#multifamily renovations in Dallas

[renurenovationcompany]

Transforming Spaces: Comprehensive Renovation and Restoration Services by Renu

At Renu, we manage a diverse range of projects from small interior renovations to iconic luxurious undertakings, with a specialized focus on multifamily renovations in Dallas. Our multifamily general contractors ensure efficient project delivery and optimal investment value. Our services extend to swift and reliable restoration for water, fire, or storm damage, rebuilding properties and restoring lives. In hospitality renovation, we transform hotels into luxurious and comfortable spaces, meeting industry trends and guest expectations with innovative design. Our expertise in adaptive reuse projects revitalizes existing structures, converting nonresidential properties into residential assets while addressing environmental concerns. We also specialize in affordable housing construction, providing comprehensive preconstruction services and reliable project completion. Trust Renu, the leading general contractors in Dallas, to handle your renovation, construction, or restoration project with unmatched dedication and skill.

[dankusner]

The Forest Theater Is No Longer Trapped in Limbo

The South Dallas institution is on track to a rebirth, this time through the anchors of arts, housing, education, and economic development.

Five thousand people attended its opening in 1949.

Then a highway was rammed through South Dallas, and everything began to change.

“Will this time be different for South Dallas and the Forest Theater?”

Those words, printed in large type above the fold of the Dallas Morning News on November 10, 2021, “haunted” Elizabeth Wattley for “a long time.”

Wattley is the president of Forest Forward, the nonprofit tasked with bringing the historic Forest Theater back to life.

Which, in a way, means it is also tasked with the future of South Dallas.

Considering the scope and ambition of that statement, you can understand why that headline hounded Wattley.

The 75-year-old theater, adorned with a green tower that once glowed like a beacon on Martin Luther King Jr. Blvd., has for the last 15 years sat empty among a derelict block of liquor stores and shuttered shops.

Wattley recently discovered that its last certificate of occupancy was issued in 1982, which would’ve included the span of time when Erykah Badu rented the theater to book acts like The Roots and Dave Chappelle.

There remains a lot of work to do before the tower glows again.

But on a Thursday afternoon in April, Forest Forward took a moment to celebrate what it has accomplished.

Hundreds of people sat in a parking lot behind the building under a clear sky, the nickname Sunny South Dallas becoming too literal.

Southern Dallas’ elected leadership celebrated Forest Forward’s milestone of fundraising, generating $75.215 million in public and private dollars—branded for the ZIP code in which it sits—and marked the beginning of renovations here.

“Along this stretch of MLK, it used to be dormant,” said state Sen. Royce West. “Everything was closed.”

What’s different this time around is Wattley’s strategy.

A couple from North Dallas named Linda and Jon Halbert paired with the nonprofit CitySquare in 2017 and bought the theater.

Wattley, who was working at CitySquare at the time, was appointed to lead the project.

She has grown the operation into an independent nonprofit.

She’d taken on big projects before, like helping turn Paul Quinn College’s football field into an urban farm.

She spent months gathering community input that informed the new plans for the theater.

She kept hearing about the need for housing and education programming, particularly with a focus in the arts.

“The best part of buying a building first and not having a 100 percent plan set together is we kind of get to start from scratch,” Wattley told our Peter Simek in 2017.

“I think what was exciting was the possibility of having a facility that could answer a lot of needs at one time for the community.”

In the time since, Forest Forward has acquired about 20 lots and properties around the venue, vacant land and liquor stores and long-empty retail spaces.

It has plans to turn some of these contiguous properties into mixed-income housing; Wattley estimates it could bring at least 150 units, which could be even more if the organization chooses to pursue multifamily.

It has partnered with Dallas ISD to transform the Martin Luther King Jr. Learning Center into the MLK Arts Academy, which graduated its first 8th grade class in May.

Four students from that class were accepted into Booker T. High School for the Performing and Visual Arts, and another was on the waitlist.

That’s a big deal.

Booker T. last year counted about 1,100 students across its four grades, and only 10 lived in 75215.

Local heavyweight architecture firm HKS is designing the overhaul, which will include a 1,000-seat concert hall in the old building and a 200-seat theater, dance studio, and broadcast and audio recording facilities in a new structure.

The Forest will also add a rooftop patio, a café, and a coffee shop that won’t be a certain national chain.

In April, it received a zoning change from the City Council to make its plans legal.

It is on track to receive the construction permits it needs.

All of this is happening in tandem with the removal of U.S. 175, the highway that, like so many other urban freeways, created a gash through South Dallas that has taken decades to overcome.

The land where that road was will soon be a boulevard, connecting the theater with the rest of the community.

Kids will be able to walk free of traffic between the Forest and the school.

After the party in the parking lot, Wattley took a short vacation.

“It did nothing,” she says. “I thought it was gonna be like, ‘oh, we’re done, let me go and relax.’ That did not happen. We came back and got at it.”

In late June, Wattley and two Forest coworkers sat in the second floor of a coworking space not far from the theater.

The groundbreaking marked the beginning of construction.

The team had just finished the asbestos abatement, a key progress marker in renovations for old buildings.

They’re improving the foundation so it can eventually hold the coveted rooftop patio, providing clear views to downtown.

September will mark when construction on the new building begins and the completion of the structural and foundational improvements in the old theater.

It turned 75 years old with a gutted interior, a missing roof, and a hole in the wall created by the foundation work.

“I absolutely acknowledge how far we’ve come because we can’t turn back now,” she says.

“We have the opportunity to really keep pushing, a rhythm. Can you believe we’re on schedule? We can actually do this, but funding is critical.”

On schedule means a soft opening in late 2025 with its full completion by the summer of 2026.

And about that $75.215 million—that’s a combination of public and private funding, the amount needed for the renovation of the theater, land acquisition, and supporting educational programming.

It also included money allotted for infrastructure from the Texas Department of Transportation and the North Central Texas Council of Governments.

The latter of which will pay to create about 300 parking spaces for the theater under nearby Interstate 45, allowing Forest Forward to not have to waste any of its space housing cars.

The project was always going to need more than $75.215 million. Wattley says the cost of the theater and the new building is up to $80 million.

They’ve raised nearly $60 million so far.

Construction is ongoing.

“It’s no longer about capability. It’s no longer, are we smart enough to do this? Is this going to work? This is now down to money. And in the city of Dallas, we shouldn’t be here,” Wattley says.

“As complex as this project is, the things that I’ve learned, the boxes that we’ve been able to check—the fact that it comes down to dollars? Not in the city of Dallas.”

The story of South Dallas extends along Martin Luther King Jr. Boulevard, from the Forest north to Fair Park.

The theater is trying to meet the needs of all the people who live in the blocks between them, focusing on access to education, arts, economic development, and housing.

At the northern end of the street, there’s Fair Park and the push to tear down its fences and transform parking lots into a community park.

And at the other end, there’s the Forest and its ambitions.

Wattley and her team believe they know the ending.

She has a story about why she thinks this.

In the days after the groundbreaking, some legacy residents had logged into Facebook and found something to critique.

During the groundbreaking, Wattley hadn’t mentioned the old black-and-white checkered floors in the theater’s lobby.

“That’s people’s snapshot memory, their core memories of the theater,” she says.

The floors are still there, but she didn’t include that detail in her presentation.

It bugged her.

But she realized something important: “If we’re down to debating black and white floors, we’re doing okay.”

