Four Seasons Resort Dallas at Las Colinas has been snapped up by investors.
A partnership between Trinity Fund Advisors and Partners Group has purchased the hotel from Extell Development Co., which bought the property in 2018.
Earlier this year, D CEO broke the news that the Four Seasons plans to step away from its affiliation with the property. Scottsdale, Arizona-based golf management company Troon will assume management of the golf course and sports club portion of the property. A new hotel management company has yet to be announced, though Four Seasons will conclude its management of the property at the end of the year.
Located in Irving, Texas, Four Seasons Resort Dallas is a 431-key luxury hotel that features amenities such as 90,000 square feet of event space, a variety of food and beverage outlets, a pool, and guest access to the Four Seasons Golf and Sports Club.
Following the acquisition, Partners Group and Trinity plan to assume a multimillion-dollar capital improvement plan on the property, according to the release.
“This property is a premier resort destination centrally located within one of the fastest-growing markets in the country, which has seen more than 10 consecutive years of record demand and RevPAR growth,” said Sean Hehir, managing partner, president, and CEO of Trinity. “We are pleased to acquire this high-quality asset at an attractive basis and look forward to leveraging our operational expertise to maximize its value.”
Titan Development and Aberg Property Co. Break Ground on The Trailhead at Chisholm Trail Ranch
Real estate investment and development firm Titan Development broke ground last week on its latest project: The Trailhead at Chisholm Trail Ranch, alongside partner Aberg Property Co..
The Trailhead, a 284-unit multifamily development, is located on 13.5 acres of land in Fort Worth on the northeast corner of McPherson and Brewer boulevards.
The next major development in Titan’s long string of industrial, multifamily, and self-storage projects across the southwestern United States, The Trailhead combines accessibility and various convenient amenities.
Sitting on the 625-acre Chisholm Trail Ranch community, this newest complex is set to feature a variety of amenities for residents, such as easy access to large employers in Dallas-Fort Worth as well as high-end retail stores and restaurants, a community center, a large park, and an extensive network of hiking trails.
Along with low-density housing at 284 apartment units spread across seven buildings, various other design features are focusing on leisure and a high-end experience. These include multiple areas for outdoor sports and activities, covered parking, storage, a pool, and a dog park.
“The Chisholm Trail Parkway is exploding with growth and The Trailhead is positioned to deliver much needed multifamily to this vibrant neighborhood,” said Josh Rogers, senior vice president at Titan Development. “We believe this property, with its nearby shopping options and outdoor activities, will make this final phase of Chisholm Trail Ranch a highly attractive neighborhood with many live-work-play benefits.”
Funded by the Titan Development Real Estate Funds II and III, the $63 million project is set to be completed in the first quarter of 2025 in partnership with Links Construction.
First-Time Homebuyers Now Need $10,000 More Income to Buy a Home
As mortgage interest rates continue to rise across the U.S, first-time homebuyers in Texas are being precluded from the market, according to a release from the Texas Real Estate Research Center at Texas A&M University.
Since the start of 2022, the average 30-year fixed-rate mortgage in the U.S has climbed upwards of 2 percentage points; the rate jumped from 3 percent at the beginning of the year to about 5.25 percent as of May 19, according to experts at the Texas Real Estate Research Center.
The rise in interest rates also means a rise in qualifying income, says Dr. Clare Losey, an assistant research economist at the Texas Real Estate Center.
“As mortgage interest rates increase, the total monthly mortgage payment also increases,” says Dr. Losey. “This increases the required income to qualify for a mortgage loan. In other words, as mortgage interest rates increase, purchasing power declines, and households must earn more money to purchase the same-priced home.”
Citing the 5.5 percent increase in required qualifying income, from $59,665 to $70,891, Dr. Losey estimated that only 30 percent of Texas renters would be prepared to afford the state’s first-quartile sales price – a decline of nearly 10 percentage points since the start of the year.
Humphreys & Partners Architects Win at the Student Housing Business Innovator Awards
Multiple awards were granted to several architecture firms at the 12th annual Business Innovator Awards, hosted by the Student Housing Business in Austin. Among the honorees were Dallas-based Humphreys & Partners Architects and HPA Design Group.
Humphreys & Partners Architects’ The Standard at Austin—a 17-story high-rise with an extensive list of amenities—won the Business Innovator award for Best Architecture & Design.
The interior design division, HPA Design Group, walked away with Best Interior Design with a Budget of Less than $250,000 for their work on the new student housing community The Retreat at Milledge in Athens, Georgia.
“Both projects are packed with cutting-edge amenities to create that perfect live/study environment for students at their prospective universities,” said Greg Faulkner, president of Humphreys & Partners Architects. “Our designer teams understand at their core what the client desires to deliver and exceed expectations.”
Holt Lunsford Secures Full-Building Lease in Carrollton
DGM Services, Inc. has signed a full-building lease at Valwood Trade Center in Carrollton. Holt Lunsford Commercial represented the landlord, TA Realty.
Securing the 69,590-square-foot lease was “crucial to the project’s success,” said Keaton Brice of Holt Lunsford Commercial. “Landing a full building deal provided us with further opportunity for 1545 Crescent’s sister building, 1550 Capital.”
Located at 1545 Crescent Drive in the Valwood submarket, Valwood Trade Center is considered a prime location in the newly bustling area of Carrollton. Steven Berger with CBRE represented the tenant in the lease negotiations, while Andrew Gilbert and Keaton Brice of Holt Lunsford Commercial represented the landlord.
JLL Inks Ascent Solutions to Cypress Waters
Ascent Solutions, a cybersecurity consulting firm, is the newest tenant of Cypress Waters, according to an announcement this week from JLL.
Ascent Solutions will occupy 33,000 square feet and the entire seventh floor of 2999 Olympus Blvd. in Coppell, Texas.
Set to move into the space by early 2023, Ascent Solutions’ new epicenter in the heart of Texas will operate as a world-class cybersecurity center for some of the world’s largest corporations, according to the release.
In selecting Cypress Waters, Ascent credits the large assortment of amenities, expansion opportunities, and other accessible surrounding establishments.
“We are quickly establishing ourselves as a world leader in cybersecurity with one goal: defeating threats to keep companies and people safe,” said JD Harris, CEO of Ascent Solutions. “Ascent’s Cypress Waters campus will attract and empower burgeoning talent as well as serve as the global center for cybersecurity innovation for years to come. I was impressed with the vision of the leaders in Texas, especially at Cypress Waters, and this property lease is only the beginning of what Ascent plans to do in this geography.”