MIDLAND, TX – The Michaels Organization announced that Chaparral Apartments, a critical affordable housing resource in Midland, Texas, is set to undergo an extensive renovation following a successful financial closing. The modernization of Chaparral will provide much-needed upgrades to the apartments and community amenities while preserving long-term affordability.
“We are grateful to the City of Midland and the Texas Department of Housing and Community Affairs for recognizing the importance of preserving existing affordable housing,” said Ryan Zent, Michaels’ Vice President of Development. “We welcome this opportunity to reinvest in our community, providing modern interior and exterior upgrades that will enhance the quality of life for current and future residents, Zent said.
In July 2019, the property received an allocation of 9% competitive federal tax credits from TDHCA. The rehabilitation will be financed with the equity proceeds generated from the sale of these 9% credits to Bank of America, a construction loan provided by Bank of America, and a permanent loan provided by Freddie Mac and serviced by Berkadia.
“Bank of America Community Development Banking was pleased to provide a construction loan and equity investment through Berkadia to help make much-needed affordable housing in Midland,” said Miles Cary, Senior Vice President of Community Development Banking at Bank of America. “Chaparral Apartments is a fantastic example of the impact public and private collaboration can make to help the most vulnerable in our communities.”
Originally constructed in 1972 and bought by Michaels in 1994, Chaparral offers 124 apartments across 14 garden-style residential buildings and complimented by a central clubhouse. Substantial interior unit upgrades include a complete kitchen remodel, flooring replacement, and installation of new plumbing and light fixtures. Exterior building and common area upgrades will consist of replacement of all exterior windows, exterior siding repairs, a remodeled community clubhouse, as well as the installation of a new children’s play area and an outdoor seating pavilion.
“The residents of Midland Chaparral Apartments deserve an exceptional living environment to call home and raise their families,” said Isaac Garnett, Midland’s Community Development Manager. “With this public-private partnership, we will achieve that goal.”
Michaels Construction is the general contractor for the renovation. Professional design services were provided by Kelly Grossman Architects, Connect Structural Engineering, and Newton Engineering. Michaels Management will continue to manage Chaparral, providing people-first service for years to come.
All renovations are scheduled to be completed by May 2021, with a process set in place that limits the amount of time residents need to be relocated while updates are being made.

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HOUSTON, TX – Banyan Residential announced the acquisition of Lofts at the Ballpark, a 375-unit Class-A apartment property in downtown Houston, Texas.
The four-tale community is located at 610 Saint Emanuel Street one block from Minute Maid Park and BBVA Stadium, and immediately adjacent to light rail access.
Lofts represents Banyan’s first acquisition in the Houston market, which will bolster the company’s presence in Texas alongside development property holdings in Dallas. Banyan Residential closed the transaction in conjunction with Marble Capital as its financial partner.
Banyan Residential specializes in multifamily, office and retail development in gateway markets across the United States. The firm currently manages a development pipeline exceeding $600 million in value, comprising more than 1,800 residential units and 385,000 rentable square feet of office space in Scottsdale, Phoenix, Tempe and Dallas.
Marble Capital is a principal investor providing capital solutions to multifamily developers and operators nationwide. Since its inception in 2016, the Houston-based firm has invested in ~9,000 multifamily units worth $1.5 billion in total capitalization.

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HAMILTON, NJ – Total construction starts rose 3% from April to May to a seasonally adjusted annual rate of $595.1 billion, following a 25% decline the previous month. Several large nonresidential building projects broke ground in May resulting in the gain. Removing those large projects from the statistics would have resulted in no change in starts over the month. In May, nonresidential buildings increased 8%, while residential building starts rose 4%. Nonbuilding starts, but, declined 4% during the month.
Through the first five months of 2020, total construction starts were 12% lower than in the same period in 2019. Nonresidential starts were down 19%, nonbuilding starts were 16% lower, and residential starts were off 3%. For the 12 months ending May 2020, total construction starts were down 1% from the same period a year earlier. Residential buildings were 1% higher and nonbuilding starts were up 5%. Nonresidential starts, but, were 7% lower for the 12 months ending May 2020. The Dodge Index posted a slight gain, increasing to 126 (2000=100) in May from the 121 posted in April.
While May s increase in construction starts is certainly excellent news, the influence of several large projects undermines the notion that the construction sector has fully entered recovery, stated Richard Branch Chief Economist for Dodge Data & Analytics. Even as state and local areas re-open and bans on construction activity in Boston, New York City and other areas are lifted, the sector will have to contend with digging itself out from a deep economic recession. While the overall economy most likely hit bottom in May, the recovery will be slow since nearly 20 million jobs have been lost since February. The second half of 2020 will be a slog and gains will be modest over the small term.
Nonbuilding construction fell 4% over the month in May to a seasonally adjusted annual rate of $149.1 billion. The utility/gas plant category dropped 37%, while the highway and bridge category lost 4%. On the plus side, the miscellaneous nonbuilding category increased 31% over the month and environmental public works were flat.
The largest nonbuilding project to break ground in May was the $1.3 billion widening of Interstate 635 in Dallas TX. Also starting in May were the $789 million Lynnwood Link Extension (Northgate to NE 200th) in Lynnwood WA and the $705 million widening of I-405 in Seattle WA.
Year-to-date through May, nonbuilding construction starts were down 16% compared to the first five months of 2019. Starts in the highway and bridge category were up 5% through May, although other nonbuilding categories were down significantly. Environmental public works were down 24%, while the miscellaneous nonbuilding category was 31% lower. The utility and gas plant category was 35% lower through the first five months of this year. On a 12-month rolling basis, total nonbuilding starts were 5% higher than the 12 months ending May 2019. Starts in the utility/gas plant category were up 34%, while miscellaneous nonbuilding starts were 1% higher. Street and bridge starts were down 3% for the 12 months ending in May while environmental public works were 2% lower.
Nonresidential building starts rose 8% in May to a seasonally adjusted annual rate of $188.8 billion following the very steep April decline related to COVID-19. But, the rebound was due to several large projects that broke ground in the manufacturing, hotel, and education categories. Removing those projects would have led to a mild decline in nonresidential building starts in May. Commercial starts gained 6% in May and manufacturing starts rose 167%, but institutional building starts were flat.
The largest nonresidential building project to get underway in May was the $950 million SDI Steel Complex in Sinton TX. Also starting during the month was the $355 million Fig + Pico hotel towers in Los Angeles CA and the $360 million Wolf Point South Tower B building in Chicago IL.
Through this year s first five months, nonresidential building starts were 19% lower than in the first five months of 2019. Commercial starts were 24% lower, while institutional starts were down 11%, and manufacturing was off 39% through five months. Over the past 12 months, nonresidential building starts were down 7% from the prior 12 months. Commercial starts were 6% lower, while institutional starts were down 5% and manufacturing starts dropped 16%.
Residential building starts rose 4% in May to a seasonally adjusted annual rate of $257.2 billion. Single family starts rose 2%, while multifamily starts gained 10% over the month.
The largest multifamily structure to break ground in May was the $180 545 Vanderbilt Ave mixed-use development in Brooklyn NY. Also starting was the $150 million 354 N Union apartment tower in Chicago IL and the $150 million Ripley II – Solaire 8200 Dixon Luxury Apartments in Silver Spring MD.
Through the first five months of 2020 residential construction starts were down 3% versus the same time period in 2019. Single family starts were flat, while multifamily starts were down 12% through five months. For the 12 months ending in May, total residential starts were 1% higher than in the 12 months ending May 2019. Single family starts were up 3%, while multifamily building starts were down 2%.

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