Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-This year’s best performer in Houston takes center stage in market reports amid ongoing sales of multifamily complexes.

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%.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.