[internationalrealestatenews]

[ad_1] Hilco actual property has set a deadline of Apr. 30 for bids on two assisted dwelling services in Fort Price.  Hilco was employed to promote Vincent Victoria Village and Tandy Village. Each services are owned by entities affiliated with Pender Capital, in keeping with the Texas Division of Well being and Human Providers.  The sale represents a possibility to “reap the advantages from a robust demand for senior housing,’ stated Steve Madura, senior vp at Hilco.  Vincent Victoria Village is situated at 4607 E. California Parkway, about 10 miles southeast of downtown Fort Price. The one-building facility was in-built 1971. It's licensed for 80 beds and spans virtually 30,000 sq. ft. The present occupancy charge is greater than 90 p.c.  The zoning for this property permits for multifamily, however the website’s greatest use is to proceed operations as an assisted dwelling facility, Hilco stated in its assertion.   Tandy Village is situated at 2601 Tandy Avenue, about 4 miles east of downtown Fort Price. The power was constructed in 1982 and renovated in 2015. It's licensed for 160 beds and spans almost 70,000 sq. ft. The power has two buildings and sits on virtually 4 acres.  The power was cited for the presence of flies and fruit flies in a Might 2023 well being inspection; the services had been cited once more in December for a similar violation, the Star-Telegram reported.   Hilco is an actual property bridge lender primarily based in Northbrook, Illinois. The agency makes a speciality of transactions like chapter gross sales.  The agency was behind the chapter sale of land parcels alongside the Interstate 35 hall between Austin and Dallas-Fort Price. The parcels had been situated on the south facet of Georgetown, a metropolis about 30 miles north of Austin. Georgetown is among the fastest-growing cities in Texas; it added greater than 22,000 residents between 2020 and 2023.  Learn extra [ad_2] Supply hyperlink

[hakesbros]

Low-cost Homes For Sale In San Antonio, Tx

“The value per sq. foot additionally noticed an increase of 35 p.c, now at $186,” statistics show. Data from the San Antonio Board of Realtors saw the median value of a home exceed $300K for the first time ever last November and prices have been steadily climbing ever since. Ralston declined comment on the sale, and the property's listing agent didn't return a cellphone inquiry concerning the transaction. After sitting in the marketplace since 2018 and having its price dropped by practically homes for sale san antonio a third, nation music superstar George Strait's eight,000-square-foot San Antonio estate has lastly modified arms. Dallas’s local economy is a combination of aerospace, laptop chips, telecommunications, transport, vitality, and healthcare sectors and the Finance and Business Services. These sectors are all providers of fine wages which allows for a robust marketplace for Dallas funding properties.

Get the latest native and nationwide sports headlines delivered to your inbox each morning. Receive email alerts anytime there might be breaking information or a extreme weather alert. The restaurant firm sticks to enlargement plans regardless of pandemic-fueled development delays. Manhattan’s largest workplace landlord and the gambling firm are the latest to consider a New York on line casino.

REALTOR® Tamara House misplaced her eldest son, but she used his life aim to rally a neighborhood around kids with special needs. Grant’s House, which serves school-age youngsters and rising adults with mental and developmental disabilities, has raised $3.6 million in reminiscence of her son to supply after-school and summer applications. House has used her skills as a home rehabber to renovate the 50,000-square foot constructing. 2020 REALTOR® Good Neighbor Greg Masucci opened a farm program four years ago that employs intellectually and developmentally disabled teenagers and young adults as growers.

There have been 5,202 homes for sale in San Antonio as of October 25, 2022. There were 2,385 new listings throughout the last 30 days as properly. The more homes on the market, the more selections patrons have. Use our mortgage calculatorto see how much it will be to finance a house in San Antonio. In-depth analysis and insights on the commercial real estate market, with a concentrate on multifamily, office, industrial, and retail properties. Active listings in the MSA reached 9,671 in September—the highest quantity in over a decade.

Visit the Briscoe Western Art Museum- If you’re a fan of the historical past and tradition of the Old West, you’ve moved to the proper city. San Antonio calls again to its roots with this art museum full of artifacts and reveals of a time not-so-long-gone. Take a gander at completely preserved stage coaches, masterfully woven Apache baskets, and sculptures that inform homes for sale san antonio a compelling story that each Texan can relate to. See a band at Francis Bogside- Located in San Antonio’s Southtown, Francis Bogside is a contemporary Irish pub with a well-earned status as a premier spot for great food and reside music.

San Antonio’s rapidly rising economic system means that most of the youngsters born right here will stay right here, fueling the San Antonio real estate market for one other generation. There is lots of building exercise happening particularly in the entry-level single-family homes to fulfill the principles of supply and demand. This will convey in additional small potential patrons in search of homes beneath $200,000. These are just a number of the highlights that make San Antonio a great place to reside and put money into real estate.

REALTOR® PartyA powerful alliance working to protect and promote homeownership and property investment. Commentary from NAR experts on technology, staging, placemaking, and real estate tendencies. A highly effective alliance working to guard and promote homeownership and property funding homes for sale san antonio. Analysis of economic market sectors and commercial-focused points and trends. Only one metro area—New Orleans—saw year-over-year home-sales growth, up thirteen.9%. The smallest declines have been in Newark (-5.4%), Buffalo (-5.6%), Allentown, PA (-7.4%) and Oklahoma City, OK (-8.3%).

San Antonio's premier luxurious actual estate firm, the Phyllis Browning Co., has added the historical Robertson House in Olmos Park to their portfolio. CENTURY 21®, the CENTURY 21 Logo and C21® are service marks owned by Century 21 Real Estate LLC. Century 21 Real Estate LLC totally supports the ideas of the Fair Housing Act and the Equal Opportunity Act. Listing info is deemed dependable however not assured accurate.

[smallcommercialrealestateloans]

Six-Property Apartment Portfolio Trades in Denton

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April 23, 2020

A Dallas-based entity acquired a six-property multifamily portfolio in Denton, a portfolio deal arranged by Walker & Dunlop’s Kyle Palmer. Palmer also partnered with the firm’s Jeremy Nussbaum to arrange bridge financing through a national debt fund.

Although the purchase price wasn’t disclosed, published reports say the six properties were most recently assessed at nearly $36 million. They include Locust 210 Lofts, Victoria Heights, Victoria Station, Victoria Village, The Adagio and Locust Street Terrace Apartments.

Totaling 325 units and more than 18,000 square feet of commercial space, the portfolio represented an opportunity to invest in the high barrier-to-entry Denton submarket. The acquisitions expand the buyer’s existing Texas portfolio, which includes Madison Park, Wyndham Pointe, and Oasis Springs.

The properties were built between 2009 and 2014 and were 94% leased at the time of sale. The buyer intends to invest $3.2 million toward interior renovations and exterior capital improvements.

