The multifamily sector may cool some nationwide, but it will still be the leader in returns, according to an Urban Land Institute and Ernst & Young report. Apartment sector returns are expected to be 10% this year. The forecast predicts that vacancy rates will hold at 5%, then edge up to 5.2% in 2014 and stay at that point in 2015, as supply catches up with demand. This year, rental growth rates are expected to be 3.8%, down from 4.1% in 2012. Rental growth rates are expected to decline to 3% in 2014 and 2.8% in 2015, as more units are placed on the market.
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JDL Ventures acquired the 106-unit apartments at 6327 Woodway Dr in Fort Worth from the G8 Opportunity Fund. CBREs Chris Deuillet repped the seller.
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6011 Oakland Hills, a Texas investor, purchased the 274-unit Copper Creek in Fort Worth from Price Realty Corp for an undisclosed amount (although, we hear it was offered at $6.2M). Marcus & Millichap investments VP Al Silva had the listing to market the property and also secured the buyer. He tells us the property attracted several offers and had a sales contract that closed just 22 days after the effective date.The new owner plans to make improvements to the unit interiors to make the property more competitive in its submarket.It is 92% leased.
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