JLL Capital Markets secured refinancing for The Timbers, a 155-unit, 253-bed student housing complex in San Marcos, Texas.

JLL worked on behalf of the borrower, Orion Real Estate Partners, to arrange the loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC, a Freddie Mac Optigo Lender.

The Timbers is situated at 900 Peques St., a prime location near Texas State University with convenient access for students. This property enjoys close proximity to “The Square” which is Downtown San Marcos’ vibrant hub. The area is characterized by locally-owned shops, restaurants and nightlife spots, catering to the student population.

San Marcos, situated between Austin and San Antonio, has experienced significant growth since 2010, with its population increasing by over a third. With a median age of 25, San Marcos is heavily influenced by Texas State University’s presence. Reflecting the student-centric demographics, 64% of residents in the immediate area opt to rent rather than own.

The Timbers offers one-, two- and three-bedroom apartments with modern amenities. Units feature stainless steel appliances, hardwood-style flooring, in-unit washer/dryer, spacious walk-in closets and private balconies. Select apartments offer wood-burning fireplaces and vaulted ceilings. Community facilities include a clubhouse with flatscreen TV and arcade, pet park, full-court basketball, 24-hour fitness center, BBQ station and a swimming pool overlooking downtown San Marcos.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Director Dan Kearns, Vice President Patricia Heminger, Associate Rebecca Brielmaier and Analyst Katia Novi.

In December 2023, the City of Houston made a notable declaration, officially
naming Dec.19 “CIVE Day” in recognition of CIVE’s contributions to the
city’s growth and development. Founded 21 years ago as an engineering
firm, CIVE has evolved into a powerhouse in design, construction and
procurement, particularly in the multifamily sector.

“The growth in the population created strong demand for housing close to jobs, transportation, and cultural amenities,” President Hachem Domloj said, adding that he sees his honor not just as a celebration of CIVE’s accomplishments, but also as a testament to the rapid changes in Houston’s urban landscape. “Now, people want to be closer to the city and that has driven a boom in high-density, transit-oriented developments.”

CIVE has been at the forefront of this shift, blending engineering prowess with creative solutions to meet the growing demand for affordable housing. “We’re working on multiple projects right now, with more than 1,000 units in design or build stages,” he said. “A standout is our project near the Galleria, where we fit an eight-story building with 180 units onto a 30,000-square-foot plot.”
Over the past decade, Houston has seen an increasing number of mid-rise and high-density developments. Domloj attributed this to the city’s expanding population and the need for housing that offers more
than just a place to live.
Creating multifamily developments that cater to changing consumer demands is a priority for CIVE and Ryan Companies, where mixed-use developments that blend residential, retail and office spaces are a growing focus.
“Thoughtful integration of each asset class is essential in any mixed-use development,” said Marcy Phillips, Senior Vice President for Multifamily Development at Ryan Companies. “This begins with considering how a person first engages with the community and continues through to the resident’s overall live-work-play experience.”
Domloj highlighted a similar approach in CIVE’s projects, particularly in student housing. One of the company’s key developments is a transitoriented, affordable housing project specifically designed for students.
“It’s not like typical student housing where tenants share kitchens or other amenities,” Domloj said. “These are individual studio units, located near the Metro rail line, providing students with easy access to public transportation. We modeled this project differently to value engineer, optimize the budget and make it affordable for the end user, while ensuring accessibility and sustainability.”
Both CIVE and Ryan Companies have embraced innovation to navigate the complexities of today’s multifamily landscape. For Domloj, the key to CIVE’s success has been adaptability.
“We started a division for procurement, which became its own company,” he said. “This allows us to procure materials in ways that give us an edge over competitors, especially when faced with high interest rates and material shortages.”
Phillips echoed this emphasis on innovation, highlighting Ryan Companies’ focus on technology and strategic planning. “We are maintaining control of key land assets and ensuring that design plans are aligned to start when the capital markets and interest rates stabilize,” she said. “Additionally, we are investing in innovative technologies, including artificial intelligence, market analytics and new prototypes, which will allow us to deliver products to market more efficiently.” Ryan Companies is also preparing to deliver more than 1,100 units in Texas by 2025, with major projects underway in Houston, Austin and Dallas-Fort Worth.
For both Phillips and Domloj, multifamily development is about more than profitability. It’s about contributing to the communities they serve. Domloj stressed that developers have a responsibility to think long-term. “Houston is at a pivotal moment in urban development,” he said. “We need to think beyond just short-term gains and focus on the sustainability of the communities we’re building.” Phillips agreed, emphasizing that creating vibrant, sustainable communities is crucial.
“Renters will continue to demand best-in-class features, amenities and overall resident experiences,” she said. As these challenges reshape the landscape, developers across Texas are adjusting their strategies to meet shifting market conditions while keeping a long-term view in mind. “Recent years have seen extreme fluctuations due to the pandemic, with record lows and highs in areas such as interest rates, capitalization rates, and supply and demand fundamentals,” Phillips said, adding that record high multifamily supply presents its own set of challenges for developers. “Design, entitlements, permitting, labor force availability, construction delays and rental price reductions, as well as increased concessions and a sluggish buy/sell market are affecting the industry.” Both leaders believe that market recovery is on the horizon. “The growth fundamentals in Dallas-Fort Worth are particularly strong, positioning the area well for both immediate and long-term multifamily development,” Phillips said. “While short-term economic pressures exist, we expect them to ease with falling interest rates and cap rate compression. With a typical pre-development timeline of two years, we believe that market conditions will have improved by the time new projects are delivered.”

