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Everyone wants to move to Texas, what former President George W. Bush calls "The Promised Land."
And really, it is. Texas welcomed 400,000 new people in 2016, the largest population increase in the country. The U.S. Census says the state hit a total population of 28.3 million people between July 2016 and July 2017. Come the 2020 census, it will likely pick up additional congressional seats. Hence the blazing hot real estate market—all those people have to live somewhere.
About 60,000 people moved to North Texas between 2015 and 2016. By North Texas, I mean the 12 counties and cities that bubble out from the Dallas/Fort Worth (or, as Fort Worthians say, Fort Worth/Dallas) hub stretching over 9,286 square miles, the largest inland land area in the U.S. And it is spreading out like crazy: Frisco and McKinney were the fastest growing suburbs in the U.S. last year. That’s why acres of homes and apartments are exploding in former farm stops such as Frisco. American pioneers driving cattle north settled in the area around the railroad station in Frisco, which has seen its population grow from 6,000 in 1990 to almost 200,000 today. Priding itself as one of the Lone Star state’s most innovative communities, the mayor, Jeff Cheney, is a realtor. The city is even launching the states’ first free driverless car program this summer with a Mountain View, California company called Drive.ai. When asked why they chose to launch in North Texas over the Bay area, Drive.ai company reps said "less regulation, and the city bent over backwards to accommodate us."
That’s a familiar refrain. When I moved here from New York City more than 38 years ago, I was bowled over by the mild winters (we picnicked in January), entrepreneurial spirit, sunshine, trees and the big, beautiful homes. They were majestic, decorated to the nines like a non-stop feed of Architectural Digest, all for a fraction of the price of a Manhattan one-bedroom. Summers are hot, but either you leave town or cool the outdoors with misters and chilled swimming pools during July and August.
In case you, too, are considering making a move to North Texas, here are 12 things you should know:
1. Texans are big on home ownership. Of half a million households in Dallas, nearly 44% own their own homes.
2. The most expensive home in Dallas, the 25-plus acre Crespi Estate, sold last December for $36.2 million at auction. It was once listed for $135 million, when Tom and Cinda Hicks owned it. Hicks sold it to local banker billionaire Andy Beal, who also bought another signature Dallas property, the Highland Park estate of the late, great real estate developer Trammell Crow, for about $34 million (price tag was $46 million). Apparently not needing two multi-million dollar estates within a few miles of each other, Beal sold the Crespi. The Crespi estate backs up to the gated neighborhood of former president George W. Bush, on Daria Drive.
3. North Texas has rolling estate properties, and in some areas, you can still keep horses right in town–one horse per acre, please.
4. The housing options are diverse, from one-quarter to half-acre single family homes build in the 1950’s to townhomes and high rises across the vast “Metroplex,” which is as big as the states of Rhode Island and Connecticut combined. Fort Worth has elegant mansions built on oil fortunes; folks there are also restoring vintage 1920s bungalows. Price points in Fort Worth are a bit lower than Dallas.
Head north to the fast-growing Frisco-McKinney-Allen area, where Toyota USA chose to move it’s North American headquarters, and you can find swaths of newly constructed housing, much of it cookie cutter, but some of it uniquely contemporary, in planned communities. Example: MainVue Homes, out of Henley, Australia. But Frisco and McKinney’s hottest neighborhoods right now are vintage homes, all within walking distance to restaurants and boutiques.
Model home at Windsong Ranch in Prosper
5. North Texas has topography. It isn’t as flat as those scenes from "Dallas" would lead you to believe. In fact, the Texas Hill Country starts in the southern Dallas neighborhood of Oak Cliff, just south of downtown Dallas. Grab a home like this mid-century modern, 2.2 acres, $1.9 million.
6. We rock the urban scene. Oak Cliff is home to one of the most successful organic development stories in the city, Bishop Arts in Oak Cliff. This former warehouse district, linked to Bonnie and Clyde, is home to the Texas Theater where Lee Harvey Oswald was hiding out. Bishop Arts is now an artsy-gritty hipster haven with farm-to-table restaurants, barbecue, artisans, shops and theaters with loud patrons and live music. Ditto the hipster West 7th district in Fort Worth, near TCU, surrounded by affordable, renovated bungalows, all proximate to Fort Worth’s famous museums.
