Realty News Report Covering Commercial and Residential News

SEABROOK, Texas – (Realty News Report) – An investment entity led by Shelley Hunt-Nichols of Banyan Equity Management has acquired the 216-unit Edgelake Apartments on the southeast side of Houston. Edgelake Apartments, built in 1984, are located at 3010 E. NASA Parkway and are 95 percent occupied. Clint Duncan and Matt Phillips of CBRE represented the seller, SEC Edgelake LLC ... Read More »

HOUSTON – (Realty News Report) – Hurricane Harvey accelerated multifamily absorption in Houston and drove a rise in rental rates, according to a new analysis by international real estate firm CBRE. “A quickly draining construction pipeline — with less than 7,700 units underway — and reduced inventory due to flooding is causing supply to tighten further while demand from displaced ... Read More »

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 – 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 – 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 »

  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 »

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 »

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 »

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 »

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 »

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 – 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 »