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Category Archives: Multi-Family

Hines Sells Its New Apartment Project in Florida

ST. PETERSBURG, Fla. – Hines, the Houston-based real estate firm, has sold its 308-unit Azure garden-style multi-housing property in St. Petersburg to Passco Real Estate Enterprises of California. A turnkey project for Hines, capital raise, development, lease-up and sale were completed by the firm a year and a half ahead of schedule. HFF marketed the property on behalf of Hines. ... Read More »

CBRE: Houston Apartment Rents at All-Time High, While National Assn. of Realtors Says Rising Rents Unsustainable

HOUSTON – Multifamily rental rates hit an all-time high in Houston in 2014 according to CBRE. Rents were up 8.1 percent in 2014 over the previous year. Apartment rents have risen because Houston has been a national leader in population and job growth demand since the recession of 2009. For Houston apartment units, the average rental rate of $923 at ... Read More »

50 Proposed Multifamily Projects Killed or Postponed in Houston in Wake of Oil Crash

HOUSTON – Developers have shelved plans to build some 50 multifamily projects in Houston, where a sharp drop in oil prices has dampened the local economy, according to Patrick Duffy, president of Colliers International in Houston. “We’ve heard 50 multifamily projects have been cancelled or postponed,” Duffy said in remarks to the CoreNet and IFMA luncheon in Houston. Houston has ... Read More »

Novare Breaks Ground on 24-Story Apartment Tower on Main Street in Downtown Houston

HOUSTON – Novare Group announced it has broken ground on SkyHouse residential high-rise project on Main Street in downtown Houston. The 24-story building will be located across the street from Novare’s recently completed SkyHouse Houston. The new building, called SkyHouse Main, 1725 Main, will be a 336-unit project on a block bounded by Main, Fannin, Pease and Jefferson. Equity financing ... Read More »

Transwestern Breaks Ground on Multifamily in Arizona

TEMPE, Ariz., — Transwestern Development Co. has broken ground on VELA at Town Lake, a 290-unit luxury apartment community in Tempe, Ariz. Transwestern Development Co. purchased a 4.57-acre site with its partner, FL Lakeside Investor LLC. The first units are slated for delivery in February 2016. Transwestern Development Co. Associate Vice President Josh Delk is leading the development team, and Transwestern ... Read More »

Camden Starts Multifamily Project in Houston’s Midtown

HOUSTON – Camden Property Trust, a Houston-based REIT led by Ric Campo, has started construction on Camden McGowen in Houston’s Midtown area. The $90 million project will have 315 units and is expected to be completed in 2017. Camden recently announced its earnings. Camden’s funds from operations (FFO) for the fourth quarter of 2014 totaled $0.99 per diluted share or ... Read More »

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 »

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