Multifamily investors buy in Houston despite economic slowdownMultifamily investors buy in Houston despite economic slowdownhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=123082016-03-04T06:00:00Z2016-03-04T20:40:00Z

​​HOUSTON - Despite the collapse in oil pricing, multifamily investors have not shied away from acquiring Houston apartment projects.

Although last year’s deal volume of about $3 billion was $500 million less than in 2014, it was still $500 million higher than in 2013, according to CoStar data.

The average sale price per unit for Houston multifamily property also continued to climb from about $50,000 per unit at the start of 2013 to about $110,000 per unit at the end of 2015.

And investors appear to be targeting the energy-dominant market again this year. 

Advenir acquired the former Broadstone Stone Park Apartments, a 480-unit apartment community at 6160 East Sam Houston Pkwy. in Houston.

The sale marked Advenir's third acquisition in 2016 and it plans to acquire in excess of $350 million by year-end. Advenir said it has acquired over 1,100 apartment units in the Houston MSA over the last nine months.

The firm plans to invest approximately $4 million to renovate and modernize units and common areas at the newly renamed Advenir at Stone Park.

Panther FW Investments, in partnership with Commerce Capital Partners of San Antonio, purchased the 536-unit Wilshire Place Apartments in Houston. This acquisition marks Panther’s fourth property in Houston, expanding its presence to over 1,700 units.

Last month, BRT Realty Trust through a joint venture in which it has a 75 percent interest, acquired the Retreat at Cinco Ranch, a 268-unit complex in Katy for $40.3 million, inclusive of $30.8 million of mortgage debt.

And also last month, a joint venture acquired the 225-unit Haven at Westgreen in Katy.​

CoStar Group
Houston-The Woodlands-Sugar Land
http://www.costar.com/News/Article/In-Contrarian-Play-Multifamily-Investors-Still-Taking-a-Chance-on-Houston/179928Read more at the {Source}

 Search NewsTalk Texas