The CB Richard Ellis multifamily team of G. Craig LaFollette, J. Todd Stewart and Todd Marix, all senior vice presidents in the Houston office, have represented the seller in the apartment deal. The complex has 313 units and is a class B property.
CB Richard Ellis' Houston team recently reported that its Market Index Brief for Houston's multifamily market shows significant improvements in occupancy, absorption, rental rates and construction activity. La Follette puts occupancy rates at 91.3%, the highest, he says since 1998. The team has closed on several apartment complex sales this year, including the Verandha at Centerfield, Bayberry Tree and Madison Park apartments.
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