Western Specialty Contractors’ Houston, Texas, branch used its expertise in waterproofing to mitigate water intrusion above the West Legacy Club at historic Kyle Field, home to Texas A&M University’s football team.

Located in College Station, Texas, Kyle Field Stadium has been home to the Texas A&M Aggie football team since 1927. The permanent seating on the east and west sides of Kyle Field were added in 1927 and the horseshoe was completed in 1929. The stadium was expanded in 1967 to include two decks of grandstands, and the third decks were added to the east and west sides in 1980. Known as “Home of the 12^th Man”, its seating capacity of 102,733 makes it one of the five largest stadiums in collegiate football.

Western was contracted in April 2024 to apply 56,000 square feet of urethane coating to the deck above the stadium’s West Legacy Club to prevent water intrusion. Other than food/beverage spills and typical surface contaminants, the deck’s surface was in good condition.

Most sports stadiums and arenas in the United States are made up of reinforced and precast concrete with steel seating supports and railings. Unfortunately, an even more universal characteristic is their openness and vulnerability to the elements — in addition to the wear and tear they receive from fans. All of these forces combine to take a toll on their structural integrity.

Without routine maintenance and protection, these concrete structures are subject to cracking, spalling and structural damage from movement and reoccurring freeze and thaw cycles.

Western’s scope of work on Kyle Field included:

• Applying epoxy around the handrail posts
• Removing the seating
• Pressure washing the deck
• Replacing the control joint sealants
• Installing a primer, base coat and textured topcoat
• Re-installing seating after coating had cured

While in the middle of the project, Western’s crews had to demobilize and remove all equipment to accommodate a soccer match between Mexico and Brazil on June 8, 2024, followed by a record-setting concert put on by George Strait on June 15, 2024. Western was able to resume the project following the events and complete the work in August 2024, on schedule and within budget.

Marcus & Millichap brokered the sale of Forney Retail Center, a 15,042-square-foot retail center in the Dallas suburb of Forney, Texas.   

Chris Gainey and Philip Levy, investment specialists in Marcus & Millichap’s Dallas and Fort Worth offices, exclusively marketed the property on behalf of the local private seller and procured the buyer, an out-of-state limited liability company. 

Built in 2023, Forney Retail Center is a Class A multi-tenant retail center located at 476 FM 548, near the signalized intersection of College Avenue. The tenant mix includes national, regional, and local retailers such as Nothing Bundt Cakes, HotWorx, and Wingstop. The center is shadow anchored by a highly anticipated Tom Thumb grocery store, estimated to open in summer 2024, along with more than 20,000 square feet of retail space on the northeast quadrant of FM 548 and College Avenue. 

Retailers hoping for a bump in sales this holiday season just received an early gift from JLL: In its latest research, JLL predicts that shoppers are willing to spend more this holiday season.

