(globest.com) – Riverstone Residential Group is assuming management duties on two Texas apartment complexes totaling 654 units.
The 379-unit Alexan Parkway is at 6653 McKinney Ranch Pkwy. in McKinney, and the 275-unit Northcastle Apartments is at 8100 N. Mopac Expwy. in Austin.
They are among 14 multifamily complexes in eight states that Riverstone will begin managing.
Friday, July 11, 2008
Wednesday, June 11, 2008
Wednesday, January 9, 2008
Apartment rents on the rise
Average price up about $100 a month since 2005.
Prices for apartment rentals in Austin are on the rise as occupancy rates increase, according to Capitol Market Research.
One-bedroom apartments have increased to an average of $714 a month, about $100 more than they cost two years ago. Two-bedroom, two-bath units are up to $938, also about $100 more than two years ago, according to the Austin-based real estate consulting firm that tracks the market. The occupancy rate for 2007 rose to 96.6 percent, up from 94.4 percent two years ago.
"Everyone is upping their rents like crazy," said Susan Albertson, a broker with Austin City Locators.
Albertson said the market is seeing a mix of newcomers and renters who are shopping around after their rents were raised. Also, more people have moved into the apartment market because of tighter credit standards for getting mortgages.
"There are people who are not able to pay their mortgage, and we're starting to see a lot of people who aren't buying a home," Albertson said.
Charles Heimsath, president of Capitol Market Research, agreed that the credit crunch has been a plus for landlords.
"To the extent to which first-time buyers are on the sidelines because of the difficulty in qualifying for home mortgages, I think that's going to tend to keep people in apartments longer and will serve to maintain occupancy," Heimsath said.
He predicted that occupancy rates will hold at 96 percent this year.
Strong job growth in the past 12 to 18 months has also kept the apartment market healthy.
"It's still very positive," Heimsath said of job growth, although it has slowed in recent months. Employers in the five-county Central Texas region added 22,500 jobs from November 2006 to November 2007, an annual growth rate of 3 percent. "The main driver is always job growth."
Rents have lagged occupancy for nearly three years, Heimsath said, but the market has strengthened to the point that landlords are comfortable raising rents.
"After almost three years of average occupancy being above 92 percent, finally rents are beginning to move upward," he said.
Landlords and leasing agents previously had been hesitant to raise rents, he said, because it had been a tenants' market after the technology bust in 2001.
However, landlords now can afford to be pickier and are becoming stricter in looking at renters' credit histories, apartment locators said. Some homeowners who are nearing foreclosure are finding difficulty renting because of their tainted credit.
Another indicator that the market has shifted in landlords' favor is that some are passing along the costs of utilities, trash service and pest control, helping push rents up.
Heimsath predicts Austin-area rents will rise 5 percent to 6 percent this year, with ample demand to fill the estimated 6,000 units that are expected to open. Last year, the market absorbed 5,600 units.
"We should remain very high occupancy and continue to be able to push rents throughout 2008 and into 2009," Heimsath said.
Albertson also expects rents to climb this year, with fewer incentives.
"It's going to be a tough summer if it's already like this in January," she said.
Prices for apartment rentals in Austin are on the rise as occupancy rates increase, according to Capitol Market Research.
One-bedroom apartments have increased to an average of $714 a month, about $100 more than they cost two years ago. Two-bedroom, two-bath units are up to $938, also about $100 more than two years ago, according to the Austin-based real estate consulting firm that tracks the market. The occupancy rate for 2007 rose to 96.6 percent, up from 94.4 percent two years ago.
"Everyone is upping their rents like crazy," said Susan Albertson, a broker with Austin City Locators.
Albertson said the market is seeing a mix of newcomers and renters who are shopping around after their rents were raised. Also, more people have moved into the apartment market because of tighter credit standards for getting mortgages.
"There are people who are not able to pay their mortgage, and we're starting to see a lot of people who aren't buying a home," Albertson said.
Charles Heimsath, president of Capitol Market Research, agreed that the credit crunch has been a plus for landlords.
"To the extent to which first-time buyers are on the sidelines because of the difficulty in qualifying for home mortgages, I think that's going to tend to keep people in apartments longer and will serve to maintain occupancy," Heimsath said.
He predicted that occupancy rates will hold at 96 percent this year.
