William Forrest, president of Revac and an acknowledged regional expert, tells GlobeSt.com that there are an average of 30 apartment communities sold each month. That takes this year's total to 2,877 units. "The average sales price," he says, "was $37,620, up from $26,462 per unit in 2000."
The Phoenix-based Hendricks & Partners Houston team recently hawked the 54-unit La Vista Villa and 86-unit Spring Lake Lakehomes in the steady flow of transactions. Houston-based Nine Plus Properties Inc. bought the La Vista Village at 4920 Marable from Gangtian USA Inc. of Sugar Land, TX. Hendricks' Jeff Eisenhardt negotiated the sale.
At 2217 Hollister in Houston's northwest submarket, Spring Lake Lakehomes went to Denver-based McDowell Investments. The Hendricks team of Greg Austin and Jim Hearn represented the seller, Vancouver, BC-based Anthem Spring Lake Townhomes LLC.
Forrest's report, in keeping with one by CB Richard Ellis, puts occupancy high. Forrest pegs the current rate at 95.6%. And, he says, brace for rental rates to spike significantly. He is predicting a jump ranging from 5% to 8% in the first half of 2002. The average two bedroom, one bath of 835 sf brings in $616 per month and expenses average $302 per unit or $4.34 per sf. In the past year, rent has gone up 3.3% and expenses, up 3.2%.
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