Friday, February 21, 2014

2 Office Building Sales in Addison


ADDISON (HFF) – LPC Realty Advisors is the new owner of Two Addison Circle, a 198,691-sf office property in this north Dallas suburb.
The Class-AA property is at 15725 North Dallas Pkwy. at the entrance to Addison Circle, a 70-acre mixed-use development along the North Dallas Tollway close to the President George Bush Turnpike and LBJ Fwy.
Completed in 2009, the six-story building is 89 percent leased to tenants including USAA and Gehan Homes.
LPC, an advisory affiliate of Lincoln Property Company, purchased the asset on behalf of a public pension fund client.

HFF and CBRE jointly marketed the property on behalf of the seller, Brookfield Property Group.

Thursday, February 20, 2014

More Sales 

ElmTree Net Lease Fund II bought two Dallas industrial buildings for $26M including a 151k SF facility at 2717 S. Main St (occupied by Sikorsky Aircraft) within the DFW Airport. The second property is a 72k SF property leased to Hitachi High Technologies America. The facility is on a 4.24-acre site leased from the Dallas-Fort Worth Airport Authority.
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The 300-unit Sheridan Park at Spring Creek in Plano was acquired at an undisclosed price through Waterton Associates’ value-add multifamily fund. The ARA Dallas team of Brian O’Boyle, Sr., Brian Murphy, and Brian O’Boyle, Jr. repped the seller.
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ALDI Food Market purchased a 2.3-acre tract at the southwest corner of Plaza Drive and Hwy 377 in Granbury from MMSD Corp. The site will hold a new store to open later this year. UCR Dallas’ Stan Lotridge represented ALDI. Conifer Real Estate’s Martin Schelling repped the seller.
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Modjarrad & Abusaad Law Firm purchased an 11k SF office building at 212 W Spring Valley Rd in Richardson from Medwed Properties. Hudson Peters Commercial’s Janice Peters and Michelle Hudson repped the seller. NAI Robert Lynn’s Kent Smith repped the buyer.
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An out-of-state buyer purchased the 120-unit Meadows multifamily property at 1500 Blue Grove in Lancaster from CJ Meadows Properties. Marcus & Millichap VP Al Silva repped both buyer and seller. Capital Corp placed a new seven year Fannie Mae acquisition loan on the property for the buyer. The property was 95% occupied at closing.

Dallas Recent Sales

Olympic 1401 Elm Associates, a collaborative JV of Seth G. Weinstein of Olympic Property Partners and Bryan Dorsey of BDRC, purchased the 1.5M SF 1401 Elm. The new owners plan $170M in renovations to transform the vacant office building into a mixed-use residential, retail, and office tower covering a full city block and including 950 indoor parking spaces. The City of Dallas has agreed to provide up to $50M of Tax Increment Financing for the project. Cushman & Wakefield’s Scot Farber represented the seller, 1401 Elm Street Holdings, and assisted in the TIF process. Thompson & Knight’s Mark Weibel and William O’Connor served as legal counsel.
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A private investor purchased the Meadowcreek Shopping Center at 1515 E Kearney St in Mesquite. Marcus & Millichap’s Philip Levy repped the seller. The buyer, a private investor, was secured and represented by Marcus & Millichap’s Lisa Estrada
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A private Texas LLC purchased the 80k SF Academy Sports + Outdoors net-leased property at 1101 W Arbrook Blvd in Arlington from a local developer. Marcus & Millichap first VP Jason Vitorino repped the seller and buyer. Within the first week of marketing, the property received multiple offers. The deal closed with an all-cash transaction in 45 days and netted in excess of $700k more than the original unsolicited offer.
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Caymus Ventures purchased a 12k SF building at 14071-75 Proton in Dallas. NAI Robert Lynn’s Tom Lynn and John McDaniel represented the landlord. In another NAI Robert Lynn deal, 5932 Melshire purchased a 16k SF building at 11517 Reeder Rd in Dallas. Bob Spletter and Jim Struble handled the transaction.
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Prologis sold a 227k SF industrial property at 1701 Timberlake Dr in Arlington to GRM Information Management Services. Lee & Associates’ Mark Graybill, Tom Walrich, and Trey Fricke represented the seller. Colliers International’s Phillip Rosenfeld and Matt Thompson represented the buyer.
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Heller-Roberts Texas sold a 313k SF distribution center on 15 acres to Braun Family Properties. CBRE’s John Brewer and Brian Gilchrist repped the seller. CBRE’s Michael Chiocca repped the buyer. In another CBRE deal, Bill Hatley sold 42 acres at the west side of Roy Orr and West Oakdale Road in Grand Prairie to Stream Realty Investments. CBRE’s Dave Anderson repped the seller. Wicker Associates repped the buyer. Stream plans a two-building spec project on site.

