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FORT WORTH (CBSDFW.COM) – No doubt the North Texas real estate market saw unprecedented interest in 2021.
Real estate experts say it wasn’t just residential properties catching the eyes of hopefuls, but commercial listings too.
Luis Pina, the owner of Accent Commercial Real Estate in Dallas, says investors and business owners looking to score commercial properties in North Texas were in an all-out race.
Pina said, “After March of this year, people just went to the streets and started buying everything they could find.”
So much, he says, that now there are very few available listings in the commercial real estate sector.
Pina adds that many businesspeople both local and from out of town are specifically interested in buying retail space like strip malls and warehouses. Click to read more at www.dfw.cbslocal.com.
The industrial real estate boom happening across the country is nothing new in the Dallas-Fort Worth area. In fact, the industrial market has performed so well in the north Texas Metroplex that Q3 numbers in a new report from CBRE indicate that there have been 44 consecutive quarters — or eleven years straight — of positive net industrial absorption.
And with the current crunch on the country’s already stressed supply chain, that monumental momentum isn’t likely to slow down anytime soon. The current vacancy rate in the Dallas industrial market? Just 4.6%.
Overall, 2021 has been a significant year for Dallas industrial. Year-to-date, by the end of Q3, the region has witnessed nearly 30 million square feet of absorption. In Q3 alone, there was 7.25 million square feet of absorption. Around 6.85 million square feet of industrial space was delivered in Q3 and another 31.3 million square feet of new industrial product was still under construction by the end of September.
And of the 31.3 million square feet of new space under construction by the end of the third quarter, nearly a third has already been pre-leased, the report details. Click to read more at www.rednews.com.
MESQUITE, Texas, Nov. 18, 2021 /PRNewswire/ — National Asset Services (NAS), one of the Country’s leading commercial real estate companies, successfully delivered a buyer for Alexis at Town East, a 224-unit, multifamily community located approximately 13 miles northeast of downtown Dallas. The sale of the property resulted in a cumulative return of 270% for investors who originally purchased the property as a group of tenants-in-common (TIC) owners in January 2006.
The tremendous return on the co-owners’ investment can be attributed, in large part, to a decision made by the group in 2016 to refinance rather than sell the property at time when market conditions were not favorable.
As the maturity date of the original loan approached in January 2016, NAS executives presented options that included refinancing the property and extending the hold period until market conditions improved. The NAS team then worked with co-owners to refinance the property while securing a capital resource to finance the TIC-structured property, with favorable terms, at a time when capital markets were resistant to financing properties that consisted of multiple co-owners.
Refinancing the asset also presented a major challenge as some co-owners preferred to sell rather than extend the investment holding period. Capital sources required a guarantor for each property ownership position. With procedural guidance from the NAS team, three Town East investors stepped forward as guarantors, satisfying these lending requirements. Click to read more at www.inforney.com.
Developers have invested $16 Billion in the Dallas-Fort Worth apartment market so far this year, the most of any major metro in the country.
To meet the tremendous demand for new housing across much of Texas, developers have been adding tens of thousands of new apartments throughout the state’s major metros at a feverish pace. There has been so much construction activity, that just in the last 12 months, developers have completed over 52,500 apartments in the Houston, Dallas-Fort Worth, Austin, and San Antonio markets, a new report from CBRE indicates. And by and large, these units are getting scooped up renters rather quickly.
The latest stats on the Texas multifamily market are substantial. To help illustrate how much new construction there has been in Texas, the report indicates that the top five markets for recent deliveries — which includes New York, Houston, Dallas, Washington, DC and Los Angeles — account for 27% of all the nation’s new apartments in the last 12 months. And while over 50,000 new apartments were built across the state’s largest metros in the last year, nearly 85,000 units were absorbed during this time.
Breaking it down by each market, the completion numbers are staggering. In the last 12 months, Houston has seen 15,600 new units added to its market, Dallas has had 13,600 new apartments delivered, Fort Worth saw 8,100 residences completed, Austin witnessed the completion of nearly 10,000 units and San Antonio had another 5,400 added to its total inventory.
But all of this new construction is coming at a cost. While the biggest cities in Texas have seen a steep increase in total supply of apartments in the last year, rental prices are also moving in a vertical direction.
According to the report, four of the highlighted cities have seen double-digit rent growth in the last 12 months. Austin rents have increased by an eye-watering 18% year-over-year according to CBRE, Dallas rent costs are up by 11.7%, San Antonio apartments are up 10.8% while Fort Worth rent prices have increased by 10%. El Paso rent growth is just under 10% while Houston’s stands at 8.5%.
The high absorption rates and quickly increasing rent prices have lured a lot of investment to Texas cities. The Dallas/Fort Worth Metroplex has actually led the nation year-to-date for the amount of dollars invested in new rentals: $16 billion. Developers have invested $7.38 billion in the Houston apartment market so far this year, while Austin has seen $5.16 billion invested in new development.
If you’re a recent transplant to Texas shell-shocked by the prices and competition for new rentals, you’re not alone. So long as Texas’s population growth and economy continue on an upward trajectory, there will likely be similar increases in new apartment deliveries, absorption and rent growth in the coming years.
DALLAS, Nov. 2, 2021 /PRNewswire/ — CONTI Capital, a real estate investment company with over $1.25B in transactions, has launched its fourth investment fund to raise $150 million for the acquisition of multifamily properties and the development of new vertical and horizontal rental housing.
CONTI’s RE High-Growth Fund IV offers accredited investors, wealth managers, and institutions the opportunity to diversify capital across a mix of multifamily assets and geographic markets. The Fund will seek a target return of 10-14% ROI with a 3–5-year hold period and is structured as a private offering for accredited investors under Rule 506(c) of Regulation D.
“The flexibility and diversity of our High-Growth Fund IV takes advantage of a range of both established and new multifamily properties,” says Carlos Vaz, founder and CEO of CONTI. “This approach allows us to adjust asset allocations as market conditions change, actively manage performance, and offer risk-adjusted returns for investors.” Click to read more at www.inforny.com.
Industrial real estate in the Dallas-Fort Worth Metroplex is having a very good year. In fact, it’s safe to go as far as saying that industrial real estate throughout the region has been having a great decade. After posting Q3 results, the area has witnessed 44 consecutive quarters, or eleven straight years, of net positive industrial absorption.
And there’s still a lot of industrial space still on the way.
But where are the biggest projects being built? And exactly how big are we talking?
CBRE has provided REjournals with a list of the 11 largest industrial developments currently under construction in the Dallas-Fort Worth metro area, and the numbers are substantial. Between these 11 projects, the total combined area of new industrial space comes out to roughly 10.75 million square feet.
Nearly 11 million square feet is a lot of space to fill, but Dallas-area businesses are soaking up the industrial space as quickly as it is completed. According to the list, there are six projects currently under construction that will be 1 million or greater square feet in scope. The remaining five projects range between 800,000 square feet to 994,000 square feet.
The single largest industrial project under construction is the 1.163 Dalport Trade Center, Building G on Millers Ferry Road in Dallas. With an expected completion target of April 2022, the Class A building will join a cluster of other industrial properties at the DalPort Trade Center. At 1.095 million square feet, the Logistix Hub, Building 1 development in Hutchins is the second-largest industrial project under construction. It is targeting a May 2022 completion date.
Dallas and Hutchins are seeing the most action when it comes to big-box industrial construction. Three of the projects are in Dallas, three are in Hutchins, and two are in Lancaster. And not surprisingly, the bulk of the projects on the list will be for logistics and distribution uses.
