DALLAS, TX - The Multifamily Group (TMG), a commercial real estate brokerage firm, recently sold the Live Oak Apartments in Houston’s Energy Corridor. The property was built in 1977 and consists of 162 units. TMG Senior Advisor Bryce Smith worked with the seller and procured the buyer.
Live Oak is located off Threadneedle Street and Interstate 10. According to Yardi, inventory growth in the area will be flat for 2020, keeping supply levels constant for the year. Per Costar, the submarket occupancy average is at 92.5%, which is higher than the Houston metro average.
“The buyers are veteran investors who are extremely bullish on the Houston market. This was their third acquisition in Houston in 2020,” said Smith. “Together we overcame challenges associated with assuming an existing Fannie Mae loan during the COVID-19 pandemic.” Jon Krebbs and Paul Yazbeck, TMG’s Managing Partners said, “this transaction was special because it is our teams first closing in Houston since opening an office there this summer. We couldn’t be prouder of Bryce and our team.”
The Multifamily Group is a commercial real estate brokerage firm focused exclusively on clients and helping them market, sell and acquire multi-housing assets. Based in Dallas, Texas, investors look to The Multifamily Group for one thing - results. To learn more about TMG, visit our website at multifamilygrp.com