Tuesday, February 18, 2014

State Farm and Dallas developer KDC are building in Atlanta, too

State Farm's new Richardson office campus will have 2 million square feet. (Tom Fox/Dallas Morning News)
State Farm Insurance’s  new Richardson office campus project is part of a larger, nationwide consolidation of the company’s business facilities.
The company is building another campus in the Phoenix area.
And in Atlanta, State Farm is leasing a new 585,000-square-foot office building with plans for two more.
The Atlanta project is being built by Dallas-based KDC – the same developer that’s doing State Farm’s big Richardson campus.
KDC said it plans to break ground this summer on the building in the Atlanta suburb of Dunwoody. The building will be located adjacent to a mass transit station, just like the project in Richardson.
“We are excited to be considering an expansion in the Dunwoody community as we position State Farm to better serve communities across the U.S.,” State Farm senior vice president Mary Crego said in a statement.
KDC’s transit oriented development that will include the State Farm building will have 2.2 million square feet of office space, 100,000 square feet of retail and a 200-room hotel.
 Steve Brown, Dallas Morning News

Lovers Lane apartments are welcoming their first tenants

 

The Landmark on Lovers has 336 units. (Steve Brown)
A new North Dallas apartment community that’s been in the works for more than a year is welcoming its first tenants.
The Landmark on Lovers apartments are located less than a block from the Central Market store on Lovers Lane just east of Greenville Avenue.
Developer Carbon Cos. and Thompson Realty Capital are building the luxury rental community on land that once had an older apartment complex.
The old Signature Pointe apartments on Lovers were empty for more than two years before lenders foreclosed on the property.
The apartments start at more than $1,100 a month. (Steve Brown)
In 2012 Carbon bought the east half of the property for its project.
The rental community that’s opening up would be at home in Dallas’ Uptown district.
“We gave it an urban feel in what is a transitioning neighborhood,” said Thompson Realty’s W.T. Field as he gave a tour of the property.
The 4-story buildings wrap a large central “park” with swimming pool and outdoor facilities.
There are two large tenant lounges, exercise facilities, a professional kitchen and business center.  The project even has a dog park and dog grooming center.
“The quality level has risen so much that people expect these things in a new apartment project,” Field said.
Rents in the building start at over $1,100 a month. The units average 870 square feet.
Landmark on Lovers is one of three new rental projects under construction in the neighborhood.
Next door on Lovers, Tradition Senior Living is building a 311-unit seniors housing community.
And a few blocks away at Amesbury Drive and Skillman Street, developer JLB Partners is building the first of more than 1,000 apartments in can ultimately build.

 Steve Brown, Dallas Morning News

Thursday, February 13, 2014

Foreclosed Four Seasons resort sells to New York investment firm


The Four Seasons Resort and Club in Irving has been owned by lenders since 2012. (DMN files)
One of the Dallas-area’s best known luxury hotels has quietly changed owners.
The posh Four Seasons Resort and Club Dallas at Las Colinas is the home of the annual Byron Nelson Championship golf tournament.  Since 2010 the 431-room luxury Irving golf course hotel, conference center and spa have been owned by lenders who foreclosed on the property after previous owners defaulted on debt.  Now a company set up by Blackstone Real Estate Advisor has purchased the Four Seasons for an estimated $150 million.  New York-based Blackstone is a major U.S. real estate investor. It acquired the hotel in a private sale from CW Capital, which represented the securitized debt holders on the property.  The previous owners – a California-based real estate investment firm – had borrowed $175 million on the Four Seasons in 2006. They invested $60 million in upgrades on the hotel before the recession hit and business fell off.  Look for new owner Blackstone to spend more to improve the quality of the Four Seasons.
 - Steve Brown, Dallas Morning News

