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When apartment loans began going bad a few years ago, Houston was one epicenter as Applesway Investment Group defaulted on nearly $230 million in loans for 3,200 units in the city in April 2023.
More than three years later, Houston and, more broadly, Texas rank among the leaders in securitized multifamily loan issues, according to research that Trepp shared with Multifamily Dive.
"Texas is not the highest-stress state for securitized multifamily loans, but it does rank meaningfully elevated nationally," Stephen Buschbom, Trepp's head of applied research and ***** ytics, told Multifamily Dive in emailed comments. "Houston also stands out more clearly at the MSA [metropolitan statistical area] level."
While Texas is tied for fifth among states and Houston is fourth among metro areas, some apartment owners in the Lone Star State and its largest cities face rising costs and unique tax circumstances that are placing additional pressure on their properties. In addition, they're still dealing with supply constraints and higher borrowing costs, which are affecting other landlords across the country.
When apartment loans began going bad a few years ago, Houston was one epicenter as Applesway Investment Group defaulted on nearly $230 million in loans for 3,200 units in the city in April 2023.
More than three years later, Houston and, more broadly, Texas rank among the leaders in securitized multifamily loan issues, according to research that Trepp shared with Multifamily Dive.
"Texas is not the highest-stress state for securitized multifamily loans, but it does rank meaningfully elevated nationally," Stephen Buschbom, Trepp's head of applied research and ***** ytics, told Multifamily Dive in emailed comments. "Houston also stands out more clearly at the MSA [metropolitan statistical area] level."
While Texas is tied for fifth among states and Houston is fourth among metro areas, some apartment owners in the Lone Star State and its largest cities face rising costs and unique tax circumstances that are placing additional pressure on their properties. In addition, they're still dealing with supply constraints and higher borrowing costs, which are affecting other landlords across the country.
3 months ago
