AUSTIN – House Bill 1058, which offers low-income housing tax credits for certain housing developments, was one of 30 new bills that took effect Jan. 1. 

According to the Texas Affiliation of Affordable Housing Providers, every metro area in the country has a shortage of affordable and available rental homes for extremely low-income renters.

The National Low Income Housing Coalition says there are 904,814 extremely low-income renter households in Texas, with 230,166 affordable and available rental homes.

For more on recent legislative changes impacting the state’s real estate markets, read the Texas Real Estate Research Center’s Report on the 88th Texas Legislative Session.​

​IRVING – Apartment builder JPI, which was recently acquired by Tokyo-based international housing firm Sumitomo Forestry Co., is moving from its Las Colinas offices to the Cypress Waters development north​​ of LBJ Fwy.

JPI is subleasing almost 54,000 sf of office space at 9001 Cypress Waters, a space previously occupied by One Source Virtual.

The builder was previously housed at 600 Las Colinas office tower near SH 114 in the Las Colinas Urban Center.

Cypress Waters is home to more than 16,000 office workers for companies including 7-Eleven, Brinker International, Nokia, At Home, Mr. Cooper, Smoothie King, Verily, CoreLogic, and Signet Jewelers. The 1,000-acre mixed-use development northwest of Dallas is a project of Billingsley Co.

​​​TEMPE, Ariz. – Texas ZIP codes made up nearly half of the top 20 most popular locations for homebuyers, according to online real estate firm Opendoor Technologies Inc. 

Cypress (77443) nabbed the number one spot, followed immediately by Katy (77493).

Forney (75126) ranked sixth, Aubrey (76227) seventh, New Braunfels (78130) eighth, San Antonio (78253) ninth, and Fort Worth (76179) tenth.

Outside of the top ten were Leander (78641) at 13th and Park Row (77449) at 20th.

According to Opendoor’s website, “Top ZIP codes are identified by analyzing data from the local Multiple Listing Services (MLS) where Opendoor Brokerage operates. ZIPs were ranked by total homes which went into contract within 90 days of listing in 2022.”

​​THE WOODLANDS – Last Mile Investments has purchased College Park Plaza at 3091 College Park Dr., marking the firm’s first acquisition in the Houston area. 

The 70,277-sf retail center is at a regional intersection near 1.2 million sf of retail and 2.4 million sf of medical and office sites.

Edge Capital Markets brokered the sale.​

​SUGAR LAND – SouthWest Water is moving from the Sugar Land Business Park into Minute Maid’s former offices after securing $1 million in economic incentives to stay in the Houston suburb. 

The utility company signed a 15-year lease for 41,114 sf at Sugar Land Town Square at 2150 Town Square Place. Minute Maid left the eight-story office building in 2021 after more than 50 years in the Houston area.

Planned Community Developers represented the landlord, Lionstone Investments, in lease negotiations.

SouthWest Water plans to hire 20 additional employees, expanding its employee count to 100 people whose average annual salary is more than $78,000, according to the city’s economic council. 

The company has been in Sugar Land since 1985.

Billionaires, heiresses and real estate icons make up the owners of Houston’s priciest home listings in 2023. The upscale neighborhoods River Oaks and Hunters Creek Village dominated the list, with River Oaks comprising 80 percent of the listings. 

Brokerage firms Compass and Douglass Elliman represented a combined 70 percent of the most-expensive listings’ agents. No broker was more prolific than Compass’ star Houston player Laura Sweeney, who represented three of the top 10 sales. The Houston native also ranked third on The Real Deal’s annual list of Houston’s Top Resi Brokers. 

Houston’s home sales have hit a 19-month slump, but the luxury market has been the Bayou City’s saving grace, raking in record transactions.  

107 Timberwilde Lane | $50 million

The fast-growing Hunter Creek Village neighborhood boasted the title of Texas’ most expensive listing, with a 22,000-square-foot mansion that sits atop 9 acres on a  private peninsula and a stone’s throw away from the Houston Country Club. The price was cut by 20 percent, from $65 million. The property has six bedrooms and eight bathrooms, with amenities such as a two-story library, a glass elevator and a five-car garage. The asking price comes to about $2,273 per square foot.

Dubbed the Romanov Estate, the home’s owner is Colleen Romanov. Dave Perry Miller Real Estate’s Billy Dolan is the listing agent. 

