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Category Archives: Multi-Family

Multifamily News Briefs From Realty News Report

COLLIERS INT’L SELLS 32 STUDENT HOUSING UNITS NEAR PRAIRIE VIEW A&M PRAIRIE VIEW, Texas — Colliers International handled the sale of 32 units of student housing in four buildings located a mile from Prairie View A&M University in Waller County. The structures, each containing eight 2-bedroom, one-bath furnished units, are at 44422 and 44426 Highway 290 Business, and at 512 ... Read More »

NexPoint Residential Buys One Houston Apartment Complex, Selling Another One

HOUSTON – NexPoint Residential Trust, a Dallas-based REIT, has reported on two multifamily trades in the Houston area. NexPoint acquired Hollister Place, a 260-unit property in Houston, Texas, for $24.5 million, Realty News Report has learned. The project is located in Northwest Houston, near Highway 290 and West Little York at 6565 Hollister Street. One the sale side, the company ... Read More »

Class C Multifamily Purchased by PPA Group and Israeli Investors

HOUSTON – The PPA Group of Austin, in partnership with an Israeli investment group, has acquired the 236-unit Citation North Apartments on Highland Cross Drive in north Houston. Grandbridge Real Estate Capital facilitated the deal for the Class C project. Under its new ownership, the property will be renamed Highland Cross Apartments. “The current economic climate is driving a need for ... Read More »

Transwestern Sells 1,600 Units in North Texas

DALLAS – Transwestern’s Dallas-based Multifamily Investment Services Group has closed transactions on 1,600 units valued at $85 million in North Texas. Transwestern Principal Taylor Snoddy and Vice Presidents Philip Wiegand and James Roberts represented the sellers and also sourced the buyers on the transactions, which closed in the last weeks of the year. “These transactions represented a wide range of ... Read More »

Houston Apartment Association’s State of the Industry: Worst is Over, But Recovery Won’t Be Instant

HOUSTON – Houston’s multifamily industry will have a lackluster 2017 with upscale Class A properties as the weakest sector. That’s the word from the Houston Apartment Association’s State of the Industry breakfast last week. The worst multifamily problem spots are Class A properties in Montrose, Downtown, the Galleria area and the Medical Center area, says Bruce McClenny of Apartment Data ... Read More »

Hanover Gets Refi for $91 Million Apartment Project Near Rice University

HOUSTON – Holliday Fenoglio Fowler (HFF) arranged fixed-rate financing for Hanover Rice Village, a 379-unit apartment community near Rice University in Houston. HFF worked exclusively on behalf of the borrower, The Hanover Company, a Houston-based multifamily firm, to secure the 10-year, fixed-rate loan through an agency lender. The project was valued at $91 million last year by the Harris County ... Read More »

Florida Firm Buys Another Houston Multifamily Complex

HOUSTON – Florida-based Atlantic | Pacific Companies, along with its co-sponsored fund, Blue Atlantic Partners, completed its fifth property acquisition this year – and ninth in the state of Texas – when it added 324-unit Vintage Park Apartments in Houston to its portfolio. “Houston is one of the fastest growing metropolitan areas in the country,” said Greg Ward, AP Chief Investment Officer. “Acquiring a ... Read More »

Nation’s Multifamily News Briefs From Realty News Report

HOUSTON – Florida-based Atlantic | Pacific Companies, along with its co-sponsored fund, Blue Atlantic Partners, completed its fifth property acquisition this year – and ninth in the state of Texas – when it added 324-unit Vintage Park Apartments in Houston to its portfolio. The recently closed transactions increase A|P’s holdings in Texas to more than 3,000 units and expands A|P’s regional reach to 35 ... Read More »

Houston Struggles to Digest 27,400 New Apartment Units in 2016; More Coming in 2017

HOUSTON  (By Dale King)  – Diversity in the city’s job market is helping to spur demand for ‘working class’-style apartments in Houston this year, despite continued drag on the economy from oil and gasoline sectors where employment and financial growth have been stifled by falling commodity prices, says a multifamily market study for the final quarter of 2016. That same ... Read More »

Apartment Rents Drop in Houston, Bucking National Upward Trend

(By Dale King) HOUSTON – If you’re looking for an apartment at a decent price, best you point your feet in the direction of the Bayou City – Houston. A new report says apartment rents are rising virtually everywhere in the US, but in Houston, rent hikes have slowed to a snail’s pace – if at all. Decreases are being ... Read More »

JLL Secures $9.8 Million for Austin Group to Buy Houston Project

HOUSTON – PPA Group, an Austin-based multifamily investment firm, has acquired its first apartment project in Houston and it is seeking more multifamily opportunities in the Bayou City. The 252-unit Cypress Ridge project, 2331 Bammelwood in north Houston, was purchased from CrestMarc of Dallas. JLL’s Capital Markets secured $9.8 million in acquisition financing for the buyer –  with an interest ... Read More »

Camden: Suffering Houston Apartment Market Braces for Surge in Fourth Quarter Deliveries

HOUSTON – The Houston apartment market, where 23,000 new units will be delivered in 2016, is getting softer, according to Camden Property Trust, a Houston-based apartment REIT with major multifamily holdings in the city. “We do expect further weakening in Houston in the fourth quarter,” said Camden President Keith Oden, in a conference call last week with securities analysts. “In ... Read More »

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