East Central Texas Apartment Complex Sale Brokered by Institutional Property Advisors

Institutional Property Advisors (IPA), a division of Marcus & Millichap, facilitated the sale of Springs at University Drive, a 216-unit multifamily property in Bryan, Texas. Will Balthrope, IPA executive director—along with Jennifer Campbell, Tommy Lovell III, Richard Robson and Will Griffin—represented the seller, Continental Properties. The team also procured the buyer, CEG Multifamily. “Bryan/College Station was an attractive market to launch in, even during the COVID environment as the area’s high in-place yields attract a large number of buyers,” said Balthrope. “Additionally, Continental delivered a unique low-density product that was popular with investors,” added Campbell. “We presented 13 competitive offers, which is what we would have expected pre-COVID.” The property’s location on University Drive near State Highway 6 gives residents access to a growing number of major employers. Texas A&M University, one of the largest research universities in the United States, is less than five miles away. Built in 2017 on 13 acres, Springs at University Drive is a two-story garden-style community with attached and detached garages, an outdoor lounge and on-site car care area. Apartments have private entries and the average unit size is 980 square feet.

CRE Superheros (Who Happen to be Women): Texas Pros Share Their Tales of Challenges Met, Successes Won, and Ceilings Busted

From the Metroplex to the bayous to Hill Country, women have used their experience, knowledge, insight and intuition to help shape Texas commercial real estate. This issue is a celebration of their collective achievements, as well as an opportunity to recognize their continued fight for equal footing in what has been a male-dominated industry for decades. Even today, women only account for roughly 37 percent of all professionals in CRE, according to a 2020 report by CREW. “Women don’t see this as a career path,” says Susan Arledge, ESRP’s executive managing director of site selection. “They need to know this is a gender-blind industry. By that, I mean your career is driven by how much effort you want to put into it.” REDNews connected with CRE pros from all over the state to learn their keys to success that will, hopefully, unlock doors for more women in the future. “How do you stay in the business? You just have to live with the belief that it’s going to get easier and more profitable the longer you’re in,” laughed Arledge. It’s something she says she had to believe wholeheartedly when she started in commercial real estate in the late ‘70s. Arledge had just left a job at an oil and gas company and landed a spot at Henry S. Miller, where she only knew of one other woman on the staff. She quickly learned her success would be dictated by how much she invested in it. Click to read more at www.rednews.com.

What a Reimagined Thanks-Giving Square Could Look Like

The prominent Dallas leaders who make up the board for the Thanks-Giving Square Foundation are in early talks of what a significant overhaul of the downtown oasis might look like. While still in initial discussions, the foundation’s president and CEO, Kyle Ogden, suggest it might be upward of $25 million to breathe new light into the private meditation garden. Interestingly, the greenspace anchored by a spiraling nondenominational chapel was conceived by a real who’s who of Dallas—such as The Hunts, The Meadows—following the 1963 assassination of President John F. Kennedy. The idea, Ogden told D CEO, was to build something that Dallas could be proud of in the wake of the abased slaying. “My belief is the community came together around something they could be proud of that expressed the virtues and values of Dallas beyond what was in the headlines,” Ogden said. Before the Square’s dedication in 1976, religious leaders behind the project called it “a beacon of hope for generations.” No expense was spared as Dallas city leaders bought a city block and hired the most famous architect at that time, Phillip Johnson. Johnson has designed monumental buildings worldwide—Texas and Dallas held a special place for him, though. He first conceived the de Menil House in Houston in 1950 and, in 1964, designed the Beck House, which is well-known for its facade of slender concave arches that wrap around the home. Later, he created the Memorial in 1970 and composed the Marshall Field’s facades in Houston and Dallas, Momentum Place—now Bank One—and the Cathedral of Hope. Click to read more at www.dmagazine.com.

Associated Bank Completes $23.6M Refinancing for Dallas Townhome Community

Associated Bank closed a $23,600,000 loan to AHC Funds to refinance the original construction loans for The Collection, a six-building, 90-townhome high-end residential rental community located in the Lower Greenville neighborhood of East Dallas. Construction of the six townhome buildings began in 2017, and all buildings (148,000 total square feet) were completed in early 2020. Each townhome averages 1,642 square feet and features 10-foot ceilings on the main living level in addition to two bedrooms, two and a half bathrooms, and a two-car grade-level garage. The six buildings in the project are include Live Oak (4901 & 4905 Live Oak Avenue), Moser North (2122 & 2202 Moser Avenue), Moser South (2215 & 2217 Moser Avenue), Garrett (2117 & 2121 Garrett Avenue), Bennett (2112, 2118, 2122, & 2202 Bennett Avenue) and Manett (4908 Manett Street). Edward “Ted” Notz, senior vice president of the commercial real estate division of Associated Bank, managed the loan and closing.

Construction Starts On New PGA Of America Headquarters At PGA Frisco

Adolfson & Peterson Construction (AP), a top national construction management firm and general contractor, along with Cushman & Wakefield and Page, have commenced construction on the new corporate headquarters for the PGA of America in Frisco, Texas. The new building will promote the PGA’s mission to bring state-of-the-art education facilities and a world-class workplace together. (September 29, 2020) Adolfson & Peterson Construction (AP), a top national construction management firm and general contractor, along with Cushman & Wakefield and Page, have commenced construction on the new corporate headquarters for the PGA of America in Frisco, Texas. The new building will promote the PGA’s mission to bring state-of-the-art education facilities and a world-class workplace together. The new 106,622-square-foot headquarters will sit on 6.2 acres of the new 660-acre PGA Frisco campus, which will also include two new championship golf courses, a 500-room Omni Resort and a golf entertainment district. Click to read more at www.patch.com.

Once-in-a-decade Austin City Council Redistricting Effort Focuses on Equity

By Christopher Neely | 12:15 PM Oct 1, 2020 CDT | Updated 11:36 AM Oct 2, 2020 CDT

In 2012, Austinites voted overwhelmingly to move into a geographical system of City Council representation, spurring the creation of 10 new districts that would each elect a representative to the City Council dais. The city is now preparing to redraw the district boundaries for the first time, an effort sure to carry political ramifications for the next decade. Three elements will determine the new look of the districts, to be finalized by November 2021 and effective by the November 2022 election: 2020 census data, the analysis and strategy of a 14-member volunteer commission, and a comprehensive community engagement process. The data will arrive by the end of March; the volunteer commission will be selected by the close of February; and community meetings will unfold between March and November. The city charter regulates the drawing of City Council districts. They should each have nearly equal population; district boundaries must touch one another; boundaries should avoid dividing established neighborhoods or communities; and they should be as compact as possible. However, government officials and residents say the ultimate goal is to provide equitable opportunity for the city’s various ethnic and racial groups to participate in local government. Overseeing the process, City Auditor Corrie Stokes said geographic representation might be the name of the system but demographic representation is the priority. Click to read more at www.communityimpact.com.