Connect With Walker & Dunlop’s Palmer

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Get CRE News in 150 words

For comments, questions or concerns, please contact Paul Bubny

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Tags: Apartments & Multifamily, Broker, Sale

[ivanoberon]

**Flip of the month with only $12k! This Dallas home was purchased by an experienced investor duo who had recently executed on another fix & flip that we/CIVIC financed. The borrowers used a portion of those profits to cover the down payment for this new deal and to self-finance the rehab. This was a dark and cluttered home that did not have any flow or consistency throughout the property. The borrowers opened up the floor plan and brought in a lot of natural light, which in turn helped create a more comfortable and inviting layout. With only $12,000 spent in renovations, huge impactful changes were made. Within just a few months, they were able to quickly rehab, list, and sell the property in its gorgeous, upgraded condition. Do you want to be my next story? #topproducer, #motivation, #fixandflip, #investing, #directlender, #instagram, #follow, #followme, #maxout, #passiveincome, #investing, #wealth, #wealthcreation, #realestate, #privatemoney #privatemoneylending, #privatemoneylender #equity, #cashflow, #realtors, #jointventure, #hustle, #instarealestate, #instarealtor, #retirement, #multifamily, #cashoutrefi, #development, #bestoftheday https://www.instagram.com/ivanoberon/p/BwpIehwHZdD/?utm_source=ig_tumblr_share&igshid=4q69m3cxjbh4

[renurenovationcompany]

Top 5 Benefits of Professional Restoration Construction Services

When disaster strikes or unexpected damage occurs, the need for professional restoration construction services becomes apparent. Whether it's water damage, fire damage, or structural issues, professional restoration services offer a range of benefits that can help you get your property back to its former glory efficiently and effectively. Here are the top five benefits of investing in professional restoration construction services:

1. Expert Assessment and Comprehensive Solutions

One of the primary advantages of hiring professional restoration construction services is the expertise they bring to the table. Restoration experts are trained to assess damage thoroughly and identify underlying issues that may not be immediately visible. They use advanced tools and techniques to evaluate the extent of the damage and develop a comprehensive restoration plan. This thorough approach ensures that all aspects of the damage are addressed, preventing further complications and ensuring a complete restoration.

2. Efficient and Timely Restoration

Time is of the essence when dealing with property damage. Professional restoration services are equipped with the knowledge and resources to handle repairs swiftly and efficiently. They understand the urgency of getting your property back to normal and work diligently to minimize downtime. By employing industry best practices and leveraging their experience, restoration professionals can streamline the restoration process, reducing the overall time needed for repairs and allowing you to return to your routine as quickly as possible.

3. High-quality workmanship and Materials

Restoration construction services pride themselves on delivering high-quality workmanship and using top-grade materials. Professionals in this field have access to advanced tools and high-quality materials that are crucial for effective restoration. Their expertise ensures that repairs and replacements meet industry standards and that the finished result is durable and long-lasting. This attention to detail not only enhances the aesthetic appeal of your property but also ensures its structural integrity and safety.

4. Cost Savings and Insurance Assistance

While the initial cost of professional restoration services may seem significant, it can actually lead to cost savings in the long run. Restoration professionals can help you avoid costly mistakes and additional repairs by addressing issues correctly the first time. Additionally, many restoration companies work closely with insurance providers, assisting with the claims process and ensuring that you receive the compensation you're entitled to. Their experience with insurance procedures can help expedite claims and reduce out-of-pocket expenses.

5. Peace of Mind

Dealing with property damage can be stressful and overwhelming. By hiring professional renovation contractors, you gain peace of mind knowing that experts are handling the situation. Professionals provide a sense of reassurance by managing the restoration process from start to finish, allowing you to focus on other aspects of your life. Their expertise and commitment to quality ensure that the restoration is done right, giving you confidence that your property is in capable hands.

Conclusion

Professional restoration construction services offer numerous benefits, from expert assessments and efficient repairs to high-quality workmanship and insurance assistance. By choosing to work with experienced restoration professionals, you can ensure that your property is restored to its best condition, minimize disruptions, and enjoy peace of mind throughout the process. Investing in professional services not only addresses immediate damage but also provides long-term value and protection for your property.

[meraenthusiast]

3 Real Examples of Returns On Passive Real Estate Deals

Syndicate Investment Examples

We’ve all heard that hindsight is 20/20. It seems that we’re able to evaluate our past choices MORE clearly than at the time of the original choice.

This is especially true when it comes to investing. It’s easy to look back and see the best possible choices, what should have been done, and what would have been a smart decision.

Harnessing the ability to thoroughly understand your financial situation, identify actual financial goals, and commit to a plan of action are all easier said than done.

Most of us have good intentions for ourselves but sometimes it doesn’t work out as well as we hoped for.

Regarding passive real estate investments, specifically apartment syndications, it might help you understand them better by looking at:

the past performance of three multifamily projects

how much they returned to investors

the impact they’ve had in their respective communities

Keep in mind that, although these are based on actual projects and data, some identifying information has been adjusted to protect the privacy of the deals, partners, and investors. 

Let’s get started…

#1 Case Study – 320 Unit Syndicate Investment (Apartment)

In May of 2016, a 320-unit apartment was acquired for $26.6 million. The class B apartment community was built in ‘83 in a rapidly growing submarket of the Dallas-Fort Worth area. 

Business plan

The business plan included on-site operations improvement and renovations for each unit for a full value-add deal. Upon acquisition, a professional property management team was put into place.

They maximized operational efficiencies and executed each phase of the business plan perfectly.

Results

Within 18 months, the renovations were completed, and, since the market was favorable, the team sold the property for $35.2 million.

This means by the time the property sold and everything was finalized, which actually took 22 months total, they’d exited the value-add real estate syndication with a profit of $8.6 million dollars. Not too bad in that short period of time.

But what does this mean for investors? 

Let’s pretend you’d invested $100,000 into this particular deal as a passive investor.

You would have ended up with $170,000 in less than two years from your initial investment date.

A $70K profit in 22 months with zero work? I’d take that all day long….

#2 Case Study – 216 Unit Apartment Community

The next example is also in the Dallas-Fort Worth area but only had 216 units and was built in ‘81.

Although dated, it was a nice class B asset in a growing submarket of the metroplex. 

One key difference between this example and the one above is that this apartment complex hadn’t been publicly listed. It was acquired off-market because of a partner/broker relationship established prior.

They had a great track record and were able to make a quick, favorable deal without the challenge of competing against other potential buyers.

For $12.2 million the deal was done. The team rebranded and repositioned the property and invested several thousand per unit for renovations. 

Results

In just 18 months, the property sold for $18.25 million. They exited this particular real estate syndication deal with over a $6 million dollar profit. 

If you were an investor in this deal with a $100,000 buy-in, you would have exited the deal with $200,000 just a year and a half later.

I don’t know too many places you can double your money that quickly.

#3 Case Study – 200 Unit Apartment Complex

Our final syndicate investment is a more current project that was acquired off-market in December of 2017 for $16 million.

This 200-unit apartment community, also a class B asset, is in the Dallas-Fort Worth area like the other two. 

Since it’s an ongoing deal, let’s dive deeper and study the progress.

May 2018 (6 months after purchase)

By now 38 units have been remodeled and new rental rates are $20 more than original projections. So, basically, we’re ahead of schedule – renovations-wise and rental rate-wise, which is great news.

I get that $20 per unit doesn’t sound too exciting. But when you talk about raising the rent per unit not only to a projected value, but $20 more than that…that’s when things really start to add up.

38 renovated units x $20 = $760 per month and $9,120 per year.

At a conservative cap rate of 10%, this adds $91,200 of unexpected, positive equity to the property. 

Other projects completed within the first 6 months include:

an outdoor kitchen

new dog park

rebranding with new signage

construction of over 40 carports

December 2018

Renovations continued to run smoothly and new units are achieving rental premiums beyond projections. In fact, as a result of the increased rental rates, investors are receiving an additional 2% in returns this month. 