Strong job growth in the past 12 to 18 months has also kept the apartment market healthy.
"It's still very positive," Heimsath said of job growth, although it has slowed in recent months. Employers in the five-county Central Texas region added 22,500 jobs from November 2006 to November 2007, an annual growth rate of 3 percent. "The main driver is always job growth."
Rents have lagged occupancy for nearly three years, Heimsath said, but the market has strengthened to the point that landlords are comfortable raising rents.
"After almost three years of average occupancy being above 92 percent, finally rents are beginning to move upward," he said.
Landlords and leasing agents previously had been hesitant to raise rents, he said, because it had been a tenants' market after the technology bust in 2001.
However, landlords now can afford to be pickier and are becoming stricter in looking at renters' credit histories, apartment locators said. Some homeowners who are nearing foreclosure are finding difficulty renting because of their tainted credit.
Another indicator that the market has shifted in landlords' favor is that some are passing along the costs of utilities, trash service and pest control, helping push rents up.
Heimsath predicts Austin-area rents will rise 5 percent to 6 percent this year, with ample demand to fill the estimated 6,000 units that are expected to open. Last year, the market absorbed 5,600 units.
"We should remain very high occupancy and continue to be able to push rents throughout 2008 and into 2009," Heimsath said.
Albertson also expects rents to climb this year, with fewer incentives.
"It's going to be a tough summer if it's already like this in January," she said.
Friday, December 21, 2007
EMPTY COURTYARD REPURCHASED
FORT WORTH (globest.com) – Local investor Paul Carpenter has repurchased the Courtyard on Calmont, an empty 50-unit apartment complex on roughly one acre, from Bayview Financial Holdings LP of Miami.
According to Tarrant County tax records, Bayview had foreclosed on the property owner, Multi-Flex Corp. of California.
Carpenter originally paid $600,000. Two years ago, he sold it for $1.2 million. He spent $700,000 to repurchase the apartment complex. About $300,000 of upgrades are estimated.
Carpenter will manage the complex at 6760 Calmont Ave., which consists of one- and two-bedroom units ranging from 600 to 910 sf. Rents had been $525 to $675 per month.
Hendricks & Partners in Dallas assisted in the transaction.
The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station
According to Tarrant County tax records, Bayview had foreclosed on the property owner, Multi-Flex Corp. of California.
Carpenter originally paid $600,000. Two years ago, he sold it for $1.2 million. He spent $700,000 to repurchase the apartment complex. About $300,000 of upgrades are estimated.
Carpenter will manage the complex at 6760 Calmont Ave., which consists of one- and two-bedroom units ranging from 600 to 910 sf. Rents had been $525 to $675 per month.
Hendricks & Partners in Dallas assisted in the transaction.
The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station
NOVEMBER APARTMENT DATA
CARROLLTON (ALNsystems.com) – ALN has released apartment market data for large Texas metro areas. For the year ending last month:
Occupancy in Austin apartments increased from 93.6 percent in November 2006 to 93.7 percent in November 2007. Average monthly rent increased from $776 to $831, a 7.1 percent jump.
Occupancy in Dallas apartments increased from 90 to 90.8 percent. Rent increased 5.4 percent, going from $753 to $794.
Occupancy in Fort Worth apartments dropped from 89.9 to 88.8 percent. Rent rose from $667 to $702, a 5.2 percent increase.
Occupancy in Houston apartments decreased from 90.4 to 89.3 percent. Rent increased by 3.1 percent, going from $713 to $735.
Occupancy in San Antonio apartments held steady at 90.6 percent. Rent increased 3.8 percent, going from $679 to $705.
The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station
Occupancy in Austin apartments increased from 93.6 percent in November 2006 to 93.7 percent in November 2007. Average monthly rent increased from $776 to $831, a 7.1 percent jump.
Occupancy in Dallas apartments increased from 90 to 90.8 percent. Rent increased 5.4 percent, going from $753 to $794.
Occupancy in Fort Worth apartments dropped from 89.9 to 88.8 percent. Rent rose from $667 to $702, a 5.2 percent increase.
Occupancy in Houston apartments decreased from 90.4 to 89.3 percent. Rent increased by 3.1 percent, going from $713 to $735.
Occupancy in San Antonio apartments held steady at 90.6 percent. Rent increased 3.8 percent, going from $679 to $705.
