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RNR Apartment News Briefs from Realty News Report

  DALLAS DEAL by JLL DALLAS — On behalf of Criterion Property Company and Cypress Real Estate Advisors, JLL’s Capital Markets experts completed the sale of VV&M, a newly developed, luxury multifamily asset in the Addison/Bent Tree Market near the Dallas-Addison line. Mindful Management, LLC, purchased the 310-unit complex. JLL also secured $44.8 million in acquisition financing through Freddie Mac. …………………………………. ... Read More »

Hines Sells Project in Disney’s Innovative “Celebration” Community

CELEBRATION, Fla. – Hines has sold its multifamily complex in Celebration, the utopian master-planned community developed by The Walt Disney Company near Orlando. Southstar Capital Group purchased the 306-unit complex from Hines, which was represented by ARA/Newmark in marketing the apartments, called Aviva at Celebration. Aviva at Celebration was developed on 14.4 acres and contains 290,000-SF in six four-story buildings. ... Read More »

RNR’s Multifamily Magazine – Apartment News Items from Realty News Report

AUSTIN — Holliday Fenoglio Fowler, L.P., has arranged $65 million in financing to acquire Cielo and Madrone, two Class A, garden-style multihousing communities totaling 554 units in west Austin. The firm worked exclusively on behalf of Toronto-based Starlight Investments Ltd. to place the seven-year, floating-rate loan with a national bank. The newly developed properties were completing lease-up when the financing ... 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 »

The Sweet Spot in Houston’s Multifamily Market

HOUSTON – Class B is hot. Class A is not. That’s the story of Houston’s apartment market today. An oversupply has developed in the market for upscale Class A apartments, which are newer, fancier communities that command higher rents. The occupancy rate in Houston’s Class A apartment market has dropped to 86 percent, according to a recent CBRE report. Meanwhile, ... 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 »

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 »

Multifamily News Briefs from Realty News Report, a Ralph Bivins Publication

  IRVING, Texas – The PPA Group, based in Austin, has purchased Newport, a 308-unit, multifamily community in the north Dallas suburb of Irving, Texas, from Shreveport, Louisiana-based Fortis Company for an undisclosed price. Chris Deuillet, first vice president with CBRE Capital Markets’ Investment Properties in Dallas, represented the seller. The 238,784-square-foot property at 3466 North Beltline Road in Irving was built in ... Read More »

Austin Group Sells Its 354-Unit Project in Katy, Texas

KATY, Texas — Austin-based Oden Hughes LLC, sold the 354-unit Parkside Grand Parkway apartment community in Katy to EGI International Corp. Completed in 2014, the 14-acre property is just west of Houston, is at the southwest corner of Katy Fort Bend Road and Grand Parkway near Interstate 10. David Mitchell of ARA Newmark  represented Oden Hughes, which focuses on Texas markets, in the ... Read More »

Multifamily News Briefs from Realty News Report, a Ralph Bivins Publication

BAY CITY, Texas – Houston-based Cypressbrook Company has purchased Hunters Cove, a 326-unit apartment complex in Bay City, Texas, southwest of Houston. The property is located off Texas 60, just south of downtown Bay City. An affiliate of Cypressbrook, Ascension Commercial Real Estate, will manage the property. Richard Zigler, leader of Cypressbrook’s acquisition program, says number of major petrochemical plant expansions ... Read More »

Apartment News Briefs from Realty News Report, a Ralph Bivins Publication

HOUSTON – Avenue Community Development Corporation (Avenue CDC) has broken ground on  Avenue Terraces, 48 new mixed-income apartments at 4300 Irvington Boulevard in Houston’s Near Northside neighborhood. Construction financing is being provided by Capital One, N.A. and tax credit equity financing is being provided through the National Equity Fund. “We are very excited to break ground on the new Avenue ... Read More »

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