Over the past several years, there’s been a continuous conversation about the iconic Astrodome and what should be done with it. Dubbed the “Eighth Wonder of the World,” Houstonians certainly don’t want to see the Astrodome go, as it is a landmark deeply embedded into the hearts and minds of our beloved city. Ideas have been thrown around, yet none of them seem to stick. The $105 million county-approved plan to renovate and build a multi-story parking garage that was approved under Judge Ed Emmett’s court in 2018 has been placed on hold until further notice. Why not put the Astrodome to good use as a catalyst for making Houston the petrochemical capital of the world? Houston is famously known as the world capital of the international energy industry, petroleum exploration, space exploration, medical communities and vast port systems across the Gulf. Our city hosts the annual Offshore Technology Conference (OTC), one of the largest oil and gas tradeshows in the world, which features the industry’s latest technology, products, networking opportunities and more. On average, more than 59,000 people attend OTC annually, with more than 15,000 attendees visiting from outside the U.S. In addition, Houston is also headquarters to more than 500 oil and gas exploration and production companies and has 10 refineries producing over 2.6 million barrels of crude oil daily. Click to read more at www.leeassociates.com.
Houston’s 2020 commercial real estate market outlook is positive with a few challenges in the office sector. The metro’s economy continues to recover from a lackluster energy market amid a general slowdown of global trading; nonetheless, job growth should remain positive through 2020.
Despite global trade stagnation, Port Houston, a major economic driver,
reports increasing volume and value, which should carry over into 2020 to remain among the top ports in foreign and domestic tonnage. Click to read more at www.rednews.com.
an Affordable Multifamily Property Located in Houston, Texas
New York, NY — January 28, 2019 — Hunt Real Estate Capital announced today that it has provided a Fannie Mae Multifamily Affordable Housing (MAH) Preservation loan in the amount of $18.1 million to refinance an affordable multifamily community located in Houston, Texas.
Copperwood Ranch Apartments is a 280-unit, garden-style multifamily community that was developed by the borrower in 2003 through the Low-Income Housing Tax Credit (LIHTC) program. Located at 6833 Lakeview Haven Drive, the property is situated on 12.1 acres of land and offers 48 one-bedroom, one-bathroom units; 168 two-bedroom, two-bathroom apartments; and 64 three-bedroom, two-bathroom units contained in 16 two- and three-story buildings. The community also features one single-story clubhouse building.
The 15-year loan features two years of interest-only payments followed by a 30-year amortization schedule. The property’s 15-year compliance period ended on December 31, 2019, through the borrower will ensure that 100% of units will be occupied by low-income households (household income not exceeding 60% of AMI) during a 15-year extended use period.
“This is the fourth Agency loan that we have closed for this experienced sponsor since 2016,” noted Paul Weissman, Senior Managing Director and Head of Affordable Housing Finance at Hunt Real Estate Capital. “The borrower currently maintains a Texas portfolio of 11 affordable housing communities with more than 2,300 units. Copperwood Ranch has been well maintained by the ownership for the past 16 years, with more than $160,000 in capital expenditures invested since 2018.”
Property amenities include a swimming pool, recreation room, playground, laundry facilities, gated access, covered parking, fitness center, Wi-Fi in common areas, business center, and internet/computer library.
The property is located approximately 22 miles northwest of the Houston Central Business District.
About Hunt Real Estate Capital
Hunt Real Estate Capital (HREC), a subsidiary of ORIX Corporation USA, is a leader in financing, investing and managing multifamily housing and commercial real estate. HREC is a source of debt and equity capital for multifamily, affordable housing, manufactured housing, healthcare/senior living, retail, office, industrial, self-storage, and mixed-use assets through Fannie Mae, Freddie Mac, FHA, its own balance sheet and managed public and private investment vehicles. To learn more, visit //huntrealestatecapital.com.
A Wisconsin company purchased several Houston workforce housing properties as part of a portfolio transaction, CBRE announced this morning. The 10 properties acquired by commercial real estate investor MLG Capital were built in the 1970s and ’80s and charge relatively affordable rents due to their age. The sale included two apartment complexes in west Houston, at 2475 Gray Falls Drive and 1015 Country Place Drive, and two in northwest Houston, at 12811 Greenwood Forest Drive and 905 Cypress Station Drive. Workforce housing, or housing with relatively low rents, has been a hot commodity as demand outpaces supply. Most multifamily construction has focused on luxury apartments, noticed the commercial real estate firm Marcus & Millichap. “With workforce housing at its lowest level in 20 years, prospective renters will face difficulty finding an available unit to occupy,” the company wrote in its multifamily investment forecast released this week. As a result, Marcus & Millichap is expecting workforce apartment rents to increase 4.3 percent over 2020, compared with 3.3 percent for luxury apartments. Click to read more at www.chron.com.
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
• 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.