HOUSTON-The two largest multifamily markets in Texas – Houstonand Dallas – are “beaten up” from the new supply that has come tomarket over the past 12 months.
Richard Campo, chairman and CEO of Camden Property Trust,outlined the problems the additional inventory have created forREIT’s properties during its first quarter earnings call. The localcompany owns interests in and operates 185 properties containing63,658 apartment homes across the U.S.
“The Texas markets are getting beaten,” Campo notes, adding thatthey’re suffering from “a ton of new supply” that was constructedduring the last part of the development cycle when Dallas andHouston were the only two markets in the country where developerscould build. “Unfortunately, some of it is directly competitivewith a lot of our assets in Houston and in Dallas, as well.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
