heights multi-family · heights multi-family it’s easy to understand why developers would build...

Heights Multi-Family

PREPARED BY

Kevin Vader

Broker/Owner

Multi-Family Submarket Report

Houston Market

Century 21 Top Realty

MULTI-FAMILY SUBMARKET REPORT

Submarket Key Statistics 2

Vacancy 3

Rent 5

Construction 7

Sales 10

Sales Past 12 Months 11

Supply & Demand Trends 13

Vacancy & Rent 15

Sale Trends 17

Deliveries & Under Construction 19

Heights Multi-Family

5/22/2018Copyrighted report licensed to Texas Top Realty - 814749.

OverviewHeights Multi-Family

12 Mo. Delivered Units

12112 Mo. Absorption Units

469Vacancy Rate

9.1%12 Mo. Asking Rent Growth

5.0%The Heights Submarket is gentrifying, and right in theline of growth. Located inside the 610 Loop, it benefitsfrom its border with the Downtown Houston andNeartown/River Oaks submarkets. From 2009–14,nothing delivered here, but since 2015 almost 2,000 unitshave come on line. These deliveries coincided with themetro’s economic slowdown and have resulted insignificant vacancy expansion.

It is still a bit early to determine the Heights' strength asan apartment submarket, but asking rents of about$1,380/month demonstrate an appetite for top-tierapartments. However, the Heights must compete withone of Houston’s fastest-growing and well-protectedsingle-family markets. The Heights is known for its

single-family, bungalow-style houses, and the HoustonHeights Association has taken strong measures topreserve its historical feel. Median incomes and homevalues are rising drastically as more affluent Houstoniansmove into the submarket. But investments anddevelopment have slowed in 2017, because manyplayers are taking a wait-and-hold approach.

The Heights Submarket was certainly one of the mostaffected areas during Hurricane Harvey. Demand forshort-term housing increased because both single-family and multifamily housing units were taken off line.Consequently, asking rents increased by more than 2%in one month, and occupancies have risen as well since17Q3.

KEY INDICATORS

Asking RentVacancy RateUnitsCurrent Quarter Effective RentAbsorption

UnitsDelivered Units

Under ConstrUnits

$1,6238.7%3,9184 & 5 Star $1,537 31 0 356

$1,0864.8%1,9573 Star $1,075 14 0 0

$1,01415.9%1,4651 & 2 Star $1,009 1 0 0

$1,3799.1%7,340Submarket $1,326 46 0 356

ForecastAverage

HistoricalAverage

12 MonthAnnual Trends Peak When Trough When

8.8%8.7%-5.0%Vacancy Change (YOY) 17.3% 2016 Q4 5.1% 2013 Q2

274179469Absorption Units 733 2016 Q2 (196) 2014 Q3

271222121Delivered Units 1,474 2016 Q2 0 2015 Q2

0130Demolished Units 175 2014 Q4 0 2018 Q1

2.8%2.1%5.0%Asking Rent Growth (YOY) 8.4% 2008 Q1 -5.3% 2017 Q1

3.0%1.9%7.5%Effective Rent Growth (YOY) 8.3% 2008 Q1 -9.6% 2016 Q4

N/A$27.7 M$0Sales Volume $140.6 M 2014 Q1 $0 2018 Q1


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VacancyHeights Multi-Family

It’s easy to understand why developers would buildapartments in the Heights—the submarket is inside theInner Loop and borders premier submarkets likeNeartown/River Oaks. It provides convenient accesswest to the Energy Corridor, north to The Woodlands,and south to the Texas Medical Center. But with a stricthomeowners’ association preserving the historic districts,apartment construction was rare in previous cycles.

Developers were finally able to introduce new supply in2015, but the considerable job growth in Houston hadcome to a screeching halt by that point. From 2010–14,no apartment inventory delivered; meanwhile,demographics were changing. Both median incomes andhome values increased by more than 10% over that time.The percentage of people with a bachelor’s degree wasalmost 30%, and about 45% of households were renteroccupied.

Over the long term, investments in the Heights couldimprove apartment fundamentals, because thesubmarket has been gaining popularity. The hot area isalong Yale Street and Heights Boulevard, in the stretchthat directly borders Neartown/River Oaks. Promoted as“Houston’s Creative Neighborhood Destination,” HeightsMercantile features office, restaurant, and retaildevelopment.

