MORAN & COMPANY
DALLAS - FORT WORTH
MULTIFAMILY TRENDS & OBSERVATIONS
1ST QUARTER 2018
Photography: Steve Hinds
PAGE 2&
PAGE 3DALLAS - FORT WORTH MULTIFAMILY TRENDS & OBSERVATIONS | Q1 QUARTER 2018 &
DALLAS-FORT WORTH TRENDS TO WATCH
DFW Job Growth Among the Highest in the Nation DFW, second only to New York, continues its trend of prolific job growth. DFW added 101,200 new jobs Year-Over-Year as of March 2018. The unemployment rate of just 3.7% is well below the national average. A, B C’s For Future DFW Job Growth:
A Affordable D Diversified EconomyB Business-Friendly E Educated WorkforceC Centrally Located F Fair-Weather Climate
DFW Apartment Market Fundamentals Remain Strong Stable occupancy is reported at 94.3% with 2019 projected to be 95%+. Absorption is projected to match deliveries in 2018 and exceed deliveries in 2019 by
approximately 4,149 units. New multifamily deliveries peaked in 2017 while 2019 forecasts reveal declining new
supply.
Headwinds Slowing Down New Development Diminished available apartment sites along with resistance among suburban
communities to rezone new multifamily parcels are resulting in higher land prices and longer lead times.
New construction costs continue to rise as labor and material costs have been increasing 5% per year along with rising land prices.
Tightening credit standards for multifamily construction loans result in higher equity requirements.
Average return on cost for new developments has declined from 9.5% to 6.6% between 2002 and 2017.
Transaction Market Remains Robust with some Caution Ample low-cost debt and equity for all multifamily asset classes still exists. Value-add deals are still the darling of the investment market with in-place cap rates the
lowest among all classes. Some traditionally value-add capital is shifting its focus to newer, more stabilized assets
chasing higher going in yields with lower capital risk. Institutional investors are considering suburban over urban core locations in an attempt
to find higher yields. There is continuing caution in underwriting rent growth in the near term for submarkets
with a higher new development pipeline.
Rising interest rates combined with compressed cap rates result in low LTV’s and higher equity requirements.
& PAGE 4
QUARTER ONE 2018 STATS AT A GLANCE
TOTAL UNITSUNITS ADDED
SINCE 2010UNITS ABSORBED
SINCE 2010
723,249 117,950+/- 136,371+/-
CURRENTOCCUPANCY
PROJECTEDOCCUPANCY Q1 2019
ANNUAL # NEW UNITS DELIVERED
94.3% 95.1% YTD: 26,406
CURRENT AVERAGE EFFECTIVE RENT
EFFECTIVE RENT GROWTH SINCE 2010
EFFECTIVERENT GROWTH
$1,102 39%
YOY Q1 2018: 1.6%
PROJECTED YOY Q1 2019: 3.3%
DALLAS - FORT WORTH MULTIFAMILY TRENDS & OBSERVATIONS
Source: Axiometrics, Bureau of Labor Statistics, U.S. Census Bureau, Natl. Asso. of Realtors, Fortune 500, & Sperling’s Best
&
PAGE 5DALLAS - FORT WORTH MULTIFAMILY TRENDS & OBSERVATIONS | Q1 QUARTER 2018 &
ECONOMIC DRIVERS AT A GLANCE
MARCH 2018WORKFORCE JOB GROWTH
MARCH 2018UNEMPLOYED
3,656,800 MARCH 2018 YTD:101,200+/-
2010-2017:667,200+
DFW: 3.7% U.S. 4.1%
CENSUS BUREAUJULY 1, 2017 POPULATION
2010-2017 POPULATION GROWTH
2010-2050 PROJECTED POPULATION GROWTH
7,399,662 973,448+ +10MM+
PUBLIC/PRIVATE PARTNERSHIPS
FORTUNE 500COMPANIES
CLASS A OFFICESPACE Q1 2018
$246,550,000 21 152.8 MM SF $29/SF
Q4 2017MEDIAN HOME PRICES
YOY % GROWTHMEDIAN HOME PRICES
COST OF LIVING INDEX SPERLING’S BEST PLACES
$246,100 6.7% DALLAS: 95
DENVER: 128
HOUSTON: 102
ATLANTA: 102
BENCHMARK: 100
DALLAS - FORT WORTH MULTIFAMILY TRENDS & OBSERVATIONS
& PAGE 6
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Multifam
ily Permits
Popu
latio
n
Population MF Permits
DFW MULTIFAMILY STARTS - A HISTORY LESSON!!!