The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station
Tuesday, December 11, 2007
PRIVATE INVESTOR SADDLES UP
(Austin Business Journal) – A private California investor has purchased the Class-A Saddle Creek apartments from Chicago-based Orix Real Estate Capital.The 17-building, 224-unit apartment community at 10801 Old Manchaca Rd. was completed in 2001.Valued at $16.9 million according to the Travis Central Appraisal District, the complex is 95 percent occupied.Apartment Realty Advisors represented Orix.
RECON-The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station
RECON-The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station
Friday, November 30, 2007
PARKWAY APARTMENTS SOLD
COLLEGE STATION (Apartment Realty Advisors) – California-based FSC Realty LLC has sold the 166-unit Parkway Apartments, which are roughly one mile from the Texas A&M University campus.
Built in 1972 at 1600 Southwest Pkwy., the complex has a mix of one-, two- and three-bedroom apartments averaging 946 square feet.
Apartment Realty Advisors represented the seller. The buyer was self-represented
Built in 1972 at 1600 Southwest Pkwy., the complex has a mix of one-, two- and three-bedroom apartments averaging 946 square feet.
Apartment Realty Advisors represented the seller. The buyer was self-represented
CWS BUYS VILLAGES
SAN ANTONIO (globest.com) – CWS Capital Partners LLC of California has purchased the 300-unit Villages of Deerfield apartments at 14555 Blanco Rd.
The 89 percent occupied, 11-year-old apartment complex consists of 25 residential buildings and three administrative buildings on more than 13 acres. The one- and two-bedroom apartments measure from 611 to 1,181 square feet. Monthly rents are between $689 and $1,119.
Apartment Realty Advisors represented the seller, MBS Cos. of Louisiana. CWS was self-represented and will manage the complex.
<The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station>
The 89 percent occupied, 11-year-old apartment complex consists of 25 residential buildings and three administrative buildings on more than 13 acres. The one- and two-bedroom apartments measure from 611 to 1,181 square feet. Monthly rents are between $689 and $1,119.
Apartment Realty Advisors represented the seller, MBS Cos. of Louisiana. CWS was self-represented and will manage the complex.
<The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station>
MEDITERRANEAN MIXED-USE UNDERWAY
SAN ANTONIO (Express-News) – Construction will begin next week for The éilan on 120 acres next to La Cantera and across from The Rim shopping center.
Wereldhave USA expects to spend roughly $300 million developing the speculative Mediterranean style mixed-use project of apartments, offices and retail on the northwest corner of 1604 and I-10, just north of Six Flags Fiesta Texas.
The éilan will consist of about 1,400 upscale apartments, two Class-A office buildings totaling 200,000 square feet, a 150- to 200-room hotel and spa, 30,000 square feet of boutique retail, underground parking, a nondenominational chapel, an amphitheater and a specialty grocery store.Wereldhave will build most of the buildings within LEED sustainability specifications. An electric trolley will run through the property.
The éilan’s first building is slated to open in spring 2009.
Wereldhave USA expects to spend roughly $300 million developing the speculative Mediterranean style mixed-use project of apartments, offices and retail on the northwest corner of 1604 and I-10, just north of Six Flags Fiesta Texas.
The éilan will consist of about 1,400 upscale apartments, two Class-A office buildings totaling 200,000 square feet, a 150- to 200-room hotel and spa, 30,000 square feet of boutique retail, underground parking, a nondenominational chapel, an amphitheater and a specialty grocery store.Wereldhave will build most of the buildings within LEED sustainability specifications. An electric trolley will run through the property.
The éilan’s first building is slated to open in spring 2009.
Tuesday, October 9, 2007
EQUITY'S FOUR-SALE
DALLAS (globest.com) – McDowell Properties has purchased 1,194 apartments; Class-A and -B units within the Metroplex from Chicago-based Equity Residential Properties Trust.
Madison on the Parkway has 376 apartments on 15 acres at 19002 Dallas Pkwy. Its one-, two- and three-bedroom apartments, some with attached garages, average 904 square feet. Rents range from $655 to $1,175.
Wimberly Apartment Homes have 372 units on almost 17 acres at 4141 Horizon N. Pkwy. The mix of one-, two- and three-bedroom apartments, also with some garages attached, average 921 square feet. Monthly rents range from $625 to $1,427.
