Amanuel Mekonen, left, of Greystone & Co. sees investment money coming to Philadelphia from New York, while Christophe Terlizzi of KeyBank says the bank likes value-add multifamily projects.

The industrial property totals 350,171 square feet and was purchased by Hillwood in an acquisition that is consistent with its strategy to acquire high-quality industrial assets in major US markets.

While the supply of flex workspace centers in Texas grew 12% from 2017 to 2018, more than the national average, the flex cost-per-desk decreased in Austin and Dallas in the first half of 2018.

The market quickly became a hotspot for multifamily investment last year, but increased competition has compressed cap rates.