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Competition Remains Despite Oil Dip and Supply

The west side has a large number of multifamily units that have become available recently, all of which have similar premium rent levels, but well-established properties stay competitive.

Cornerstone Ranch Cornerstone Ranch is adjacent to The Golf Club at Cinco Ranch.

KATY, TX—Despite the Houston market being hit hard with the recent dip in oil prices and a large number of units on the West side having similar premium rent levels, well-established properties that provide the same quality and level of amenities have been able to stay competitive. One such example is a 962-unit multifamily portfolio that recently closed, totaling $76.88 million.

The collateral was backed by three class-A garden-style properties located in Katy and Grand Prairie. The portfolio contains three Fannie Mae loans, all of which were structured with fixed rates and 10-year terms, followed by 30-year amortization periods. The portfolio was refinanced during the course of six months.

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Lisa Brown

Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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