Alexan Auburn Lakes, located near The Woodlands, was purchased by Olympus Property.
HOUSTON—With a slowdown in apartment deliveries during the last year as part of the recovery from Hurricane Harvey, the average occupancy rate elevated amid sustained rental demand in the Houston metropolitan area as of the second quarter. After apartment inventory grew 2.8% annually since mid-2016, inventory expanded 0.9% in the last four quarters, according to a recent report by Berkadia.
A recent sale bears that out. Alexan Auburn Lakes, a 346-unit multifamily community located a short distance from The Woodlands, was purchased by Olympus Property, a Fort Worth-based multifamily investment and property management organization with 17,000 units across 10 states. The purchase price was undisclosed.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
