Centurion American to develop 182-unit apartment complex in downtown Dallas

Plus: HUD issues $10M in counseling grants to ‘combat homeownership gap’

June 18, 2024

🌅 Good morning and welcome back.

Today's newsletter is 578 words — a 2.5-minute read.

1. Seahorse Estates sparks excitement with development drive on Follet's Island

A local developer, John Howton, is revving up the development of Seahorse Estates, a beach home community on Follet's Island.

With plans to build 49 luxury homes, amenities include mini-golf, beach walkovers, and a fishing pier.

While development faces challenges, Follet's Island emerges as a hidden gem for those seeking coastal living near Houston.

2. Vero Sade invests $15M to renovate Uptown Dallas apartment tower as foreclosure looms

Houston-based Vero Sade undertakes a $15 million renovation of 3700M, a luxury apartment tower in Uptown Dallas.

The move coincides with negotiations to stave off foreclosure, with an auction scheduled for July 2 due to financial challenges stemming from a $121.5 million loan obtained in 2022 from Column Financial.

The project prioritizes enhancing the building’s seventh floor into a 6,700 sq ft amenity space while upgrading 381 units with cosmetic enhancements and new appliances. About 10 one-bedroom units are reserved for short-term rentals, with 91 units already renovated. Prices range from $2,200 for studios to $4,000 for two-bedroom apartments. LINK

3. Catch up quick

👍 NAR to Brokerages and MLSs: Settlement opt-In deadline Is today, June 18. (NAR)

🤝 Zillow Group and multiple listing firms reach settlement in ShowingTime lawsuit. (GeekWire)

🙅‍♂️ Whitestone REIT rejects MCB Real Estate's $700M acquisition offer. (BizJournals)

📣 Realtor.com announces update to buyer’s agency ad campaign. (Realtor.com)

🏠 Centurion American to develop 182-unit apartment complex in downtown Dallas. (TRD)

4. North Texas housing inventory hits 12-year high

More homes are hitting the market in North Texas, pushing the region’s months of housing inventory to its highest levels in more than a decade.

In May, there were more than 25,900 active listings in the Dallas-Fort Worth area, a 51.4% increase over the same period last year. The last time North Texas had this many active MLS listings was September 2019.

Listings jumped in all counties where Collin County saw its active listings top 4,100, a nearly 77% increase over May 2023, and Dallas County had 5,567 active listings, a 64.2% increase.

5. Kairoi Residential plans $75M Knox-Henderson development

Kairoi Residential is embarking on a $75 million luxury development project in Dallas's Knox-Henderson area. The project is set to replace an old multifamily building.

While the number of units hasn't been disclosed, the eight-story apartment building is estimated to span 265,000 square feet.

The project is expected to feature a two-level underground parking garage and reflects Kairoi's commitment to creating "generational, forever-type properties."

6. HUD issues $10M in counseling grants to ‘combat homeownership gap’

HUD announced the availability of $10 million in grants to 23 counseling agencies nationwide to boost homeownership rates in historically underserved communities.

Housing counseling agencies play a unique and critical role in helping first-time homebuyers achieve homeownership. Today’s grant awards will help housing counseling agencies throughout the country reach those who may never have believed they could own a home and help them to prepare for, enter into, and maintain homeownership.

FHA Commissioner, Julia Gordon

The program aims to connect prospective buyers with resources and counseling. The largest beneficiary is Neighborhood Stabilization Corporation, receiving just under $1.2 million. LINK

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