Texas Markets
Where do you guys think we are in the cycle for major Texas markets? (Houston, Dallas, Austin)? Maybe San Antone? What asset classes and product types would you be in? What does a down turn look like in this market?
Surprisingly, I am still seeing strong rent growth at all of our Houston multifamily properties. I know the office market there is pretty brutal though.
Austin has a huge supply of multifamily coming online in the next 12-18 months. I am wary of how that will play out. There is a noted shortage of reasonable for-sale housing options. I think affordable condos would do extremely well there. All the new supply has been incredibly pricey.
San Antonio is a weird market, I think there are some very specific locations where there will be strong growth. The city as a whole has a way higher ratio of renters to owners, and the office market has historically been fickle.
We are staying away from Houston office and investing in Dallas MF. There are still MF deals in need of repositioning at attractive prices per pound.
It's amazing how many MF developments have popped up in the Dallas area that are practically pure equity.
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