Mt. Vernon
7. Dallas is home to one of the biggest urban lakes in the nation, White Rock Lake. Mt. Vernon, the home built by oilman H.L. Hunt with reportedly the very first swimming pool in Dallas, overlooks this beautiful lake and can be yours for $17.5 million. (There is even a bowling alley.)
8. North Texans are crazy for the outdoor life. The Dallas Trail Plan has about 153 miles of diverse urban hike and bike trails throughout the city, some on abandoned rail corridors. There are plans for these trails to eventually connect. One of the most popular is the 3.5 mile Katy Trail that is a major part of the Uptown’s dense living success story.
The Museum Tower in the arts district of Dallas, Texas (Photographer: Ben Torres/Bloomberg)
9. Dallas is embracing high-rise living in a huge way. In the 1980s and ’90s, high rises were mostly limited to Turtle Creek Boulevard, with magnificent views of the city. As soon as Dallas healed from the ’80s real estate bust, earnest building began in Uptown and the newly-created Arts District.
The crowning architectural jewel skirting downtown, in the center of the Arts District, is Museum Tower, designed by Scott Johnson of Johnson Fain. Museum Tower is 80% sold out.
Now all eyes are focusing on Hall Arts Residences, the city’s newest 28-story luxury high-rise scheduled for completion in 2020. It’s the first residential development registered for WELL Multifamily Certification in Texas. That means building to mitigate unhealthy everything, doing everything humanly possible to “put a premium on environments that allow for one to breathe better, sleep better, and live better.” Of course, the developer, Craig Hall, owns a winery in Napa and is thus well versed in healthy living. In a city that once rolled up the sidewalks at 5pm, there are now about 4,500 people who call downtown Dallas home.
10. Dallas has a huge collection of mid-century modern homes. California may have its Eichlers, but Dallas has Ju-Nel, named for the daughters of the contractors who built them in the 1950s, Lyle Rowley and Jack Wilson. How to explain Ju-Nel homes? They embrace the open floor plan: low-pitched roofs, huge plate glass windows following the roofline, large rocks embedded in exterior walls, wood accent walls (so very early ’60s), and my Texas favorite: the Jack and Jill bathroom—one bathroom shared between two lesser bedrooms. These can be snapped up—they go fast—for less than $900,000.
11. The maverick, entrepreneurial Texas spirit is reflected in Dallas real estate developers, and there are some wild ones. From laying-cement to his Learjet, Mehrdad Moayedi is one of the largest land developers in North Texas. He is not only churning dirt in 83 communities, he recently bought and remodeled the historic Statler Hilton Hotel in downtown Dallas, and another ’50s relic, the Cabana Hotel. Zach and Aaron Ipour, immigrant brothers from Cypress, came to Plano in the ‘90s and started remodeling homes. Their company, Megatel, is now one of the top 10 developers in the region.
Dallas is home to two of the youngest developers to have ever rocked the venerable Urban Land Institute: Tony Ruggeri and Jake Wagner of Republic Property Group. Both are under 40 and running $7 billion in projects across seven states, many with award-winning innovation. Of course we have Ross and Ross Perot, Jr., the former who once ran for president. Their development firm, Hillwood Communities, is booming.
And newcomers: Recently I met Edwin Tatum of Detate. The former pro basketball player has an entirely new vision for developing highly contemporary homes in untapped parts of Dallas. I’m fascinated and will be watching.
12. With the population surge, Dallas homes are somewhat affordable, but getting pricier. Average price in the Dallas-Fort-Worth (DFW) area is currently about $228,00.When I first started covering real estate 15 years ago, it was about $185,00. According to Trulia, the median price of homes for sale in DFW was $356,999 in March 2018. But the market may be peaking. Some are forecasting slower or even zero home price growth in North Texas this year, though the uber high end is still rocking. Texas has no state income tax, but its property taxes are among the highest in the nation. Once upon a time you could deduct the full property tax bill but alas, no more: only up to $10,000 of it can now be deducted. Some realtors say that won’t make a spit of difference, others say it may force owners to downsize, leaving a glut of $1 million-plus homes in its wake. (A $10,000 county tax bill usually comes with a home of $700,000 or so.) So yes, I am worried about taxes and affordability, but there are still great values if you hunt for them. And that is exactly what I plan to do.
