The Multifamily Group Brokers Sale of 145-Unit Parkway Plaza Apartment Community in Northline Submarket of Houston, Texas

DALLAS, TX - The Multifamily Group (TMG), a commercial real estate brokerage firm, recently closed the Parkway Plaza Apartments in Houston’s Northline Submarket. The property is a garden-style complex that was built in 1970 consisting of 145 units on both sides of Parker. TMG’s Managing Director Chris Siemasko represented both sides.

Situated on West Parker Road just off Interstate 45, this was a particularly significant rehabilitation opportunity with an eleven-year hold by the seller. No units had been upgraded and the deal was metered for, but not run for RUBS. According to Yardi, inventory growth in the area will be flat for 2020, keeping supply levels constant for the year and allowing for natural rent growth as the population continues to grow.

“The three partners who bought Parkway made their largest acquisition to-date with this purchase and the equity raise took less than a week” noted Siemasko. “This was a compelling play in that economic occupancy hadn’t dipped below 95% for the last decade including COVID. This obviously boded well for lending, but also indicates the lack of workforce housing and relative financial wherewithal of the tenant-base in Northline.”

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