That means investors who put $100,000 in are receiving an extra $2,000 above and beyond the standard returns which have been about 0.67% or $667/month. 

February 2019

This property and the team are consistently outperforming projections. In fact, within the first year, it experienced a 26.4% surplus which will allow a refinance deal to go through at the end of the month. 

That’s exciting news because, with these kinds of numbers, investors will receive 40% of their capital back while still maintaining the same cash-on-cash returns based on the original value invested. 

What that means is the property is performing SO well that the team is okay pulling some of the originally invested capital out of the project. 

If you’d originally invested $100,000, not only would you have been receiving your $667 each month, plus the $2,000 bonus back in December, but now you’ll receive a check for $40,000 of your original investment back with no change to your monthly returns. 

Do I have your attention yet?

August 2019

Renovations including eco-friendly toilets and shower heads have been completed on 135 out of 200 units.

Not only are the renovated units renting for an astounding $80 over projections, but we’re also saving tons of cash on the overall utility costs for the property. 

Future

All renovations on this property to complete the value-add process should be done in just a few months. At that point, the team will either choose to sell or hold the asset until market conditions are most favorable. 

Either way, this passive syndicate investment has been a huge success, and residents and investors alike are very happy. 

Invest In Yourself

The #1 thing holding back potential investors is education. 

I get it. All of these types of passive investment returns sound GREAT but it’s also scary whenever you put your own money on the line.

I was there only a few short years ago so I can understand what you may be going through.

Self-education toward understanding real estate syndications can be time-consuming and require a lot of energy upfront before you feel comfortable.

The case studies above are all real projects.

None of the returns or the performance of the projects have been fabricated. 

What can you do today, that your future self will thank you for?

Investing in your financial education is one of the best ways to jump-start the progress toward your success two, five, or ten years from now.

Look back at the syndicate investment deals mentioned here. Within 2-3 years the amount of income these investments have generated is absolutely impactful, to anyone’s life. 

Are you ready to get started?

Join the Free Passive Investors Circle today.

The post 3 Real Examples of Returns On Passive Real Estate Deals appeared first on Debt Free Dr..

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[internationalrealestatenews]

[ad_1] Greystone is loaning tens of millions for multifamily property close to the Texas-Oklahoma border. The New York-based agency has supplied $15.4 million in bridge-to-agency financing for a five-property multifamily portfolio in North Texas, MultifamilyBiz reported. Greystone managing director Lance Wright issued the mortgage.  The borrower, an undisclosed Texas-based household workplace, goals to make use of the funds to refinance and renovate the properties — three in Sherman and two in Denison.  The properties, constructed within the Sixties and Nineteen Seventies, includes a complete of 189 items. They're set to bear intensive renovations.  Following the renovations, Greystone plans to transition the portfolio to everlasting financing by means of company channels. The 2-year, interest-only bridge financing has two six-month extension choices. Individually, Greystone issued $16.1 million in January to refinance 4 multifamily property totalling 136 items in Smith County, about 90 minutes southeast of Dallas, in line with Yahoo! Finance. Every of the fixed-rate loans carries a 10-year time period, with a 30-year amortization. A little bit greater than 11 % of Greystone’s business actual property loans are delinquent, rating second among the many 21 most lively companies on this realm, in line with a research by CRED IQ. Greystone pushed again in opposition to the report, nonetheless, saying there “are not any delinquent loans in any CRE CLO issued or managed by Greystone or its associates.” The cities of Sherman and Denison, each in Grayson County, are over an hour north of Dallas. Denison, dwelling to about 26,000 folks, grew by an estimated 6.7 % between 2020 and 2023, including about 1,700 residents to its inhabitants, in line with the Texas Demographics Middle. Sherman’s inhabitants is a little bit beneath 46,000. It grew about 5 % between 2020 and 2023, including about 2,000 residents. —Quinn Donoghue  Learn extra [ad_2] Supply hyperlink

[heartfelthotinhouston]

Real-Estate Investor common mistakes!

Bill Rapp here with the Heartfelt and Hot in Houston Blog, and this is our newest segment: Real-Estate Investor common mistakes! The multifamily real estate market is booming, and many new passive investors want to get in on the potentially lucrative investments that multifamily properties offer. In the 10 years I’ve been in the real estate business as a real estate lawyer, property manager and syndicator, I’ve seen some investors make the same mistakes over and over again. By pointing them out and discussing how they can impact a multifamily real estate investment, I’m hoping that I’ll be able to help others avoid making these common mistakes. Real-Estate Investor common mistakes! Mistake No. 1: Investing Emotionally Instead of making a multifamily real estate investment based on balance sheets and merit, some investors make what I call an “emotional investment” in a property. Some investors see a property and become emotionally attached to it because it’s a beautiful new building, or because it’s located in a trendy neighborhood and they want to be a part of it. This is a situation where emotion takes over and common sense goes by the wayside, which is a huge mistake. The problem is that emotion clouds judgment and, often, people ignore the signs that they may be overpaying for the property simply because they like it. Unfortunately, an emotional investment often ends up costing the investor money. When you buy a property, focus on what the numbers are telling you: how much upside the deal has, how much will it cost to manage it and the rent growth in the submarket. Avoid focusing too much on how pretty the building is or how “trendy” it is to buy in a certain market. Real-Estate Investor common mistakes! Mistake No. 2: Counting On Appreciation When investing in a multifamily property, investors earn profits from two main sources. The first is income or cash flow (rents and other income the property generates, such as fees on reserved parking, etc.); the second is appreciation (the profit you make when the property sells). When evaluating a multifamily investment, it’s important to look at the cash flow because that’s where the income will come from prior to selling the property. Some investments have little cash flow but have the potential for strong appreciation. This is generally in core markets like San Francisco, New York and Los Angeles, where properties have a 1% to 3% capitalization (cap) rate and negative or zero cash flow. On the other side of the equation are properties in the Midwest, where there’s high cash flow but minimal property appreciation. (Cap rate is the ratio between the net operating income, or NOI, and the purchase price. The lower the cap rate, the more you’ll pay for the property, which is why sellers try to sell their properties at the lowest possible cap rate). The mistake that some investors make is to count on very high appreciation where they hope to make a “killing” on the property when it sells. However, that’s a risky proposition because you really never know when or if there will be an option for appreciation when it’s time to sell. For example, if there’s a recession, there could be zero appreciation. There are ways to increase the cash flow from multifamily properties. One way is by upgrading or renovating the property and then increasing rents. Another way to increase cash flow is to reduce operational expenses. Whichever option is used, it’s beneficial to investors to have additional income. The key for investors is to have a well-balanced market that generates both appreciation and operational income. That way if one of the potential income streams is weak or changes, you can have income from the remaining one. For that reason, I like to buy properties in markets that provide both positive cash flow of at least 7% and appreciation, such as Atlanta; Jacksonville, Florida; and Dallas. Mistake No. 3: Focusing On The Wrong Market Many investors choose a market simply because they’re familiar with it. For instance, they buy properties where they live because they know the city and the surrounding area. However, counting on familiarity when it comes to buying properties can cost you money. There’s another problem if the property is located in a smaller market. Smaller markets may have higher cash flow due to lower purchase prices and higher cap rates, but those properties won’t be able to sustain prices if there’s a recession. Solid markets like Orlando, Florida, or Atlanta would be able to sustain prices. (That’s why I choose to invest there.) Markets with a CoC of 7% to 8% are preferable to smaller markets that now offer investors 10% CoC. (CoC is the cash-on-cash return used to evaluate the performance of a real estate investment. It takes the property’s annual net cash flow and divides it by the investment’s down payment.) While I live in Southern California, I only purchase properties in Texas, Florida and Georgia, and I’m constantly flying out to those areas to find and evaluate deals. That’s where I find properties with a CoC of 7% to 8%. Research each market to ensure there are new jobs coming into the market and that vacancy rates are dropping. Those are benchmarks for a good market to invest in. Once you acquire a property, hire a local property manager to manage the asset. Summary Avoiding these three common mistakes made by passive real estate investors will help to ensure that you’re investing in properties with high potential. Make sure you don’t base your investment on emotions — check the numbers, and make sure you have a positive cash flow. Don’t purchase a property based solely on potential appreciation, because you never know when or if the property will appreciate. Balance appreciation with rental income for a sound investment. Finally, make sure you focus on the right market. Look for ones with a CoC of 7% to 8% in areas that have good job growth and declining vacancy rates. By avoiding the common mistakes passive real estate investors make, you’ll help ensure a sound investment. That is all for today folks from the Heartfelt & Hot In Houston Blog, make it a great day! The inspiration for today’s edition came from this original article: https://www.forbes.com/sites/forbesrealestatecouncil/2020/02/03/the-three-most-common-mistakes-passive-real-estate-investors-make/#381d91022b70 If you are seriously considering moving right now you need to take action right now and talk to a reputable Real Estate & Mortgage Broker today, please call 281-222-0433 or visit: https://www.zillow.com/lender-profile/BillRappMortgageViking http://www.homesforheroes.com/affiliate/bill-rapp-1 https://www.billrapponline.com/ https://twitter.com/BillRappRE https://caliberhomeloans.com/wrapp https://onlineapp.caliberhomeloans.com/?LoanOfficerId=21493 https://mortgageviking.billrapponline.com https://highcostarea.billrapponline.com https://commercial.billrapponline.com https://doctorvideo.billrapponline.com https://doctorvideo.billrapponline.com https://sba.billrapponline.com/ https://veteransvideo.billrapponline.com https://fha203h.billrapponline.com https://privatemoney.billrapponline.com https://rei-investor.billrapponline.com https://manufacturedhousing.billrapponline.com https://www.youtube.com/channel/UCsF3Rh4Akd1OAOAgTmzgqQg       Read the full article