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DALLAS–(BUSINESS WIRE)
Abode Properties, a subsidiary of Dallas-based real estate investment company Transcontinental Realty Investors Inc., (NYSE: TCI), today announced the acquisition of Sugar Mill II apartments. The class A asset will be added to the organization’s Southern Properties Capital portfolio.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180510005978/en/
Sugar Mill II Apartments located in Addis, Louisiana (Photo: Business Wire)
Sugar Mill II in Addis, Louisiana is minutes from downtown Baton Rouge and provides easy access to I-10. The upscale, gated, residential community includes 80 one and two bedroom units each containing full kitchen and full size washer and dryer. The facilities include a club room with full kitchen and covered patio, business center, fitness center, and a resort style pool. The property began lease-up in May 2016 and was stabilized by September that same year.
“Sugar Mill II is an outstanding addition to our Southern Properties Capital portfolio,” commented Bradley Kyles, Abode’s EVP of Multi-Family Residential Operations. “With a strong school system, growing population, and close proximity to the state capital, Addis, Louisiana exemplifies the growing towns in which we aim to acquire and develop new assets.”
Southern Properties Capital operates primarily in Texas and specializes in Class A multifamily assets in emerging markets throughout the Southern United States, corresponding with both sustainable and viable economic growth activity. The issuing entity is backed by over 3,000 multi-family units (out of a total of approximately 8,000 owned and operated by TCI), as well as over 1.5 million square feet of office space in Texas. The company has already used funds to acquire additional multi-family assets within its strategic footprint, and expects significant expansion by continuing to utilize the Israeli bond platform.
Abode Properties is a subsidiary of Transcontinental Realty Investors Inc., (NYSE: TCI), a Dallas-based real estate investment company. Abode’s investment and strategic focus is to acquire, develop, and operate a portfolio of desirable multifamily residential properties, while capitalizing on our ability to obtain long term and static debt structures. The portfolio stands to benefit from historically established, proven, and successful operational practices, seasoned on-site management, and an experienced leadership team with forward thinking capabilities in order to realize maximum cash flows and consistent returns, while maintaining unequaled resident and customer service. We are disciplined and prudent allocators of capital and we will continue growing our geographically diverse portfolio from the Southwest to the Southeast. These markets are geographically located in areas of the country that correspond with both sustainable and viable economic growth activity.
Transcontinental Realty Investors (www.transconrealty-invest.com) maintains a strong emphasis on creating greater shareholder value through acquisition, financing, operation, developing, and sale of real estate across every geographic region in the United States. A New York Stock Exchange company, Transcontinental is traded under the symbol "TCI". Transcontinental produces revenue through the professional management of apartments, office buildings, warehouses, and retail centers that are "undervalued" or "underperforming" at the time of acquisition. Value is added under Transcontinental ownership, and the properties are repositioned into higher classifications through physical improvements and improved management. Transcontinental also develops new properties, such as luxury apartment homes principally on land it owns or acquires.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180510005978/en/
Contacts
For Abode Properties
Chris Childress, 469-522-4275
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A study by Trulia found that across the country, residential real estate inventory has slumped, prices are increasing, and the quality of starter homes is declining.
But the real estate website’s report also discovered Dallas is defying those trends, with the local median listing price of $356,999 rising just 0.5 percent year over year.
Comparatively, the national average home price rose 4.6 percent percent between March 2017 and March 2018.
Dallas’ low price increase is thanks largely to the city’s housing pipeline. Last year, 47,000 residential building permits were issued in the city, showing Dallas is building to keep up with demand, said David Weidner, managing editor with Trulia and author of the report.
With supply quickly hitting the market, prices are staying low.
“Texas is building a lot, and Dallas is the leader in Texas,” Weidner added. “The inventory is good, so prices aren’t going up.”
The city’s job and wage growth, at 3.8 percent and 3.2 percent, respectively, are also allowing residents to invest in new homes. With that growth, and Dallas’ strong economy, it’s unlikely the city will experience problems with overbuilding, Weidner said.
“If we do into a recession, those wage gains and jobs keeping the real estate market chugging along disappear,” he added. “In Dallas, there’s a possibility that you could have empty homes on the market, but it would take quite a bit of disruption in the economy for that to happen.”
Job and wage growth are also likely to keep home prices low as residents continue to buy houses.
