High Street Residential (HSR) and its development partners have broken ground on two new housing developments at the southeast corner of Custer Road and State Highway 121 in Allen, Texas. The projects include the 434-unit Crestview Apartments and the adjacent Crestview Townhomes, a 102-unit for-rent townhome community. Both developments, part of a larger 60-acre mixed-use project, will be fully delivered by the first quarter of 2027.
Both projects were designed by ESG Architecture and Design and are being built by Andres Construction Management. Associated Bank provided construction financing for the Crestview Townhomes, while JPMorgan Chase provided construction financing for the Crestview Apartments.
The Crestview Apartments, which are being developed in partnership with Abington Properties, will be located at 2050 Peak St. The units range from 512 square feet to 1,820 square feet. The first units will begin delivering by the third quarter of 2026, with full delivery expected by March 2027.
The Crestview Townhomes, which are being built in partnership with MetLife Investment Management, will be located next door at 1951 Painted Trail Dr. They consist of 102 townhomes, ranging in size from 1,325 to 2,123 square feet. The first townhomes are expected to be delivered by the first quarter of 2026, with full completion slated for August 2026.
Multifamily owners with loans coming due are faced with higher refinancing costs. While this isn’t news, Newmark put numbers to the issue, indicating that loans maturing in Q3 2026 carried an average interest rate of 4.04%, compared to 5.69% on new loans at an average cap rate of 5.5%, resulting in negative leverage. At the...
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An increase in mortgage rates is cooling home sales, with multifamily the biggest beneficiary, according to John Chang, senior vice president at Marcus & Millichap. In a recent video, Chang said that the 10-year Treasury has risen by more than 100 basis points, and the 30-year mortgage rate is up about 130 bps to the...
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The city of Revere is eying a large redevelopment plan that would create 1,700 new affordable and market-rate homes about five miles northeast of downtown Boston. The Revere Housing Authority presented a proposal to the Revere City Council last week requesting a zoning change that would allow for development on a 40-acre site at Cooledge...
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