Villas of Josey Ranch consists of 198 units on more than 12 acres at 2050 Keller Springs Rd. in Carrollton. One-bedroom apartments average 849 square feet with rents ranging from $695 to $820 per month.
Wimbledon Oaks Apartments is a 248-unit complex on just over nine acres at 1802 Wimbledon Oaks Lane in south Arlington. It has one- and two-bedroom apartments with monthly rents ranging from $575 to $880. Units average 766 square feet.
The four complexes, financed separately with fixed rates on seven-year Freddie Mac loans from Wachovia Securities LLC, had occupancies of about 95 percent at sale time.
CB Richard Ellis in Dallas marketed the Madison and Wimberly Apartment homes. which will be managed by Dallas-based Milestone Management LP.
Apartment Realty Advisors marketed the Wimbledon Oaks and Villas of Josey Ranch Complexes, to be managed by the Dallas office of Bernard/Allison Management Services Inc..
Madison on the Parkway has 376 apartments on 15 acres at 19002 Dallas Pkwy. Its one-, two- and three-bedroom apartments, some with attached garages, average 904 square feet. Rents range from $655 to $1,175.
Wimberly Apartment Homes have 372 units on almost 17 acres at 4141 Horizon N. Pkwy. The mix of one-, two- and three-bedroom apartments, also with some garages attached, average 921 square feet. Monthly rents range from $625 to $1,427.
Villas of Josey Ranch consists of 198 units on more than 12 acres at 2050 Keller Springs Rd. in Carrollton. One-bedroom apartments average 849 square feet with rents ranging from $695 to $820 per month.
Wimbledon Oaks Apartments is a 248-unit complex on just over nine acres at 1802 Wimbledon Oaks Lane in south Arlington. It has one- and two-bedroom apartments with monthly rents ranging from $575 to $880. Units average 766 square feet.
The four complexes, financed separately with fixed rates on seven-year Freddie Mac loans from Wachovia Securities LLC, had occupancies of about 95 percent at sale time.
CB Richard Ellis in Dallas marketed the Madison and Wimberly Apartment homes. which will be managed by Dallas-based Milestone Management LP.
Apartment Realty Advisors marketed the Wimbledon Oaks and Villas of Josey Ranch Complexes, to be managed by the Dallas office of Bernard/Allison Management Services Inc..
DORADO RANCH TO HELP MEET HOUSING DEMAND
(Odessa American) – City officials have issued a building permit to KLP Dorado Ranch LP for the construction of a 224-unit apartment complex at Faudree Road and San Machell, just inside Midland County.
City Manager Richard Morton said Dorado Ranch will be built in a high-growth area of northeast Odessa, where many residential and business structures are now under construction.
“The apartments are very, very much needed,” he said. “We can’t get them done soon enough.”
According to Marwan Khoury, the city's planning director, apartment occupancy has been holding steady at around 99 percent.
City Manager Richard Morton said Dorado Ranch will be built in a high-growth area of northeast Odessa, where many residential and business structures are now under construction.
“The apartments are very, very much needed,” he said. “We can’t get them done soon enough.”
According to Marwan Khoury, the city's planning director, apartment occupancy has been holding steady at around 99 percent.
Tuesday, October 2, 2007
THE PEEK OF LUXURY
AUSTIN (Austin Business Journal) – Peek-Howe Real Estate Inc. of Louisiana is developing a 256-unit luxury apartment project at 305 East Yager Ln.
White Rock at Canyon Ridge will feature an indoor sports court, workout facility, wireless business center, resort pool and garages for all apartments.
Peek-Howe subsidiary PHL Construction is handling construction. Humphreys & Partners Architects LP of Dallas designed the project.
The apartment community is close to Dell Inc.'s headquarters. Completion is slated for fall of next year.
White Rock at Canyon Ridge will feature an indoor sports court, workout facility, wireless business center, resort pool and garages for all apartments.
Peek-Howe subsidiary PHL Construction is handling construction. Humphreys & Partners Architects LP of Dallas designed the project.
The apartment community is close to Dell Inc.'s headquarters. Completion is slated for fall of next year.
AUGUST APARTMENT DATA RELEASED
CARROLLTON (ALNsystems.com) – ALN has released apartment market data for large Texas metro areas. For the year ending August 2007:
Occupancy in Austin apartment increased from 92.7 percent in August 2006 to 93.2 percent in August 2007. Average monthly rent increased from $771 to $819, a 6.2 percent increase.