“When you talk about permits being issued, that suggest that there’s more homes still to come,” Weidner said. “If you have homes that are coming to market, it would suggest that prices really wouldn’t go up fast.”
While listing prices aren’t rapidly rising in Dallas, home values are. Trulia found that Dallas values rose 15 percent in the past year, which suggests much of the housing coming to market isn’t large or expensive homes.
“There’s probably a lot of multifamily housing coming to the market,” Weidner said of the trend. “That’s not necessarily a bad thing that home values are up so much, it simply means that people’s investments are appreciating.”
Trulia found other Texas cities are also experiencing little or no home listing price increases. San Antonio logged a 5.4 percent price loss over the past 12 months, and Austin logged a 3.4 percent loss.
That could be because both cities are experiencing booming job growth, creating more demand for housing, Trulia said.
Similar to Dallas, Houston saw a 0.4 percent increase over the past year, with more than 42,000 building permits issued. However, due to Hurricane Harvey destroying a large number of homes, Trulia has noted it as a market to watch.
To see the 10 markets where home prices are falling or growing at a lower rate, click through the slideshow above.
Largest North Texas Homebuilders
Ranked by # of Local New Home Closings in 2016
Rank Business Name # of Local New Home Closings in 2016 1 D.R. Horton Inc. 4,320 2 Highland Homes- Dallas LLC 1,456 3 Lennar Corp. 1,321 View This List
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NORTH AUSTIN, TX — Accessible Housing Austin, a nonprofit advocating for disability rights, has secured a $189,000 grant toward construction of an accessible apartment complex.
Frost Bank and the Federal Home Loan Bank of Dallas awarded the grant in support of the nonprofit’s plans to build a $5.8 million, 27-unit accessible apartment complex to be called AHA! Briarcliff, according to a press release. The three-story complex will be built on Northeast Austin land along Briarcliff Boulevard owned by the city’s Housing Authority, which will provide a low-cost, long-term ground lease.
The housing development will house up to 60 people, with all units made affordable to individuals and families earning 50 percent or less of the median family income in Austin. The site is convenient to public transportation, medical offices, employment centers and shopping, officials noted.
Construction is expected to start in September and take 18 months to complete. Additional funding for the project came from Texas Department of Housing and Community Affairs and the city of Austin.
"The AHP has helped this project, which has been 10 years in the making, become a reality," said Melissa Orren, executive director of AHA! "This is a landmark project. It came from an agency whose majority board membership consists of individuals with disabilities. This is a project coming out of the disability community — for people with the disabilities. We are really excited."
Frost Bank Senior Vice President Donna Normandin said the bank is a committed supporter of AHA! "We’ve seen the good work that AHA! has done in Austin to provide accessible and affordable housing to local in-need residents," she said. "This agency has had a positive impact on the city of Austin and we are glad to perpetuate their mission through our partnership with FHLB Dallas and the AHP."
Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas, said Frost Bank has distinguished itself for contributing in meaningful ways to communities needing banking services. Frost Bank was among the first recipients of FHLB Dallas’ CARE award, officials noted, which recognizes members for their outstanding commitment to affordable housing.
"Frost Bank has partnered with FHLB Dallas to award more than $8.8 million in Texas communities through the AHP and other programs such as the Homebuyer Equity Leverage Partnership, Special Needs Assistance Program, Partnership Grant Program and disaster grants," Hettrick said. "We commend Frost Bank for its community support and thank them for their partnership."
FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions such as Frost Bank, officials noted. AHP grants fund a variety of projects, including home rehabilitation and modifications for low-income, elderly and special-needs residents; down payment and closing cost assistance for qualified first-time home buyers; and the construction of low-income, multifamily rental communities and single-family homes, officials added.
In 2017, FHLB Dallas awarded $7 million in grants to 19 affordable housing projects. The grants will help create 1,108 new or rehabilitated housing units. Since the inception of the AHP in 1990, FHLB Dallas has awarded more than $261 million in AHP and AHP-funded grants to assist more than 48,500 families, according to officials.
Accessible Housing Austin is located at 1100 S. Interstate 35 on the southwest corner of Riverside Drive and the southbound I-35 frontage road.
>>> Image via Shutterstock
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Multifamily veteran Fred Tuomi came out of retirement to lead a new, Dallas-based venture in single-family home rentals.
