Houston: Brookeast Capital Buys Apartments

In Houston, Colliers has reported the sale of Vineyard Trace Apartments in Houston, which has been named in a new report as an area of high multifamily demand in the future.

In Brookeast Capital Llc purchased the 238, unit Vineyard Trace Apartments, on 8.5 acres at 15414 Kuykendahl Road.

The seller, Windmill Investments, LLC was represented by Bob Heard, Chip Nash and Jaleel Adatia of Colliers.

“Vineyard Trace is a true value add asset that is well received in the community and offered new ownership the opportunity to continue the premium upgrades that were already in progress,” said Bob Heard of Colliers Houston. “Despite volatility in the capital markets during the marketing of this property, we were able to get this deal across the finish line.”

The property is located in Houston’s Willowbrook/Champions/Ella apartment submarket. The submarket contains 40,643 units contained in 161 projects, which is currently 92.8 percent occupied. The average monthly rental rate is $1,107 per unit.

NMHC and NAA: Major Growth in Texas Demand

The nation has a shortage of rental units and construction needs to increase, as stated by a new study commissioned by the National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA).

Three states, Texas, Florida and California account for 40 percent of future demand and will require 1.5 million new apartments by 2035, the report said.