|Appetite soars for affordable housing loans||Appetite soars for affordable housing loans||https://www.recenter.tamu.edu/news/newstalk-texas/?Item=16578||2017-05-17T05:00:00Z||2017-05-17T21:00:00Z|
NORTH TEXAS – Population and job growth don’t appear to be slowing down, and when factoring in Fannie Mae and Freddie Mac’s appetite to provide loans on affordable housing, a perfect sellers’ storm is created.
Continued demand by investors for quality workforce housing in North Texas, along with the opportunity for new ownership to enhance value in a supportive market are the impetuses for five multifamily properties to recently change hands.
The properties have a total of 705 units and were sold for $45.625 million.
The properties include:
Cleburne: Northridge Court with 85 units;
Fort Worth: La Jolla Terrace with 340 units, 8801 Randol Mill Rd.;
Garland: Castle Glen with 48 units;
Irving: West Wind with 160 units; and
Nacogdoches: Social House with 72 units.
“As more new Class A units are delivered and absorbed at significantly higher rental rates than in the Class B and C space, investors have become increasingly confident in the value-add narrative and the ability to improve rents on older assets,” says Marcus & Millichap with Nick Fluellen senior managing director investments.
|GlobeSt.com||Dallas-Fort Worth-Arlington||Multifamily|| http://www.globest.com/sites/lisabrown/2017/05/17/workforce-housing-rents-continue-upward-trajectory/|
Also, check out DFW Multifamily Research for quarterly (sometimes monthly) data.