Dallas-based Invitation Homes has become the largest institutional owner of single-family rental houses in the country, including about 2,000 in North Texas. While it’s a niche that’s stayed mostly under the radar, renting out single-family homes became a lucrative new class of investment following the Great Recession.
Hundreds of thousands of houses had been foreclosed upon back then. So giant real estate investment firms saw a chance to snap up houses on the cheap, renovate them, and rent them out to those who wanted to live in single-family homes instead of apartments, but could no longer afford the mortgage.
Invitation, whose February 2017 IPO was the second-biggest of its type in U.S. history, raising a whopping $1.77 billion, knows it’s operating in a somewhat controversial environment. Critics have blasted corporate landlords for steep rent increases, high eviction rates, and fee gouging. But the Dallas company says it doesn’t operate like that.
“If one resident’s not happy, it’s too many,” Ernie Freedman, Invitation’s CFO, told writer Kerry Curry. “But the important thing is to attack the problem and be fair.” Read all about Invitation Homes and how it became the 800-pound gorilla in this niche in the April issue of D CEO, right here.
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Sold
TEXOMA BROADCASTING, INC. is selling Asian KVTT-A (FUNASIA 1110 AM)/MINERAL WELLS-DALLAS, TX and K238CC/DECATUR, TX to SAUMIL and POORVESH THAKKAR’s DECATUR MEDIA LAND, LLC for $1.375,000. The buyer has been programming the station under an LMA since 2017.
In other filings with the FCC, XENG XIONG is transferring his 50% of ASIAN AMERICAN BROADCASTING, LLC, licensee of Hmong KFXN-A/MINNEAPOLIS, to KONGSUE XIONG, who will thus have 100% of the company, for $135,000 as part of a mediated settlement of a lawsuit over business issues.
NORTH TEXAS RADIO GROUP, L.P. has requested a Silent STA for KETE/SULPHUR BLUFF, TX because "station is unable to operate."
FOSTER COMMUNICATIONS COMPANY, INC. has applied for an STA to operate Classic Rock KWFR/SAN ANGELO, TX with reduced power due to transmitter failure.
2B PRODUCTIONS, LLC has filed for an STA to operate Oldies WSAT-A (MEMORIES 1280)/SALISBURY, NC at low power nondirectionally at night due to difficulties bringing the nighttime directional pattern into compliance.
BARNWELL COMMUNITY RADIO has closed on the donation of Religion WHBJ/BARNWELL, SC to AUGUSTA RADIO FELLOWSHIP INSTITUTE, INC.
And CROSSROADS CHRISTIAN FELLOWSHIP has closed on the sale of noncommercial News-Talk KIPL/LIHUE, HI and booster KIPL-FM1/KILAUEA, KAUAI, HI to HAWAII PUBLIC RADIO, INC. for $1. The buyer’s News-Talk network already airs on the station.
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This press release is submitted and shown here in its original form, unedited by Home Accents Today.
DALLAS, TX – Shay Geyer, interior designer, trend setter, product designer and social media maven, will launch her permanent botanical collection for The Botanical Mix during Dallas Market, June 20-26, 2018. Geyer partnered with Shane Friesenhahn, owner of The Botanical Mix, to design and develop the collection of permanent botanicals. Geyer saw a need for the collection from her own clients requesting unique arrangements that looked so lifelike, that you have to touch them to see they are real.
“I’ve worked with Shane for a while creating custom arrangements for many of my client projects,” said Geyer. “Everyone always raves about them, so I approached him to collaborate on designs retailers could sell and be proud of. The first order we placed for our retail store, IBB Design Fine Furnishings, sold out before we even had a chance to put it out on the store floor.”
The Shay Geyer Collection for The Botanical Mix includes a range of permanent floral designs including orchids, succulents, hydrangeas, peonies and more. Arrangements include special design elements that you would see in high-end fresh florals, such as acrylic rods and geode accents like quartz, calcite, amethyst and malachite.
Retailers can view the collection starting on June 20 at The Botanical Mix (IHDC 1D110) at the Dallas Market. Retailers are also invited to celebrate the launch on Thursday, June 21st at 5 p.m. with wine and hors d’oeuvres. One lucky guest will win a floral arrangement valued at $450.
