MARKET WATCH HOUSTON MULTIFAMILY - … · WASHINGTON DC FORT DALLAS WORTH HOUSTON ... HOUSTON...
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HOUSTON MULTIFAMILY JUNE 2016 MARKET WATCH RECENT MULTIFAMILY SALES Energy Corridor/CityCentre/BriarForest :: The Steeples 408 units 2151 S Kirkwood Buyer: Nitya Capital Seller: Gaia Real Estate Holdings Alief :: Kirkwood Landing Apartments 264 units 9850 S Kirkwood Buyer: Elandis Seller: Ytech International Realty & One Real Estate Investment, Inc joint venture Memorial/Spring Branch :: Le Renaissance 164 units 970 Bunker Hill Buyer: Moody International Cos Seller: Group LSR Monthly Statistics HOUSTON MSA MAY 2016 Occupancy 89.7% Price ($/Mo) $983 Rental Rate ($/SF/Mo) $1.12 Average Size (SF) 880 Number of Communities 2,648 Number of Units 617,489 Under Construction (units) 19,655 Units Absorbed (past 12 months) 8,800 % Offering Concessions 29% Average Concession Package 7.2% Source: Apartment Data Services, Inc. Multifamily Sales Statistics HOUSTON MSA UNITED STATES QUARTER TO DATE LAST QUARTER (Q1 2016) TRAILING 12 MONTHS LAST QUARTER (Q1 2016) TRAILING 12 MONTHS Volume ($ Mil) $521.4 $1,057.2 $4,136.6 $38,206.8 $154,991.9 No. of Properties 31 47 202 1,863 8,040 Total No. of Units 8,338 11,457 55,187 282,126 1,192,277 Avg. Price per Unit $141,791 $99,244 $85,127 $146,088 $138,505 Avg. Cap Rate N/A 7.0% 6.7% 5.6% 5.9% Source: Real Capital Analytics Q1 2016 Houston MSA Overview SUBMARKET RENTABLE UNITS OCCUPANCY RENTAL RATE (PSF) CLASS A CLASS B CLASS C Montrose/Museum/Midtown 10,822 92.1% $1.90 $1.21 $0.83 Highland Village/Upper Kirby/West U 15,488 84.7% $1.79 $1.25 - Med Center/Braes Bayou 20,998 90.7% $1.64 $1.15 $1.01 Heights/Washington Ave 10,090 81.0% $1.79 $1.13 - Downtown 3,344 67.6% $2.15 $1.43 - I-10 East/Woodforest/Channelview 11,352 92.1% $1.08 $1.04 $0.87 I-69 North 3,503 92.2% $1.32 $1.00 $0.79 Northline 6,212 92.5% - $1.02 $0.84 Greenspoint/Northborough/Aldine 17,475 92.9% - $1.07 $0.87 FM 1960 East/IAH Airport 8,454 94.5% $1.21 $1.01 $0.87 Lake Houston/Kingwood 11,447 92.8% $1.23 $1.12 $0.88 Northeast Houston/Crosby 3,278 93.8% - $0.84 $0.82 Brookhollow/Northwest Crossing 19,473 93.7% $1.55 $1.10 $0.90 Memorial/Spring Branch 21,523 90.4% $1.46 $1.08 $0.87 Inwood/Hwy 249 6,030 94.0% - $0.89 $0.86 Willowbrook/Champions/Ella 38,773 92.1% $1.30 $1.05 $0.91 Jersey Village/Cypress 14,961 93.7% $1.28 $1.08 $0.92 Bear Creek/Copperfield/Fairfield 15,677 87.9% $1.20 $1.11 $0.88 Katy/Cinco Ranch/Waterside 22,311 81.2% $1.25 $1.12 $0.95 Tomball/Spring 8,864 84.1% $1.22 $1.09 $0.89 Woodlands/South Conroe 17,618 85.9% $1.39 $1.11 $0.88 Conroe North/ Montgomery 7,422 89.7% $1.13 $1.01 $0.84 Hwy 288/Pearland West 10,786 89.9% $1.32 $1.09 $0.79 U of H/I-45 South 17,014 92.4% $1.35 $1.04 $0.87 Beltway 8/I-45 South 13,004 93.2% $1.21 $1.04 $0.89 Pasadena/Deer Park/La Porte 22,646 90.5% $1.38 $1.00 $0.87 Friendswood/Pearland East 5,458 95.6% $1.39 $1.13 $0.94 Clear Lake/Webster/League City 23,345 90.6% $1.33 $1.12 $0.91 Baytown 9,397 93.4% $1.40 $1.03 $0.90 Dickinson/Galveston 11,100 93.5% $1.38 $1.07 $0.84 Alvin/Angleton/Lake Jackson 9,609 89.4% $1.51 $1.06 $0.92 Galleria/Uptown 22,983 88.5% $1.70 $1.12 $0.95 Woodlake/Westheimer 11,513 89.5% $1.58 $1.15 $0.92 Energy Corr./CityCentre/Briar Forest 30,848 83.7% $1.50 $1.12 $0.92 Westchase 14,653 91.1% $1.43 $1.13 $0.99 Alief 26,895 93.4% - $1.05 $0.91 Sharpstown/Westwood 25,538 93.4% - $1.02 $0.90 Westpark/Bissonnet 16,900 95.0% - $1.11 $0.90 Braeswood/Fondren SW 21,906 91.3% - $1.05 $0.89 Almeda/South Main 4,438 93.6% $1.25 $1.11 $0.85 Sugar Land/Stafford/Sienna 12,217 89.5% $1.36 $1.18 $0.84 Richmond/Rosenberg 4,766 93.6% $1.25 $1.12 $0.88 Total - HOUSTON 610,131 90.3% $1.53 $1.09 $0.89 Source: Apartment Data Services, Inc.
