors to each Buc-ee’s a week, she said.

Buc-ee’s does hold some interesting records. First, its Lulu, Texas, location boasts the world’s largest convenience store, 75,593 square feet.

Buc-ee’s also claims that it operates the world’s largest car wash, a facility in Katy, Texas, that boasts 255 feet of conveyor.

As of February of this year, Buc-ee’s listed 57 locations on its website. In addition to its Oak Creek location, Buc-ee’s plans a second location in the state in DeForest, Wisconsin. Plans for that 74,000-square-foot store are still being worked out.

The Woodmont Company closed the sale of a newly constructed 10,472-square-foot Goddard School at 142 McCormick Blvd. in Oak Point, Texas.

Russel Wehsener, a broker with The Woodmont Company, represented the buyer in the transaction, while Sands Investment Group represented the seller.

The newly built Goddard School property features a 15-year triple-net lease (NNN) with zero landlord responsibilities, providing a secure and stable investment for the buyer.

Strategically positioned off U.S. Highway 380 / E University Drive, the location benefits from high visibility and traffic counts exceeding 37,000 vehicles per day (VPD). Additionally, the Oak Point area is undergoing significant development through the Oak Point Corridor Plan, which supports the growth of 400 acres of residential, retail, and commercial space, enhancing the long-term value of the investment.

The property is situated 25 miles north of Dallas-Fort Worth International Airport (DFW) and 40 miles from

Marcus & Millichap negotiated the sale and financing of Beechnut Village, a 62,990-square-foot grocery-anchored retail center in Houston, Texas.

Marcus & Millichap Capital Corporation (MMCC), a subsidiary of Marcus & Millichap, secured $7,475,000 in financing. 

Scott Abeel and Philip Levy, investment specialists in Marcus & Millichap’s Dallas office, exclusively marketed the property on behalf of the seller and procured the buyer, a local private investor. 

Jamie Safier, managing director in MMCC’s Houston office secured the financing. Terms of the 65% loan-to-value loan include a fixed interest rate at 6.50%. 

Beechnut Village, located at 8145 Highway 6 S, is anchored by La Michoacana Meat Market, a top-performing grocer. The property is fully leased with triple-net leases and 15 tenants, including medical offices, discount retailers, and food and beverage businesses. Situated at the signalized intersection of Highway 6 and Beechnut Street, the center benefits from high traffic, with more than 78,630 vehicles passing daily. 

As members of the US Congress debate the future of the 2017 Tax Cuts and Jobs Act (TCJA), real estate investors should prepare for potentially favorable tax changes that could impact their portfolios. The proposed extensions of TCJA provisions—including 100% bonus depreciation, a reduction in the corporate tax rate to 15%, and the indefinite extension of the Qualified Business Income (QBI) deduction—offer substantial incentives for investors. However, these cuts come with a major hurdle: funding them. With an estimated $4.5 to $5 trillion price tag over the next decade, some form of compromise may be required.

Key Provisions to Watch

100% Bonus Depreciation

One of the most significant tax incentives for real estate investors has been 100% bonus depreciation, which allows the immediate expensing of certain property components. This provision, which started to sunset in 2023, was a game-changer for investors who were ready for it, enabling them to deduct the full cost of certain property improvements in the year of acquisition.

In a speech Wednesday, Trump reiterated its importance to tax bill.  If successfully reinstated, this deduction would allow real estate investors to again front-load much their depreciation, significantly reducing taxable income in the early years of ownership. Cost segregation studies—which break down property components into shorter depreciable lives—will be essential for investors looking to maximize this tax break. Leverage is also very important here. The ratio of tax savings to dollars invested can drive investment decisions.

Reduction of Corporate Tax Rate to 15%

A key element of Trump’s tax plan—at least what he ran for office on—is cutting the corporate tax rate from 21% to 15%. While critics argue that such a reduction would increase the deficit, proponents believe it would make the U.S. one of the most tax-competitive jurisdictions in the world, encouraging more businesses to domicile in the U.S. and broadening the corporate tax base.

Republican lawmakers point to the success of the 2017 Tax Cuts and Jobs Act (TCJA) in reversing corporate inversions as evidence that another rate cut could further strengthen American competitiveness. Prior to the TCJA, 28 U.S. companies moved their headquarters overseas under the Obama administration to avoid the then-35% corporate tax rate. Once the corporate rate was lowered to 21%, corporate inversions stopped entirely, according to House Ways and Means Committee Chairman Jason Smith (R-MO).

