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Category Archives: Multi-Family

Residential Rental Rates Up 24 Percent in Oil-Rich Midland, Texas

MIDLAND, Texas – Residential rental rates have risen 24 percent in the last year in Midland, due to high demand generated by the energy industry, according to the RealtyTrac housing data company. Midland is in the heart of the Permian Basin, a large formation in West Texas that leads the nation in drilling activity. The No. 1 gainer in residential ... Read More »

Transwestern/Amstar Developing Multifamily in San Antonio

SAN ANTONIO – Transwestern Development Co. and Amstar, a Denver-based real estate investment manager acting on behalf of one of its public retirement system clients, will develop a multifamily project on a 2.3-acre development site just acquired in San Antonio. The 229-unit infill development, known as Southtown Flats, will begin earthwork activities in January 2015 with the first units scheduled ... Read More »

MIG Buys 256-unit Heights Apartments from Wood Partners

HOUSTON – MIG Real Estate, a Newport Beach, California-based real estate investment company, has acquired Alta Heights, a 256-unit apartment community in The Heights community in Houston. Alta Heights is located at 145 Heights Boulevard, just north of Washington Avenue, about three miles from Downtown Houston. The project, which was completed about a year ago, was developed by Wood Partners ... Read More »

900-Unit Portfolio of Houston Apartments Sold

HOUSTON – A 900-unit portfolio of four apartment projects in Houston has been sold. Southwest Multifamily Partners, a commingled fund jointly led by Los Angeles-based CityView and Dallas-based Lincoln Property Co. purchased the portfolio in a joint venture with an institutional co-investment partner. The portfolio, located in the Texas Medical Center and Galleria submarkets, is 95 percent leased overall and ... Read More »

Fein Goes Double-Down with Second Apartment Project Next to new Exxon Mobil Campus

HOUSTON — Fein, a Houston-based multifamily firm founded by Martin Fein, is starting its second apartment development in Springwoods Village where the Exxon Mobil’s massive new campus is being built. Fein’s first project in Springwoods Village, a 342-unit project called The Belvedere, began leasing up this summer with strong velocity. Fein announced Monday it has purchased 3.75 acres from CDC ... Read More »

Patrinely/USAA Developing Westchase Apartment Project

HOUSTON – Crimson Real Estate Fund and USAA Real Estate Co. have announced plans to develop a 266-unit apartment project in in the Westchase submarket of Houston, near Westheimer Road and the Sam Houston Parkway. A Crimson affiliated company, Patrinely Group, headquartered in Houston, is developing the new complex on three acres of land next to the 2500 City West ... Read More »

Multifamily Shakeup: ARA Apartment Brokerage Firm Selling for $110 Million

NEW YORK — BGC Partners, the owner of Newmark Grubb Knight Frank brokerage, has agreed to acquire Apartment Realty Advisors (ARA) for $110 million. ARA is the largest privately held, full-service investment brokerage network in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multi-family housing properties including conventional, affordable, distressed assets, notes sales, seniors, student ... Read More »

Camden Planning a Pair of High-Rise Towers in Downtown Houston

HOUSTON – Camden Property Trust, a Houston-based REIT led by Ric Campo, is planning two high-rise residential towers in downtown Houston. The apartment towers will be built near the Toyota Center on two blocks bounded by Austin, La Branch, Pease and Bell. Camden is planning to construct a pair of 20-story buildings, each containing 550 units. The first building is ... Read More »

RNR Apartment News From Around the Nation

DALLAS — Alliance Residential Company closed on 7.5 acres of land at 835 South Goof Latimer Expressway with plans to develop a 340-unit urban apartment community. Lew Wood and Andrew Doster with Henry S. Miller, co-brokering with Jim DePetris, represented Alliance. The land was purchased from Sagenite Dallas Company who was represented by Dallas-based Madison Realty Investors. SCOTTSDALE— Bascom Arizona ... Read More »

DATELINE HOUSTON: Oil Prices and Real Estate

HOUSTON – Texas real estate will be unscathed by the significant decline in oil prices this fall, although the topic is getting a lot of buzz in Houston, known as the “Energy Capital of the World.” Oil prices are a sensitive topic here. Houston was the place where the battle cry of the business community once was “$90 in ‘90” ... Read More »

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