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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 »

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 »

Enough Already – 2016 Record Year for Houston Apartment Construction

(By Dale King) HOUSTON – A third quarter report on the status of multifamily unit construction and occupancy in Houston says a record number of apartments is hitting the local market this year, most of them during the second half of 2016. And while this may look good in the Guinness Book of World Records, it’s not so good for ... Read More »

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 »

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