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 more affordable multifamily housing in Houston,” said John Latham, chief investment officer of PPA. “We’ve been noticing this trend for nearly a year now. It’s no surprise the international community is seeing it, too.”
According to research released December 2016 by Greater Houston Partnership, from 2010 to 2014 Houston added nearly half a million jobs. The city has continued to post 12-month net job gains throughout 2015 and 2016. The service industry is among the largest growing sectors, with four out of five workers in the Houston area employed in a service field.
At the same time, homeownership is down nationwide in response the recent recession and real estate market crash. In 2015, the U.S. Census Bureau reported the share of the U.S. population who own homes had slid to 63.4 percent — a 48-year low. Millennials have contributed in large part to this decrease by renting 2.6 years longer on average than earlier generations according Zillow real estate data.
April 24, 2017 Realty News Report Copyright 2017