Transcript of MARKET WATCH HOUSTON MULTIFAMILY - … · WASHINGTON DC FORT DALLAS WORTH HOUSTON ... HOUSTON...
HOUSTON MULTIFAMILYJUNE 2016
MARKET WATCH
RECENT MULTIFAMILY SALES
Energy Corridor/CityCentre/BriarForest :: The Steeples 408 units2151 S KirkwoodBuyer: Nitya Capital Seller: Gaia Real Estate Holdings
Alief :: Kirkwood Landing Apartments 264 units 9850 S KirkwoodBuyer: ElandisSeller: Ytech International Realty & One Real Estate Investment, Inc joint venture
Memorial/Spring Branch :: Le Renaissance164 units970 Bunker Hill Buyer: Moody International CosSeller: Group LSR
Monthly StatisticsHOUSTON MSA MAY 2016
Occupancy 89.7%
Price ($/Mo) $983
Rental Rate ($/SF/Mo) $1.12
Average Size (SF) 880
Number of Communities 2,648
Number of Units 617,489
Under Construction (units) 19,655
Units Absorbed (past 12 months) 8,800
% Offering Concessions 29%
Average Concession Package 7.2%Source: Apartment Data Services, Inc.
Multifamily Sales StatisticsHOUSTON MSA UNITED STATES
QUARTER TO DATE
LAST QUARTER (Q1 2016)
TRAILING 12
MONTHS
LAST QUARTER (Q1 2016)
TRAILING 12
MONTHS
Volume ($ Mil)
$521.4 $1,057.2 $4,136.6 $38,206.8 $154,991.9
No. of Properties
31 47 202 1,863 8,040
Total No. of Units
8,338 11,457 55,187 282,126 1,192,277
Avg. Price per Unit
$141,791 $99,244 $85,127 $146,088 $138,505
Avg. Cap Rate
N/A 7.0% 6.7% 5.6% 5.9%
Source: Real Capital Analytics
Q1 2016 Houston MSA Overview
SUBMARKET RENTABLE
UNITSOCCUPANCY
RENTAL RATE (PSF)
CLASS A CLASS B CLASS C
Montrose/Museum/Midtown 10,822 92.1% $1.90 $1.21 $0.83
Highland Village/Upper Kirby/West U 15,488 84.7% $1.79 $1.25 -
Med Center/Braes Bayou 20,998 90.7% $1.64 $1.15 $1.01
Heights/Washington Ave 10,090 81.0% $1.79 $1.13 -
Downtown 3,344 67.6% $2.15 $1.43 -
I-10 East/Woodforest/Channelview 11,352 92.1% $1.08 $1.04 $0.87
I-69 North 3,503 92.2% $1.32 $1.00 $0.79
Northline 6,212 92.5% - $1.02 $0.84
Greenspoint/Northborough/Aldine 17,475 92.9% - $1.07 $0.87
FM 1960 East/IAH Airport 8,454 94.5% $1.21 $1.01 $0.87
Lake Houston/Kingwood 11,447 92.8% $1.23 $1.12 $0.88
Northeast Houston/Crosby 3,278 93.8% - $0.84 $0.82
Brookhollow/Northwest Crossing 19,473 93.7% $1.55 $1.10 $0.90
Memorial/Spring Branch 21,523 90.4% $1.46 $1.08 $0.87
Inwood/Hwy 249 6,030 94.0% - $0.89 $0.86
Willowbrook/Champions/Ella 38,773 92.1% $1.30 $1.05 $0.91
Jersey Village/Cypress 14,961 93.7% $1.28 $1.08 $0.92
Bear Creek/Copperfield/Fairfield 15,677 87.9% $1.20 $1.11 $0.88
Katy/Cinco Ranch/Waterside 22,311 81.2% $1.25 $1.12 $0.95
Tomball/Spring 8,864 84.1% $1.22 $1.09 $0.89
Woodlands/South Conroe 17,618 85.9% $1.39 $1.11 $0.88
Conroe North/ Montgomery 7,422 89.7% $1.13 $1.01 $0.84
Hwy 288/Pearland West 10,786 89.9% $1.32 $1.09 $0.79
U of H/I-45 South 17,014 92.4% $1.35 $1.04 $0.87
Beltway 8/I-45 South 13,004 93.2% $1.21 $1.04 $0.89
Pasadena/Deer Park/La Porte 22,646 90.5% $1.38 $1.00 $0.87
Friendswood/Pearland East 5,458 95.6% $1.39 $1.13 $0.94
Clear Lake/Webster/League City 23,345 90.6% $1.33 $1.12 $0.91
Baytown 9,397 93.4% $1.40 $1.03 $0.90