The challenge – “boom or bust” perception vs recent history and reality todayHalf the MF permits with twice the total population vs. the 1980s
DFW POPULATION PROJECTIONS 2010 - 2050
2010 – 2050 (Estimate) = + 10 million peopleAt 2.7 people per HH = 3.7MM HHs
= 92,500 HH per year
19702,428,365 1985
3,624,952
20106,341,740
20177,399,662
205016,367,293
0
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
14,000,000
16,000,000
18,000,000
1970 1980 1990 2000 2010 2020 2030 2040 2050
Source: U.S. Census Bureau/Real Estate Center at Texas A & M University
Source: U.S. Census Bureau
&
PAGE 7DALLAS - FORT WORTH MULTIFAMILY TRENDS & OBSERVATIONS | Q1 QUARTER 2018 &
16.4%
15.1%
11.3%10.7% 10.3%
6.2%
4.1% 3.9%
2.2%
0.8%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
Houston (5)
Dallas‐Fort Worth(4)
Atlanta(9)
Miami(7)
Washington DC(6)
Boston(10)
Los Angeles(2)
New York(1)
Philadelphia(8)
Chicago(3)
2010-2017 POPULATION GROWTH OF TEN LARGEST U.S. METROS
Population increase DFW 2010-2017 = 973,448Population increase DFW 2016-2017 = 146,238*
* The largest numerical increase of all U.S. metros in 2017
23%
20% 20%
18%
14%
13% 13%
11%
10%
8%
0%
5%
10%
15%
20%
25%
Dallas‐FortWorth
(667,200)
Miami(434,100)
Atlanta(447,700)
Houston(455,200)
Los Angeles(762,400)
Boston(305,700)
New York(1,088,200)
Chicago(455,200)
Washington DC(292,700)
Philadelphia(212,000)
2010-2017 YTD JOB GROWTH OF TEN LARGEST U.S. METROS
2010 - 2017 Job Growth Rate 23%
DFW JOBS CREATED2010 - 2017
667,200+
Source: U.S. Census Bureau
Source: Bureau of Labor Statistics
& PAGE 8
DFW APARTMENT MARKET FUNDAMENTALS TODAY - Q1 2018
DFW EFFECTIVE RENT GROWTH AND OCCUPANCY
DFW Metro Dallas Fort Worth
Existing Apartment Units 723,249 539,213 184,036
Units added since 2010 117,950 98,352 19,598
Units absorbed since 2010 136,371 111,067 25,304
Average Gross Occupancy Q1 2018 94.3% 94.2% 94.6%
Annual % Change ‐0.7% ‐0.7% ‐0.5%
Current Period Effective Rent Q1 2018 $1,102 $1,136 $1,002
Annual % Change 1.6% 1.2% 3.0%
$810
$1,125
$1,173
94.7%
95.3%
90.5%
91.0%
91.5%
92.0%
92.5%
93.0%
93.5%
94.0%
94.5%
95.0%
95.5%
96.0%
$500
$600
$700
$800
$900
$1,000
$1,100
$1,200
$1,300
2010 2011 2012 2013 2014 2015 2016 2017 2018 (P) 2019 (P)
Rent Occupancy
2010 – 2019 Projected Effective Rent Growth - 45%
Source: Axiometrics
Source: Axiometrics
&
PAGE 9DALLAS - FORT WORTH MULTIFAMILY TRENDS & OBSERVATIONS | Q1 QUARTER 2018 &
COMPANIES HEADQUARTERED IN DFW
2017 Fortune 500 / 1000
COMPANY RANK REVENUE(Millions)