[valoansdallastx]

VA Loans in Spring Valley Texas

Contents

Specialist shirley mueller.

Personnel deployed overseas

Houston-area mortgage sources

Home loan limit

Beautiful outdoor spots.

Curtis christian. md. (2-1) highland springs

The Houston, TX loans for the acquisition, renovation, and stabilization of two Class A, multifamily properties located in the Spring Branch Submarket of. and interest and operating reserves. The. "The other was the Texas, Oklahoma and Louisiana area. a 3,550-acre nature preserve, park and planetarium. Spring in the.

VA Loans in Texhoma Texas Texas Vet & VA Loan specialist shirley mueller. Since 2003 Shirley has originated well over 1500 Texas Veteran and VA Loans. She has helped Veterans in almost every possible circumstance including active duty personnel deployed overseas, returning home, or with PCS orders.Read More

Mobile Home Loans – Houston, Texas Mortgage Companies Who Specialize in Manufactured Homes. All of the houston-area mortgage sources we list below have worked with us on mobile home loans within the past twelve months.

I’ve seen too much good football from him in games last year and in practices this past spring and in training camp to.

West Texas VA Health Care System, this web site provides you all the information you might need concerning our facilities and Veteran programs

Land Loans. The VLB Veterans Land Loan Program is the only one of its kind in the nation-giving Texas Veterans and Military Members the opportunity to borrow money to purchase land at below-market interest rates while only requiring a minimum 5% down payment.

VA Loans in Waco Texas The 2019 $0 down, VA home loan limit for McLennan County is $484,350. Welcome to the beautiful area of McLennan County, which is home to some of the friendliest people and best dining options.Located in central Texas, McLennan County is home to some of the most beautiful outdoor spots.You are sure to have a great time at any of the exciting attractions in the county.

While the VA does not lend money for VA loans, it backs loans made by private lenders (banks, savings and loans, or mortgage companies) to veterans, active military personnel, and.VA Loans in The Hills village Texas VA Loans in Shiner Texas The 2019 $0 down, VA home loan limit for Lavaca County is $484,350.

The biggest jumps this week are six spots in the Elite 25, going to No. 17 Longview (Texas) and No. 18 John curtis christian. md. (2-1) highland springs, Va. (3-0) La Salle College, Wyndmoor, Pa.

VA Loans in Tuleta Texas Texas Loans Trenton VA – Valoanmissouricitytx – VA Loans in Tuleta Texas Most VA lenders will allow a cash-out loan amount up to 90 percent of the appraised value (up to 80 percent in Texas). For example, a borrower has a loan amount of $100,000 and wants to refinance to a.

VA Texas Valley Coastal Bend Health Care System: 2601 Veterans Drive Harlingen, TX 78550 956-291-9000 Or 855-864-0516 519: West Texas VA Health Care System: 300 Veterans Blvd. Big Spring, TX 79720 432-263-7361 Or 432-263-7361 549

Let Caliber Home Loans Inc. guide you home by helping you take the first step towards buying or refinancing your dream home with one of our Loan Consultants.

To reach the nearest VA Regional Office with Loan Guaranty operations, please call 1-877-827-3702, with hours of operation from 8am to 6pm, EST. Department of Veterans Affairs VA Regional Office Loan Guaranty Division (26) 459 Patterson Rd. Honolulu, HI 96819 *Although not an RLC, this office is a fully functioning Loan Guaranty operation for Hawaii.

The post VA Loans in Spring Valley Texas appeared first on VA Loans Dallas TX.

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[feetglider2-blog]

April construction starts retreat 15 percent in April after sharp gains in March: Dodge

The value of new construction starts in April fell 15% to a seasonally adjusted annual rate of $685.2 billion, pulling back following the 16% hike that was reported in March, according to Dodge Data & Analytics.

Steep declines were registered by two of the three main construction sectors. Nonbuilding construction, which is comprised of public works and electric utilities/gas plants, plunged 31% from its elevated March amount which was lifted by the start of the $4.3 billion Calcasieu Pass liquefied natural gas (LNG) export terminal in Cameron LA. Nonresidential building fell 18% in April after being boosted in March by groundbreaking for the $1.6 billion Toyota-Mazda automotive manufacturing facility in Huntsville AL, among other large projects.

Nonresidential building in April did receive support from the start of the $1.3 billion new airport terminal project at Kansas City International Airport. Meanwhile, residential building in April decreased 1%, as a modest rebound for multifamily housing was outweighed by further slippage for single family housing.

During the first four months of 2019, total construction starts on an unadjusted basis were $224.5 billion, down 8% from the same period of 2018. On a twelve-month moving total basis, total construction starts for the twelve months ending April 2019 held steady with the corresponding amount for the twelve months ending April 2018.

April’s data lowered the Dodge Index to 145 (2000=100), down from 171 in March. Taking the average for March and April produces an Index reading of 158, which is above the 150 average for January and February, yet still below the 171 average for all of 2018.