Dickinson/Galveston 11,100 93.5% $1.38 $1.07 $0.84
Alvin/Angleton/Lake Jackson 9,609 89.4% $1.51 $1.06 $0.92
Galleria/Uptown 22,983 88.5% $1.70 $1.12 $0.95
Woodlake/Westheimer 11,513 89.5% $1.58 $1.15 $0.92
Energy Corr./CityCentre/Briar Forest 30,848 83.7% $1.50 $1.12 $0.92
Westchase 14,653 91.1% $1.43 $1.13 $0.99
Alief 26,895 93.4% - $1.05 $0.91
Sharpstown/Westwood 25,538 93.4% - $1.02 $0.90
Westpark/Bissonnet 16,900 95.0% - $1.11 $0.90
Braeswood/Fondren SW 21,906 91.3% - $1.05 $0.89
Almeda/South Main 4,438 93.6% $1.25 $1.11 $0.85
Sugar Land/Stafford/Sienna 12,217 89.5% $1.36 $1.18 $0.84
Richmond/Rosenberg 4,766 93.6% $1.25 $1.12 $0.88
Total - HOUSTON 610,131 90.3% $1.53 $1.09 $0.89
Source: Apartment Data Services, Inc.
MARKET WATCH HOUSTON MULTIFAMILY MARKET JUNE 2016
HOUSTON MULTIFAMILY MARKET WATCHJUNE 2016
42 41
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TrinityBay
GalvestonBay
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0 4 8 12 162Miles
1 Montrose/ Museum/ Midtown
2 Highland Village/ Upper Kirby/ West U
3 Med Center/ Braes Bayou
4 Heights/ Washington Ave
5 Downtown
6 Galleria/ Uptown
7 Woodlake/ Westheimer
8 Energy Corridor/ CityCentre/ Briar Forest
9 Westchase
10 Alief
11 Sharpstown/ Westwood
12 Westpark/ Bissonnet
13 Braeswood/ Fondren SW
14 Almeda/ South Main
15 Sugar Land/ Stafford/ Sienna
16 Richmond/ Rosenberg
17 Brookhollow/ Northwest Crossing
18 Memorial/ Spring Branch
19 Inwood/ Hwy 249
20 Willowbrook/ Champions/ Ella
21 Jersey Village/ Cypress
22 Bear Creek/ Copperfield/ Fairfield
23 Katy/ Cinco Ranch/ Waterside
24 Tomball/ Spring
25 Woodlands/ Conroe South
26 Conroe North/ Montgomery
27 I-10 East/ Woodforest/ Channelview
28 I-69 North
29 Northline
30 Greenspoint/ Northborough/ Aldine
31 FM 1960 East/ IAH Airport
32 Lake Houston/ Kingwood
33 Northeast Houston/ Crosby
34 Hwy 288 South/ Pearland West
35 U of H/ I-45 South
36 Beltway 8 / I-45 South
37 Pasadena/ Deer Park/ La Porte
38 Friendswood/ Pearland East
39 Clear Lake/ Webster/ League City
40 Baytown
41 Dickinson/ Galveston
42 Alvin/ Angleton/ Lake Jackson
Copyright © 2016 Transwestern. All rights reserved. No part of this work may be reproduced or distributed to third parties without written permission of the copyright owner. The information contained in this report was gathered by Transwestern from CoStar and other primary and secondary sources believed to be reliable. Transwestern, however, makes no representation concerning the accuracy or completeness of such information and expressly disclaims any responsibility for any inaccuracy contained herein.
HOUSTON MULTIFAMILY MARKET WATCHJUNE 2016
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HOUSTON MULTIFAMILY TEAM
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Guadalupe OlivaresAssistant Vice [email protected]
METHODOLOGY
The information in this report is the result of a compilation of publicly available data from a variety of commercial and government sources.
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