100 Carnarvon Drive | $36 million

This lavish 26,000-square-foot property is listed for about $1,385 per square foot. It hit the market in 2014 at $43 million, but the palatial chateau didn’t sell. The home was relisted in March 2023 by its owner, billionaire Ed Bosarge, who co-founded Quantlab Financial.  

It has eight bedrooms, a pool, hand-painted domed ceilings, a beauty salon, galleries and scenic gardens that adorn its 2.3-acre lot. Douglas Elliman agents Gigi Huang, Konrad Molski and Dustan Gawthorp have the listing. 

3630 Willowick Road | $29 million

Located on the River Oaks Country Club golf course, this 15,000-square-foot home is the former residence of heiress Lori Krohn Sarofim. Sarofim’s father, billionaire oilman Tracy Krohn, bought the property in 2005. She is the ex-wife of Phillip Sarofim, the son of the late billionaire investor and minority Houston Texans owner Fayez Sarofim. 

The three-story mansion’s extravagant features include $500,000 Baccarat chandeliers, a temperature-controlled pool and a 500-bottle sunken wine room. It has two safe rooms, and its grounds are adorned with Parisian gardens. 

The asking price comes to about $1,933 per square foot. Rachel Solar of Martha Turner Sotheby’s International Realty has the listing.

2920 Lazy Lane Boulevard | $25 million 

This Homewoods River Oaks residence, dubbed the Hines Villa, was home to Houston real estate royalty. Owned originally by the late Gerald Hines, founder of real estate development corporation Hines, the home is fit for a king. It boasts five bedrooms and 11 bathrooms across its 17,000 square feet. Hines began construction on the home in the 1990s to reflect his love of Italian architecture. The mansion boasts a 3,000-square-foot atrium with an enclosed pool, guest home, caretaker’s residence, tennis court and detached garage. The Italianate mega mansion first hit the market after Hines’ death in 2021 with a $34.5 million price tag. It’s now asking about $1,470 per square foot.

Douglas Elliman’s Mark Menendez lists the property. 

1722 River Oaks Boulevard | $20 million 

High-powered attorney Tony Buzbee and his wife, philanthropist Frances Moody Buzbee, put this River Oaks mansion on the market last year after failing to secure a buyer in 2022. Originally listed at $27.5 million, the price was cut by 25 percent in its relisting. 

The two-story manor has five bedrooms and eight bathrooms and spans 12,200 square feet, and the list price comes to about $1,639 per square foot.

This property includes an underground wine cellar, his-and-her closets, a home theater and a six-car garage. The Buzbees hosted a 400-person fundraising event for Donald Trump during his 2016 bid for the presidency. 

Douglas Elliman’s Beth Cassidy has the listing agent. 

2109 River Oaks Boulevard | $14.5 million

This River Oaks mansion was sold last fall for an undisclosed price. Spanning 12,900 square feet, it has six bedrooms and eight bathrooms. The home includes a guest suite with its own kitchen, a separate apartment and a 1,900-square-foot guest house. Compass’ Laura Sweeney was the listing and buyer’s agent for this house, according to Redfin. 

3425 Sleepy Hollow Court | $13.5 million

Late Houston-based billionaire Fayez Sarofim owned this estate. Sarofim, who died in 2022, was the founder of Fayez Sarofim & Company investment firm. His widow Sarah Sarofim was listed as the owner of the property before its September sale, according to the Harris County Appraisal District. 

The nearly 8,000-square-foot home has four bedrooms and four and a half bathrooms across its three stories. Architect, Birdsall P. Briscoe, designed the home back in the 1930s for Houston oilman J. Curtis McKallip. Today, it boasts more modern accouterments, including a dressing room, three-car garage, ground-level flex room and a separate 950-square-foot guest apartment. Compass’ Laura Sweeney had the listing. 

3217 Del Monte Drive | $13.5 million 

This 12,000-square-foot manor was still under construction as of December. It has six bedrooms and 12 bathrooms, plus an in-house spa, elevator and wet bar. It is asking $1,125 per square foot.

Compass’ Clayton Katz has the listing. 

19525 Doerre Road | $12.8 million

With the appearance of an old Hollywood mansion and rural flair, this 10-acre estate is the only property on our list outside of the Houston city limits, located in Spring’s Laurel Park. It’s also the largest property, at 40,000 square feet.
New Light Christian Center Church founder Bishop I.V. Hilliard owns the estate, and Strongtower Realty Group’s Dawn Brewer is the listing agent. 