“The construction start statistics can be volatile on a month-to-month basis, and that’s certainly been true in March and April, as a 16% jump was followed by a 15% decline,” Robert A. Murray, chief economist for Dodge Data & Analytics, said in a statement. “Much of the volatility can be attributed to the presence or absence of large projects – in March there were ten projects valued each at $500 million or more that reached groundbreaking, while April saw only two such projects.

“Amidst this volatility, there are several trends about 2019 construction activity that are beginning to emerge. Overall construction activity continues to show deceleration around an up-and-down monthly pattern, with a varied performance by major construction sector.

“The public works side of nonbuilding construction got off to a slow start in 2019, which at least through March was partially offset by an upturn for electric utilities/gas plants. Some improvement for public works is expected as the current year proceeds, given the fiscal 2019 federal funding approved back in February as well as the continued support of state construction bond measures. Nonresidential building is staying close to its pace of last year, helped by continued strength for office buildings, hotels, educational facilities, and transportation terminals. The multifamily side of residential building is retreating, even with the occasional monthly upturn, while single family housing has not yet provided evidence that it can rebound from the slower pace that took hold towards the end of last year.”

Nonbuilding construction in April plunged 31% to $147.2 billion (annual rate), which followed a 40% surge in March. The $4.3 billion LNG export terminal in Louisiana that was included as a March start caused much of this volatility – if this project is excluded, the decline for nonbuilding construction in April would have been a more moderate 9% following a 7% increase in March. The electric utility/gas plant category plummeted 87% in April, reflecting both weak activity for the month and the comparison to March that included the $4.3 billion LNG export terminal.

The public works categories as a group dropped 5% in April, slowing after a 21% increase in March. The miscellaneous public works category (which includes site work, rail transit, and pipelines) fell 29%, although April did include the start of a $307 million rail transit extension at Hartsfield-Jackson International Airport in Atlanta GA and a $290 million riverfront revitalization project in Omaha NE. Declines were also reported in April for water supply construction, down 17%; and river/harbor development, down 40%. On the plus side for public works, sewer construction in April climbed 88%, led by a $631 million water pollution control effluent tunnel in Carson CA and a $412 million sewer project in Redwood City CA. Highway and bridge construction in April edged up 1%, rising for the second month a row after declines in January and February.

Supporting April’s improved highway and bridge amount was $253 million for the start of renovation work on the Throgs Neck Bridge in the Bronx NY. The top five states for highway and bridge construction starts in April, ranked by dollar volume, were – California, Texas, Florida, New York, and Ohio.

Nonresidential building in April dropped 18% to $248.5 billion (annual rate), which followed a 24% increase in March. The manufacturing plant category fell 72% in April after soaring 90% in March that included the $1.6 billion Toyota-Mazda automotive manufacturing plant in Alabama. By contrast, the largest manufacturing plant project that reached groundbreaking in April was a $250 million paper mill in Green Bay WI. The institutional side of nonresidential building decreased 9% in April, which reflected a mixed pattern by project type.

The amusement-related category fell 50% after being boosted in March by the $850 million renovation of the KeyArena in Seattle WA. Healthcare facilities fell 29% in April following growth during the previous two months, while the public buildings category (courthouses and detention facilities) dropped 22%. On the plus side, the transportation terminal category soared 159% in April, lifted by the $972 million terminal building portion of the $1.3 billion new airport terminal project at Kansas City International Airport. Educational facilities grew 6% in April, registering improvement for the second month in a row after a lackluster performance in January and February. Large high school projects that reached groundbreaking in April were located in Fall River MA ($215 million), Upper Arlington OH ($140 million), and Santa Monica CA ($98 million). The top five states for K-12 school construction starts in April, ranked by dollar volume, were – Texas, Ohio, California, Washington, and Massachusetts.

The commercial building categories as a group fell 16% in April, after a 22% rise in March. Hotel construction dropped 51% from its March amount, which featured the start of the $850 million hotel portion of a $1.1 billion hotel and theater redevelopment project located in Times Square New York City. The largest hotel project that reached groundbreaking in April was a $229 million Embassy Suites hotel in Nashville TN. Office construction in April retreated 9% from its March amount, which included such projects as a $750 million Facebook data center in Sandston VA, the $550 million Norfolk Southern headquarters building in Atlanta GA, and a $300 million CloudHQ data center in Ashburn VA. In April, new data center projects continued at a brisk pace, with six projects valued each at $100 million or more reaching groundbreaking, led by a $315 million Facebook data center in New Albany OH.

Other noteworthy office projects in April were a $300 million upgrade to the One Post Office Square Tower in Boston MA, a $170 million office building in Chicago IL, and two Charles Schwab office buildings in Westlake TX valued at $84 million and $81 million respectively. The top five metropolitan areas for office construction starts in April, ranked by dollar volume, were – Dallas-Ft. Worth TX, New York NY, Boston MA, Columbus OH, and Portland OR. Store construction weakened in April, sliding 25%, while warehouse construction dropped 12%. The commercial garage category was the one commercial project type that posted an April gain, rising 33% with the boost coming from the $288 million garage portion of the new airport terminal project at Kansas City International Airport.

Residential building in April slipped 1% to $289.5 billion (annual rate), receding for the third month in a row. Single family housing dropped 4%, and April’s level of activity was down 9% from the average monthly pace during 2018. By geography, single family housing in April showed this pattern relative to March – the South Atlantic, down 8%; the Northeast, down 6%; the South Central, down 5%; the West, down 1%; and the Midwest, up 8%. Multifamily housing in April advanced 5% after a 9% decline in March, but April’s level of activity was still down 18% from the average monthly pace during 2018. There were ten multifamily projects valued at $100 million or more that reached groundbreaking in April, led by the $220 million multifamily portion of a $300 million mixed-use development on Wilshire Boulevard in Los Angeles CA and a $200 million apartment building in the Bronx NY. The top five metropolitan areas ranked by the dollar amount of multifamily starts in April were – New York NY, Los Angeles CA, Miami FL, Chicago IL, and Austin TX.

The 8% downturn for total construction starts on an unadjusted basis during the January-April period of 2019 was the result of lower activity for each of the three main construction sectors. Nonresidential building decreased 3% year-to-date, with respective declines of 4% and 37% for institutional building and manufacturing building, while commercial building was able to post a 5% gain. Nonbuilding construction dropped 10% year-to-date, as a 21% retreat for public works was partially offset by a 94% jump for electric utilities/gas plants. Residential building fell 12% year-to-date, with single family housing down 8% and multifamily housing down 20%. By major region, total construction starts for the first four months of 2019 revealed this pattern compared to last year – the Midwest, down 17%; the South Atlantic, down 11%; the West, down 9%; the Northeast, down 7%; and the South Central, up 1%

Useful perspective comes from looking at twelve-month moving totals, in this case the twelve months ending April 2019 versus the twelve months ending April 2018. On this basis, total construction starts essentially maintained the same volume as the previous period. By major sector, nonresidential building rose 4%, with commercial building up 9%, manufacturing building up 7%, and institutional building unchanged. Residential building held steady with the previous period, with single family housing unchanged and multifamily housing up 1%. Nonbuilding construction dropped 6%, with electric utilities/gas plants down 1% and public works down 7%.

Source: https://chicagoconstructionnews.com/april-construction-starts-retreat-15-percent-in-april-after-sharp-gains-in-march-dodge/

[chrisvarneyus]

Do You Need a Business Plan for Apartment Investing?