Bright Future for First National Bank Tower

The former First National Bank tower opened in 1965. (DMN files)
A New York-based real estate investor and developer has made good on its plans to buy a landmark Dallas skyscraper. Olympic Property Partners closed its acquisition of the 52-story former First National Bank tower at 1401 Elm Street. The 49-year-old office skyscraper has been vacant since 2010.
Several groups looked at redeveloping the tower before Olympic Property came forward last fall with its proposals for the building. The new owners say they want to remodel the tower into a combination of office, residential and retail space. The entire project would cost more than $150 million. The City of Dallas has earmarked $50 million in economic incentives to help the deal along.
- Steve Brown, Dallas Morning News

Another tower may be in the works at Dallas’ Victory Park

The One Victory Park building is almost fully leased. (Victory Park)
Dallas’ Victory Park project may be getting a new office tower.
Real estate brokers say that Houston-based developer and investor Hines is looking at building a second office tower in the project on the northwest corner of downtown.
Hines teamed up with the project’s developers in 2006 to build the 17-story, 400,000-square-foot One Victory Park office tower at 2323 Victory Ave. at Lamar Street.
That building is almost fully leased with major tenants including Ernst & Young, Haynes & Boone and Plains Capital Bank.
With office space filling up in Dallas’ Uptown district, real estate brokers say that Hines is updating plans for another office high-rise to be constructed next door to the One Victory Park building.
-Steve Brown, Dallas Morning News

Tuesday, February 11, 2014

State's Largest Child Facility to be Built in Keller, Texas


The new Keller facility will have 33,000 square feet. (ildren's Learning Adventure USA's )
An Arizona-based company says it is building the state’s largest child care facility in Keller, northwest of Dallas/Fort Worth International Airport. The $10 million, 33,000-square-foot facility is located at Rufe Snow Drive and Tarrant Parkway and will open in April. Children’s Learning Adventure USA’s Keller location will serve children ages six weeks to 12 years old. The new center has a science lab, a television studio, library, computer lab, indoor basketball courts, a commercial-grade cooking school, bowling lanes and other features. The Phoenix-based company said it has new facilities planned in Phoenix, Tucson, Las Vegas, Denver, Dallas, Houston, Austin, Oklahoma City, Tulsa and Atlanta.
 Read more at: http://bizbeatblog.dallasnews.com/2014/02/10-million-child-care-center-being-built-in-keller.html/
Author: Steve Brown

The Redevelopment of Knox Street



The new Knox Street development will include luxury apartments, shops and a Trader Joe's grocery store.
After more than a year of speculation, details are out for the new retail and residential development planned for Dallas’ Knox Street district. Contractor Hill & Wilkinson distributed plans for the project on Monday.
The building at Cole and Armstrong avenues is to be developed by Dallas’ Sarofim Realty Partners and Lincoln Property Co. The mixed-use development will include a Trader Joe’s grocery store and replaces the old Ed Kellum & Son appliance retail location and two restaurants on Cole. The buildings have been vacated and are awaiting demolition. Sarofim has declined to comment on the development. But Richardson-based contractor Hill & Wilkinson said the building at 4501 Cole will cost $38.6 million and will include a six-story, 165-unit luxury rental building on top of the retail. “The Lincoln Knox apartments are a natural extension of this upscale, walk-able neighborhood and will offer outstanding amenities,” Hill & Wilkinson’s Jay Graham said in a statement.The project will include “a specialty grocery store, as well as other high-end retail shops,” the contractor said.
Real estate brokers identified Trader Joe’s months ago as the primary tenant of the ground-floor shopping space. And the drawing of the building has a Trader Joe’s sign out front.
Construction on the project will start this month and will be done in September 2015.
Womack + Hampton Architects LLC is the architect for the development.
Sarofim is already working on one Knox district project. It’s a partner with Mill Creek Residential Trust in an another apartment community under development on North Central Expressway just north of Knox.

Wednesday, February 05, 2014

Dallas Area Commercial Real Estate Deals

The 270-unit Alta Ridge Apartments at 2241 South Business Hwy 121 in Lewisville is getting a new name and a new look after Westmount Realty Capital snapped up the Class-A garden-style property from Wood Partners.
It'll be redubbed as the Westmount at Vista Ridge. Renovations to the property will begin in Q1 and are expected to be completed in 18 months. Westmount’s Paul Panza repped the buyer, while Moran & Co repped the seller. Management of the property has been contracted with Knightvest Management of Dallas, which also made an equity investment in the property. Financing for the acquisition was arranged by the Dallas office of NorthMarq Capital.
SALES
Brook Partners sold a 50k SF retail/showroom at 4700 Alpha Rd to an out-of-state furniture retailer. CBRE’s Campbell Foster and Scott Muller negotiated the sale with Capstone Commercial’s Larry Robbins.

