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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 »

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 »

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 »

Where Do We Go From Here? Q&A with Houston Architect Scott Ziegler of Ziegler Cooper Architects

HOUSTON – The multifamily market in Space City currently is awash with apartments – and the sector is expected to deliver even more units in the coming 18 months. What’s ahead for the multifamily sector in Houston? What will happen to those units? What will design firms do instead of creating new multifamily buildings? And what are some of the ... 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 »

Hines Buys First Apartment Complex

LAS VEGAS – Hines, which was founded in Houston in 1957, says it has purchased its first existing multifamily community. Hines bought the 308-unit Domain Apartments in Henderson, near Las Vegas. It is the first time Hines has purchased an apartment built by another company. Hines launched its multifamily efforts in 2011 and it has developed 10 communities with 2,687 ... Read More »

Q&A Steven Spillette: 2016 Presenting Challenges to Houston Home Building, Multifamily and Office Sectors

HOUSTON – Few people can judge the lay of the land better than an urban planner. Steven Spillette, an urban development strategist also experienced in real estate and urban planning, has done a variety of market studies and financial pro-forma analyses for private and public clients related to single family and multifamily residential, retail, office, industrial, hotel and meeting facilities, ... 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 »

Apartment News Briefs from Realty News Report

HOUSTON – Marcus & Millichap has announced the sale of Walnut Hill, a 165-unit apartment complex in Houston. The property at 1515 Blalock Road had a list price of $7.5 million, said David H. Luther, first vice president/regional manager of the firm’s Houston office. Jeffrey Fript of Marcus & Millichap’s Houston office, had the exclusive listing to market the property ... Read More »

Westmount Realty Capital Buys Multifamily Project in SE Houston

HOUSTON – Westmount Realty Capital of Dallas acquired the 376-unit Summer Cove Apartments, a Class B complex in southeast Houston near Ellington Field. Westmount has renamed the apartment community, built in 1983, Westmount at Summer Cove. A CBRE report recently noted that Houston’s Class B apartment market is very strong. At the Summer Cove Apartments, occupancy averaged 96 percent over ... 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 »

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