The new owners of the Hunters Crossing Apartments at 2801 Bill Owens Parkway said they are investing an estimated $1.44 million in renovating the 192-unit complex.
“We are planning to take this property from a place people tend to ignore to a place everyone is clamoring to call home,” Dallas-based real estate investor Kevin Parrish said in a statement. “The property is in great physical condition, but it’s outdated. With good management and good love, it will become a real asset in this community.”
Parrish said he hired Mansfield-based Allied Property Management and its construction subsidiary, Allied Construction, to do the interior and external renovations and operation of the apartment complex. Hunters Crossing was built in 1978.
“While we manage a wide portfolio, we’ve come to specialize in reviving undervalued properties,” Nicole Zaitoon, president of Allied Property Management, said in a statement.
Allied plans to hire several local subcontractors, she said. The property currently has four full-time employees.
The property upgrades will include security and safety measures, Parrish said. The renovation is expected to take 15 months to complete, with the first upgraded units available in December.
Parrish and his partners bought the apartment complex in early September.
Terms of the transaction were not disclosed. The apartment complex has an assessed value of $5.1 million, according to the Gregg County Appraisal District.
Jucys Taco growing
Longview-based Jucys Taco opened a restaurant Friday in Henderson at 100 U.S. 79 and plans to open another this week at 2702 W. Oak St. in Palestine, the family owned company said.
The Henderson and Palestine restaurants add to three Jucys Taco locations in Longview and one in Marshall.
Jucys Taco said in its marketing materials that it uses certified Angus ground beef, buys tortillas locally and fries its own taco shells.
The company started in 1980 by opening a Jucys Hamburgers at 816 W. Marshall Ave. and now operates three Jucys Hamburgers in Longview, two in Tyler and one in Marshall. The family also bought T. Blanco’s Mexican Cafe in Lakeport in 2018.
The company did not respond to phone calls and an email seeking comment.
Longview rents drop
Rent in Longview dropped by 0.3% in October, and have remained flat over the past year, according to a report Apartment List issued this past week.
Apartment List, based in San Francisco, said the median two-bedroom apartment rented for $940 in October and was below the national average of $1,191.
Jim Tucker, owner of The Fairways apartment complex on McCann Road, said in an email the report did not surprise him, adding, “It reflects what we’ve seen over the past year.
“Still, the market is solid, with good demand,” he said. “Lots of people are trying to buy their first homes because interest rates are low. In the long run, an increase in first-home ownership in Longview would have an effect on the rental market.”
While rents have held steady in Longview, other cities across Texas have seen rents increase, Apartment List said. Texas as a whole logged rent growth of 1.5% over 2018.
Real estate office moves
Johnny Horton, owner-broker of United Country H5 Auction & Realty, has moved his office to 401 Magrill St. after being at 605 N. Fredonia St. for about a year and a half.
“We are growing. We need more space,” Horton said.
He said his new office and warehouse each contain about 2,000 square feet.
In real estate for 10 years and relocated from Amarillo, Horton said United Country handles all aspects of real estate. The auction company conducts auctions for real estate, equipment, estates and fundraisers for organizations.
He maintains office hours of 8 a.m. to 5 p.m. weekdays, and by appointments.
Visit h5auctionandrealty.com for more information.
The McAlister’s Deli at 2804 Judson Road is closed for remodeling through Thursday.
McAlister’s did not not respond to an email requesting information about the renovation work, but a recording on its business phone says it will reopen this week. The store closed this past week for the facelift.