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Category Archives: Multi-Family

Transwestern Development Starting Micro-Unit Millennial Multifamily Project in Austin

AUSTIN – Transwestern Development Co. will break ground in June on the Indie Apartments, a micro-unit community at 1648 E. Sixth St. in Austin. Transwestern Development Co. will construct the 139-unit community with a 2,500-SF restaurant in East Sixth, a thriving entertainment district just east of downtown Austin. The 55,814-square-foot property will have 350-SF studio units and 520-SF, two-bedroom units. ... Read More »

Overbuilt? The Highs and Lows of Houston’s Apartment Market: Q&A with CBRE’s New Multifamily Group Leader

HOUSTON – Throughout the city, apartment construction is on the rise.  At the beginning of the year, Apartment Data Services reported 102 apartment complexes under construction — 28,969 units — and another 16,000 units in 56 communities proposed. The new construction occurs as Houston’s diversified economy is recovering. While oil prices have increased over the past several months, energy prices ... Read More »

Houston-Based Morgan Group Sells Project for $114 Million

FORT LAUDERDALE, Fla. – Houston-based Morgan Group, a multifamily developer, has sold a 331-unit apartment complex in Fort Lauderdale for $114 million. The buyer of the project, called the Edge at Flagler Village, was an affiliate of TIAA Global Asset Management. Morgan completed construction on The Edge project in 2015. Active in the Florida market since the 1990s, Morgan has ... Read More »

The Quest for Class B: San Antonio Multifamily Acquired

SAN ANTONIO – Sterling Real Estate Holdings, a West Coast investment group seeking Class B and C apartments in Southwestern markets, has acquired the 145-unit Chestnut Park Apartments in San Antonio. The project, built in 1979, is located in the Castle Hills area, which is a good location, says Sterling principal Michael Barker. Sterling is a joint venture of Barker ... Read More »

High-Rise Apartments Rising Fast on Texas Skylines

(By Dale King) The skylines of downtown Houston, Dallas and Austin will shortly be taking a definite upward look with an increasing number of new high-rise apartment buildings being planned and under construction, says the CBRE Group commercial real estate services firm. “The demographic cohorts in this driver’s seat are swelling ranks of millennial renters and the oncoming senior tsunami ... Read More »

CBRE Sells North Texas Multifamily Project

DALLAS  – CBRE Capital Markets’ Investment Properties handled the sale of Fox Hollow Apartments, an 86-unit multifamily community in Grand Prairie, a community near Dallas. Milwood Apartments, LLC purchased the asset from Fox Hollow Apartments, LLC for an undisclosed price. Chris Deuillet with CBRE’s Dallas office represented the seller. The 85,152-square-foot asset is located at 1008 S. Beltline Road in ... Read More »

35-Story Apartment Tower Planned Next to Texas Medical Center

HOUSTON – A joint venture of Greystar and Medistar Corp. have announced plans to develop Ascent Med Center, a 35-story apartment project on the western edge of the Texas Medical Center in Houston. Groundbreaking for the 375-unit project will be in the first quarter of 2016 with Hoar Construction as the general contractor. The project, located at the corner of ... Read More »

Capital Markets Shift: Apartment Investing Hits Record; Now Rivals Office

(By Dale King) HOUSTON  – Sales of multifamily dwellings soared across the nation in 2015, as did the total number of dollars invested in apartment units, according to national figures provided by JLL Multifamily Capital Markets. The firm says investors poured almost $139 billion into multifamily product, trumping 2014’s record-setting $106 billion by a whopping 31 percent.  A global provider of ... Read More »

Two High-Rise Apartment Towers Planned for Hot Corner Near Houston’s Galleria

HOUSTON – Two new high-rise apartment towers are planned near a high-profile intersection in the Uptown area, just north of the Galleria in Houston. Ground zero: the intersection of Post Oak Boulevard and San Felipe. Dinerstein Cos. has tied up the northwest corner of San Felipe and Post Oak. Nothing has been announced officially, but Dinerstein’s concept is a 30-story ... Read More »

What Do Apartment Dwellers Really Want for Christmas? … High-Speed Internet, Ample Parking; New Survey Tells All

WASHINGTON, D.C. – What do apartment dwellers want for Christmas? (Well, they probably want these things the other 364 days a year, too.) The latest survey unveils the big items on renters’ wish lists: In addition to a convenient location,  renters say they need lighting fast internet, according to the National Multifamily Housing Council’s (NMHC) 2015 Apartment Resident Preferences Survey.  ... Read More »

The Bow-Wow Factor: Apartment Landlords Addressing Huge Demand for Pet Amenities

WASHINGTON, D.C. – If multifamily developers want to attract tenants with pets they better offer apartments with a major Bow-Wow Factor. Some 67 percent of pet-owning apartment dwellers wants a community dog parks in their apartment, according to a new study by the National Multifamily Housing Council and Kingsley Associates. Another must-have: a dog washing station. Some 54 percent of ... Read More »

Multifamily News Briefs from Realty News Report

DALLAS — Olympus Property has acquired Alexan Arts in Dallas, a 368-unit luxury mid-rise apartment community set on more than 3.5 acres just east of Olympus’ headquarters in Fort Worth. Built in 2015, Alexan Arts’ amenities include a clubhouse with social lounge and resort-style swimming pool with outdoor grills. It is the sister property to Olympus’ Mosaic high-rise property, also ... Read More »

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