JK Houston acquired the portfolio for $140 million in the third quarter of 2014, according to Reonomy, a commercial real estate data platform based in New York. That’s about $62,528 per unit, compared with the Houston-area average sale price of $68,000 per unit at that time.
First quarter trading prices for apartments in the Houston region were $112,900 per unit, based on a 12-month rolling average of sales, according to Reonomy data. The market has been robust, with 170 apartment complexes changing hands in the first quarter, a 17 percent jump over the 145 properties sold during the first quarter 2018.
Rents in the Houston market average $1,039 per month, according to ApartmentData.com. That’s up from an average of $924 in 2014 when the portfolio last changed hands.
Publication: Houston Chronicle