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.