Vero Sade unveils plans for 310 apartments in Rosenberg

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Today's newsletter is 552 words — a 2.5-minute read.

1. First Continental lends $41.8M on a 1,000-unit master-planned development in Houston

Hockley, northwest of Houston, will see growth with a new 1,000-home master-planned community launching after Johnson Development secured a $41.8 million loan from First Continental.

Located along Grand Parkway south of FM 2920, the 318-acre project plans to deliver its first lots by Q3 2025 with builders like Drees Homes, Perry Homes, and Westin Homes already on board.

The community will feature 11 acres of recreational space, with home sales anticipated to begin in 2026.

2. Sales of new homes dip to a six-month low in May

The U.S. Census Bureau and the U.S. Department of Housing and Urban Development yesterday jointly announced new residential sales statistics for May 2024.

• The median sales price of new houses sold in May 2024 was $417,400 with the average sales price being $520,000.

• Sales of new single‐family houses in May 2024 were at a seasonally adjusted annual rate of 619,000. This is 11.3 percent below the revised April rate of 698,000 and 16.5 percent below the May 2023 estimate of 741,000.

• The seasonally adjusted estimate of new houses for sale at the end of May was 481,000. This represents a supply of 9.3 months at the current sales rate.

3. Catch up quick

😔 Real estate pros deeply dissatisfied with NAR. (T360)

🏎️ Toyota selects San Antonio for a $531M expansion. (ConnectCRE)

🏥 Former AT&T call center in South Austin transformed into medical condos. (CTOL)

🏗️ 3,000-home development is planned in the far north area of DFW. (WFAA)

4. Compass, eXp, Redfin, Weichert, and United file a joint motion to dismiss Batton 2

The five defendants in Batton 2 filed a joint motion to dismiss the case, arguing the claims are untimely and lack merit.

They assert that plaintiffs lack antitrust standing, the court lacks jurisdiction, and there is no evidence of conspiracy.

The lawsuit is viewed as a rehash of similar allegations from Batton 1, which targeted different defendants. Both Batton cases, involving buyer-side claims similar to other commission lawsuits, continue in court with a discovery process extending until May 2026. LINK.

5. Vero Sade unveils plans for 310 apartments in Rosenberg

Houston-based multifamily developer, Vero Sade, will commence construction this summer on a 310-unit apartment complex in Rosenberg.

The development, located at 28325 Retail Lane, spans 15.5 acres and features plans for five buildings.

The project aims to revitalize the Richmond-Rosenberg submarket with amenities like a clubhouse, fitness center, pool, and outdoor spaces, targeting completion by 2026.

6. Bell Partners acquires 831-unit apartment in Plano

Bell Partners, a North Carolina-based multifamily investment firm, purchased Bell Gateway Village, an 831-unit property in Plano. The property was valued at $60 million in 2024.

Bell Partners financed the acquisition with a $119.5 million loan from Walker and Dunlop, amounting to approximately $144,000 per unit.

Formerly known as Gateway Crossing Apartments, the community offers one-, two-, and three-bedroom units with rents starting at $1,300. Amenities include three pools and a fitness center.

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