DallasAT&T 9 $163,786Energy Transfer Equity, L.P. 79 $37,504Tenet Healthcare Corporation 134 $21,070Southwest Airlines Co. 138 $20,425Texas Instruments Incorporated 206 $13,370HollyFrontier Corporation 274 $10,536Dean Foods Company 351 $7,710Builders FirstSource 421 $6,367Neiman Marcus Group LTD LLC 515 $4,950Trinity Industries 539 $4,588Alon USA Energy 605 $3,832Brinker International 664 $3,258Atmos Energy Corporation 670 $3,350Comerica Incorporated 736 $2,960Primoris Services Corporation 938 $1,997
PlanoJ.C. Penney Company 221 $12,547Alliance Data Systems Corporation 378 $7,138Dr Pepper Snapple Group 416 $6,440Rent-A-Center 735 $2,963Cinemark Holdings 744 $2,919
RichardsonLennox International 627 $3,642Fossil Group 723 $3,042
IrvingExxon Mobil Corporation 4 $205,004Fluor Corporation 149 $19,037Kimberly-Clark Corporation 155 $18,202Celanese Corporation 484 $5,389The Michaels Companies 496 $5,197Commercial Metals Company 535 $4,652Flowserve Corporation 589 $3,992Pioneer Natural Resources Company 606 $3,824Darling Ingredients 665 $3,398
DentonSally Beauty Holdings 592 $3,953
Fort WorthAmerican Airlines Group 67 $40,180D.R. Horton 232 $12,157
CoppellNationstar Mortgage Holdings 852 $2,340
Source: Fortune 500
&
& PAGE 10
WHERE IS THE PIPELINE CONCENTRATED? THINK JOBS!!!
DFW – THE DEMAND DRIVEN MARKET
Current lease-ups and projects under construction
90.5%
91.0%
91.5%
92.0%
92.5%
93.0%
93.5%
94.0%
94.5%
95.0%
95.5%
96.0%
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
2010 2011 2012 2013 2014 2015 2016 2017 2018 (F) 2019 (F)
Occupa
ncy
Units
Supply Demand Occupancy
Demand 2010 - YTD Q1 2018 exceeded supply by 18,400+ units
Source: Axiometrics
Source: Axiometrics
PAGE 11DALLAS - FORT WORTH MULTIFAMILY TRENDS & OBSERVATIONS | Q1 QUARTER 2018 &
DFW APARTMENT SALES
MF INVESTMENT ACTIVITY BY BUYER TYPE
0
50
100
150
200
250
300
350
$0
$1,000,000,000
$2,000,000,000
$3,000,000,000
$4,000,000,000
$5,000,000,000
$6,000,000,000
$7,000,000,000
$8,000,000,000
$9,000,000,000
$10,000,000,000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Volume # of Properties
0% 0% 0% 1% 1% 1%
57%51% 49%
63%67%
60%
5%
3% 5%
12% 2%
5%11%
6%
17%
4%7%
9%
27%
41%
29%21% 23% 25%
2013 2014 2015 2016 2017 2017
Institutional
Cross‐Border
Public Listed/REITs
Private
User/Other
Property or portfolio sales $10 million or greater
Source: Real Capital Analytics
Source: Real Capital Analytics
288 Properties $9 Billion Total Volume
$31.3 Million Average Deal Size
58 Properties $1.15 Billion Total Volume
$19.9 Million Average Deal Size
DFW US
& PAGE 12&
CALIFORNIAAcacia Research GroupAccentCareACTIVE NetworkAmeriflight LLCC&S PropellerCaliber Collision CentersChannell Commercial Corp.Ciao TelecomCinepolisConsolidated Electrical DistributorsCopartDaegis Inc.Farmers Brothers CoffeeFlour*FonalityGlenmount Global SolutionsIronclad Performance Wear Corp.Jacobs Engineering GroupJamba Inc.Kubota Tractor Corp.loanDepotMimi’s CafeMonkey Sports Inc.
