Monthly Archives May 2018

Texas, the land of wide open spaces, had long been known for its abundant supply of cheap land. But that might be changing.

Economic growth and an influx of new residents are pushing up the price of land in the Lone Star State, according to research published this week by the Texas A&M Real Estate Center. As a result, land costs are accounting for an increasingly larger share of the price of a home here, while remaining low compared to the U.S. as a whole.

Statewide, 20.4 percent of the cost of a typical single-family home went to the land in 2016, up from 5 percent in 2011, the research shows. In Houston, the share rose to 25.1 percent in 2016 from 7.1 percent in 2011, the steepest incline among other large Texas markets.

The median price of a home in Texas rose from $138,000 at the begin...

BRT Apartments (NYSE:BRT) acquired Landings of Carrier Parkway, a 281-unit multi-family property located in Grand Prairie, Texas for $30.8M through an entity in which it has a 50% equity interest.

The acquisition price of $30.8M includes $19M of mortgage debt maturing in 2028.

The company contributed $7.3M of equity in connection with the acquisition and anticipated improvements to the property.

The Company has acquired six multi-family properties for a total purchase price in excess of $230 million in fiscal 2018.

Source Article

Trademark Property Co. will work with retail, design, real estate, and development experts, along with city and community leaders, to develop a plan for one of Dallas’ most iconic shopping spots.

UBS Asset Management, which owns the Galleria Dallas, has hired Fort Worth-based Trademark to manage, lease and evolve the 1.4-million-square-foot development.

The Galleria is the “gateway” to the planned Midtown project, which is slated to bring 450 acres of new office, multifamily, retail and entertainment developments, as well as a city-programmed park. While apartments and office space are planned for the development, most construction has stalled due to disagreements over zoning and public sector initiatives.

Planning for the Galleria and surrounding property will begin immediately, UBS said ...

Want to live in luxury in Texas? It will cost you more in Houston than in Dallas or Austin.

A high-end apartment in Houston costs about $1,448/month, RentCafé reports, using data from Yardi Matrix. In Dallas, the average is $1,428, and in Austin it is $1,432. Houston and Dallas have the same spread between high-end and low-end multifamily offerings: $490. Austin’s gap is smaller; residents only have to fork over $371 more to make the quality leap in the capital.

The cost of living in Texas is still lower than much of the U.S. The national average rent in a high-end building is $1,640/month.

Dallas may overtake Houston soon for priciest apartments. Its luxury rents have increased 7.4% in the past three years. Austin’s have risen 6.7%, while Houston’s are only up 1.8% since 2015.

The amount ...

DALLAS, May 1, 2018 /PRNewswire-PRWeb/ — For the sixth consecutive year, Dallas native and Realtor Tony Nuncio, founder of The Nuncio Realty Group at Dallas City Center Realtors, was named a 5-Star Real Estate Professional by Texas Monthly Magazine.

"I’m honored and humbled by my recent selection as a 5-Star Real Estate Professional in the Dallas/Ft. Worth area," said Nuncio. "My clients are everything to me. I strive to provide superb service to all of my clients. The fact that this is the sixth year I’ve been awarded this honor is overwhelming."

Nuncio was recognized by Texas Monthly Magazine for being at the forefront of today’s ever-changing real estate market, utilizing current technology to maximize his clients’ home buying or selling experience...