This new construction is consistent with the goal ofpromoting the livability of the Heights. Farther north inGreater Heights is the 19th Street Shopping District. Anunder-the-radar shopping destination, the streetfeatures boutiques and antiques shops next door tocafes and bars. H-E-B Grocery Company is adding anew grocery store on Shepherd Drive, just a few blocksnorth of 19th Street. The grocer is expected to open inmid-to-late 2018.

ABSORPTION, NET DELIVERIES & VACANCY


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VacancyHeights Multi-Family

VACANCY RATE

VACANCY BY BEDROOM


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RentHeights Multi-Family

At an average of $1,380/month, asking rents in theHeights are among the metro's priciest. But rates inneighboring Inner Loop submarkets are even higher:Medical Center/West University charges $1,550/monthand Neartown/River Oaks $1,775/month.

With the increase in supply, rent losses here wereamong the most severe in 2016, similar to in other InnerLoop submarkets. However, the impact of HurricaneHarvey was certainly felt here as well. Asking rents grewby more than 2% in the month after the storm hit

Houston, and occupancies rose as well. In turn,concessions moderated as the need for short-termhousing grew.

Four-quarter trailing rent growth remained positive as of18Q2, and while most of that growth can be attributed tothe rapid rise in rents post-Harvey, rents have continuedto rise in 2018. As of late-May, asking rents have grownby about 1.5% this year, which is on pace to exceed boththe submarket’s annual average rate of growth for thecycle, as well as its annual historical average.

DAILY ASKING RENT PER SF


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RentHeights Multi-Family

ASKING RENT PER UNIT & RENT GROWTH

ASKING RENT PER UNIT BY BEDROOM


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ConstructionHeights Multi-Family

Unlike most Houston submarkets, Heights didn’texperience supply additions until 2015, when the 4 Star352-unit Yale @ 6th delivered in the southern area ofthe submarket along Yale Street. Additional projectshave since opened, for a combined 2,000 units of newsupply since the beginning of 2015.

But, based on the unit count, Heights remains one of thesmallest submarkets in Houston. With just over 7,300units, the submarket accounts for about 1.2% of themetro’s total inventory. The community-led homeowners’associations, and countless measures taken by civicorganizations like the Houston Heights Association, havehistorically limited new development.

The submarket also contains many designated historicdistricts, including the West, East, and South districts.Since 2010, a Certificate of Appropriateness from the

Houston Archaeological and Historical Commission hasbeen required for alteration and demolition of propertieswithin these districts. Meanwhile, several Greater Heightssubdivisions, such as Norhill Heights and Garden Oaks,are governed by blanket deed restrictions. Buildingheight and setback limits in these neighborhoods presenta huge obstacle for prospective developers.

After the Yale @ 6th broke ground, more developmentquickly followed. About 2,000 units have delivered since2015, expanding inventory by more than 30%. Youngprofessionals have been flocking to the submarket, andas pricing for single-family homes continue to rise, manyhouseholds may decide to rent. The goal among locals isto preserve Heights as much as possible, but at thiscycle’s rate of development as compared to last,developers seemed to have found their niche and furtherdevelopment is on the way.

DELIVERIES & DEMOLITIONS


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All-Time Annual Avg. Units

108Delivered Units Past 4 Qtrs

121Delivered Units Next 4 Qtrs

63Proposed Units Next 4 Qtrs

0PAST 4 QUARTERS DELIVERIES, UNDER CONSTRUCTION, & PROPOSED

PAST & FUTURE DELIVERIES IN UNITS


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RECENT DELIVERIES

Property Name/Address Rating Units Stories Start Complete Developer/Owner

Feb-20162205 W 11th St

Heights West 11th121 4 Oct-2017

Light Hill Partners

2205 Eleventh Lp1

UNDER CONSTRUCTION

Property Name/Address Rating Units Stories Start Complete Developer/Owner

Apr-20182601 Citadel Plaza Dr

293 5 Oct-2019Allen Harrison Company

Allen Harrison Company1

Mar-2018Nicholson St

63 - Mar-2019Alliance Residential Company

Alliance Residential Company2


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SalesHeights Multi-Family

After four straight calendar years (2011–14) in whichturnover averaged 20%, sales have slowed in theHeights Submarket. Fewer than 20 deals have takenplace since the beginning of 2015, translating into annualaverage turnover of about 5%. Although few notabletransactions took place in 2017, a few in late 2016 andearly 2018 demonstrate national interest.