About The Shay Geyer Collection
The Shay Geyer Collection includes fabric, art, permanent botanicals, pillows and more. Her rugs are available through Nourison and art through Art & Frame Source. Beyond product development, Shay is an owner and designer at IBB Design Fine Furnishings. IBB Design is a 40,000-square-foot retail store in Frisco, Texas. For more information on Shay or IBB Design visit, www.shaygeyer.com and www.ibbdesign.com.
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(Photo: Getty)
The Dallas Cowboys are all about finding unique ways to motivate their players.
With NFL free agency and the draft now approaching the horizon in the team’s rear-view mirror, rookies have now joined incumbent and newly-signed veterans at The Star in Frisco, TX, with OTAs now officially underway. If you’re looking for a prevailing headline, take your pick from the jar on the counter labeled "Oy Vey", because there’s no shortage of them to delve into. The more-immediately prevailing topic comes by way of All-Pro offensive guard Zack Martin, who continues to abstain from practice until further notice.
Garrett admitted the move is contract-related but states Martin did work out with the team and will likely continue to do so, just not on the field. Contract negotiations are ongoing at this time, and the decision is more-or-less of the protectionist nature, the perennial pro bowler not wanting to risk injury because he has his new deal in hand.
And then there’s wide receiver Terrance Williams, who is nursing both a broken foot and an arrest on public intoxication charges. The Cowboys won’t provide any detailed comments as the investigation is currently ongoing, but his future with the club — particularly given the crowded WR room — is very much in doubt. And so it goes, the Cowboys’ offseason is nearly in full-swing with no shortage of storylines, as per usual. Looking to keep everyone keyed in mentally, they had two special guests during Week 2 of OTAs, and one is currently an international icon.
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Apartments will likely see a rise in rent if Dallas lands HQ2. Photo by Wallstplaybook.com
A new study shows the price Dallas or Austin could pay if Amazon picks either Texas city for its second headquarters. Data and analytics provider CoStar Group forecasts both cities will see a 10-year rise in apartment rents if either lands Amazon’s so-called HQ2 project — but Austin rents would increase more than those in Dallas.
Dallas-Fort Worth would see a modest increase in apartment rents if the Amazon project comes here, the study suggests. CoStar predicts DFW rents will go up 14.8 percent from 2018 to 2028 without HQ2 (from $1,116 to $1,281) and 17 percent with HQ2 (from $1,116 to $1,307). By itself, HQ2 would be responsible for a $26-a-month rise in DFW rents during that period.
By comparison, CoStar forecasts that without HQ2, the average apartment rent in the Austin area will jump from $1,206 a month this year to $1,450 in 2028, or 20.2 percent. But if HQ2 does settle there, rent would climb from $1,206 to $1,553 during the same period, or 28.8 percent, the CoStar report says. In other words, HQ2 alone could cause a $103-a-month surge in Austin rents from 2018 to 2028.
The estimates apply to apartments of all sizes.
Among the 16 U.S. metro areas that are finalists for HQ2, Raleigh, North Carolina, would experience the biggest spike in rental rates, the CoStar study says, followed by Nashville, Tennessee, Columbus, Ohio, and then Austin.
CoStar is the latest group to make predictions about the housing markets in cities Amazon is considering.
Apartment List, an online marketplace for apartment hunters, forecasts rents will climb an extra 0.2 percent to 0.4 percent in DFW if HQ2 ends up here. In Austin, it could be 0.8 percent to 1 percent a year.
Earlier this year, a report from Amherst Capital Management LLC, a real estate investment firm, predicted demand for single-family homes in the Dallas metro area would inch up by just 4 percent if this region scores HQ2. By comparison, the Austin metro area would jump by 13 percent.
And Mr. Cooper, a Dallas-based mortgage lender, forecasts home values in Austin will rise 5.9 percent from June 2018 to June 2019 without HQ2 and 15.8 percent with HQ2. For Dallas, those same numbers would be 3.7 percent and 12.4 percent.
For both Austin and Dallas, “home prices would see some uplift from a favorable Amazon announcement,” Mr. Cooper says, “but it won’t be profoundly different from the current trajectory.”
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DALLAS, TX – Warmer temperatures of spring and summer are arriving, and some unpopular guests – mosquitoes – are certain to appear. According to a new report, Dallas ranks third among the cities across the nation most bothered by mosquitoes ruining time outdoors.
