Market for Apartment Complexes Heats Up
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.