Motorsport AftermarketGroup and MAG RetailMV TransportationOmnitracsPacific Union FinancialPrimorisRaytheon Space and Airborne-Systems (SAS)Rixi Recovery ServicesSolera Holdings SOLID Inc.Titan Laboratories
Toyota North AmericaToyota Industries Commercial FinanceTrend MicroUnited Scientific GroupVendor Resource ManagementW3global
WASHINGTONAllied BioScienceBlucora
NEVADACoreSpace
COLORADOCagney Global LogisticsHarris Broadcast
OKLAHOMAGlobal Power EquipmentGroup, Inc.HiltiLinkAmerica
AUSTINGreenstreamSeven Hills Commercial
NEBRASKAHeartlandAutomotive Services
MINNESOTAMoneyGramSpeed Commerce (Navarre)
SAMPLE OF HEADQUARTER RELOCATIONS TO DALLAS FORT WORTH 2010-2017
ARIZONAPei Wei
PAGE 13DALLAS - FORT WORTH MULTIFAMILY TRENDS & OBSERVATIONS | Q1 QUARTER 2018 &&
HOUSTONInx Inc.Magnum Hunter ResourcesU.S. Concrete
SAN ANTONIOAT&T*Christus Health
GEORGIANYLO Hotels
ALABAMATorchmark*Zoes Kitchen
FLORIDACCS MedicalFiesta Restaurant Group
CONNECTICUTAccudyne IndustriesiCall Inc.Revere Capital LLC
Note: Companies with an * moved to Dallas-Fort Worth prior to 2010
ILLINOISBar Louie Restaurant GroupFerris ManufacturingNevoia Logistics ServicesTopGolf
MICHIGANComerica*
MASSACHUSETTSNTT Data Inc.VCE
NEW YORKGreatbatchHMS HoldingsSignature Systems GroupSix Flags Entertainment
MISSOURIGKNAerostructures*
NEBRASKAHeartlandAutomotive Services
NEW JERSEYComparexCVE Technology Group Digility, Inc.
SAMPLE OF HEADQUARTER RELOCATIONS TO DALLAS FORT WORTH 2010-2017
TENNESSEEDynamic Energy Alliance
ARKANSASGolden Living
NEW HAMPSHSIREOculus Health
PENNSYLVANIASonoco L.P.
OTHER NEW HQ ESTABLISHMENTSBlackberry North America HQ (Canada)* Commemorative Air Force (Midland, TX) GuestLogix U.S. HQ (Canada) Hisun Motors North AmericanHQ (China) Howard Hughes Corp. KidZania (Mexico)Leclanche (Switzerland) Lone Wolf Real Estate Technologies (Canada)NGC Renewables North America HQ (China) Nutribiotech (South Korea) Triathlon Battery Solutions (Germany) Taleris Zinwave (UK)
& PAGE 14
WE AREMORAN & COMPANY
––––––––– With over 22 years in business, we are the team you want on your side. –––––––––
We are... Nationally recognized leader in providing disposition, capitalization and advisory services
... Exclusively serving the multifamily industry
... Passionate client advocates with seasoned, dedicated professionals
... Capable, offering national coverage provided by 12 highly experienced partners operating from 8 regional offices
... Regarded as a dominant intermediary for transactions in excess of $100 Million and for ex-ecutions requiring higher levels of senior expe-rience and focused attention
THOMAS F. MORAN
FOUNDER & CO-CHAIRMAN
MARY ANN KING
CO-CHAIRMAN
PETER EVANS
PRESIDENT | EASTERN REGION
Moran & Company––––––––– National Leadership –––––––––
Moran & Company Southwest––––––––– Regional Team –––––––––
Paul Harris Managing Partner Southwest Thad Wetterau
Director - DallasGreg Smith
Director - Dallas
Jeffrey SkipworthDirector - Houston
Eric Calub Director - Dallas
&
PAGE 15DALLAS - FORT WORTH MULTIFAMILY TRENDS & OBSERVATIONS | Q1 QUARTER 2018 &
SOUTHWEST LEADERSHIP
Education• BAYLOR UNIVERSITY, M.B.A. (1988)• BAYLOR UNIVERSITY, B.A. (1986)
Work Experience • MORAN & COMPANY (1999-PRESENT)• LEND LEASE (1998-1999)• L&B GROUP (1997-1998)• AMRESCO (1996-1997)• M/PF RESEARCH (1994-1996)• COMMERCIAL REAL ESTATE APPRAISAL (1989-1994)
Thad WetterauDIRECTOR | SOUTHWEST
Since joining Moran & Company in 1999, he has completed over $3 billion in multifamily transactions, pri-marily in Texas, but also in major markets across the southeastern U.S. He brings to bear his background in institutional real estate research, development consulting, appraisal, and transactions on every investment assignment. His current responsibilities cover the entire multifamily investment sales process, including cli-ent service, relationship management, deal management, property valuation, economic analysis, marketing and due diligence.
