Four Seasons Resort Dallas at Las Colinas has been acquired by investors.
A partnership between Trinity Fund Advisors and Partners Group purchased the hotel from Extell Development Co., which purchased the property in 2018.
Earlier this year, CEO announced that the Four Seasons plans to withdraw from its affiliation with the property. Scottsdale, Arizona-based golf management company Troon will assume management of the golf course and the sports club portion of the property. A new hotel management company has yet to be announced, although Four Seasons will wrap up its management of the property at the end of the year.
Located in Irving, Texas, the Four Seasons Resort Dallas is a 431-key luxury hotel that offers amenities such as 90,000 square feet of event space, a variety of food and beverage outlets, a pool, and the guest access to Four Seasons Golf and Sports. Club.
Following the acquisition, Partners Group and Trinity plan to undertake a multi-million dollar capital improvement plan on the property, according to the release.
“This property is a premier resort destination centrally located in 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 delighted to acquire this high-quality asset at an attractive price and look forward to leveraging our operational expertise to maximize its value.”
Titan Development and Aberg Property Co. Dedicate Trailhead at Chisholm Trail Ranch
Property investment and development firm Titan Development opened its latest project: The Trailhead at Chisholm Trail Ranch last week, alongside partner Aberg Property Co.
The Trailhead, a 284-unit multi-family development, is located on 13.5 acres of land in Fort Worth at the northeast corner of McPherson and Brewer Boulevards.
The next major development in Titan’s long line of industrial, multi-family and self-storage projects in the Southwestern United States, The Trailhead combines accessibility with a variety of convenient amenities.
Located on the 625-acre Chisholm Trail Ranch community, this new resort is configured to provide a variety of amenities for residents, such as easy access to major Dallas-Fort Worth employers as well as retail stores and restaurants. upscale, a community center, a large park and an extensive network of hiking trails.
In addition to the low-density housing of 284 apartments spread across seven buildings, various other design features focus on recreation and an upscale experience. These include several areas for outdoor sports and activities, covered parking, storage, a swimming pool and a dog park.
“The Chisholm Trail Parkway is exploding with growth and The Trailhead is well positioned to provide much-needed multi-family housing to this vibrant neighborhood,” said Josh Rogers, Senior Vice President of Titan Development. “We believe this property, with its nearby shopping and outdoor activities, will make this final phase of Chisholm Trail Ranch a very attractive neighborhood with many live, work and play benefits.”
Funded by Titan Development Real Estate Funds II and III, the $63 million project is expected to be completed in the first quarter of 2025 in partnership with Links Construction.
First-time home buyers now need $10,000 in extra income to buy a home
As mortgage interest rates continue to rise in the United States, first-time home buyers in Texas are being squeezed out of the market, according to a statement from Texas A&M University’s Texas Real Estate Research Center.
Since the start of 2022, the average 30-year fixed-rate mortgage in the United States has increased by 2 percentage points; the rate rose from 3% at the start of the year to around 5.25% as of May 19, according to experts at the Texas Real Estate Research Center.
Rising interest rates also mean an increase in qualifying income, says Dr. Clare Losey, associate research economist at the Texas Real Estate Center.
“As mortgage interest rates rise, the total monthly mortgage payment also rises,” says Dr. Losey. “It increases the income required to qualify for a mortgage. In other words, as mortgage interest rates rise, purchasing power declines and households need to earn more money to buy a house at the same price.
Citing the 5.5% increase in the qualifying income requirement, from $59,665 to $70,891, Dr. Losey estimated that only 30% of renters in Texas would be willing to pay the first quartile sale price of the property. State – a drop of almost 10 percentage points since the beginning of the year.
Humphreys & Partners Architects win Student Housing Business Innovator Awards
Multiple distinctions were awarded to several architectural firms during the 12e Annual Business Innovator Awards, hosted by Student Housing Business in Austin. Winners included Dallas-based Humphreys & Partners Architects and HPA Design Group.
The Standard by Humphreys & Partners Architects in Austin, a 17-story skyscraper with a long list of amenities, won the Business Innovator Award for Best Architecture and Design.
The interior design division, HPA Design Group, won the award for best interior design with budget under $250,000 for its work on the new student housing community The Retreat at Milledge in Athens, Georgia.
“Both projects feature state-of-the-art amenities to create the perfect living/study environment for students at their future universities,” said Greg Faulkner, President of Humphreys & Partners Architects. “Our design teams understand deep down what the client wants to deliver and exceed expectations.”
Holt Lunsford secures full construction lease in Carrollton
DGM Services, Inc. has signed a full construction lease at the Valwood Trade Center in Carrollton. Holt Lunsford Commercial represented the owner, TA Realty.
Securing the 69,590 square foot lease was “critical to the success of the project,” said Keaton Brice of Holt Lunsford Commercial. “Securing a full construction contract has provided us with an additional opportunity for 1545 Crescent’s sister property, 1550 Capital.”
Located at 1545 Crescent Drive in the Valwood Submarket, the Valwood Trade Center is considered a prime location in the vibrant new neighborhood of Carrollton. Steven Berger of CBRE represented the tenant in 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 consultancy, is Cypress Waters’ newest tenant, 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.
According to the release, Ascent Solutions’ new epicenter in the heart of Texas, set to move into space in early 2023, will operate as a world-class cybersecurity center for some of the world’s largest companies.
In choosing Cypress Waters, Ascent attributes the wide range of amenities, expansion opportunities, and other accessible surrounding establishments.
“We are quickly establishing ourselves as a global cybersecurity leader with one goal: defeating threats to keep businesses and people safe,” said JD Harris, CEO of Ascent Solutions. “Ascent’s Cypress Waters Campus will attract and empower burgeoning talent and serve as a global center of cybersecurity innovation for years to come. I have been impressed with the vision of Texas leadership, particularly at Cypress Waters, and this real estate lease is just the beginning of what Ascent plans to do in this geography.