What’s behind this? JLL points to cooling inflation and the revival of physical storefronts. According to JLL’s 2024 Holiday Shopping Survey, consumers are boosting their holiday budgets by 31.7% in 2024, with shoppers planning to spend an average of $1,261 for gifts, holiday food and décor and experiences. 

“We’re not only seeing a shift in the amount that shoppers are spending but also what they spend their budgets on, including a focus less on giving and more on living,” said Naveen Jaggi, president of Retail Advisory Services, Americas, at JLL, in a statement.

According to JLL’s data, consumers are expected to increase their holiday shopping budgets by more than $300 from last year. JLL says that this increase is due in part to a 56% planned uptick in spending on holiday-related experiences such as dining out or attending a live performance. Jaggi says that this is evidence that shoppers are embracing more than just physical goods this holiday season.

Among physical gifts, clothing, electronics and accessories top the list of items shoppers plan to give others this holiday season. An interesting trend? A total of 83% of holiday shoppers plan to buy a gift for themselves this year (up from 76.2% in 2023), with apparel and electronics topping consumers’ self-indulgent lists. 

JLL’s survey came with good news for physical storefronts, too. According to the results, Most consumers will visit physical retail storefronts this year, either shopping in a mall or in an open-air center; picking up curbside or in-store; or a combination of these options.

JLL says that Consumers also plan to rely on multiple channels to shop, including an increasing reliance on social platforms for holiday gift ideas.

More than eight in 10 respondents will use social media platforms like Facebook, Instagram and TikTok when making their 2024 holiday shopping decisions, with TikTok’s e-commerce platform nearly doubling in popularity when compared to 2023. While shoppers continue to turn to their digital devices to check gifts off holiday shopping lists, only 12% of holiday shoppers will exclusively order online this season as consumers increasingly prioritize in-store holiday experiences. 

“Our survey indicates that consumers will flock to physical stores this holiday season, with malls emerging as the top brick-and-mortar destination. In fact, we’re forecasting an 18% uptick in mall visits where shoppers can experience the full breadth of holiday spirit,” said Kristin Mueller, President, Retail Property Management at JLL, in a statement.

“Consumer demand for physical experiences, whether that be dining out, listening to live music, or appreciating storefront décor, has revitalized the mall experience and we’re expecting this resurgence to further accelerate in the 2024 holiday season.” 

And for the first time, department stores topped the list of store types where consumers plan to visit for holiday shopping. With more than half of consumers (57.9%) planning to visit department stores, this increase correlates with the rise in mall visits overall, where mall shoppers will increase by 18.7% this year. 

JLL found, too, that shoppers aren’t waiting to start their holiday buying this season. According to JLL’s research, more than 40% of consumers said that they started checking items off their holiday shopping lists in September. By the week after Thanksgiving, JLL predicts that the number of consumers that have started shopping will more than double (86%) as consumers take advantage of deal days like Black Friday and Cyber Monday. 

Deal days will be particularly of interest to younger shoppers, primarily Gen Z, who are expected to start shopping during Black Friday weekend, while the big spender Millennial cohort (aged 30-44 years) will start shopping notably earlier, with 65.5% starting by Halloween.

JLL also reported that more shoppers will head to stores on deal days in 2024 than last year, with more than 50% of consumers planning to shop Black Friday deals in-store, compared to 39.5% in 2023. 

Lone Star PACE helped arrange $3.5 million in C-PACE financing for sustainable building renovations at Meadow Park Tower in Dallas County, Texas.

The 263,000-square-foot, 15-story, multitenant office building is located at 10440 N. Central Expressway in Dallas. The building was constructed in 1986 and renovated in 2016. A subsequent renovation began in 2022 and includes the installation of sustainable building components, including energy-efficient windows and walls, LED lighting, improved HVAC systems and low-flow plumbing.

C-PACE allows property owners to access low-cost, long-term financing for energy and water conservation systems at commercial buildings. Property owners can use C-PACE to finance new construction, building retrofits or recapitalizations.

Bayview PACE served as the capital provider for the project, which is estimated to reduce Bradford’s annual electricity consumption by 25%, its water consumption by 28% and its natural gas consumption by 42%.

Bradford MPT Partners has spent the last few years upgrading the building’s interior and adding a slew of top-tier amenities, including a new outdoor patio, tenant lounge, conference center, fitness center and putting green. These investments have resulted in a stabilized occupancy of 90%.