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New Study: The Economic Impact of the 36 Million Americans Who Live in Apartments

WASHINGTON – Some 36 million people live in apartments in the United States, according to a new study created by two multifamily organizations to measure the economic impact of apartments. Nationally, the apartment industry and 36 million apartment residents contributed $1.3 trillion to the U.S. economy, supporting 12.3 million jobs across the U.S. in 2013. For Houston, the study says, ... Read More »

San Antonio Multifamily Project Sold

SAN ANTONIO — CBRE Capital Markets’ multifamily team announces the sale of Broadstone Colonnade on behalf of Kansas City, Missouri-based Price Development Group. An anonymous buyer purchased the 282-unit, Class A multifamily project in northwest San Antonio.. Broadstone Colonnade, at 4330 Spectrum One in San Antonio, is made up of 282 one-, two- and three-bedroom units featuring eight floor plans. ... Read More »

Patrinely/USAA Developing Westchase Apartment Project

HOUSTON – Crimson Real Estate Fund and USAA Real Estate Co. have announced plans to develop a 266-unit apartment project in in the Westchase submarket of Houston, near Westheimer Road and the Sam Houston Parkway. A Crimson affiliated company, Patrinely Group, headquartered in Houston, is developing the new complex on three acres of land next to the 2500 City West ... Read More »

Peaked Out? Is Houston Multifamily Surge at Its Crest?

HOUSTON – With apartment construction at its highest level in 14 years, investment sales prices for Texas multifamily complexes have plateaued, according to a Houston real estate valuation firm. “Apartment construction has been incredible in Texas metropolitan areas in recent years,” says Matthew Deal, principal of the Deal Sikes & Associates valuation and consulting firm. “With this massive new supply ... Read More »

Multifamily Deals

HOUSTON – Tip Strickland and A. David Schwarz of Grandbridge Real Estate Capital closed on a 5-year construction loan for the development of Vargos on the Lake. The development featuring 276 apartment and town home units will sit on a wooded 8.7 acre site. Financing was on behalf of Hunington Residential Inc. through BB&T. WOODLAND HILLS, Calif. – Wood Partners opens Warner Park a ... Read More »

Multi-Family Wire

RICHMOND, Va. – Landmark Apartment Trust of America, a multifamily REIT bought three multifamily properties valued at $42.15 million from Elco Landmark Residential Holdings, MB Equity Holdings, Inc. and Legacy Partners. Collectively, the properties contain 703 units and are 94 percent occupied. The projects are in Clearwater, Fla.; Melbourne Fla; and Raleigh, N.C. HOUSTON – Cortland Partners acquired three communities ... Read More »

Hines Proposes Residential Tower in Downtown Houston

HOUSTON – Hines is creating plans to develop a high-rise apartment project in the northern part of downtown Houston, according to a report in the Houston Chronicle. The site, now used as a parking lot, is located catty-cornered from Market Square Park at Preston and Travis. Hines has another proposed Houston multifamily deal in the works on a block bounded ... Read More »

Rents Up 16 % in Houston, But More Hikes to Come – Everywhere

The Trulia organization reported that Houston led the nation last year with a 16.2 average gain in apartment rents. But Houston’s not alone. There are rent hikes more to come in 2013, for most markets in the nation, according to new projection released by The MORE Group. The MORE Group is projecting overall nationwide apartment rental rate increases of 3 to ... Read More »

Hines Buys Cafe Adobe Site for Houston Apartment Construction

HOUSTON – Hines, one of the largest real estate development firms in the world, has acquired the Cafe Adobe restaurant property on Westheimer Road in Houston for a new apartment project, according to The restaurant’s remaining TexMex eateries will remain open, but the original Cafe Adobe, 2111 Westheimer, one block west of Shepherd Drive, has been purchased by Hines. ... Read More »

Hines Developing Midrise Apartment near Houston’s Galleria

HOUSTON – Hines, the international real estate firm, along with joint venture partner, Hines Global REIT,  will build WaterWall Place, a seven-story, 316,000-sf, 322-unit  for-rent residential project in Uptown Houston, adjacent to the Galleria mixed-use development. The apartment building will be located on a three-acre site at the northeast corner of Hidalgo Street and McCue Road, overlooking the Gerald D. Hines Waterwall Park. ... Read More »

Marvy Finger Developing Multi-Family Next to Minute Maid Park

HOUSTON — Apartment developer Marvy Finger is developing a seven-story apartment building adjacent to the left field wall of Minute Maid Park, home of the Houston Astros. The 380 unit project will be located  on two downtown blocks bounded by Preston, Crawford, Texas and La Branch streets, according to a report in the Houston Chronicle. When the stadium was new Trammell Crow ... Read More »

Camden Sells 456-Unit Apt. in Houston to Allen Harrison JV

HOUSTON – Allen Harrison Co. purchased a 456-unit West Houston aparment project in a joint-venture partnership with Dome Equities LLC and Equity Resource Investments. The seller was Houston-based Camden Property Trust, one of the largest apartment REITs in the nation. The project, Westchase Creek (formerly known as Camden Creek), is located at 3000 Woodland Park Drive between Westheimer and RichmondAvenue, ... Read More »

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