HOUSTON – (Realty News Report) – Houston saw a record $5.1 billion in multifamily property sales last year, according to Yardi Matrix. That sum represents approximately 300 apartment complexes traded in 2018, nearly double the volume recorded in 2017.
Strong job growth helped drive the surge in transactions. Many investors targeted Class C properties, attracted by the opportunity to increase value through renovations and repositioning.
Currently, about 23,000 multifamily units are under construction in the region, and average occupancy is roughly 90 percent, Apartment Data reports.
“Houston is a market that we have been monitoring for quite some time, and we believe now is an excellent time to create value in this market,” says Janet LePage, CEO of World Wealth Capital, a Canada-based firm that has been buying multifamily assets in Houston.
World Wealth Capital cites Houston’s job and population growth as key factors supporting both lower vacancy and rising rents, within a landscape that still contains a substantial number of undervalued or underperforming apartment communities.
Sept. 30, 2019 Realty News Report Copyright 2019
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