HOUSTON – (Realty News Report) – Casoro Group, an Austin-based multifamily real estate investment firm, announced the sale of three Texas apartment complexes for a combined total exceeding $57 million.
Knowledge Workers Welcome
The three-property disposition, totaling 692 units, aligns with Casoro Group’s strategy to redeploy capital into properties serving the knowledge-worker market segment, the firm said.
Two Houston Projects for $34.3 Million
Two of the assets are in the Houston area: the 252-unit Cypress Ridge Apartments at 2331 Bammelwood Drive and the 236-unit Highland Cross Apartments at 411 Highland Cross Drive. Both garden-style, Class B properties were originally built in 1980 and underwent substantial upgrades under Casoro Group’s ownership. California-based Strategic Realty Holdings purchased these Houston properties from Casoro Group for $34.3 million.
San Antonio Units Sold for $22.75 Million
The third sale involved 5Fifty Apartments, a 204-unit Class B, garden-style community in the San Antonio area. Located at 550 Heimer Road, 5Fifty offers one- and two-bedroom floor plans ranging from approximately 575 to 885 square feet. Built in 1984, the property also received significant renovations from Casoro Group before being sold to NorthMarq for $22.75 million.
Yuen Yung is the CEO of Casoro Group. The company moved its headquarters from Seattle to Austin in 2006.
Casoro is the parent company of CLEAR Property Management and the Upside Avenue multifamily REIT.
Texas – the Epicenter of Multifamily Construction
Texas leads the nation in apartment construction. According to RentCafé’s latest Apartment Construction Report, Dallas ranks No. 1 and Houston ranks No. 4 for projected completions.
Austin ranks No. 7 in the same report, which orders markets by the projected number of units to be finished by the end of 2021.
The Houston metro area is forecast to complete 15,760 new apartments this year, a 12 percent increase over 2020, RentCafé’s analysis shows.
Dallas–Fort Worth heads the nation in rental unit construction for the fourth consecutive year, with an expected 21,173 new apartments by year’s end. Austin is projected to add 11,919 units, placing seventh nationwide.
Multifamily investment activity has remained brisk in Houston.
Sept. 14, 2021 Realty News Report Copyright 2021
For more about Texas real estate, see the book Houston 2020: America’s Boom Town – An Extreme Close Up by Ralph Bivins. Available on Amazon.
Houston 2020 Ebook version https://tinyurl.com/4xm7z8b5
Image: Courtesy Casoro Group