Hines real estate firm moves into multifamily management

Houston-based Hines has launched a multifamily property management firm named after late founder Gerald D. Hines’ first apartment building, the Willowick, a 1960s high-rise near River Oaks.



a view of a city with tall buildings in the background: This artist's rendering shows the exterior of The Preston, a 46-story residential tower being developed by Hines in the 700 block of Prairie Street in downtown Houston on the site of what was once an employee parking garage of the Houston Chronicle.


© Hines

This artist’s rendering shows the exterior of The Preston, a 46-story residential tower being developed by Hines in the 700 block of Prairie Street in downtown Houston on the site of what was once an employee parking garage of the Houston Chronicle.


The new company, Willowick Residential, has taken over management of nine Hines apartment buildings across the United States, including Venue Museum District and Tinsley on the Park in Houston.

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The company transitioned its first building into Willowick Residential in late 2019 and fully launched the company earlier this year.

“We did it for all the reasons an owner-manager would want to do it. We feel we can elevate the experience of our residents,” said Lisa Newton, Hines

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Real Estate Market: Rent or Buy a House During Covid? Home Hunters Explain Moves

Maybe it’s too many months living and working in the same cramped quarters. Or the ultra-low mortgage rates. For some, spending less during the pandemic means they finally have enough saved for a down payment.

All that is prompting people to ask themselves whether now is the time to buy a home — even as the long-term outlook for the real-estate market remains uncertain.

There’s been a burst of home buying across the U.S., especially in suburbs outside cities where people were cooped up during the spring Covid-19 lockdown. In August, contracts to buy single-family houses in Greenwich, Connecticut, nearly tripled from a year earlier. Contracts were up 57% in nearby Westchester County.

Homes Get Scarce

The supply of single-family homes in the U.S. is getting tight

Capital Economics Ltd., U.S. Census, National Association of Realtors

The U.S. market is so hot that the supply of homes for sale is

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San Diego moves to ban contractor at center of gift-giving controversy

The city of San Diego is moving to ban a company involved with a former city employee in a gift-giving scheme from bidding on any city contracts in the future, part of the fallout from an auditor’s report released in April that laid out the years-long fraud.

The company is American Asphalt South, a powerhouse in the business of getting public contracts to apply slurry seal to roads and streets. Since 2015, when a tip into the city’s fraud hotline first alerted officials to suspected fraud by a city employee, AAS has been paid $72.4 million under contracts for working on miles of city streets.

The company was not identified in the auditor’s report, but documents obtained under the Public Records Act show the city formally suspended the company on June 16.

In an eight-page letter on that same day to AAS President Allan Henderson, the city’s then-Chief Operating Officer

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