LaSalle Investment Management purchased the 120k SF Oak Grove Plaza at Hwy 78 and Bunker Hill Road in Sachse from Invesco Advisers. CBRE SVP Chris Cozby, first VP Chris Gerard, and VP Kevin Holland repped the seller.
The trustee of Progressive Concepts sold a 57k SF two-story flex building on six acres of industrial-zoned land at 5718 Airport Fwy, and an adjacent 6.9-acre industrial tract at 5722 Airport Fwy in Haltom City to BMS Enterprises d/b/a Blackmon Mooring. Bradford VP Nick Talley represented the seller. Transwestern’s Leland Prowse and Alex Bryant represented the buyer.
JRP Properties sold 50 industrial-zoned acres at 3020 E Hwy 80 in Mesquite to Agarita Management Co. Bradford VP Joe Santaularia and SVP Brock Wilson represented the seller. The buyer's in-house broker was Ryan Smith.
Menyon Capital Partners purchased the 69k SF Vineyard Centre I & II office project at 1450 Hughes Rd in the Grapevine/Westlake submarket. CASE senior director Susan Gwin Burks, director Bruce Butler, and principal John Bowles represented the buyer. CASE will be responsible for the leasing of the project, which is 80% occupied.
A private investor purchased the 82-unit Park Place apartments at 2115 and 2116 N Garrett Ave in Dallas. Marcus & Millichap specialist Stephen Crittenden repped both buyer and seller. The property was 94% occupied.
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Hillwood Communities announced its newest development, Union Park, a 787-acre master-planned community located along the US Hwy 380 corridor in Little Elm. The $600M project includes an abundance of parks and open space and is scheduled to break ground this spring. The project includes about 2,400 single-family homes. 
NTCAR
NTCAR’s 2014 officers include president Steve Trese of CBRE, president-elect Blair Oden of CBRE, and secretary/treasurer David Glasscock of Colliers International. 
LEASES
Corepoint Health leased 15k SF at 3010 Gaylord Pkwy in Frisco. Cassidy Turley’s Craig Wilson and Randy Cooper repped the tenant.
Crescent Real Estate Holdings inked a trio of deals at The Crescent in Uptown including a 22k SF lease to Holland & Knight. Sunwest Real Estate’s Marc Grossfeld and Dan Zeltser represented Holland & Knight. Additionally, H.I.G. Whitehorse Management renewed its lease of 11k SF. Avison Young’s Greg Langston and Art Green represented H.I.G. Whitehorse. Crescent Real Estate leasing VP Tony Click repped the landlord in both deals.
Pegasus Info Tech leased 11k SF at 3001 N Skyway Circle in Irving from Life Is A Skyway. Coldwell Banker Commercial Alliance DFW’s Renee Efimoff represented the landlord. Bradford’s Sharon Friedberg and Melanie Hughes represented the tenant.
Judity Kirby, MD leased 10k SF at 9301 N. Central Expwy in Dallas. Cassidy Turley’s Frank McCafferty repped the tenant. 
TDAF leased 78k SF at 2050 Roanoke in Westlake. TDAF was repped by CBRE’s William Callahan. Cassidy Turley’s Chris Taylor repped the landlord, Lexington.
EXECUTIVES
Bradford Commercial Real Estate Services promoted Nick Talley and Joe Santaularia to VP. The duo previously served as market directors for the Fort Worth and DFW Airport markets, respectively. 

$10 million child care center being built in Keller

The new Keller facility will have 33,000 square feet. (children's Learning Adventure USA's )
An Arizona-based company says it is building the state’s largest child care facility in Keller, northwest of Dallas/Fort Worth International Airport.
The $10 million, 33,000-square-foot facility is located at Rufe Snow Drive and Tarrant Parkway and will open in April.
Children’s Learning Adventure USA’s Keller location will serve children ages six weeks to 12 years old.
The new center has a science lab, a television studio, library, computer lab, indoor basketball courts, a commercial-grade cooking school, bowling lanes and other features.
The Phoenix-based company said it has new facilities planned in Phoenix, Tucson, Las Vegas, Denver, Dallas, Houston, Austin, Oklahoma City, Tulsa and Atlanta.

