Multifamily rents continued to grow in May, though that growth was more on the steady rather than the spectacular side, according to the latest research from Yardi Matrix.

In its most recent National Multifamily Report, Yardi Matrix said that the average U.S. multifamily advertised rent jumped $6 in May when compared to April. That brought the average monthly rent to $1,761 in May.

On a year-over-year basis, average monthly rents barely budged. Yardi Matrix reported that May’s average monthly rent was just 1% higher than it was a year ago.

Gateway and secondary metropolitan areas in the Midwest and Northeast recorded the highest rent growths, with New York City seeing the highest growth as its monthly rents jumped 5.7% this May when compared to the same month a year ago.

In the Midwest, Kansas City, Missouri, saw its monthly rents increase this May by 4% when compared to a year ago. Other Midwest cities seeing solid year-over-year multifamily rent growth were Columbus, Ohio, with a jump of 3.3%; Detroit, 3.1%; and Chicago, 3.1%.

Many metropolitan areas with a high supply of multifamily apartments saw negative rent growth. Austin, Texas, led the way, with the average monthly apartment rent here dropping by 5.2% in May when compared to the same month a year ago. Also in Texas, Dallas saw its average monthly apartment rent drop by 1.5% this May on a year-over-year basis.

The national occupancy rate in April stood at 94.4%, 0.3% year-over-year. This is the lowest this rate has been in more than a decade, according to Yardi Matrix.

Occupancy rates have slipped below 93% in Austin, where this figure stood at 92.5% in April, and Dallas and Houston, both of which saw their multifamily occupancy rates fall to 92.6%.Tags

Marcus & Millichap brokered the sale of Right Move Storage, a 44,325-square-foot storage facility in Houston, Texas. 

Dave Knobler, senior managing director investments, and Mixson Staffel, associate, in Marcus & Millichap’s Houston office, along with Charles “Chico” LeClaire, executive managing director investments in the firm’s Denver office, marketed the property on behalf of the seller, a Texas-based LLC. The buyer is a Florida-based LLC.  

Right Move Storage is located at 12220 Beechnut Street and sits on 2.54 acres with five metal-framed, single-story buildings totaling 367 units, including 342 non-climate-controlled storage units and 25 outdoor parking spaces along the perimeter of the property. Built in 1985, the facility has approximately 215,000 people living within a 3-mile radius and offers amenities such as roll-up doors, concrete driveways, perimeter wrought-iron fencing and a full-service on-site manager’s office and residence. 

SRS Real Estate Partners brokered the sale of Independence Plaza, a 14,966-square-foot multi-tenant retail property at 5266 Independence Parkway in Frisco, Texas.

Built in 2018 and situated on 1.86 acres, the property is fully occupied by seven food and service-based tenants. 

SRS Capital Markets Vice President Michael Kaplan represented the seller, a family office who developed the property. The buyer was a Texas-based private investor.

The property is located off of Sam Rayburn Tollway which averages 94,000 vehicles passing by per day and is at the center of a primary retail corridor with nearby tenants including Target, Lowe’s, Ross, and Kroger, among others. There are approximately 362,000 residents and 134,000 employees within a five-mile radius.

This is the fourth property the SRS team has closed in the DFW area within the past three weeks. The other assets included Shops on Main in Midlothian, a multi-tenant retail property; and North Grove Center I, a multi-tenant retail and office asset, as well as North Grove Center II, a single-tenant restaurant property in Waxahachie.

Stream Realty Partners awarded the leasing, property management, and construction management assignment for Westchase Park I & II, a recently constructed Class-A multi-tenant office campus totaling 579,032 square feet in Houston.

The new ownership, Canyon Creek Real Estate, acquired the property on May 30.

Comprised of two, institutional-quality, LEED Gold-certified office buildings on a 15.2-acre site, Westchase Park I & II—located at 3700 W Sam Houston Pkwy S and 3600 W Sam Houston Pkwy S—is connected by a centralized, state-of-the-art, 8,000-square-foot amenity center featuring a full-service cafe, conference center, fitness center, and an outdoor seating area.

The leasing team is led by Stream Managing Director Matt Asvestas and Vice President Brian Strait, who will oversee leasing efforts and position the park-like campus as a prestigious office destination.

PAGEWOOD and Long Wharf Capital acquired Crossroads at Brittmoore, a 292,200-square-foot business park in Northwest Houston.

The 20-acre infill shallow bay business park comprises 13 buildings and is currently 91% leased. Located at 2121 Brittmoore, its premier location in the southern Brittmoore corridor positions the property at the intersection of both I-10 and Highway 290.

Acquired from ABCO, the property features 13 buildings with suites ranging from 2,000 to 20,000 square feet with an average suite size of 3,500 square feet, catering to small and midsize businesses. Planned enhancements include:

·      Extensive landscaping upgrades to increase existing visibility and prominence along the Brittmoore Corridor

·      New perimeter fencing and secure access points to enhance safety

·      Walkway canopies across all buildings for added convenience

·      Vibrant exterior paint refresh to modernize the park’s appeal

·      Improved wayfinding signage 

·      Concrete repairs throughout the park

Renovations are planned to begin this summer and be completed by Q3 2026. 

Warren Hitchcock and Blane Eikenhorst with Northmarq represented PAGEWOOD securing new debt with Veritex Community Bank, represented by Brent Reed and Aaron Gowe in the transaction. Tyler Manor, Brandon Preece, and Natalie Gilbert with Stream Realty Partners are leasing the project.

The acquisition of Crossroads at Brittmoore brings Pagewood’s Houston shallow bay portfolio to a total of 1.2 million square feet.

JLL Capital Markets closed the sale of an industrial portfolio spanning Denver, Houston and New Jersey. The transaction involved 10 high-quality industrial properties totaling 2.1 million square feet.

JLL represented the confidential seller in the sale. Principal Asset Management^SM and a state-sponsored pension plan acquired the assets.

The portfolio, which is 96.7% occupied, comprises five properties in Denver, four in southwest Houston and one in northern New Jersey. With an average building size of 210,000 square feet and an average clear height of 32 feet, the portfolio boasts modern features and strategic locations in high-growth markets.

In Denver, which accounts for 56% of the portfolio’s square footage, the assets are situated between the airport and downtown, capitalizing on the city’s growing logistics needs. The Houston properties, making up 34% of the portfolio, are well-positioned in the Southwest submarket. The New Jersey asset, located at Exit 8A of the New Jersey Turnpike, offers excellent access to the Northeast corridor.

The JLL Capital Markets Investment Sales and Advisory team included Senior Managing Directors and Industrial Group Leaders Trent Agnew and John Huguenard, Senior Managing Directors Peter Merrion, John Plower and Patrick Nally, Managing Director Charlie Strauss, Senior Director William McCormack and Director Robert Key.