Harvey's damage will likely reverse the multifamily supply imbalance that has slowed rent growth during the past several years, says Ryan Epstein of Berkadia's investment sales team and Tucker Knight, of its commercial debt team. The Berkadia team is seeing more lease-up activity in the short period after Harvey and fewer concessions.—Lisa Brown

BY THE NUMBERS

HOUSTON—The occupancy rate jumped 120 basis points between August and September, reflecting the loss of inventory and heightened demand for apartment rentals. Effective rent also increased 1.4% since August, climbing to $999. As of September, 39 apartment communities were under construction. These developments should bring 10,052 units online during the upcoming years, according to Berkadia.

NEWS AND NOTABLES

DALLAS—Savills Studley promoted Mark O'Donnell to the role of vice chairman. The promotion bolsters senior leadership in Houston and responds to the growing need for strong tenant-focused workforce, workplace and real estate solutions within the area's diverse and growing business community.

DALLAS—Caddis, a national healthcare real estate firm headquartered in Dallas, hired experienced professional Christine Gorham to serve as director of the Southeast Region.

DEAL TRACKER

AUSTIN, TX—Paragon Motor Club Inc. leased 1,200 rentable square feet of office space at Crystal Mountain, located at 9433 Bee Caves Rd. The landlord was represented by Haley Smith and Patrick Ley with ECR.

AUSTIN, TX—EmployBridge LLC leased 2,677 rentable square feet of office space at Lamar Gateway, located at 911 W Anderson Ln. The landlord was represented by Matt Fain and Haley Smith with ECR.

AUSTIN, TX—Kasita Operations LLC expanded into 14,240 additional square feet at Techni Center in East Austin. The landlord was represented by Ryan Wilson and Matt Fain with ECR. Davis Bass with HPI represented the tenant.

AUSTIN, TX—Gannett Fleming leased 1,030 rentable square feet at 12710 Research. The landlord was represented by Jason Steinberg, Rebecca Zigterman and Matt Levin with ECR, and the tenant was represented by Mark Gola with Gola Corporate Real Estate.

CEDAR HILL, TX—Visitors to Hillside Village can shop for athleisure apparel while giving back to a good cause at the shopping center's first pop-up retailer, RISE Clothing, which will be open through the end of the year.

DALLAS—Stream Realty Partners secured leases from Royal Blue Grocery and NL Group Inc. at Trammell Crow Center, one of Dallas' most recognizable architectural icons located at 2001 Ross Ave. Trammell Crow Center, which is currently undergoing its first major renovation in more than 30 years, will provide a new vitality to Dallas' cultural center, enhancing a district where people work, live and enjoy cultural and recreational venues. Stream and JP Morgan asset management are redeveloping and expanding the existing office tower as well as a ground-up mixed-use development on a 2.66-acre site located directly to the south of Trammell Crow Center. The redevelopment of the 1.2 million-square-foot office tower will include significant enhancements to the building's interior lobby, lower exterior and plaza. It is located at the Northeast corner of Ross and Harwood, featuring a 3,300-square-foot store and a 2,000-square-foot kitchen, Royal Blue Grocery.

DICKINSON, TX—Robert Hernandez, senior vice president/managing director of NorthMarq Capital's Tampa regional office, arranged construction/permanent loan financing for Bahia Cove, a 248-unit conventional market multifamily property located at 901 FM 517 Road West. The transaction was structured with a 10-year term with three years of interest only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.

HALTOM CITY, TX—Vanguard Real Estate Advisors, a Dallas-based real estate advisory firm, announces the sale of a 1.88 acre commercial development site located along heavily trafficked Denton Highway. The corner location at 5760 Denton Highway is only 0.8 miles north of Loop 820 and is in the midst of a commercial corridor that experiences traffic counts more than 38,000 vehicles per day, making it a coveted site in this area of northern Tarrant County. Vanguard REA represented the seller, which was a Washington State-based partnership that owned the property for almost 12 years and had gone through multiple listing brokers prior to engaging Vanguard REA to dispose of it. The purchasing entity was represented by Clark Zimmerman in the transaction.

WACO, TX —Robert Madden Industries LLC leased 18,750 square feet at 1000 Shroader Rd. The tenant was represented by Matt Fain with ECR.

Instant Insights /

Middle Market Digest: This Week in the South and Mountain Regions

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