For real estate professionals with an operating business, a lower corporate tax rate could make the C-Corporation a more attractive structure, especially for those reinvesting profits rather than distributing them. Investors who currently operate through pass-through entities may want to reevaluate their tax structures if this cut becomes law.

Indefinite Extension of the QBI Deduction

The QBI deduction allows pass-through entities, such as LLCs and S-Corps, to deduct up to 20% of their business income. However, this provision is set to expire in 2025 unless extended. Making it permanent would provide long-term tax planning stability for real estate investors who structure their businesses as pass-through entities.

Investors who rely on this deduction should monitor the legislative process closely, as its extension—or lack thereof—could impact whether pass-through structures remain advantageous compared to C-Corporations.

Legislative Hurdles and Fiscal Implications

Extending these tax provisions is expected to add anywhere from $4.5 to $5 trillion to the federal deficit over the next decade. With rising interest rates and growing concerns over government spending, finding offsets will be a key challenge.

While some Republicans argue that economic growth from tax cuts will help cover the cost, others acknowledge the need for a plan to address the fiscal impact. House Budget Committee Chairman Jodey Arrington (R-TX) recently emphasized, “We’re looking for ways to lower the tax burden, but we must do it in a way that encourages economic growth while not adding to our national debt.”

Many Republican lawmakers are hesitant to pass tax extensions without addressing the deficit. While there is strong support for business-friendly tax cuts, some members of Congress are advocating for spending reductions or alternative revenue sources to offset the cost.

Smith notes that while tax cuts remain a priority, “We have to be mindful of the long-term fiscal impact and ensure that we’re enacting policies that don’t just provide temporary relief but create sustained economic growth.”

While many Republicans want a full extension of the TCJA tax cuts, compromise may be necessary to get the bill through Congress. Some provisions, such as the 15% corporate tax rate and full bonus depreciation, may not pass in their entirety. Instead, negotiators could look at adjustments to the SALT deduction cap, a phased-in corporate tax cut, or a revised depreciation schedule to make the bill more politically viable.

Even Rep. Kevin Brady (R-TX), the architect of the original TCJA, acknowledged that not everything in the 2017 bill will make it through unscathed. “We want to make these tax cuts permanent, but we also have to navigate the realities of Washington,” he said. “The focus will be on delivering as much relief as possible while maintaining the support needed to get it across the finish line.”

Strategic Planning for Real Estate Investors

Get Your Cost Segregation Studies Queued Up

If bonus depreciation is reinstated, cost segregation studies will be one of the most effective strategies for real estate investors. These studies break properties into different asset classes with shorter depreciable lives, allowing investors to claim larger deductions upfront. Investors should proactively conduct these studies in preparation for potential changes, ensuring they can take full advantage of immediate expensing.

Targeting Investments with High Depreciation Potential

Certain property types are particularly well-positioned to benefit from tax cuts. Properties such as gas stations, car washes, manufacturing facilities, data centers

…often have substantial short-life assets that qualify for bonus depreciation. Investors should consider adding these property types to their portfolios before any tax changes take effect, allowing them to lock in larger depreciation deductions immediately.

Evaluating Entity Structures

A corporate tax rate reduction could make C-Corporations more attractive for certain investors, particularly those who reinvest profits rather than distributing them. Investors should work with tax advisors to determine whether restructuring their business entity could lower their overall tax liability under new tax laws.

Consider the SALT Deduction Cap and PTE

The $10,000 cap on state and local tax (SALT) deductions remains a major sticking point in tax negotiations. While some Republicans support raising the cap to $20,000, others oppose any changes, arguing that it primarily benefits high-income taxpayers in blue states.

One workaround that many businesses have used is the pass-through entity (PTE) tax, which allows state taxes to be deducted at the entity level, bypassing the SALT cap. Investors in high-tax states should continue to utilize PTE elections where available, as SALT cap changes remain uncertain.

Todd A. Phillips, JD, is a tax attorney, CEO, author and investor. As he says, “I make the tax code work for you, not against you.” Visit his website at SmarterAboutTaxes.com.