Knox Street redevelopment to include apartments, shops, Trader Joe's


REAL ESTATE EDITOR
 
The new Knox Street development will include luxury apartments, shops and a Trader Joe's grocery store.
The new Knox Street development will include luxury apartments, shops and a Trader Joe's grocery store.Hill & Wilkinson

After more than a year of speculation, details are out for the new retail and residential development planned for Dallas’ Knox Street district.
Contractor Hill & Wilkinson distributed plans for the project on Monday.
The building at Cole and Armstrong avenues is to be developed by Dallas’ Sarofim Realty Partners and Lincoln Property Co.
The mixed-use development will include a Trader Joe’s grocery store and replaces the old Ed Kellum & Son appliance retail location and two restaurants on Cole. The buildings have been vacated and are awaiting demolition.
Sarofim has declined to comment on the development.
But Richardson-based contractor Hill & Wilkinson said the building at 4501 Cole will cost $38.6 million and will include a six-story, 165-unit luxury rental building on top of the retail.
“The Lincoln Knox apartments are a natural extension of this upscale, walk-able neighborhood and will offer outstanding amenities,” Hill & Wilkinson’s Jay Graham said in a statement.
The project will include “a specialty grocery store, as well as other high-end retail shops,” the contractor said.
Real estate brokers identified Trader Joe’s months ago as the primary tenant of the ground-floor shopping space. And the drawing of the building has a Trader Joe’s sign out front.
Construction on the project will start this month and will be done in September 2015.
Womack + Hampton Architects LLC is the architect for the development.
Sarofim is already working on one Knox district project. It’s a partner with Mill Creek Residential Trust in an another apartment community under development on North Central Expressway just north of Knox.

Monday, February 03, 2014

Forecast: Dallas home price gains will be smaller this year

Dallas-area home prices are forecast to rise 4 percent through third quarter 2014. (Steve Brown)
Researchers with CoreLogic and Case-Shiller are predicting that Dallas-area annual home price appreciation will slow to about 4 percent through this Fall.
That’s about half the rate of home price gains in the previous year, according to CoreLogic.
Since the start of the recession in 2008, Dallas-area home prices have risen by about 11.5 percent, the researchers estimate.
Some housing analysts have predicted that the pace of home price gains will fall this year.
“Double-digit price gains are unlikely to persist, but since housing is far more affordable now than it was in 2006, there is less concern that a new housing bubble will occur,” said Dr. David Stiff, principal economist for CoreLogic Case-Shiller.
Nationwide annual home price appreciation is also expected to total about 4 percent through this Fall.

Far North Dallas office tower sold to investor

The Preston Plaza office tower opened in 1986.(Granite Properties)
Dallas-based commercial real estate investor Caddo Holdings LLC said Monday that it has purchased a Far North Dallas office tower.
An affiliate of Caddo in partnership with AFO Capital bought the 260,000-square-foot Preston Plaza at 17950 Preston Road.
The 10-story office building at Preston and Frankford roads was built in 1986.
The new owners plan to spend $4 million in upgrading the office project.
“The quality of the building and strong demographics around the Preston and Frankford intersection attracted us to this property,” Caddo’s Justin Engler said in a statement.
American Bank of Texas provided financing for the purchase.
Creighton Stark and Ben Lurie of Colliers International brokered the acquisition.  Cassidy Turley’s Beth Lambert and Diego Arroyave arranged the joint venture equity deal with AFO Capital. Terms of the sale were not disclosed.
The building was sold by Granite Properties.
Younger Partners’ Kathy Permenter, Sean Dalton, Heather Shover and Ko