Apartment Investing Business Plans: What You Should Know 

While to some, apartment investing may sound like a passive hobby, for most successful real estate investors, it’s a highly involved business endeavor. So, if you want to give yourself the greatest chance of succeeding in the multifamily investing game, writing an effective business plan is key. No matter the size of your potential investment, a business plan can help clarify your goals, as well as bringing potential obstacles to your attention. 

However, if you plan to purchase multiple properties, or if you’re considering bringing in business partners or outside investors, creating a business plan is even more important, as you’ll likely need to share it with them in order to get their approval. Plus, the simple act of creating a business plan may help you gain ideas and insights that can make your investments even more lucrative. And, if you already own a multifamily property and are looking to upgrade it, refinance it, or simply make it more profitable, having a solid business plan is equally essential. While some of the below, such as choosing the market you want to invest in, may be redundant, most of the information is still highly relevant.

Elements of a Successful Apartment Investing Business Plan

Depending on the nature of your investment goals, you may want to have a specific business plan for each property you acquire, as well as an overarching business plan for acquiring a larger number of properties. While multifamily business plans can vary significantly in nature, they generally have a few shared components. These include: 

Mission Statement

Investment Strategy

Target Market (Geographic and Demographic)

Property Financing

Marketing Strategy

Financial Projections

Exit Strategy

Legal, Accounting, and Asset Management

Mission Statement: A mission statement is generally a one to two sentence explanation of why you are doing business. Ideally, this statement should include both what you plan to get out of the business arrangement, as well as what you hope to provide others. For an individual apartment building, a mission statement could be “Our building will generate wealth for my investors and I while creating a safe, comfortable, and enjoyable place to live for our residents.” For a larger-scale investment plan, a mission statement could be “I will utilize multifamily investing to generate wealth for my investors and I by acquiring 200 units over the next 5 years, while providing residents great places to live and excellent customer service.”

Investment Strategy: In essence, the investment strategy summarizes what type of property you will invest in and how you will make it profitable. This is a bird’s eye view, and can also include mentions of your plans for financing, property management, renovations, exit strategies, and other important elements, which you can elaborate on in future sections. 

For instance, a specific plan could say “We plan to acquire a class C 15-25 unit property in the Atlanta, Charlotte, or Charleston markets, upgrade it to a class B property, and raise rents by 10-15%. We will hire an outside property management company to take care of management responsibilities, and plan to finance the property with a 70% LTV loan.”  

Target Market (Geographic and Demographic): Choosing a target market, or markets is essential, both from a geographic and demographic standpoint. Geographically, you’ll want to answer questions such as: What markets do I want to invest in? What submarkets? Which are the best neighborhoods to invest in those locations? Demographically, you’ll want to answer questions such as: Who is our ideal customer? How old are they? How much money do they make? What do they look for in a place to rent? How do we best market to them? 

For instance, a plan could say “We will be investing in a property in the Dallas, Texas market, in the Arts District submarket. Our target demographic will be singles and young couples making between $65,000 and $85,000 per year. We plan to reach them with targeted online video ads, local morning radio ads, and posters throughout the local community.” 

Property Financing: This section should describe how you will finance your property using debt and equity. Equity includes all sources of cash that will be used to finance the property, and should include details any GP/LP investments and/or joint ventures that are planned. In terms of debt, details could include the amount and type(s) of debt that an investor plans to use on the property, the anticipated LTV, and the expected interest rate of the debt. For instance, a plan to purchase a $4 million apartment building might say “I, as GP, will contribute $100,000 of equity. LP investors are expected to contribute an additional $900,000 of equity, for a total of $1 million. We plan to take out CMBS or small agency loan of $3 million at 75% LTV, with an expected interest rate of around 5%.” 

Marketing Strategy: Marketing is very important to the apartment investment process, especially if the property you want to acquire currently has occupancy issues, or you want to rehabilitate and rebrand it in order to raise rents. Potential marketing efforts could include online paid advertising and social media, local radio and television ads, fliers, and sponsorships of local organizations and events. For apartments geared toward college students, campus-wide promotions may also be ideal. 

A good business plan should include which marketing efforts you plan to use, how much you plan to spend, and what your expected/desired result is. A plan might say “We will use paid online advertising and local fliers, posters, and banners, some which may be the result of sponsorships. We plan to spend $10,000 on paid online ads and $5,000 for fliers, banners, posters and associated ad costs over a 3-month period until we reach 98% occupancy.” 

Financial Projections: Without making financial projections, you won’t be able to measure your profitability goals against your actual progress. Even more importantly, lenders generally require detailed financial plans before approving a borrower for a loan, so if you want financing, you’ll need to create a reasonable estimate of what the future may hold. This typically takes the form of a pro-forma profit and loss (P&L) statement that you will present to your lender. However, for your own purposes, you may wish to create both best and worst case scenarios of your statement, in order to create backup plans and determine how to best respond to various opportunities or setbacks. In addition, you will want to list the basic assumptions you have made in your projections (i.e. rents will increase by 1% over the next 5 years, occupancy will stay at approximately 95%, etc.). 

Exit Strategy: How long do you intend to hold your property or portfolio of properties? If you’re the GP, and you have LP investors, how and when will you return their funds? Will you engage in tax deferral strategies, such as utilizing a 1031 exchange to exchange your property for another piece of multifamily or commercial real estate? The exit strategy part of your business plan should answer all these questions and more. 

Property Management: Property management is another essential part of the apartment investing process. For very small properties (i.e. 5-10 units), some investors will take care of this themselves. However, most investors hire an external property management company to take care of this. In other cases, the owner or GP (or one of them) already owns a property management company and that company will take care of the management. Your business plan should state which of these options will be used and how much property management is expected to cost. 

If you’re involved in a deal where one of the other partners will be using their company for property management, beware of overcharging and make sure that all fees and financial arrangements are specifically detailed in writing. 

Legal, Accounting, and Asset Management: Every apartment investor needs both a good real estate attorney and an experienced accountant. In addition, larger investors with multiple properties may also want to retain the services of an asset manager, who can take a high-level view of an investment portfolio, monitor its health, and suggest ways to cut costs and increase profitability. So, who will you use? If you don’t know, how will you locate them and decide? How much will they cost, and are these costs reflected in your financial projections? Answering these questions will help put you on solid footing when it comes to assembling a professional team to assist you with your investment. 

The Best Multifamily Business Plans Are Flexible 

In the same way that 19th century Prussian military commander Helmuth von Moltke said “No plan survives first contact with the enemy,” no multifamily business plan will ‘survive’ contact with the real world. Markets change, lenders change requirements, and service providers adjust their costs all the time-- and your apartment investing business plan should reflect that. If you’ve realized that a new type of marketing could benefit your property, or that you want to look for properties in an entirely different market-- simply change your plan. Having a business plan is great, but it’s a template, not a stone carving, so allow it to guide you on your journey while not letting it restrict your choices. 

from Loan News https://www.multifamily.loans/apartment-finance-blog/do-you-need-a-business-plan-for-apartment-investing

[awawatchdog]

The Praedium Group Sells Legends at Chase Oaks in Dallas, TX

NEW YORK, March 14, 2019 /PRNewswire/ — The Praedium Group, a New York City-based national real estate investment firm, today announced the sale of Legends at Chase Oaks in Dallas, TX. The property was acquired in 2014. The announcement was made by Peter Calatozzo, Managing Director of The Praedium Group.