Education• TEXAS TECH UNIVERSITY, B.A. (1977)
Work Experience • MORAN & COMPANY (2003-PRESENT)• ARCHON GROUP (1994-2003)• NORTHCORP REALTY ADVISORS (1989-1994)
Professional Affiliations• NATIONAL MULTIFAMILY HOUSING COUNCIL• DALLAS REAL ESTATE COUNCIL
Paul HarrisMANAGING PARTNER | SOUTHWEST
Since opening the Dallas office in 2003, Paul has been responsible for all marketing assignments and client re-lationships in the Southwest Region with particular emphasis on the major Texas markets. Paul and his team have closed over $4.4 billion in multifamily dispositions and recapitalization since joining Moran. Prior to joining Moran, Paul was Director of Multifamily Investments for Archon Residential, a Goldman Sachs subsidiary, with responsibility for Archon’s national multifamily acquisition and disposition efforts. During his eight years with Archon, Paul completed the sale of 255 multifamily properties comprising over 56,000 units in 32 states with $3 billion in value. Paul has focused exclusively on multifamily transactions since 1995 and he is active in the National Multi Housing Council (NMHC).
&
Greg SmithDIRECTOR | SOUTHWEST
Greg’s responsibilities include business development, economic underwriting, marketing, and due diligence for assignments in the Southwest region. Prior to Moran & Company, he managed investment sale transactions for Goldman Sachs of all property types. Gregory is a licensed CPA and real estate broker and also has experience in commercial banking and public accounting, along with positions at two Fortune 500 companies. Greg graduated as a Neeley Scholar from the Masters of Business Administration program at Texas Christian University and cum laude with a BBA from Texas A&M University.
Education• TEXAS CHRISTIAN UNIVERSITY, M. B.A. (1997)• TEXAS A&M UNIVERSITY, B.B.A. (1989)
Work Experience • MORAN & COMPANY (2005-PRESENT)• GOLDMAN SACHS / ARCHON GROUP (1997-2005)• TEXAS COMMERCE BANK (1995-1997)
• THE WALT DISNEY COMPANY (1992-1995)• COOPERS & LYBRAND CPA’S (1989-1992)
Professional Affiliations• NATIONAL MULTIFAMILY HOUSING COUNCIL• URBAN LAND INSTITUTE• DALLAS REAL ESTATE MINISTRIES (DREM)
& PAGE 16
SOUTHWEST LEADERSHIP
Education• SOUTHERN METHODIST UNIVERSITY, M.B.A. (2005)• AUSTIN COLLEGE, B.A. (1999)
Work Experience • MORAN & COMPANY - BROKERAGE (2006-PRESENT)• FIDELITY INVESTMENTS - FINANCIAL & TAX ANALYSIS (2005-2006)• FIDELITY INVESTMENTS - INSTITUTIONAL MANAGEMENT (1999-2005)
Jeffrey SkipworthDIRECTOR | SOUTHWEST
Jeffrey Skipworth is the Director for Moran & Company in Houston, an office he opened with Paul Harris in 2011. Jeffrey started his career with Moran & Company in 2006, and has worked on $1 billion of real estate during his tenure at the firm. Jeffrey has extensive experience at all levels of the marketing process including underwriting, marketing presentation, research and investor solicitation. Prior to joining Moran & Company, Jeffrey was a senior analyst and relationship manager for Fidelity Investments, where he represented a num-ber of billion dollar companies in large investment transactions in addition to conducting tax analysis for large multinational firms. He is a licensed real estate broker for the state of Texas.
Education• UNIVERSITY OF MICHIGAN-ANN ARBOR, B.B.A.
Work Experience • MORAN & COMPANY• PASSCO COMPANIES, INC• THE KISLAK ORGANIZATION
• BERKSHIRE REALTY• WALDEN RESIDENTIAL• THE PRIME GROUP
Professional Affiliations• NATIONAL MULTI HOUSING COUNCIL• THE REAL ESTATE COUNCIL - DALLAS
Eric CalubDIRECTOR | SOUTHWEST
Eric has spent most of his career in the multi-family sector on the principal side as both an Acquisitions and Dispositions officer in addition to asset managing a portfolio of properties. Eric has worked for both large public entities (Berkshire Realty and Walden Residential - REITS) and smaller private companies (The Kislak Organization and Passco Companies – TIC/DST sponsor). Eric has over two decades of experience include executing transactions involving single asset entities and portfolios of core, core-plus, and value-add properties, as well as performing and non-performing loans. Throughout his career Eric has successfully closed acquisitions and dispositions in excess of $2 billion.
