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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 »

Austin Group Sells Its 354-Unit Project in Katy, Texas

KATY, Texas — Austin-based Oden Hughes LLC, sold the 354-unit Parkside Grand Parkway apartment community in Katy to EGI International Corp. Completed in 2014, the 14-acre property is just west of Houston, is at the southwest corner of Katy Fort Bend Road and Grand Parkway near Interstate 10. David Mitchell of ARA Newmark  represented Oden Hughes, which focuses on Texas markets, in the ... 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 »

Apartment News Briefs from Realty News Report, a Ralph Bivins Publication

HOUSTON – Avenue Community Development Corporation (Avenue CDC) has broken ground on  Avenue Terraces, 48 new mixed-income apartments at 4300 Irvington Boulevard in Houston’s Near Northside neighborhood. Construction financing is being provided by Capital One, N.A. and tax credit equity financing is being provided through the National Equity Fund. “We are very excited to break ground on the new Avenue ... Read More »

Apartment Briefs from Realty News Report, a Ralph Bivins Publication

IMT CAPITAL ACQUIRES 392 APARTMENT UNITS IN HOUSTON FOR $90.1 MILLION HOUSTON – IMT Capital LLC, together with its affiliate, IMT Residential, has acquired IMT Uptown Post Oak, a 392-unit apartment community at 1111 Post Oak Blvd. near Houston’s Galleria The complex was acquired for $90.1 million from Plano, Texas-based Monogram Residential Trust in a deal brokered by David Oelfke ... Read More »

Multifamily Deals

AUSTIN INVESTMENT FIRM BUYS 327-UNIT APARTMENT COMPLEX SAN ANTONIO — Brixton Santa Fe SA, LLC, an Austin investment group, has purchased Santa Fe Place, a 327-unit apartment complex in northwest San Antonio. The 7-acre property at 4210 Fredericksburg Road was built in 1974. SFP Apartments, LLC, was the seller. ……………………………………… MARCUS & MILLICHAP ARRANGES SALE OF DELUXE UNITS IN WACO WACO, ... Read More »

Home Builder Lennar Making Major Move into Multifamily

MIAMI – Lennar Corp., one of the nation’s largest homebuilders, has created a $1.1 billion fund for a major multifamily development program focused on the 25 largest metropolitan markets in the United States. “In 2011, we drafted a blueprint to become one of the leading developers of class-A multifamily communities in the United States. We identified a multiyear shortfall in ... Read More »

Allied Orion Breaks Ground on 328 Units South of Houston

HOUSTON — Allied Orion Group has broken ground on Southfork Lake, a 328-unit apartment community located in the Pearland/Manvel area south of Houston. The project, designed by Houston-based Steinberg Design Collaborative Architects, is scheduled to open summer of 2016. Located just west of Highway 288, the site is near new single-family and retail development, including a Costco, which is under construction. ... Read More »

Apartment News Briefs from Realty News Report

HOUSTON – California-based Bear Valley Delaware Crystal Falls LLC has acquired Crystal Falls, a 165-unit, multifamily complex at 10950 Westbrae Parkway in southwest Houston. The community, located near US 59 and Beltway 8, is 96% leased. Its amenities include a controlled-access gate. Emerge Crystal Falls LLC of California was the seller. …………………… THE WELLINGTON APARTMENT COMMUNITY SELLS FOR $167 MILLION  ARLINGTON, VA. — Washington ... Read More »

Dallas Firm Buys Multifamily Project in Houston Suburbs

ROSENBERG, Texas — Abode Properties has acquired the 196-unit The Waterford at Summer Park in Rosenberg on the southwest side of Houston. The apartment community, built in 2013, is located near U.S. Highway 59 and the Brazos Town Center. Daniel J. Moos is CEO and President of Abode Properties, which focuses on both acquisition and development of Class A multifamily in high-growth ... Read More »

281-Unit Apartment Project Under Construction Near the Astrodome

HOUSTON – Allied Orion Group, a Houston led by Kirk Tate, has broken ground on The Beacon at Buffalo Pointe, a 281-unit apartment complex just south of the Astrodome in Houston. Although Houston has an abundance of new multifamily, the developers are targeting the large employment base at the nearby Texas Medical Center.  Located south Loop 610 at 10301 Buffalo ... Read More »

Multifamily Construction Boom: 63,000 Units Permitted in Texas

AUSTIN – More than 63,000 multifamily units were permitted in Texas last year and the apartment building binge is continuing to run fast in 2015, according to a report by CBRE. In February 2015, a total of 5,938 multifamily units were permitted in Texas, up from 4,268 in February of 2014, CBRE reports. Apartment construction is expected to taper off ... Read More »

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