Broadstone Sierra Pines Broadstone Sierra Pines, a 341-unit asset located in The Woodlands, was purchased by Olympus Property.

HOUSTON—Prior to Harvey, Houston’s apartment market was poised for a period of easing. Concessions were rising and vacancies were growing due to voluminous new supply and a weaker job market, according to Fannie Mae’s latest report.

However, the storm temporarily reversed these trends, with both vacancy and rent growth improving. Interestingly, landlords have not used Harvey to dramatically raise rents and instead, many cut concessions. This has resulted in Houston continuing to be a competitive market for multifamily investment.

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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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