Houston is brimming with cautious optimism for all types of commercial projects, says Thompson & Knight partner Bruce Merwin (here with the fam, including grandson Jamison). Houston’s multifamily market remains strong, although many projects have been postponed or canceled. Ten mid-rise or high-rise apartment projects are under construction in or near downtown, with another 40 or more projects under construction in other key areas. There will be 32 office deliveries in Houston in 2015. Despite the job loss in the energy sector, there is still overall job growth, and financing remains available from a variety of sources. Industrial remains strong, and expansion of the Panama Canal should bring more port-related business to Houston, including real estate development. For more information on our Bisnow partner, click here.
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PMI is a thirty year old property investment company headquartered in Beverly Hills that invests in commercial and residential real estate. PMI was founded in 1978 by Scott Sternberg and has since closed over $500 million in office, shopping center, industry and apartment properties. These properties have been primarily located in Los Angeles and recently in San Francisco. PMI had its roots in investing in apartments, but more recent investments have focused towards offices, creative offices and converted warehouses. In 1993 Jeffrey Palmer became a principal partner after holding senior executive positions at Columbia Savings, Wallace Moir, and Kaufman and Broad Homes. On August 27, 2012, the Los Angeles Business Journal profiled Mr. Palmer as a pioneer of creative office and tech properties in the Annual Who’s Who in Los Angeles Real Estate.Currently, PMI is purchasing single family homes, duplexes, triplexes and small apartment buildings in Los Angeles and the Bay Area. Targeting gentrifying urban areas, PMI is renovating obsolete properties into hip, “creative multifamily” apartments that appeal to Gen Y, knowledge workers, the creative class, and urbanites. These living spaces feature efficient and open floor plans, exposed building elements, higher ceilings, wood or concrete floors, both privatized and common collaboration outdoor areas, new windows, and drought tolerant landscape. Much like it helped pioneer the creative office in the late 90s, PMI is helping invent “Creative Multifamily.”
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