HOUSTON—With a slowdown in apartment deliveries during the lastyear as part of the recovery from Hurricane Harvey, the averageoccupancy rate elevated amid sustained rental demand in theHouston metropolitan area as of the second quarter. After apartmentinventory grew 2.8% annually since mid-2016, inventory expanded0.9% in the last four quarters, according to a recent report by Berkadia.
A recent sale bears that out. Alexan Auburn Lakes, a 346-unitmultifamily community located a short distance from The Woodlands,was purchased by Olympus Property, a Fort Worth-based multifamilyinvestment and property management organization with 17,000 unitsacross 10 states. The purchase price was undisclosed.
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