Anyone know the Port Arthur, TX multifamily market?

[Tom Lafferty]

I'm looking at investing in an apartment complex in Port Arthur, and am looking for good info on the MF market there.  I like all the numbers for the property, and the projections look conservative-- based on my DFW knowledge.  For all I know, the economic loss numbers that I think look really conservative might be unrealistic for that area.  

I'm trying to get down there in the next week or so to check it out, but if anyone has any experience or knowledge of the market I'd greatly appreciate any input.  I know unemployment is a little high, and its dependent on the oil/gas industry.  Supposedly there will also be some LNG export facilities going in, but I don't know if the data I'm seeing already includes that.  

Specifically, I'd like to know if there are a lot of multifamily properties there, and if occupancy is an issue.  

Thanks for any input you may have.

[Josh Autery]

Well,  even though the 'cool kids' like to harlte on southeast texas, some of us still call this area home.

There have been quite a few large apt complexes built in the last couple years to accommodate the construction boom we've had due to our refinery business. The area is experiencing slow steady growth now, but is plagued by the move out-to move up syndrome.  Where instead of bettering the community people are from, the move to the closest up and coming when they can afford it. This is causes a pretty big chasm in value neighborhood to neighborhood. 

There is money to be made though... if an investor has the insight.

Let me know if you need help. As a lifetime resident and realtor, Ive got the 'scoop'.