Occupancy in Dallas apartments dropped by 0.2 percent to 90.9 percent. Average monthly rent increased 6 percent, going from $746 to $791.
Occupancy in Fort Worth apartments held steady at 89.3 percent. Average monthly rent increased from $659 to $698, a 5.9 percent jump.
Occupancy in Houston apartments decreased from 90.7 percent to 90.1 percent. Rent increased by 1.1 percent, going from $723 to $731.
Occupancy in San Antonio apartments increased 0.4 percent to 91.6 percent. Rent increased 3.6 percent, going from $674 to $698.
Occupancy in Austin apartment increased from 92.7 percent in August 2006 to 93.2 percent in August 2007. Average monthly rent increased from $771 to $819, a 6.2 percent increase.
Occupancy in Dallas apartments dropped by 0.2 percent to 90.9 percent. Average monthly rent increased 6 percent, going from $746 to $791.
Occupancy in Fort Worth apartments held steady at 89.3 percent. Average monthly rent increased from $659 to $698, a 5.9 percent jump.
Occupancy in Houston apartments decreased from 90.7 percent to 90.1 percent. Rent increased by 1.1 percent, going from $723 to $731.
Occupancy in San Antonio apartments increased 0.4 percent to 91.6 percent. Rent increased 3.6 percent, going from $674 to $698.
Saturday, September 29, 2007
APARTMENTS CROWNED
ARLINGTON, DALLAS (globest.com)– King Properties of Miami has purchased two local Class-B apartment complexes from California-based IMT Real Estate Group.
Misty Ridge Apartments consists of 13 buildings on more than eight acres at 2300 Misty Ridge Circle near the under-construction Dallas Cowboys' stadium. The 186-unit apartment complex was 95 percent occupied at closing. The average monthly rent is $678. Its one- and two-bedroom units range from 544 to 1,022 square feet.
Riverfall Apartments is a nine-building, 144-unit complex on almost four acres at 7879 Riverfall Dr. in Dallas. Riverfall’s one- and two-bedroom units, including townhouses, have average rents of $658. Units in the 93 percent occupied complex range from 477 to 880 square feet.
King Properties will manage and lease the properties in-house. Apartment Realty Advisors in Dallas assisted with the transaction.
METROPLEX MULTIFAMILY LEASES MULTIPLY
DALLAS (Dallas Morning News)– After a slow first half of the year, the Metroplex posted a surge in apartment leasing during the third quarter.
According to the most recent data from M/PF YieldStar Inc., almost 7,000 apartments have been rented since the end of June, pushing overall apartment occupancy in the area to more than 94 percent, the highest level in six years.
Developers started 2,384 apartments in the third quarter, bringing construction totals for the year so far to 5,534 units.
More than 13,000 apartments are in the construction pipeline, with the largest concentration of new units in central Dallas and in Irving's Las Colinas development.
This quarter, the average rent is $724 a month, up 2.3 percent from a year ago.
NEW BROADSTONES BREWING
Construction is underway on a new Broadstone apartment complex from Opus West Corp. and an affiliate of Alliance Residential Co. The Phoenix-based firms will break ground on a second complex next month.
Work began last week on Broadstone Walker Commons, a 352-unit, 17-acre development with frontage on League City Parkway, near I-45 and the Calder Road exit.
Construction will begin next month on Broadstone Cypress, a 312-unit development on 14 acres at SH 290 and Mueschke Road.
Both projects will be three-story, garden-style apartments with one-, two- and three-bedroom units ranging from 650 to 1,300 square feet.
Alliance will lease and manage both complexes. Local firm Steinberg Design Collaborative LLP is the architect.
Work began last week on Broadstone Walker Commons, a 352-unit, 17-acre development with frontage on League City Parkway, near I-45 and the Calder Road exit.
Construction will begin next month on Broadstone Cypress, a 312-unit development on 14 acres at SH 290 and Mueschke Road.
Both projects will be three-story, garden-style apartments with one-, two- and three-bedroom units ranging from 650 to 1,300 square feet.
Alliance will lease and manage both complexes. Local firm Steinberg Design Collaborative LLP is the architect.
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