Is Houston still an emerging market?

[Jason Thompson]

Is Houston still a strong market to syndicate the following asset class with value add?

Asset Class
Garden Style
Price: $10M-$50M
Units: 50+
Vintage: 1980-2000
Class: C to B+
Business Plan: Value Add assets with deferred maintenance that are underperforming the market on rent, occupancy, and or expense ratio



I am excited to hear your opinions. 

[Taylor L.]

Emerging? No. Houston is well established.

Is it still a strong market for investors? Yes, but only if you know what you're doing. There was a recent massive foreclosure on an apartment operator who hadn't properly mitigated interest rate risk on their debt. That could happen anywhere, though. Texas has the added complication of high property taxes and insurance.

We're actively doing deals in Houston in addition to other markets.