In September 2016, Memphis-based MAA acquired the4 Star 352-unit Yale @ 6th for $76.5 million($217,000/unit). The property was sold by TrammellCrow Residential, developer of the asset, which wasformerly known as Alexan Heights. Occupancy at theproperty was about 93% when it sold, and as of 18Q2 itwas about 94%.

The other national investor was California-based Francis

Property Management, which purchased the 4 Star 282-unit Holden Heights in August 2016 for $56 million($200,000/unit). The asset was sold by JLB Partners ofDallas, which developed the project and finishedconstruction in August 2015. The community was about91% occupied at the time of sale, and as of 18Q2occupancy had risen to 94%.

As of late-May, just over 7% of the submarket’sinventory had traded hands thus far in 2018. Among theproperties that traded, the largest was the 4 Star 308-unit Broadstone City Park. Delivered in 2003, theproperty was sold by Phoenix-based Alliance Residentialfor about $55.3 million ($179,500/unit) to KairoiResidential of San Antonio in March. The property wasabout 92% occupied at the time of sale, and occupancieshad remained as such as of 18Q2.

SALES VOLUME & MARKET SALE PRICE PER UNIT


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Sales Past 12 MonthsHeights Multi-Family

Sale Comparables

4Avg. Price/Unit (thous.)

$180Average Price (mil.)

$55.3Average Vacancy at Sale

21.0%SALE COMPARABLE LOCATIONS

SALE COMPARABLES SUMMARY STATISTICS

Sales Attributes Low Average Median High

Sale Price $55,300,000 $55,300,000 $55,300,000 $55,300,000

Price Per Unit $179,545 $179,545 $179,545 $179,545

Cap Rate 6.0% 6.0% 6.0% 6.0%

Vacancy Rate at Sale 0% 21.0% 6.4% 69.4%

Time Since Sale in Months 0.2 2.3 2.2 4.6

Property Attributes Low Average Median High

Property Size in Units 12 134 108 308

Number of Floors 2 3 3 4

Average Unit SF 732 805 836 847

Year Built 1972 2002 2010 2017

Star Rating 3.5


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Sales Past 12 MonthsHeights Multi-Family

RECENT SIGNIFICANT SALES

Sale InformationProperty Information

RatingProperty Name/Address Yr Built Units Vacancy Sale Date Price Price/Unit Price/SF

1640 E TC Jester Blvd- 2003

Broadstone City Park1 308 6.5% 3/26/2018 $55,300,000 $179,545 $215

611 W Cavalcade St- 1972

Residence at the Heights2 96 6.3% 1/3/2018 - - -

2205 W 11th St- 2017

Heights West 11th3 121 69.4% 3/7/2018 - - -

- 2017331 W 18th St

4 12 0% 5/15/2018 - - -


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AppendixHeights Multi-Family

