HOUSTON—Consistent with national trends, there has been less institutional and class-A activity than usual in 2016, but record-breaking class-B activity. In Houston's first core deal of 2016, ARA Newmark has closed the sale of Holden at the Heights, a 282-unit class-A multifamily asset in the highly sought-after Northwest neighborhood, the company tells GlobeSt.com exclusively.
This transaction is a positive sign the market may still meet its average of eight to 10 core class-A sales per year. The newest luxury apartment project just completed lease-up and Francis Properties, an active 1031 exchange buyer in Houston, purchased the property when it hit 90% occupancy.
Vice chairman David Wylie represented the seller, Dallas-based JLB Partners, a national developer, builder and manager of class-A multifamily assets.
“Houston's class-A activity intensified in the last 90 days, and Holden Height's strong lease-up and sale signals a positive fourth-quarter performance for this asset class that could extend into 2017,” Wylie tells GlobeSt.com.
Apart from being conveniently located in Houston's Business District and Energy Corridor, the luxury apartments offer custom home finishes complete with hard wood flooring, granite or quartz countertops, custom maple cabinetry and energy-efficient stainless appliances. The apartment homes also feature expansive 10-foot ceilings, luxury kitchens, upgraded designer lighting package, built-in wine racks, pre-wired intrusion alarm system, and private balconies and yards.
Another active listing just launched by ARA Newmark is Chandler Park, with lead broker, David Oelfke. The class-A property has 432 units and was constructed in 1998.
Broadstone Shadow Creek Ranch is coming soon with lead broker Wylie. The class-A property has 382 units and was constructed this year in Pearland, TX.
More than 300 of the industry's leading national investors, REITs, banks, private equity firms, asset management firms and other institutions will join us as we explore the market conditions behind the trends at this year's RealShare National Investment & Finance, scheduled for Oct. 5 and 6 at the Roosevelt Hotel in New York City. Learn more.
HOUSTON—Consistent with national trends, there has been less institutional and class-A activity than usual in 2016, but record-breaking class-B activity. In Houston's first core deal of 2016, ARA Newmark has closed the sale of Holden at the Heights, a 282-unit class-A multifamily asset in the highly sought-after Northwest neighborhood, the company tells GlobeSt.com exclusively.
This transaction is a positive sign the market may still meet its average of eight to 10 core class-A sales per year. The newest luxury apartment project just completed lease-up and Francis Properties, an active 1031 exchange buyer in Houston, purchased the property when it hit 90% occupancy.
Vice chairman David Wylie represented the seller, Dallas-based JLB Partners, a national developer, builder and manager of class-A multifamily assets.
“Houston's class-A activity intensified in the last 90 days, and Holden Height's strong lease-up and sale signals a positive fourth-quarter performance for this asset class that could extend into 2017,” Wylie tells GlobeSt.com.
Apart from being conveniently located in Houston's Business District and Energy Corridor, the luxury apartments offer custom home finishes complete with hard wood flooring, granite or quartz countertops, custom maple cabinetry and energy-efficient stainless appliances. The apartment homes also feature expansive 10-foot ceilings, luxury kitchens, upgraded designer lighting package, built-in wine racks, pre-wired intrusion alarm system, and private balconies and yards.
Another active listing just launched by ARA Newmark is Chandler Park, with lead broker, David Oelfke. The class-A property has 432 units and was constructed in 1998.
Broadstone Shadow Creek Ranch is coming soon with lead broker Wylie. The class-A property has 382 units and was constructed this year in Pearland, TX.
More than 300 of the industry's leading national investors, REITs, banks, private equity firms, asset management firms and other institutions will join us as we explore the market conditions behind the trends at this year's RealShare National Investment & Finance, scheduled for Oct. 5 and 6 at the Roosevelt Hotel in
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