HOUSTON - Multifamily developers are still buying land for new apartment projects despite the downturn in oil prices.
ARA Newmark has closed about eight new multifamily deals so far this year, said transaction manager Tom Dosch.
The Houston-based commercial real estate brokerage had the quickest start to the year for multifamily land transactions, even as oil prices slipped to near six-year lows earlier this year.
Some multifamily developers continue to look for new development opportunities as others slow down or stall new projects amid the oil slump.
“Groups who still have the capital want to build in Houston,” Dosch said. “Houston is a still a great long-term play.”
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