A CB Richard Ellis team in Houston represented Equity Residential in the sale. The team consisted of G. Craig LaFollette, senior vice president, J. Todd Stewart, senior vice president, and Todd Marix. Details about the transaction were not available at press time.

In a recent interview, G. Craig LaFollette tells GlobeSt.com that absorption rose 889 units from the first quarter close to the end of the second quarter's tally of 5,025 units. LaFollette says an extra 2,830 units were absorbed in July and August. It's an unusually healthy number for a historically slow time of year, he says. As a result, Houston's multifamily absorption is up to 11,991 units and there are still four months to go. In 2000, more than 13,000 units were absorbed. Additionally research had shown the annualized rental rate increase from May through July was 9.5%, but now it's crept up to 9.6% as of August.