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Category Archives: Multi-Family

Ahead in the Standings: Finger’s New Multifamily Community Off to a Good Start Near Astros Field

HOUSTON – The Finger Companies, a pioneer in Houston’s downtown multifamily construction trend, is off to a good start in the lease-up of its new 500 Crawford apartment community, which is across the street from the Houston Astros stadium. The first move-ins started this spring, and Finger reports the 500 Crawford property is currently about 40 percent leased. The 400-unit ... Read More »

Chicago Firm Buys Six Texas Multifamily Projects

IRVING, Texas — InterCapital Group of Chicago has acquired 1,711 multifamily units in the Dallas/Fort Worth area. Rob Russell of Greystone arranged $107 million in financing in Fannie Mae Delegated Underwriting and Servicing loans for the acquisition. The six apartment complexes include: Wimbledon in Lewisville, Texas; Greenwood Creek in Benbrook, Texas; Catalina Apartments in Lewisville; Summer Gate Apartments in Irving; ... Read More »

Three Deals Closed in Houston’s Hot B&C Multifamily Market

HOUSTON – Transwestern’s Houston Multifamily Investment Services Group, demonstrating a trend for Houston’s hot market for Class B and C units, has completed the sale of three apartment properties totaling 786 units. “Demand for Class B and C apartment assets remains vibrant in the Houston market,” said Transwestern Managing Director Ed Cummins. “These deals represented a blend of local and ... Read More »

RNR’s Multifamily Magazine – Texas and National News Items

SUGAR LAND, Texas — Imperial Market Development, LLC, has purchased the 26-acre Imperial Sugar Refinery for the development of an 855,000-square–foot, mixed-use project in Sugar Land, Texas. The location will house a 274-unit, luxury multifamily complex developed by Sueba USA. The property will also contain an amenities package that includes shopping locations and other services. ………………………………… ALLIED ORION GROUP TO MANAGE TREE TOPS ... Read More »

Q&A – Teresa Lowery of Colliers: The Highs and Lows of Today’s Multifamily Market

Houston’s multifamily market has seen better times. The sector’s pricing is weak, rent growth is close to disappearing and multifamily construction continues unabated. Free rent is being offered in some neighborhoods.  Can the situation get worse?  Or better? To find out where the multifamily investment market is headed, Realty News Report talked with Teresa Lowery, Senior Managing Director, multifamily, in the Houston ... Read More »

RNR’s Multifamily Magazine – National News Items

HOUSTON – The Retreat at Cypress Station, a 296-unit multifamily community in northwest Houston, has been purchased by GPI Cypress Station LP. The apartment community, 18200 Westfield Place Drive near Interstate 45 and FM 1960, was built in 2004. “The property is an outstanding value-add opportunity located within a high-visibility area of northwest Houston,” says Will Balthrope, of Institutional Property ... Read More »

Houston Apartment Complex Sold

HOUSTON – The Retreat at Cypress Station, a 296-unit multifamily community in northwest Houston, has been purchased by GPI Cypress Station LP. The apartment community, 18200 Westfield Place Drive near Interstate 45 and FM 1960, was built in 2004. “The property is an outstanding value-add opportunity located within a high-visibility area of northwest Houston,” says Will Balthrope, of Institutional Property ... Read More »

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 »

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