Built in 1997, this low-density property is surrounded on three sides by Watters Creek golf course and has access to the highly rated Plano Independent School District. The property consists of 32 two-story buildings with a majority of the units having direct access garages.

Praedium successfully executed a comprehensive capital upgrade program targeting both the common areas and the unit interiors. Praedium modernized the clubhouse by installing new hardwood flooring throughout, adding new furniture, art and light fixtures, and completing a remodel of the leasing offices, clubhouse bathrooms and demonstration kitchen. This renovation also included installing an outdoor fire-pit and pool-side lounge area, expanding the equipment in the fitness center and repurposing a maintenance shed into a "Wellbeats" virtual fitness studio. Praedium renovated over 20% of the unit interiors by installing stainless steel appliances, granite countertops, faux wood floors, updated hardware, modern lighting and two-inch blinds.

With the sale of Legends at Chase Oaks, Praedium has now fully liquidated Praedium VIII Multifamily Value Fund, L.P., its eighth flagship investment vehicle which was comprised of 19 properties totaling 5,200 units and had a total cost of approximately $1 billion. Praedium VIII was comprised of properties constructed from 1997 to 2015, and the Fund was invested between 2013 and 2016, across 16 different markets throughout the United States.

ABOUT THE PRAEDIUM GROUP

The Praedium Group is a privately-held real estate investment firm formed in 1991. Since inception, Praedium has completed over 360 transactions representing over $10 billion of capital, with a focus on market rate multifamily properties. Over the past 28 years, The Praedium Group has sponsored a series of nine private equity funds, as well as several separate investment vehicles. The commingled funds and separate accounts sponsored by The Praedium Group have attracted investors that include public and corporate pension funds, financial institutions, insurance companies, foundations and endowments. For more information, please visit www.praediumgroup.com

CONTACT: Great Ink Communications — 212-741-2977 Roxanne Donovan – 210906@email4pr.com Jimmy Lappas – 210906@email4pr.com

View original content to download multimedia:http://www.prnewswire.com/news-releases/the-praedium-group-sells-legends-at-chase-oaks-in-dallas-tx-300811683.html

SOURCE The Praedium Group

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[smallcommercialrealestateloans]

TruAmerica Sells Florida Community for $96M

The Retreat at Vista Lake. Image Courtesy of JLL Capital Markets

TruAmerica Multifamily has sold The Retreat at Vista Lake, a 640-unit, garden-style apartment community in Fort Myers, Fla., for $96 million. This sale marks the second largest multifamily transaction in the Fort Myers metro. 

The Retreat at Vista Lake first completed construction in 1990 and since has been renovated prior to the sale. The community comprises 32 two- and three-story buildings on 35 acres of land at 3701 Winkler Ave. Residents have access to amenities such as two resort-style pools, two spas, a fitness center, gazebo and grilling area, tennis courts, basketball courts, racquetball courts, dog park and a business center. The units average 867 square feet and parking is offered for all of the tenants.

The JLL Capital Markets team of Senior Managing Director Matt Mitchell, Senior Directors Zach Nolan and Brett Moss, Associate Drew Jennewein and Analysts Jarrod Smith and Bailey Smith, procured the buyer and represented TruAmerica in the transaction. The firm purchased the property back in 2017 from Starwood Capital Group for $66 million, according to Yardi Matrix.

Recently, TruAmerica announced the opening of a new Dallas office that will expand its national investment platform.

Original Source of Article

[constructionfirm]

Turner Topping Out Luxury High-Rise in Nashville

Turner Construction Company’s Nashville office announced the topping out of 1200 Broadway, the luxury mixed-use high-rise in downtown Nashville. The 26-floor complex began construction in Sept. 2017 and is set for completion in December.

The 860,000-square-foot complex is owned and being developed by Endeavor Real Estate Group of Austin, Texas. It occupies a prominent location across the street from the former Tennessean building, on the block bordered by Broadway on the south, 12th Avenue North on the east and George L. Davis Boulevard on the west. The site for many years was occupied by an automotive dealership – first Hippodrome Oldsmobile and most recently Nelson Mazda.

“1200 Broadway will be Nashville’s first high-rise renter-by-choice, condo-quality multifamily development. We suspect that both the residential and creative office tenants will really value having immediate access to a Whole Foods Market and their expansive selection of groceries, food stations and prepared meals. The views from 1200 Broadway to downtown, The Gulch and Vanderbilt are exceptional, and the walkability to Nashville’s best shopping, bars, restaurants and entertainment options in downtown and The Gulch is exceptional,” said Jamil Alam, Endeavor Real Estate Group’s managing principal. “Turner and the entire 1200 Broadway team are doing a great job and have been great partners to Endeavor.”

The building’s exterior will be a combination of hand-laid brick, stucco, aluminum-framed glazing and metal panels. Whole Foods Market will occupy 41,500 square feet on the ground floor of 1200 Broadway, with two levels of below-grade grocer-dedicated parking. The high-rise will also consist of an additional 5,000 square feet of retail on the ground floor and 67,000 square feet of creative office on levels 6 and 7. A six-story parking garage will offer 710 spaces, with spaces allocated for retail shoppers.

There will be 313 luxury apartments from levels 8 through 26, including studio, one-, two- and three-bedroom units and top-floor penthouses. The apartments will feature gourmet kitchens and spacious floor plans. Apartment residents will also have access to a sky lounge on level 26, as well as luxury amenities including a fitness center, an indoor-outdoor club lounge with a professional kitchen, an outdoor pool, fire pits, barbecue grills, a dog park, a dog wash and a 24/7 concierge.

Dallas firm HKS is the architect on the project. Also collaborating on the project are Brockette Davis Drake of Austin, Texas (structural engineer); Blum Consulting Engineers of Dallas (mechanical and electrical engineer); Civil Site Design Group of Nashville (civil engineer); SWA Group of Dallas (landscape architect); Cassella Interiors of Nashville (interior designer); A.R. Coleman Corp. of Canton, Georgia (owner’s construction manager); and IDIBRI of Addison, Texas (security, data and AV).

“We’re proud to be working on this prominent project in Nashville’s thriving downtown, which showcases our ability to deliver a high-quality product while overcoming logistical hurdles. We’ll continue to commit both our significant resources here in Nashville and Turner’s most experienced high-rise, multi-family experts from across the country as this project proceeds toward completion later this year,” said John Gromos, vice president and general manager of Turner Construction Company in Nashville.

Turner General Superintendent Steve Shockley and Endeavor Principal Will Marsh spoke at the topping-out ceremony, which was attended by workers and others involved with the project.

About Turner Construction Company/Nashville Turner is a North America-based, international construction services company. Since opening its office in the city in 1975 to construct several buildings for Vanderbilt University Medical Center, Turner Construction Company/Nashville has played a significant role in shaping Middle Tennessee’s skyline. Its Nashville resume includes such iconic buildings as Bridgestone Arena, the new Tennessee State Museum, the Hill Center Brentwood, 14 buildings on the Vanderbilt University Medical Center Campus and numerous buildings and renovations on the Saint Thomas Hospital Campus. Among current active projects are additions to Monroe Carell Jr. Children’s Hospital at Vanderbilt and Saint Thomas Rutherford and the construction of 1200 Broadway, Broadwest and 13th & Demonbreun. Learn more at www.turnerconstruction.com or follow Turner on Twitter at @TurnerMidSouth.