Loft News

Hip walkable Main Street Lofts in Mansfield score a new owner

Poolside at Main St. Lofts

SPI Advisory

A hip loft building in Mansfield has a new owner: Main Street Lofts, a 266-unit apartment community built in 2022, was acquired by SPI Advisory, a Texas-based multifamily private equity firm, and its partners.

Located at 715 N. Main St., Main Street Lofts is a Class A institutional-quality property that had lots of appealing assets for SPI:

Proximity to a diverse, robust economy housing major employers and Fortune 500 companies in various industries including Healthcare, Finance, Manufacturing, Aerospace, and BioTech
Accessibility to more than 2.15 million jobs within a 20-30-minute drive
highly coveted Mansfield ISD schools

The area's strong demographics were a plus, with average household incomes of ~$128K within a 3-mile radius (U.S. Census Bureau, April 2023) and a population growth of 34 percent since 2010.

The property is brand new, and features superior finishes and amenities like a rooftop deck and entertainment lounge, social library, coffee bar, strength training fitness center, yoga/cycling studio, and EV charging stations.

The property also boasts major lifestyles perks: direct trail access to a public 3-acre park, biking trails, the city trail system, and Mansfield’s Historic Downtown, giving it a walkability element that's unique in the area.

In addition to Main Street Lofts, SPI owns and operates nearly 7,300 units between DFW, the proximal submarkets of Austin, Kyle, & Buda, San Antonio, and New Braunfels.

This is SPI’s fifth apartment acquisition in 2023. In a statement, SPI Advisory principal Michael Becker says that the buying spree is likely to extend into 2024 as well.

"We project that after another high year in 2024 for new multifamily deliveries, they will drop off dramatically in 2025," Becker says. "We project that DFW Multifamily to be undersupplied for at least 2 years thereafter. That said, we feel this is a great point in the cycle to buy well-located quality assets like Main Street Lofts."

city-news-roundup Loft

Elite address

One Texas community makes list of the richest small towns in America

Photo courtesy of Compass

Bunker Hill Village is a coveted address in the Houston area.

An upscale community in Texas is among the top 10 richest towns in America, according to a new 2024 report. The community is Bunker Hill Village in Houston, and it's home to the richest residents in Texas. Sorry, Colonial Hills.

The analysis, by loan provider TitleMax, lists the 50 richest small towns — one from each state — using median household income data from the U.S. Census Bureau. In Bunker Hill Village, the median household income is about $250,000, the report says.

Of course, "small town" is a bit of a misnomer for Bunker Hill Village. Situated 13 miles west of downtown Houston, Bunker Hill joins five other communities – Hunters Creek, HiIlshire, Hedwig, Piney Point, and Spring Valley – to make up Houston's iconic Memorial Villages. In 2023, Bunker Hill was ranked the third-most expensive Houston neighborhood, with homes on the market for upwards of $2.7 million.

Notably, the area is home to Houston's only Frank Lloyd Wright-designed house.

"We are very proud of our quiet, wooded environment, and as a community, we work hard to preserve it for future generations," the city's website says.

The study found that more than half (56.5 percent) of the 1,250-home community make over $200,000 a year, while the enclave's median household income amounts to $247,188.

To put that into perspective, TitleMax revealed that the national median household income is $67,521. The Census Bureau's 2023 American Community Survey estimates the median income of a household in Texas came out to $75,780 in 2023.

Bunker Hill joins the likes of Houston's Bellaire and West University Place as some of the most affluent suburbs in America. The North Texas suburb of Southlake also made it on that list.

The No. 1 slot went to Monte Sereno, a suburb of San Jose, California with a median household income of more than $250,000, according to the report.

"While many people consider cities to be the epicenters of the rich, many retreat to small towns that offer safety, beauty, and privacy," the report's author wrote.

These are the top 10 wealthiest small towns in America, with their median household incomes:

No. 1 – Monte Sereno, California ($250,000-plus)
No. 2 – Cherry Hills Village, Colorado ($250,000-plus)
No. 3 – Mission Hills, Kansas ($250,000-plus)
No. 4 – Short Hills, New Jersey ($250,000-plus)
No. 5 – Scarsdale, New York ($250,000-plus)
No. 6 – Belle Meade, Tennessee ($250,000-plus)
No. 7 – Glencoe, Illinois ($248,851)
No. 8 – Bunker Hill Village, Texas ($247,188)
No. 9 – Clyde Hill, Washington ($238,958)
No. 10 – Chevy Chase Village, Maryland ($238,333)

The full report can be found on titlemax.com.

reports real estate houston