OVERALL SUPPLY & DEMAND

AbsorptionInventory

Units % of Inv Construction RatioUnits Growth % GrowthYear

2022 277 3.3%8,671 237 2.7% 1.2

2021 277 3.4%8,394 210 2.5% 1.3

2020 262 3.3%8,117 224 2.8% 1.2

2019 520 7.1%7,855 503 6.4% 1.0

2018 (5) -0.1%7,335 158 2.2% 0

YTD 0 0%7,340 127 1.7% 0

2017 121 1.7%7,340 579 7.9% 0.2

2016 824 12.9%7,219 544 7.5% 1.5

2015 968 17.8%6,395 317 5.0% 3.1

2014 (175) -3.1%5,427 (173) -3.2% 1.0

2013 0 0%5,602 (10) -0.2% 0

2012 0 0%5,602 66 1.2% 0

2011 0 0%5,602 76 1.4% 0

2010 0 0%5,602 10 0.2% 0

2009 0 0%5,602 (27) -0.5% 0

2008 195 3.6%5,602 155 2.8% 1.3

2007 304 6.0%5,407 271 5.0% 1.1

2006 387 8.2%5,103 394 7.7% 1.0

4 & 5 STAR SUPPLY & DEMAND

AbsorptionInventory


2022 308 6.1%5,384 266 4.9% 1.2

2021 307 6.4%5,076 233 4.6% 1.3

2020 292 6.5%4,769 243 5.1% 1.2

2019 549 14.0%4,477 512 11.4% 1.1

2018 10 0.3%3,928 134 3.4% 0.1

YTD 0 0%3,918 106 2.7% 0

2017 121 3.2%3,918 598 15.3% 0.2

2016 824 27.7%3,797 625 16.5% 1.3

2015 1,028 52.9%2,973 395 13.3% 2.6

2014 0 0%1,945 (21) -1.1% 0

2013 0 0%1,945 2 0.1% 0

2012 0 0%1,945 21 1.1% 0

2011 0 0%1,945 26 1.3% 0

2010 0 0%1,945 (3) -0.2% 0

2009 0 0%1,945 (24) -1.2% 0

2008 0 0%1,945 17 0.9% 0

2007 304 18.5%1,945 278 14.3% 1.1

2006 387 30.9%1,641 368 22.4% 1.1


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3 STAR SUPPLY & DEMAND

AbsorptionInventory


2022 0 0%1,957 (5) -0.3% 0

2021 0 0%1,957 (2) -0.1% 0

2020 0 0%1,957 0 0% -

2019 0 0%1,957 6 0.3% 0

2018 0 0%1,957 42 2.1% 0

YTD 0 0%1,957 34 1.7% 0

2017 0 0%1,957 9 0.5% 0

2016 0 0%1,957 (43) -2.2% 0

2015 0 0%1,957 (13) -0.7% 0

2014 0 0%1,957 14 0.7% 0

2013 0 0%1,957 (19) -1.0% 0

2012 0 0%1,957 30 1.5% 0

2011 0 0%1,957 38 1.9% 0

2010 0 0%1,957 5 0.3% 0

2009 0 0%1,957 13 0.7% 0

2008 195 11.1%1,957 133 6.8% 1.5

2007 0 0%1,762 3 0.2% 0

2006 0 0%1,762 15 0.9% 0

1 & 2 STAR SUPPLY & DEMAND

AbsorptionInventory


2022 (31) -2.3%1,330 (24) -1.8% 1.3

2021 (30) -2.2%1,361 (21) -1.5% 1.4

2020 (30) -2.1%1,391 (19) -1.4% 1.6

2019 (29) -2.0%1,421 (15) -1.1% 1.9

2018 (15) -1.0%1,450 (18) -1.2% 0.8

YTD 0 0%1,465 (13) -0.9% 0

2017 0 0%1,465 (28) -1.9% 0

2016 0 0%1,465 (38) -2.6% 0

2015 (60) -3.9%1,465 (65) -4.4% 0.9

2014 (175) -10.3%1,525 (166) -10.9% 1.1

2013 0 0%1,700 7 0.4% 0

2012 0 0%1,700 15 0.9% 0

2011 0 0%1,700 12 0.7% 0

2010 0 0%1,700 8 0.5% 0

2009 0 0%1,700 (16) -0.9% 0

2008 0 0%1,700 5 0.3% 0

2007 0 0%1,700 (10) -0.6% 0

2006 0 0%1,700 11 0.6% 0


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OVERALL VACANCY & RENT

Asking RentVacancy

Per Unit Per SF % GrowthUnits Percent Ppts ChgYear Per Unit Per SFPpts Chg

Effective Rent

(0.3)2022 9.2% 0.2796 $1,542 - 1.8% $1,482 -

(0.1)2021 9.0% 0.4754 $1,514 - 2.1% $1,456 -

(1.2)2020 8.6% 0.1686 $1,483 - 2.1% $1,426 -

(0.5)2019 8.5% (0.3)648 $1,452 - 3.3% $1,396 -

