Institutional Property Advisors facilitated the sale of the 249-unit community in Rowlett, Texas.
The company will build a student housing residence and parking garage at Texas A&M Innovation Plaza in Houston.
Su Development sold the newly delivered luxury asset in the metro’s largest multifamily deal since January.
Investment volume in the region surpassed $3 billion at the end of May, according to Yardi Matrix data.
After bottoming out in the last quarter of 2020, rates in the borough are slowly but steadily gaining ground.
While displaying a relatively slow recovery, the metro’s rental market is showing promising signs.
The 23-story building will rise in Lower Manhattan near the foot of the Brooklyn Bridge.
The continuation of the moratorium drew criticism from industry organizations.
