Daily Briefing: 🏗️ Big Builds in TX: BWE's New Bet & Compost Law Churns Change! 🌆

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Here’s what you need to know about CenTex CRE Today:

1. BWE fuels 360-unit Riley's Pointe project in Texas, big bucks involved! 💰

2. Austin's new law: Composting a must for big apartments by 2024! 🍂

3. Triple Temp's massive 125K sq ft cold storage hits Round Rock. ❄️

Real Estate Development

BWE Arranges Construction Debt, Equity for 360-Unit Multifamily Project in San Marcos, Texas

Source: REBusinessOnline

Summary: BWE has procured undisclosed amounts of construction debt and preferred equity for a 360-unit multifamily project, named Riley’s Pointe, located in San Marcos, Texas. The project is being sponsored by South Carolina-based Woodfield Development and the first units are predicted to be ready for occupancy by Q3 next year.

Why this matters: Understanding the financing strategies of local projects such as Riley's Pointe can provide Central Texas real estate professionals with insights into the current market trends for multifamily developments, enabling them to offer more informed advice to their clients about investment opportunities.

Environmental Sustainability in Real Estate

Austin, Texas, mandates commercial composting for apartments

Source: Multifamily Dive

Summary: Austin's City Council has passed legislation mandating commercial composting for residential properties with five or more units, coming into effect by October 2024. Property owners will be required to provide access to composting services for tenants and employees, serviced by private collectors. The cost is expected to range from 80 cents to $2.90 per unit per month. The city will offer rebates up to $3,000 to early adopters. The legislation also requires educational programs for tenants and employees, signage for composting containers, and annual filing of a plan. This move follows similar initiatives in California, Seattle, and Boulder.

Why this matters: With the new legislation, commercial real estate professionals can guide clients owning multifamily properties on compliance, potentially saving them hefty fines and aiding in securing rebates for early adoption, while promoting an eco-friendly image.

Industrial and Commercial Facilities

Climate-Controlled Storage Facility Set to Open in Round Rock, Texas

Source: Commercial Real Estate Direct

Summary: Triple Temp Cold Storage LLC is set to open a nearly 125,000-square-foot climate-controlled storage facility in Round Rock, Texas, a suburb of Austin. The facility, located at 16400 Bratton Lane, can hold around 23,000 pallets of products catering for up to 200 companies.

Why this matters: The article is significant for Central Texas commercial real estate professionals as it marks a substantial addition to Round Rock’s commercial property market, opening up new opportunities for business storage solutions, collaborations, and potentially influencing future commercial developments in the area.