0.92018 8.9% (1.9)631 $1,406 - 3.8% $1,352 -

(1.1)YTD 9.1% (1.7)667 $1,379 $1.67 1.8% $1,326 $1.61

7.32017 10.8% (6.5)793 $1,354 $1.64 2.9% $1,280 $1.55

(7.6)2016 17.3% 2.11,250 $1,317 $1.59 -4.4% $1,216 $1.47

(0.2)2015 15.2% 9.3970 $1,377 $1.67 3.1% $1,346 $1.63

(3.1)2014 5.9% 0.2321 $1,335 $1.62 3.3% $1,325 $1.61

1.52013 5.7% 0.2322 $1,292 $1.56 6.4% $1,286 $1.56

1.82012 5.5% (1.1)311 $1,214 $1.47 4.9% $1,209 $1.46

2.52011 6.7% (1.3)375 $1,158 $1.40 3.1% $1,150 $1.39

3.62010 8.0% (0.2)450 $1,123 $1.36 0.6% $1,115 $1.35

(7.3)2009 8.2% 0.5459 $1,116 $1.35 -3.0% $1,107 $1.34

(2.7)2008 7.7% 0.5433 $1,151 $1.39 4.3% $1,141 $1.38

4.52007 7.3% 0.2393 $1,104 $1.34 6.9% $1,095 $1.33

-2006 7.1% (0.7)361 $1,032 $1.25 2.5% $1,025 $1.24

4 & 5 STAR VACANCY & RENT

Asking RentVacancy


Effective Rent

(0.3)2022 9.7% 0.2522 $1,831 - 1.8% $1,733 -

(0.1)2021 9.5% 0.9480 $1,798 - 2.1% $1,701 -

(1.3)2020 8.6% 0.5407 $1,760 - 2.3% $1,665 -

(1.0)2019 8.0% (0.2)358 $1,721 - 3.6% $1,629 -

0.12018 8.2% (3.1)321 $1,661 - 4.7% $1,572 -

(2.3)YTD 8.7% (2.7)339 $1,623 $1.88 2.2% $1,537 $1.78

10.32017 11.3% (12.9)445 $1,587 $1.84 4.6% $1,478 $1.71

(8.9)2016 24.3% 0922 $1,518 $1.76 -5.7% $1,372 $1.59

0.42015 24.3% 19.7723 $1,610 $1.86 3.2% $1,560 $1.81

(2.0)2014 4.6% 1.190 $1,560 $1.80 2.8% $1,547 $1.79

0.12013 3.5% 068 $1,517 $1.75 4.8% $1,510 $1.75

1.32012 3.6% (1.1)69 $1,447 $1.67 4.7% $1,441 $1.67

2.82011 4.6% (1.3)90 $1,382 $1.60 3.4% $1,373 $1.59

3.62010 6.0% 0.1116 $1,337 $1.55 0.5% $1,327 $1.53

(7.1)2009 5.8% 1.2114 $1,330 $1.54 -3.1% $1,319 $1.53

(2.7)2008 4.6% (0.9)90 $1,372 $1.59 4.1% $1,361 $1.57

4.02007 5.5% 0.6107 $1,319 $1.53 6.8% $1,308 $1.51

-2006 4.9% 080 $1,235 $1.43 2.8% $1,226 $1.42


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3 STAR VACANCY & RENT

Asking RentVacancy


Effective Rent

(0.3)2022 4.6% 0.390 $1,229 - 2.0% $1,216 -

02021 4.3% 0.185 $1,204 - 2.3% $1,192 -

(1.0)2020 4.2% 082 $1,177 - 2.3% $1,165 -

(1.5)2019 4.1% (0.3)81 $1,150 - 3.3% $1,138 -

3.82018 4.4% (2.1)86 $1,113 - 4.8% $1,102 -

1.2YTD 4.8% (1.7)95 $1,086 $1.39 2.2% $1,075 $1.37

3.32017 6.5% (0.5)128 $1,063 $1.36 1.0% $1,018 $1.30

(3.2)2016 7.0% 2.2136 $1,052 $1.34 -2.3% $1,007 $1.29

(4.8)2015 4.8% 0.693 $1,076 $1.38 0.9% $1,065 $1.36

(8.3)2014 4.1% (0.7)81 $1,067 $1.36 5.6% $1,061 $1.36

6.32013 4.8% 1.095 $1,010 $1.29 14.0% $1,006 $1.29

4.22012 3.9% (1.5)76 $886 $1.13 7.7% $885 $1.13

3.02011 5.4% (1.9)105 $823 $1.05 3.5% $818 $1.04

3.22010 7.3% (0.2)142 $795 $1.01 0.6% $789 $1.01

(6.6)2009 7.5% (0.7)147 $791 $1.01 -2.6% $784 $1.00

(2.4)2008 8.1% 2.6159 $812 $1.04 4.0% $801 $1.02

5.22007 5.5% (0.2)98 $781 $1.00 6.4% $777 $0.99

-2006 5.8% (0.8)102 $734 $0.94 1.2% $729 $0.93

1 & 2 STAR VACANCY & RENT

Asking RentVacancy


Effective Rent

(0.1)2022 14.2% (0.1)183 $1,079 - 1.2% $1,075 -

