Multifamily Monday
The Metroplex is projected to add almost 114,000 jobs this year, which bodes well for multifamily landlords. As if on cue, Cantrell Co partner Sam Pettigrew put two deals under contract on Friday.
Sam (here with his family at the post-graduation party for his oldest daughter at Moonshine in Austin) tells us for the past 23 years, Texas has outpaced the country in job creation by more than two-to-one. (That's great, unless it's only because it takes two Texans to screw in a light bulb.) Lending continues to improve (especially CMBS) with more debt and equity players available to buyers. On top of that, there are 12-year lows in apartment vacancy rates.
North Texas apartment leasing is projected to total almost 70,000 units through 2017 and Dallas apartment deliveries are expected to be about 13,000 units this year. All the units under construction (or slated to be built) are projected to be absorbed in that time, Sam says. He recently closed the 164-unit Lexington in Grand Prairie (pictured) and the 160-unit Stonewood Apartments in Garland. The two deals that went under contract on Friday include the 141-unit Moulin Rouge Apartments in North Oak Cliff and the 606-unit Spring Hill in Dallas.
