The Beacon at Buffalo Pointe in Houston totals 281 units. The property was built in 2017.
HOUSTON — Locally based multifamily development and management firm Allied Orion Group has sold The Beacon at Buffalo Pointe, a 281-unit apartment community located near the Texas Medical Center in Houston.
Built on 32.4 acres in 2017, the property offers one-, two- and three-bedroom units averaging 862 square feet. Amenities include a pool with a sundeck and cabanas, outdoor grilling areas, a fitness center, a demonstration kitchen and coffee bar, a dog park and concierge service.
Chris Curry, Todd Marix and Bailey Crowell of JLL represented Allied Orion in the transaction and procured the buyer, Morgan Group Inc. The sales price was not disclosed.
Originally posted by Texas Real Estate Business
In the last decade, Dallas-Fort Worth has been transformed by big relocations, renovations, and new developments that span all sectors and submarkets. Standing out in a market this deep and wide—and active—isn’t easy. But in 2019, several deals and projects generated more headlines than others. We analyzed traffic on our D CEO Real Estate site and asked market experts to weigh in on the topic. Here are the stories we believe rank as the most noteworthy of the year.
Uber’s Deep Ellum Hub
A decision by Uber Technologies to house its sizeable Dallas base in The Epic II has put Deep Ellum on the map as a modern office submarket with an abundance of walkable amenities. The rideshare giant will occupy the entire 471,000-square-foot building, developed by Westdale Real Estate Investment and Management, when the tower opens in 2022. Westdale CEO Joe Beard says the mixed-use project and Uber’s arrival will help tranform Deep Ellum into a 24/7 neighborhood, versus a weekend and nightlife destination. Click to read more at www.dmagazine.com.
• As infill development continues in multi-family and retail, land prices continue to rise
• Increasing density equals increasing traffic on our streets-we are all noticing that
• Houston area population has grown from 6 to 7 million in last ten years, and is projected to grow by 3 million more in the next 10-15 years…the equivalent of moving the combined populations of Austin and San Antonio into Greater Houston-how will all the cars fit?
• In spite of our hearty growth rate, the DFW Metroplex is growing just a little bit faster
• Oil industry technology continues to lower the cost of producing oil & gas, which has mixed results for the Houston economy
• Infill land prices are ranging from $80-120 in The Heights and from $20-35 in nearby Garden Oaks
Click to read more at www.rednews.com.
• Positive job growth, low unemployment and increased population contribute to Houston’s healthy economy.
• The metro’s industrial market is experiencing record construction
levels with land prices prompting “out migration” from parts of the city.
• Major retailers are expanding e-commerce operations into larger
warehouse and distribution centers due to the area’s growing consumer base.
• Following a global trend, developers are incorporating new technology into buildings as tenants seek both efficiency and amenities to recruit and retain top talent.
Innovation and technology are increasingly important economic drivers as Houston’s research community expands in the healthcare and aerospace industries. Click to read more at www.avisonyoung.com.
According to new market research by CBRE, tech hubs, business-friendly Texas cities and high-growth Florida metro areas top the ranks of U.S. markets set to expand their base of office-using jobs the fastest in the coming years. CBRE analyzed the forecasts of its CBRE Econometric Advisors unit to identify which markets are expected to generate the largest percentage growth in office-using services jobs – such as tech, professional and business services, legal, and others -this year. It found that job growth in tech markets continues to defy high costs and tight labor supplies. Meanwhile, the relatively lower cost of living and strong growth of Texas and various southeastern cities continue to stoke job gains. “U.S. consumer confidence and spending remain healthy – supported by a strong stock market and high home values — which underpins most U.S. economic expansion and job growth,” said Ian Anderson, CBRE Americas Head of Office Research. Click to read more at www.worldpropertyjournal.com.
Texas and California represent opposite poles on the spectrum of government ideology—the Golden State’s Democratic supermajority versus the conservative Lone Star State’s regulation-averse independent streak—and in recent years, starkly different results when it comes to housing policy and production. Predictions for this coming year highlight the divide. According to the recently released Texas A&M Real Estate Center’s outlook for 2020, the state’s homebuilding industry will still have a banner year, despite forecasts for muted economic growth. “Both the Texas and U.S. economy will likely slow in 2020 yet still register solid growth,” says Real Estate Center research economist Luis Torres. “With uncertainty around trade wars and the current crude oil trajectory, two of the strongest economic drivers for Texas will decrease economic momentum. In contrast, one of the star performers of the 2020 economy will be the housing market, with double-digit growth in new home construction for the first time since 2017.” California flips that idea on its head. Instead of attracting residents with a surfeit of new housing options despite low growth, it’s posting job growth above the national average, even beating the economies of many European nations when it comes to growth and performance metrics, yet still pushing away many residents—making it harder for lower- and middle-income residents to stay—as a result of soaring housing prices and continued difficulty building new supply. Click to read more at www.curbed.com.