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Category Archives: Multi-Family

California Firm Buys Houston Multifamily Project

HOUSTON – Santa Rosa, Calif.-based based Praxis Residential, Inc. acquired the 276-unit Carriage Place Apartments in northern Houston. “This is a true value-add play, ideal for repositioning it to be more in line with the surrounding Class A and B complexes,” says Brian Burke, President of Praxis Residential. The property is located near Interstate 45 and FM 1960. Situated on ... Read More »

Home Builder Lennar Making Major Move into Multifamily

MIAMI – Lennar Corp., one of the nation’s largest homebuilders, has created a $1.1 billion fund for a major multifamily development program focused on the 25 largest metropolitan markets in the United States. “In 2011, we drafted a blueprint to become one of the leading developers of class-A multifamily communities in the United States. We identified a multiyear shortfall in ... Read More »

Allied Orion Breaks Ground on 328 Units South of Houston

HOUSTON — Allied Orion Group has broken ground on Southfork Lake, a 328-unit apartment community located in the Pearland/Manvel area south of Houston. The project, designed by Houston-based Steinberg Design Collaborative Architects, is scheduled to open summer of 2016. Located just west of Highway 288, the site is near new single-family and retail development, including a Costco, which is under construction. ... Read More »

Apartment News Briefs from Realty News Report

HOUSTON – California-based Bear Valley Delaware Crystal Falls LLC has acquired Crystal Falls, a 165-unit, multifamily complex at 10950 Westbrae Parkway in southwest Houston. The community, located near US 59 and Beltway 8, is 96% leased. Its amenities include a controlled-access gate. Emerge Crystal Falls LLC of California was the seller. …………………… THE WELLINGTON APARTMENT COMMUNITY SELLS FOR $167 MILLION  ARLINGTON, VA. — Washington ... Read More »

281-Unit Apartment Project Under Construction Near the Astrodome

HOUSTON – Allied Orion Group, a Houston led by Kirk Tate, has broken ground on The Beacon at Buffalo Pointe, a 281-unit apartment complex just south of the Astrodome in Houston. Although Houston has an abundance of new multifamily, the developers are targeting the large employment base at the nearby Texas Medical Center.  Located south Loop 610 at 10301 Buffalo ... Read More »

Transwestern’s Cummins: 700 Units Sold in Houston; Indicates Good Multifamily Deal-Flow in 2015

HOUSTON – Transwestern’s Houston Multifamily Investment Sales Group completed the sale of four Houston multifamily properties totaling 704 units. Transwestern’s Ed Cummins, Tim Gregory, Guadalupe Olivares and Ryan Mendez represented the sellers. “Demand for apartment assets remains vibrant in the Houston market,” said Cummins, managing director. “With our team contracted to market an additional 800 units, we fully expect 2015 ... Read More »

Republic Buys Project in Dallas’ White-Hot Apartment Market

DALLAS – HBP Rush Creek Hospitality Ltd., a California investor, has sold the 310-unit Rush Creek Apartments in Dallas to Republic Real Estate Fund II. Rush Creek is a 29-building complex set on 11 acres on Community Drive, a couple of miles north of Love Field airport. “The region’s apartment vacancy is at a 12-year low, which currently is fueling ... Read More »

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 »

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