&
Joe MiloASSOCIATE
Joe Milo has valued over $18 billion in multifamily/mixed-use property with Moran. His responsibilities include economic underwriting, financial analysis, property valuations, and due diligence for assignments in the Southwest region. He assists with the overall production of writing materials as well as with other aspects of the marketing process. Prior to joining Moran & Company, Joe was a Senior Analyst for the Pricing & Cash Management Services group at Fidelity Investments, where he delivered daily valuations of Fidelity’s retail mutual funds.
Education• ELON UNIVERSITY, B.S. FINANCE (2009)
Work Experience • MORAN & COMPANY - BROKERAGE (2012-PRESENT)• FIDELITY INVESTMENTS - PRICING & CASH MGMT. SERVICES
(2010-2012)
PAGE 17DALLAS - FORT WORTH MULTIFAMILY TRENDS & OBSERVATIONS | Q1 QUARTER 2018 &
SOUTHWEST LEADERSHIP
&
Education• UNIVERSITY OF CALIFORNIA, SANTA BARBARA, B.A. (2012)
Work Experience • MORAN & COMPANY - BROKERAGE (2016-PRESENT)• FIDELITY INVESTMENTS - PRICING & VALUATION (2013-2016)
Jose BlancASSOCIATE
Jose Blanc joined Moran & Company in 2016 as a Financial Analyst. Jose is responsible for property valuations, economic underwriting, financial analysis, and writing offering memorandums for the Southwest region. He also assists with daily market research and economic analysis data.
Janet ValladaresOFFICE MANAGER
Janet is responsible for all aspects of operation including accounts payable/receivables, and state licensing. She supports event coordination activities and administrative duties. Prior to joining Moran & Company, Janet was the Project Administrator for Goldman Sachs and was responsible for all aspects of construction project administration from the bidding process to project close-outs, and all job cost tracking and accounting reporting.
Education• MTSU, B.B.A. (1999)
Work Experience • MORAN & COMPANY - BROKERAGE (2007-PRESENT)• PROFESSIONAL MORTGAGE CORPORATION - LOAN MARKETING
(1992-1993)
• NORTHCORP REALTY ADVISERS - LOAN MARKETING (1992)• AMWEST SAVINGS ASSOCIATION - ACCOUNTING (1990-1992)• FEDERAL ASSET DISPOSITION ASSOCIATION -
ASSET MANAGEMENT (1986-1989)
Sherry ShultsSENIOR ASSOCIATE
Sherry Shults is a Senior Associate for the Southwest region. She is responsible for writing and editing offering memoranda; the design and creation of all electronic marketing materials; market research; due diligence coordination; client events; and public relations initiatives.
SOUTHWESTDALLAS, TX
HOUSTON, TX
MOUNTAIN STATESDENVER, COPHOENIX, AZ
PACIFIC NORTHWESTSEATTLE, WA
WESTSAN FRANCISCO, CAIRVINE, CA
MIDWESTCHICAGO, IL
SOUTHEASTATLANTA, GA
Moran & Company Offices
Paul Harris Managing Partner Southwest
D: 972.764.8490 M: 214.232.8689
Thad Wetterau Director - Dallas D: 972.764.8491 M: 972.754.5420
Greg Smith Director - Dallas D: 972.764.8499 M: 817.313.7081
Jeffrey SkipworthDirector - Houston D: 713.425.4942 M: 214.533.3322
Eric Calub Director - Dallas D: 972.764.8492 M: 972.567.3560
DALLAS OFFICE 5440 Harvest Hill, Ste. 146
Dallas, TX 75230 972.387.2500
HOUSTON OFFICE 12 Greenway Plaza, Ste. 1100
Houston, TX 77046 712.425.4942
NORTHEAST & MID-ATLANTIC
BOSTON, MAWASHINGTON, DC