Atlanta is the worst city for mosquitoes, according to the report by TruGreen. Chicago, Dallas, Boston and Trenton, New Jersey, round out the top five, according to the lawn care service provider.
The company compiled its rankings based on customer sales data from January 2017 to December 2017. Mosquito season can last from five to seven months, according to TruGreen. See the full report here.
To prevent and reduce the nuisance caused by mosquitoes, the Centers For Disease Control and Prevention suggests that homeowners:
Once a week, empty and scrub, turn over, cover, or throw out any items that hold water like tires, buckets, planters, toys, pools, birdbaths, flower pot saucers or trash containers. Mosquitoes lay eggs near water;Tightly cover water storage containers, such as buckets, cisterns and rain barrels, so that mosquitoes cannot get inside to lay eggs;For containers without lids, use wire mesh with holes smaller than an adult mosquito;Use larvicides to treat large containers of water that will not be used for drinking and cannot be covered or dumped out; andIf you have a septic tank, repair cracks or gaps. Cover open vent or plumbing pipes. Use wire mesh with holes smaller than an adult mosquito.
Some fun – and not-so fun – facts about mosquitoes from the Smithsonian Institution:
There are about 3,500 species of mosquitoes, but only a couple hundred consume human blood;Only female mosquitoes bite – they need the protein before they lay eggs; male mosquitoes are happy vegetarians;Mosquitoes are attracted to human breath and sweat, and sense the heat and humidity around our bodies. They also seem to have a preference for beer drinkers; andMosquitoes transmit all sorts of nasty diseases, including malaria, which infects some 250 million worldwide each year. About 1 million people, mostly children, die each year from malaria.
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Dallas-Fort Worth’s retail real estate market is strong, with high net absorption and heavily pre-leased deliveries causing occupancy to rise to an all-time high.
Occupancy and rental rates, however, are expected to level off in the short-term as construction starts slow and completions take longer to come online, according to a report by commercial real estate firm CBRE Group Inc. (NYSE: CBRE).
Multiple construction projects across North Texas have been sidelined as labor and borrowing costs remain elevated, specifically for those in the early stages, the report says.
But overall, the Dallas-Worth retail market remains robust, said Daniel Taylor, CBRE’s managing director of retail for Texas and Oklahoma.
“We’re in a good spot,” Taylor said in an interview with the Dallas Business Journal. “As long as people keep morning here, as long as we’ve got job growth, wage growth and population growth, we’re in a good place. People need groceries, they need services, they need banking, they need to go out to eat.”
What’s holding the market back is a lack of space, Taylor said.
“We’re at historic occupancy highs in DFW or close to it,” he said. “If you look at our construction pipeline of what’s supposed to be delivered, that number is shrinking.”
And high demand and low supply for space is causing rents to rise, Taylor added.
Increasing online shopping isn’t taking a toll on the North Texas’ bricks-and-mortar retailers, according to the report.
“There is a certain sliver of the pie that’s online, sure,” Taylor said. “But once you start unpacking that, how much of those dollars are being spent on retailers who are bricks-and-mortar retailers?”
Big box retailers, for example, are moving to online ordering, but still requiring customers to pick up their order in the store, he said.
“We’re still seeing people who want to go out to eat, want to buy groceries in the store, and I think that’s healthy for us,” he said.
On the big-box downside, Toys R Us in March filed a motion seeking bankruptcy court approval to begin liquidation of its 735 U.S and Puerto Rico stores. The closures are expected to occur within the first nine months of 2018.
In North Texas alone, the retailer is responsible for 15 locations, accounting for over 600,000 square feet of space.
The pace of absorption in big box space slowed in North Texas throughout 2017 and continues into this year. Similar to other major U.S. retail markets, there is an elevated supply in North Texas, at 935,145 square feet, the report says.
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CORPUS CHRISTI, Texas–(BUSINESS WIRE)–Thanks, in part, to a $476,000 Affordable Housing Program (AHP) grant to Prospera Housing Community Services from Wells Fargo and the Federal Home Loan Bank of Dallas (FHLB Dallas), Corpus Christi has a new apartment complex for low-income residents.
A $476K grant from Wells Fargo and @FHLBDallas aided in the construction of an apartment complex for low-income Corpus Christi residents. Grand opening and ribbon cutting on April 3 at 10 a.m.
