Dallas and surrounding areas like Frisco, Texas are on the move. And you might want to get ready to lease at what may be one of the most influential and luxurious developments yet. Over 41 acres has been sold to a group out of Dubai – Invest Group Overseas (IGO) with plans to build a high-rise condo residence, hotel, retail and office space. At the cost of over $700 million, the development will be the first in Texas for the Dubai group.
The Dallas North Tollway and the future John Hickman Parkway will be location for the over 41 acres of development. Most interesting will be the new Luxury Residential topping out at 1,236,500 square feet. Will this be an opportunity for local Realtor’s and Apartment Locators to fill with Dallas residents? This may be the next Legacy style multi-use community to consider for your future rental and lifestyle living.
Another great purchase in the news is the recent purchase of Reserve at Pebble Beach and Somerset at Spring Creek. According to sources, the two communities were purchased by Aragon Multi-Family Cash Flow Fund II. Apartment Locators in the Plano area will be looking forward to future renovations that may take place due to the purchase and positive rental amenities and upgrades.
In the Houston, Texas area, according to sources at the Multi-Housing News…Grandbridge Real Estate Capital has closed a $33 million first mortgage loan secured by a 376-unit multifamily community in Rosenberg, Texas. The refinance transaction was originated by Houston-based Tip Strickland and David Schwarz. Funding was arranged through one of Grandbridge’s CMBS correspondents.
The asset is located 35 miles south west of Houston. Amenities at the gated asset include a fitness center with yoga and aerobics rooms, an indoor basketball court, video game room, billiards room, and business center. Outside, there is a swimming pool, grille house and dog park.
We are extremely excited about the newest construction that Gables Residential is building, a mixed-use project at the intersection of McKinney Avenue and Routh Street in the Uptown district.
Plans call for a retail-residential complex to be anchored by Whole Foods Market. The residential component will feature 239 housing units, including 222 apartment homes in an eight-story high-rise and 17 three-story townhome-style apartments. As the sole retail tenant of the complex, Whole Foods Market will occupy 39,500 square feet on the main floor of the building.
Sitting on approximately three acres, the complex is located on McKinney Avenue, one block from The Crescent and two blocks from the Ritz-Carlton, within close proximity to fine dining and shopping destinations.
The concrete high-rise will feature high-end finishes and amenities, along with garage parking incorporating separate garages for Whole Foods Market and residents. The townhomes will have internal garages and will showcase Queen Anne Victorian-style architecture to complement the rest of the buildings in the State-Thomas Historic District.
In an effort to give back to the community, Gables will be adding open space, brick crosswalks and several other enhancements for the neighborhood. Additionally, the REIT donated $85,000 worth of mature trees to the nearby Griggs Park renovation, according to company statements.