0.22021 14.4% (1.2)189 $1,066 - 1.4% $1,062 -

(0.6)2020 15.6% (2.1)198 $1,052 - 1.1% $1,047 -

2.22019 17.7% (0.3)209 $1,040 - 1.7% $1,036 -

1.92018 18.0% 2.9223 $1,023 - -0.5% $1,018 -

1.0YTD 15.9% 0.9233 $1,014 $1.33 -1.4% $1,009 $1.32

(1.2)2017 15.1% 1.9221 $1,028 $1.34 -2.4% $1,021 $1.33

(7.8)2016 13.1% 2.6192 $1,053 $1.38 -1.2% $1,018 $1.33

4.32015 10.5% 0.7154 $1,065 $1.39 6.6% $1,063 $1.39

(1.1)2014 9.9% 0.6151 $999 $1.31 2.3% $993 $1.30

1.62013 9.3% (0.4)159 $977 $1.28 3.4% $971 $1.27

0.72012 9.7% (0.8)166 $944 $1.23 1.9% $933 $1.22

02011 10.6% (0.7)180 $927 $1.21 1.1% $920 $1.20

4.42010 11.3% (0.4)192 $917 $1.20 1.1% $910 $1.19

(8.9)2009 11.7% 0.9199 $906 $1.19 -3.2% $899 $1.18

(2.7)2008 10.8% (0.3)184 $937 $1.23 5.7% $930 $1.22

5.82007 11.1% 0.6189 $886 $1.16 8.4% $879 $1.15

-2006 10.5% (0.6)179 $817 $1.07 2.6% $812 $1.06


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OVERALL SALES

Completed Transactions (1)

Turnover Avg Price/UnitDeals VolumeYear

Market Pricing Trends (2)

Avg Price Price IndexAvg Cap Rate Price/Unit Cap Rate

2022 -- - -- 193- $139,139 6.6%

2021 -- - -- 190- $136,754 6.6%

2020 -- - -- 189- $136,333 6.5%

2019 -- - -- 192- $138,373 6.3%

2018 -- - -- 188- $136,120 6.1%

YTD $0 M4 7.3% -- 1826.0% $133,416 6.2%

2017 $0 M1 0.1% -- 176- $129,371 6.2%

2016 $132.9 M8 14.5% $209,621$66,450,000 165- $120,932 6.2%

2015 $4.3 M5 1.8% $115,541$2,137,500 1575.8% $115,442 6.2%

2014 $44.8 M9 18.4% $99,966$11,196,225 1467.5% $106,887 6.4%

2013 $101.1 M7 20.6% $112,465$33,702,083 1357.7% $99,341 6.5%

2012 $23.0 M11 12.5% $123,656$23,000,000 126- $92,541 6.6%

2011 $100.0 M6 28.3% $86,193$33,328,000 1186.0% $86,865 6.7%

2010 $0.5 M2 1.8% $10,795$475,000 98- $71,888 7.3%

2009 -- - -- 83- $61,137 7.7%

2008 $2.3 M3 1.0% $87,308$1,135,000 1008.0% $73,455 7.2%

2007 $52.0 M3 10.2% $134,421$52,021,024 1165.3% $85,486 6.7%(1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period.(2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

4 & 5 STAR SALES





2022 -- - -- 191- $178,941 5.9%

2021 -- - -- 187- $175,691 5.9%

2020 -- - -- 187- $175,113 5.8%

2019 -- - -- 190- $177,972 5.6%

2018 -- - -- 187- $174,807 5.4%

YTD $0 M2 10.9% -- 182- $170,747 5.5%

2017 -- - -- 176- $165,207 5.5%

2016 $132.9 M3 20.8% $209,621$66,450,000 161- $150,956 5.6%

2015 -- - -- 152- $142,780 5.6%

2014 $0 M1 15.8% -- 142- $132,831 5.8%

2013 $63.6 M1 19.9% $164,341$63,600,000 1336.3% $124,871 5.8%

2012 $23.0 M1 9.6% $123,656$23,000,000 126- $118,037 5.8%

2011 $81.8 M3 49.6% $124,756$40,920,000 1186.0% $110,889 5.9%

2010 -- - -- 98- $91,694 6.4%

2009 -- - -- 83- $77,921 6.8%

2008 -- - -- 100- $93,717 6.4%

2007 $52.0 M1 19.9% $134,421$52,021,024 1175.3% $109,364 5.9%(1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period.(2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.