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The media is encouraged to join local dignitaries and bank representatives at a ribbon cutting event at 10:00 a.m. Tuesday, April 3, 2018, at the Glenoak Apartments at 711 Glenoak Drive in Corpus Christi.
The $476,000 AHP grant, which was awarded to Prospera Housing Community Services in 2015, provided gap funding for the construction of the 68-unit affordable multifamily apartment community, located in the Flour Bluff area of Corpus Christi.
AHP grants are available annually through FHLB Dallas member institutions such as Wells Fargo to assist in the development of affordable owner-occupied and rental housing for very low- to moderate-income households located across FHLB Dallas’ five-state District of Arkansas, Louisiana, Mississippi, New Mexico and Texas.
Since the inception of the AHP in 1990, FHLB Dallas has awarded more than $261 million in AHP and AHP-funded grants to assist more than 48,500 families.
For more information about the AHP, visit fhlb.com/ahp.
WHAT:
Ribbon Cutting and Grand Opening
WHEN:
10:00 a.m. Tuesday, April 3, 2018
WHO:
Joe McComb, Mayor of City of Corpus Christi
John Longoria, Board Member, Corpus Christi Independent School District, District 1
Shelly Whitlock, Coastal Bay District Manager, Wells Fargo
Gil Piette, Executive Director, Prospera Housing Community Services
Steven Matkovich, Affordable Housing Analyst, FHLB Dallas
WHERE:
Glenoak Apartments 711 Glenoak Drive Corpus Christi, Texas 78418
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BEIJING and DALLAS, March 28, 2018 /PRNewswire/ — Century Bridge Capital announced today that Century Bridge China Real Estate Fund, L.P. has successfully exited and repatriated the proceeds from its investment in Dalian, China. The fund closed on its $24.5 million investment in the $87 million development in January 2015 in joint venture with regional developer, Dalian Guanxin Investment Corporation.
Located in Dalian in an established in-fill location in Dalian’s Economic Development and Technological Zone, at the core of the Jinzhou New District, the project benefited from being in one of the highest GDP districts in Liaoning province. The project is within a ten-minute walk of offices and industrial complexes while subway and bus transportation provide quick access to downtown Dalian. Nearby high schools, primary schools, hospitals and substantial retail developments serve the area. The development includes 1,419 residential units in a combination of high rise apartments and loft apartments in four 24-story towers and low-rise apartments and lofts in one five-story building and a second six-story building.
Commenting on the Dalian project and how it illustrates his firm’s strengths, capabilities and core investment strategy, Century Bridge CEO, Tom Delatour, noted, "Since we established our operations in China eleven years ago, we have continued to execute on a dedicated strategy, focusing on middle class housing in Tier II cities. Working with our local partner on the Dalian investment, our China-based team was able to jointly manage and successfully execute on construction and development of the project. As the market evolved, together we fine-tuned our marketing strategies for the units, balancing pricing levels, timing of releasing units for sale and demand/supply dynamics in order to enhance the overall profitability of our investment and its contribution to our portfolio value."
Century Bridge President, Wei Deng, added, "Working in tandem with our local partners through every phase of the development and marketing process, in addition to being crucial to the performance of our investments, supports growing relationships that allow us to further expand our investment footprint in China. Consequently, our established local presence and team of both Chinese and US professionals is a key differentiator and essential to our success. Our long-term focus on China and the middle-income housing sector will allow us to reap the full value of our investment in our Beijing-based team as well as the value of our established joint venture partner relationships as we source, secure and execute on attractive new development opportunities."
Century Bridge Capital is a private equity firm with offices in Dallas, Texas and Beijing, China. The firm is focused exclusively on investment in the middle-income, residential real estate sector in China’s fast growing Tier II cities. Its China-focused private equity real estate fund, Century Bridge China Real Estate Fund, L.P., raised over $170 million of total committed capital from ten global institutions.
www.centurybridge.com
PRESS CONTACT:
COMPANY CONTACT:
Guy Lawrence
Jeff Tucker
Ross & Lawrence
Century Bridge Capital
212-308-3333
214-270-2121
View original content with multimedia:http://www.prnewswire.com/news-releases/century-bridge-capital-real-estate-fund-lp-exits-87-million-china-investment-300620193.html
SOURCE Century Bridge Capital
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