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Three Deals Closed in Houston’s Hot B&C Multifamily Market

HOUSTON – Transwestern’s Houston Multifamily Investment Services Group, demonstrating a trend for Houston’s hot market for Class B and C units, has completed the sale of three apartment properties totaling 786 units.

“Demand for Class B and C apartment assets remains vibrant in the Houston market,” said Transwestern Managing Director Ed Cummins. “These deals represented a blend of local and national capital, as well as a mix of yield and value-add buyers. Year to date, we have closed 12 deals totaling over 1,800 units at a value of approximately $130 million. With similar numbers in the pipeline, we expect the second half of the year to be strong.”

The following are details on each transaction:

  • Waterford Place Apartments, a 552-unit community located at 3125 Crestdale Drive in Houstonwas purchased for an undisclosed amount by SPRE Waterford LLC. Transwestern represented the seller, Ascension Commercial Real Estate, in the transaction.
  • Chateau Nederland, a 178-unit community located at 1003 Ave. B in Nederland, was purchased for an undisclosed amount by Roco Chateau Nederland LLC. Transwestern represented the seller, Chateau Residential LP, in the transaction.
  • Sherwood Glen Apartments, a 56-unit community located at 3805 Sherwood Lane in Houston, was purchased for an undisclosed amount by APEG Sherwood LLC. Transwestern represented the seller, Shamrock Lane LLC, in the transaction.

Along with Cummins, Transwestern’s Senior Vice President Tim Gregory, Vice Presidents Ryan Mendez and Kenady Davis and Assistant Vice President Lupe Olivares represented the sellers.

The average occupancy rate for the Class C apartment market reached 93.5 percent in the second quarter, according to Transwestern. The Class C segment outperformed other classes of multifamily, although Class B occupancy is also outstanding.

August 9, 2016 Copyright 2016 Realty News Report

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