HOUSTON — Transwestern has brokered the sale of 3355 West Alabama, a 236,932-square-foot office tower located between Greenway Plaza and River Oaks in Houston. Ken Page and Scott Myers of Transwestern represented the seller, KBS Realty Advisors, in the transaction. The buyer, Granite Properties, was self-represented by Will Hendrickson and Paul Bennett.
AUSTIN — Muskin Commercial has arranged the sale of the 200-unit Meadowood Apartments, located at 9601 Middle Fiskville Road in Austin. Ellen Muskin and Daniel Elam of Muskin Commercial represented the seller in the transaction. Arbor Realty SR provided acquisition financing, and Legends Asset Management will manage the property.
HOUSTON — Henry S. Miller Brokerage has arranged the sale of 317 Allen Genoa, a 20,000-square-foot office/warehouse located in southeast Houston. Doug Bates of Henry S. Miller represented the seller, CJ Holdings, in the transaction. John Littman of Cushman & Wakefield Texas represented the buyer, Houston Refining, an entity of Lyondellbasell.
HOUSTON — Coldwell Banker Commercial United, Realtors has secured the sale of 10707 Sharmon, a 10,500-square-foot industrial property located off Sam Houston Parkway in north Houston. Marvin Gerber of Coldwell Banker represented the seller in the transaction. Patrick Wolford of The National Realty Group represented the buyer.
HOUSTON AND DALLAS — Austin-based World Class Capital Group has acquired a 12-property self-storage portfolio from Sovran Self Storage for $35.5 million. The portfolio includes more than 8,000 units and approximately 1 million square feet of self-storage space in Houston and Dallas.
HOUSTON — HFF has secured the sale of a 13-property, 1 million-square-foot industrial portfolio located in the Greater Houston area. The portfolio is 98 percent occupied by 46 tenants. The properties include 12603 and 12613 Executive in Stafford; 505 and 525 Julie Rivers Road and 12505 Reed Road in Sugar Land; 4000 Greenbriar, 1240-1270 Silber, 7215 Wynnwood, 7240 Wynnpark, 8280 and 8270 Willow Place North, 13161-13175 Misty Willow Drive and 9305-9323 Millsview Road in Houston. Rusty Tamlyn and Trent Agnew of HFF represented the seller, DCT Industrial Trust, in the transaction. The buyer was Mayfield Properties.
CARROLLTON — Colliers International has arranged the sale of a 119,620-square-foot industrial property, located at 2615 Belt Line in Carrollton. Noel Hutcheson of Colliers' Dallas/Fort Worth office represented the buyer, Milestone Distributors, in the transaction. David Little Real Estate represented the seller, 2615 Belt Line LLC.
DALLAS — NorthMarq Capital has arranged the refinancing of the 301,378-square-foot Graystone Centre, an office building located at 3010 LBJ Freeway in Dallas. Paul Brighton of NorthMarq Capital arranged the five-year loan with a 25-year amortization schedule on behalf of the borrower, Younan Properties.
HOUSTON — Holt Lunsford Commercial brokered a 167,731-square-foot industrial lease, located at 8609 City Park Loop in Houston. John Kruse of Holt Lunsford Commercial represented the landlord, TA Associates Realty, in the lease transaction. Sam Brown of Sam H. Brown Inc. represented the tenant, Exel Inc.
Currently, the Houston multifamily market is in the best shape that we’ve seen in a long time. For example, rents are increasing across the board, particularly in Class A properties. In addition, occupancy is at its highest point in years. We’re still trying to backfill supply into a market that has seen historically low deliveries over the last three years, and Houston is creating serious demand for new units. We use the rule of thumb that for every six or seven new jobs created, there is demand for one new apartment. Thus, Houston has added more than 90,000 jobs in the last 12 months, which tells us that we need to add 12-15,000 units annually just to keep up with current demand. So, all in all, Houston’s multifamily market is healthy right now. There are a variety of trends impacting the multifamily market in Houston. For example, tightening occupancy and low supply are driving concessions out of both urban and suburban markets. We will see increased supply in the next 18 months, but we will be lucky to build enough product to meet demand during that time. Development capital is available for quality infill sites, but investors are still being …
