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Category Archives: Multi-Family

Cypressbrook Development Breaks Ground on Apartments in College Station

HOUSTON – Cypressbrook Development Co. of Houston has broken ground on Ariza College Station, a 266-unit apartment community in College Station, northwest of Houston. The project will be located just east of the Highway 6 bypass off of Harvey Road or State Highway 30 about 2.5 miles west of the Texas A&M University campus. Led by Michael Novelli, Cypressbrook Development, ... Read More »

Houston’s Multifamily Building Boom is Coming to an End; While Construction Surges to Record High Nationally

HOUSTON – Although the Southeast Texas multifamily building boom is coming to an end soon, Houston currently ranks third in the nation in apartment construction, following New York and Dallas, according to Yardi Matrix. New York will add 26,739 new units in 2017. Dallas-Fort Worth ranks second with 24,960 completions, followed by Houston with 17,960 units delivered, according to the ... Read More »

Houston-Focused Miami Investor Buys Another Apartment Complex; Moving to Lake Charles Market

HOUSTON – Miami-based Advenir Inc., one of the the most active multifamily investors in southeast Texas, has acquired a project in Lake Charles, La. near the Texas/Louisiana border. A number of casinos are located in Lake Charles, which is a three-hour drive west of New Orleans and two hours east of Houston. Advenir bought the 224-unit The Charlestonian at Lake ... Read More »

Hines Selling Houston Multifamily Project on Café Adobe Site

  HOUSTON – Hines is selling its 21 Eleven apartment project near the southwest corner of Westheimer Road and South Shepherd Drive in Houston’s Inner Loop. Berkadia’s multifamily group, led by Ryan Epstein, will handle the sale of the 215-unit, five-story community, 2119 Westheimer at Peckham Street. Completed in March 2015 on the site of the old Café Adobe restaurant, ... Read More »

Two Multifamily Properties Sold

HOUSTON – Mosaic Residential, a Houston-based multifamily investment and management company, has acquired two apartment communities in Humble on the northeast side of Houston. Clint Duncan and Matt Phillips, senior vice presidents at CBRE, represented the seller, Gaia Real Estate. The portfolio consists of two value-add multifamily assets: Eagle Crest and Timberlakes at Atascocita. Eagle Crest is a two- and three-story, ... Read More »

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 »

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