The massive estate consists of a main house and five guest houses, with eight bedrooms and 36 bathrooms between them. It also has a six-car garage and a five-car garage. Amenities include a gym building, a two-story great room, a banquet room with a commercial kitchen and two offices. Outdoor amenities include a spa, tennis court, volleyball court and a pond.

2445 Pine Valley Court | $12.5 million

This 8,900-square-foot River Oaks estate was completed in 2022. 

Natural gas entrepreneur Meg Gentle, the CEO and president of Tellurian Inc., and her husband Kirk Gentle own the home, according to property tax records. The house has five bedrooms and 10 bathrooms. It also includes a game room, an elevator and a four-car garage, as well as four guest suites. Its grounds include a pool and spa. Compass’ Laura Sweeney has the listing.

The post Houston’s priciest home listings of 2023 appeared first on The Real Deal.

The tables have turned on some value-add multifamily developers, but WindMass Capital just scored a win in the distressed corner of commercial real estate. 

The Dallas-based developer secured a floating-rate loan for its Arlington apartment complex through asset management firm Benefit Partners. The deal was arranged by JLL Capital Markets. 

The JLL team that negotiated the WindMass deal was led by Kris Lowe and Kristi Leonard. 

The Jones is a garden-style apartment community built in 1977. It has 224 units, including studio, one-, two- and three-bedroom apartments. The property is located at 2109 Lincoln Drive, about 25 minutes from downtown Fort Worth and downtown Dallas. The location affords easy access to major thoroughfares Highway 360 and Interstate 30. 

The property is in the middle of a capital improvement initiative; almost half of the units have been renovated. Building exteriors have also been updated, and the complex got a new leasing office.  

Some properties in similar positions haven’t been as lucky. 

Amid the pandemic real estate frenzy, value-add developers purchased older apartment complexes at record prices, intending to update them and increase rents. But now that property values have declined, renovation prices have spiked and interest rates have risen, rate cap expirations have put some developers on the rocks. As a result, some properties are being sold at a discount. Others are going back to lenders. 

Since its founding in 2017, WindMass Capital has done more than $1.5 billion in transactions. The firm specializes in repositioning and redeveloping garden-style apartment complexes in high growth markets. It currently owns five properties in the Houston area, eight properties in Stephenville and 23 properties in Dallas-Fort Worth, according to its website. The DFW properties are located throughout the metroplex in Fort Worth, Dallas, DeSoto, Garland, Arlington, Mesquite and Wylie. 

The post WindMass Capital scores floating-rate refinancing for Arlington apartments appeared first on The Real Deal.

Walton Global has picked up 141 acres in a tiny North Texas town where D.R. Horton plans to build homes.

The land is in the Wise County town of Rhome, within a master-planned community called North Star. D.R. Horton and Riverside Homebuilders have already constructed about 1,500 homes in North Star, which will have 3,500 homes at full buildout, according to a news release from Walton Global.

Homes in North Star are priced from $340,000 to $440,000, according to online listings.

The acreage was purchased through Walton’s Builder Land Financing Fund, managed by Fortress Investment Group. The fund allows homebuilders and developers to secure land for future projects without paying for it now. The fund acquires the land and concurrently enters agreements with developers for future purchase, according to its website.

The fund also purchased a 14.6-acre tract in Santa Rosa, California, known as Stonebridge, the news release said. Arlington-based D.R. Horton also plans to build homes there, according to the release. Stonebridge, at 2220 Fulton Street in Santa Rosa, has an estimated 108 lots slated for single-family and duet homes.

The purchases mark the end of a $122 million allocation, launched from Walton’s Builder Land Financing Fund in 2022. It has purchased 14 properties.

“With Dallas Fort Worth being one of the country’s fastest growing metropolitan areas, we continue to look for ways to support regional expansion,” Walton Global CEO Bill Doherty said.

Rhome, about 25 miles northwest of Fort Worth, had a population of about 1,600 in 2020, and it has grown to about 1,800 since then.

Wise county’s population was estimated at 75,000 in 2021, up about 9 percent from the previous year, according to U.S. Census data.

The median household income is $85,000 a year, compared to $75,000 in the city of Dallas, according to census data.

The post Walton Global, D.R. Horton buy 140 acres north of Fort Worth appeared first on The Real Deal.