HOUSTON – (Realty News Report) – Casoro Group, a multifamily real estate investment firm based in Austin announced that it has sold three or its Texas apartment complexes multifamily properties for more than $57 million.
Knowledge Workers Welcome
The disposition of the three properties, totaling 692 units, represent Casoro Group’s latest investment strategy to redirect capital to real estate properties focused on the knowledge worker market sector, Casoro Group said.
Two Houston Projects for $34.3 Million
Two of the complexes are located in the Houston-area and include the 252-unit Cypress Ridge Apartments, at 2331 Bammelwood Drive, and the 236-unit Highland Cross Apartments, at 411 Highland Cross Drive. Both properties were originally constructed in 1980 and received significant upgrades from Casoro Group. Strategic Realty Holdings, a California-based investment firm, acquired the Class B, garden-style apartment properties from Casoro Group for $34.3 million.
San Antonio Units Sold for $22.75 Million
The third property sale included the 204-unit 5Fifty Apartments, a Class B, garden-style multifamily complex in the San Antonio-area. Located at 550 Heimer Road these apartments feature one- and two-bedroom floor plans ranging from 575 to 885 square feet. Originally constructed in 1984, 5Fifty also received significant upgrades by Casoro Group prior to the sale to NorthMarq for $22.75 million.
Yuen Yung is the CEO of the Casoro Group, which relocated its headquarters from Seattle to Austin 2006.
Casoro is the parent company of CLEAR Property Management and Upside Avenue multifamily REIT.
Texas – the Epicenter of Multifamily Construction
Texas leads the nation in apartment construction with Dallas ranked No. 1 and Houston ranked No. 4, according to RentCafé’s latest Apartment Construction Report.
Austin ranked No. 7 in multifamily construction in the report, which ranks the markets according to the projected number of units to be completed by the end of the 2021. .
The Houston metro area is set to complete 15,760 new apartments this year – 12 percent more than in 2020, says the analysis by RentCafé, a nationwide apartment search website.
The RentCafé tally gives Dallas-Fort Worth and its environs the gold star in rental unit construction. The first-place finish this year is the fourth in a row for Big D, which expects to count 21,173 new apartments on the market by year’s end.
Meanwhile, Austin is set to build 11,919, claiming the seventh spot nationwide.
Multifamily investment activity has been brisk on Houston.
Sept. 14, 2021 Realty News Report Copyright 2021
For more about Texas real estate, check out the book Houston 2020: America’s Boom Town – An Extreme Close Up by Ralph Bivins. Available on Amazon http://tiny.cc/4a2g6y
Houston 2020 Ebook version https://tinyurl.com/4xm7z8b5
Image: Courtesy Casoro Group