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Category Archives: Multi-Family

Multifamily Construction Boom: 63,000 Units Permitted in Texas

AUSTIN – More than 63,000 multifamily units were permitted in Texas last year and the apartment building binge is continuing to run fast in 2015, according to a report by CBRE. In February 2015, a total of 5,938 multifamily units were permitted in Texas, up from 4,268 in February of 2014, CBRE reports. Apartment construction is expected to taper off ... Read More »

Trammell Crow Residential Buys Apartment Site Near Galleria

HOUSTON – Apartment developer Trammell Crow Residential has purchased land in the Lakes on Post Oak development just south of The Galleria in Houston. HFF marketed the property on behalf of the sellers, a joint venture between an affiliate of Five Mile Capital Partners LLC and Crocker Partners. The 3.86-acre development site is located within the 1.2 million-square-foot Lakes on ... Read More »

Hanover Building 375 Units in Buckhead

ATLANTA – Houston-based Hanover Co. is developing a 375-unit multifamily project in the Buckhead district of Atlanta. The 335,000-square-foot project, to be located on Buckhead Avenue, is called Hanover Place, according to Skyline Views, an Atlanta blog by Tony Wilbert. Hanover is planning another Atlanta project – a proposed 20-story, 350-unit residential tower next to the Buckhead Theater. It will ... Read More »

ComCapp Buys Apartment Complex Near University of Houston

HOUSTON — Commerce Capital Partners, a San Antonio-based firm also known as ComCapp, has purchased Cityside Crossing, a 360-unit multi-housing community in southeast Houston, near the University of Houston main campus. HFF worked on behalf of ComCapp to secure the 12-year, fixed-rate Fannie Mae loan through M&T Realty Capital Corp.  Proceeds from the securitized loan were used to acquire the ... Read More »

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 »

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