New office building set to start on the tollway in Frisco

Construction will start this summer on the project located just south of Gaylord Parkway. (Heady Investments)
Developer Randy Heady – who had just completed an office project in West Plano – is moving up the Dallas North Tollway with an new building in Frisco.
Heady Investments will build the 6-story, 170,000-square-foot project near the southeast corner of the tollway and Gaylord Parkway. The building will be called Frisco Bridges Place.
The developer is buying the land for the project from the City of Frisco and will rent parking spaces next door in a city-owned garage.
Construction will start on the project this summer, Heady said Thursday.
“We’ve been working with the City of Frisco on this project to make it happen,” he said. “There is a huge demand for office space in that area.”
Architect ANPH Inc. designed the new building. Mark Lewis and Sayres Heady with Heady Investments are leasing the project.
Heady Investments’ building in Plano’s Legacy business park is about 50 percent leased. The 6-story building is located on the east side of the tollway at Headquarters Drive.
“We are showing the space we have left to tenants two or three times a day,” Heady said.
The planned Frisco building – which will be ready in October of next year – is the sixth project Heady Investments has done along the Dallas North Tollway.
Heady Investments’ new Frisco project will be the second major office development planned for that area.
Developer Hall Financial is currently finishing work on a 200,000-square-foot office building across the tollway at the southwest corner with Gaylord Parkway.
And developers are working on several new office projects further south in Plano.

Construction starting on North Dallas office and retail project 



A new 5-story office and retail building is to be developed at The Shops at Park Lane development on North Central Expressway in Dallas. (Shops at Park Lane)
The owners of The Shops at Park Lane development on North Central Expressway in Dallas have broken ground on three new buildings.
The largest of the additions is a 5-story office and retail building in the project at the southeast corner of North Central and Park Lane. The project across from NorthPark Center mall will contain about 120,000 sqquare feet of office space plus 30,000 square feet of retail on the ground floor.
Two separate restaurant buildings will be constructed nearby. And a public plaza area will be built, too.
“We are excited to be moving forward with this important phase of The Shops at Park Lane,” Sandy Spurgin, vice president of Northwood Retail, said in an announcement. “The expansion brings an outward identity to the project as well as a heartbeat in the form of the plaza.
“The leasing velocity over the past 24 months combined with the strong sales being produced by the existing retailers has resulted in a strong response from targeted retailers.”
The existing office space at The Shops of Park Lane is now about 94 percent leased.
Gensler designed the new buildings and the general contractor is The Beck Group.
The entire development has been owned by New York-based Northwood Investors LLC since 2010.
The 33-acre project includes retail, apartments and office space.

A new public plaza and two restaurant buildings will also be constructed. (The Shops at Park Lane )

Dallas-Fort Worth is forecast to be the top apartment net leasing market during the next three years. (Jones Lang LaSalle)
The Dallas-Fort Worth area is forecast to be the country’s top apartment leasing market over the next three years, according to a new report by commercial real estate firm Jones Lang LaSalle.
And while there are worries about the current rate of apartment construction, JLL researchers predict that new supply in the D-FW area won’t keep up with increasing renter demand.
D-FW, Houston, Atlanta and Phoenix are ranked as the top net leasing markets for apartments through 2017, in the new report.
“It’s all about job growth and household growth – those are the two critical demand factors that will determine how metros will perform through the current development cycle,” JLL’s Jubeen Vaghefi said in the report. “The surprising news to many will be the resurgence of the Sunbelt markets over the tech-heavy regions.
“After some very tough years, that’s where we are seeing a significant rise in new households as a result of improving economic conditions.”
Currently about 25,000 apartments are under construction in North Texas – more than any other U.S. metropolitan area. But the D-FW area has also been a leader in job growth, which generates demand for new rental housing.
Jones Lang LaSalle also found that the D-FW area is one of the country’s top apartment investment markets, with $5.6 billion in sales last year. Only New York, Washington, D.C. and Los Angeles saw higher apartment sales volumes in 2013.

Texas has one of the lowest home foreclosure rates in the nation.
Lenders foreclosed on 6,856 Dallas-area homes in 2013, according to a new report from CoreLogic Inc.
That’s a decline of 39 percent from forced home sales in 2012, researchers at CoreLogic found.
Last year the Dallas area ranked 11th nationally for completed home foreclosures. Atlanta was first with 20,584 foreclosures, followed by Tampa with 17,373 and Chicago at 16,513.
Total home foreclosure filings in North Texas last year were at the lowest volume in almost a decade.
“Clearly, 2013 was a transitional year for residential property in the United States,” said Anand Nallathambi, president and CEO of CoreLogic. “Higher home prices and lower shadow inventory levels, together with a slowly improving economy, are hopeful signals that we are turning a long-awaited corner.
“The housing market should continue to heal in 2014, but we expect progress to remain very slow.”
Texas has one of the lowest home foreclosure rates in the nation. In December, less than 1 percent of the state’s homes were in foreclosure.
The highest inventories were in Florida and New York where more than 4 percent of all homes were foreclosure.