Market for Apartment Complexes Heats Up
Investors see opportunity in high occupancy rates in area apartments. Photo courtesy Tim Patterson at http://www.flickr.com/photos/timpatterson/Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.
A Maryland company that buys and builds apartment complexes is heavily targeting Central Texas. Cody Lyon writes about Crossbeam Capital in this week’s Austin Business Journal. He tells KUT’s Emily Donahue about the company’s interest in the area.
Crossbeam executives are bullish on Austin’s multifamily market, as are other investors and developers. The city has grown rapidly in recent years, but the recession has stalled apartment construction. That’s led to a citywide occupancy rate of 96 percent and 11 consecutive quarters of positive absorption, according to analysts at Real Page Inc. CBRE reports that rents rose 8 percent in 2011.
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