Texas' stellar multifamily investment sales market has more transactions than any other part of the country. Ergo, JLL is ramping up its sales platform in the Lone Star State. (Look for new hires across Texas, with a strong focus on Houston following the departure of Greg Austin and Chip Nash.) We chatted with Jeff Price and Paul House, who head up the firms Southwest multifamily sales and capital markets teams, respectively. Jeff (pictured) tells us Texas multifamily has seen a 25 bps cap rate compression in the last 60 to 90 days. (We knew our clothes were fitting differently.) That's in line with coastal markets. Sales pricing still lags gateway cities due to lower rents, but urban product in Houston, DFW, and Austin is grabbing as much as $200k/door.

Jeff says people sometimes laugh at brokers for considering replacement cost, but with a 20% to 30% rise in construction costs, replacement is becoming a great measure for value. (Don't worry, there's still plenty of other reasons to laugh at brokers.) On the debt side, Paul--above, with JLL executive chairman Roger Staubach--says the rising 10-year Treasury is compressing spreads. To combat higher interest rates and get bigger yields, hes seen more five-year deals in the last 30 days and more interest-only loans.