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3 STAR SALES





2022 -- - -- 200- $98,147 7.2%

2021 -- - -- 196- $96,426 7.2%

2020 -- - -- 195- $95,903 7.1%

2019 -- - -- 197- $96,761 6.9%

2018 -- - -- 192- $95,204 6.7%

YTD $0 M2 5.5% -- 1846.0% $94,243 6.8%

2017 -- - -- 180- $92,102 6.8%

2016 -- - -- 176- $90,366 6.7%

2015 $1.7 M1 0.6% $139,583$1,675,000 1724.9% $88,302 6.7%

2014 $43.3 M3 26.8% $101,203$21,657,500 1596.8% $81,477 6.9%

2013 $37.0 M2 28.6% $73,413$37,000,000 1427.3% $72,893 7.0%

2012 $0 M4 16.6% -- 126- $64,322 7.2%

2011 $18.1 M1 25.8% $36,000$18,144,000 117- $60,185 7.4%

2010 $0 M1 2.9% -- 98- $50,043 8.0%

2009 -- - -- 83- $42,540 8.5%

2008 $1.6 M1 0.6% $129,167$1,550,000 1007.3% $51,239 7.9%

2007 -- - -- 117- $60,196 7.2%(1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period.(2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

1 & 2 STAR SALES





2022 -- - -- 180- $87,453 7.6%

2021 -- - -- 178- $86,489 7.6%

2020 -- - -- 179- $86,625 7.5%

2019 -- - -- 182- $88,053 7.3%

2018 -- - -- 180- $87,439 7.2%

YTD -- - -- 176- $86,388 7.2%

2017 $0 M1 0.5% -- 170- $83,780 7.2%

2016 $0 M5 17.3% -- 166- $81,852 7.2%

2015 $2.6 M4 7.0% $104,000$2,600,000 1606.8% $78,929 7.2%

2014 $1.5 M5 11.0% $73,495$734,950 1468.1% $71,776 7.5%

2013 $0.5 M4 12.1% $63,281$506,250 1369.5% $66,723 7.7%

2012 $0 M6 11.1% -- 127- $62,387 7.8%

2011 $0 M2 6.9% -- 119- $58,572 8.0%

2010 $0.5 M1 2.6% $10,795$475,000 98- $48,362 8.6%

2009 -- - -- 84- $41,314 9.2%

2008 $0.7 M2 2.6% $51,429$720,000 1008.4% $49,207 8.6%

2007 $0 M2 9.8% -- 113- $55,717 8.0%(1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period.(2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.


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DELIVERIES & UNDER CONSTRUCTION

Net DeliveriesInventory

Bldgs Units BldgsBldgs Units VacancyYear

Under Construction

Units

Deliveries

Bldgs Units

2022 8,671 9.2%- - 277 - -- 277

2021 8,394 9.0%- - 277 - -- 277

2020 8,117 8.5%- - 262 - -- 262

2019 7,855 8.2%- - 519 - -- 519

2018 7,336 8.6%- - (4) - -- (4)

YTD 7,340 9.1%90 0 0 2 3560 0

2017 7,340 10.8%90 1 121 0 01 121

2016 7,219 17.3%89 3 824 1 1213 824

2015 6,395 15.2%86 3 1,028 3 8242 968

2014 5,427 5.9%84 0 0 4 1,080(3) (175)

2013 5,602 5.7%87 0 0 0 00 0

2012 5,602 5.5%87 0 0 0 00 0

2011 5,602 6.7%87 0 0 0 00 0

2010 5,602 8.0%87 0 0 0 00 0

2009 5,602 8.2%87 0 0 0 00 0

2008 5,602 7.7%87 1 195 0 01 195

2007 5,407 7.3%86 1 304 1 1951 304

2006 5,103 7.1%85 1 387 1 3041 387


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heights multi-family · heights multi-family it’s easy to understand why developers would build...

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