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October 19, 2023

‘Fighting For Survival’: Expect More Pain Before It Gets Better In Houston Multifamily

A year and a half ago, Matt Shafiezadeh looked into buying a yacht. But as the market began turning, the CEO of Houston-based multifamily developer Urban Genesis said he instead considered buying a fishing boat before deciding that renting jet skis would be more appropriate.

‘Fighting For Survival’: Houston Multifamily Market Expects More Pain Before It Gets Better

“It sucked, the last 18 months,” Shafiezadeh said at the Houston Bisnow Multifamily Annual Conference on Wednesday. “The reality is, it’s hard and transaction activity is down, everything is hard … Everyone is just fighting for survival.” Panelists at the event, held at the Omni Houston Hotel, said deal volume has screeched to…

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Morgan Group Founder, Holocaust Survivor Bill Morgan Dies At 98

William Morgan, a Holocaust survivor and founder of Houston-based multifamily developer and operator Morgan Group, died Sunday at 98.

Morgan Group Founder, Holocaust Survivor Bill Morgan Dies At 98

Morgan founded Globe Construction and Management Co. in 1959, which would later become Morgan Group, after surviving the Holocaust in Poland, where he was born as Wolf “Youssela” Marguiles in 1925.Morgan Group handles development, construction, acquisitions and management of multifamily properties. It is the owner or manager of more than…

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Lender Foreclosing On Hotels In Houston, Dallas After $56M Loan Default

Lender Foreclosing On Hotels In Houston, Dallas After $56M Loan Default  

Lender Access Point Financial is foreclosing on a former Crowne Plaza Suites in Houston that was part of a portfolio of hotel properties tied to a $56M loan, public records show. 

The 180K SF, nine-story building at 9090 Southwest Freeway near  Sugar Land is set to be sold at the Harris County foreclosure auction next month after the borrower, an LLC tied to Florida-based  Lockwood Development Partners, defaulted on the loan. The $56.3M loan was issued in 2021…

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No Vacancy? Not Anymore: Industrial Tenants Have Leverage At Last

No Vacancy? Not Anymore: Industrial Tenants Have Leverage At Last  

Industrial absorption in the U.S. declined by approximately 50% year-over-year, according to preliminary figures from Savills released this month.

While this plunge might seem alarming, analysts told Bisnow they are viewing the dip as a much-needed pause — especially considering the meteoric rise the industrial market witnessed in the pandemic era.

But with supply ticking up and rent growth slowing, tenants are finding relief from years of “no vacancy” signs.

“Normalized demand is meeting heightened supply for the near term,” Savills Senior Director and Head of Industrial Research Mark Russo said. “We think that over the next six to 12 months, tenants will have more power. They've had next to no leverage the last couple of years.” An end user…

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