HOUSTON – (Realty News Report) – A record $5.1 billion of multifamily assets were sold in the Houston area last year, an all-time record, reported Yardi Matrix. That amounted to 300 apartment complexes being traded in 2018, roughly double to the number sold in 2017.
Solid job growth contributed to the jump in sales. A number of investors were attracted to Class C properties, which allowed for significant upside through renovation.
About 23,000 units are now under construction and occupancy is around 90 percent, reports Apartment Data.
“Houston is a market that we have been monitoring for quite some time, and we believe now is an excellent time to create value in this market,” says Janet LePage, CEO of World Wealth Capital, a Canada-based firm that has purchased multifamily properties in Houston.
World Wealth Capital said it believes Houston’s job and population growth are driving both vacancy rates and rental prices in an environment with a large inventory of undervalued and under-performing multi-family properties.
Sept. 30, 2019 Realty News Report Copyright 2019
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