New Katy Multifamily Asset Changes Hands In Rare-For-2017 Off-Market Sale
While Houston's office market has seen plenty of trade activity, its multifamily market is still lagging behind. In a rare deal this year, The Remington Katy, a 352-unit multifamily community at 22631 Colonial Parkway, was purchased by Valcap Group, which will change the name of the asset to Luxe at Katy Apartments. Built in 2013, the property is 97% occupied.
CBRE's Matt Phillips and Clint Duncan represented the seller, Katy Remington, a development JV between Conti Street Partners and Allen Harrison Co. CBRE's Michael Thompson arranged financing on behalf of the buyer.
“I think both parties were pleased with the outcome of this transaction, especially considering the low transaction volume of newer multifamily assets in Houston throughout this year,” Phillips said.
The demand for deals is out there, but the number of deals is dwindling, which is driving competition for the few that remain. Sellers are sitting on properties when they are not getting the price they want. That is pushing many of the remaining multifamily deals off the market.
“Off-market transactions continue to be prevalent in today’s market and this is a trend we expect to see more of during the first half of next year,” Duncan said.
