PacVentures has been a Brownsville submarket owner for many years, steadily increasing its presence with the recent acquisition of vacant land next to the NAFTA Business Park and a 10-building industrial portfolio.
DFW ranked in the top five for US population growth in 2017 and the metro area has a significantly higher percentage of its population in the 25 to 44 age cohort, a prime home buying demographic.
Seattle and Bellevue are experiencing sub-6% vacancy rates, along with falling and record lease rates, while the average cost of space in the Southend market is 39% to 43% below Eastside and Seattle full-service rents.
Millennials prefer living in locations close to restaurants and entertainment rather than having large kitchens or living rooms for entertaining, and also make living choices motivated by price.
The redevelopment will transform the CPMC campus from a large-scale hospital to a single family and multifamily project by Robert A.M. Stern Architects, known for designing contextually appropriate residential buildings.
Harvey's silver lining was an improvement in both multifamily vacancy and rent growth, which has resulted in Houston remaining a competitive investment market, especially when paired with above-average job growth.
The recent ULI reports demonstrate the focus on healthy living spaces with wellness extending beyond to the workplace, as companies increasingly pay more attention to employee well-being.