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The Houston apartment market has faced struggles over the past couple of years. Expenses, primarily insurance costs, have skyrocketed, and high-profile problems, specifically with the foreclosure of four Houston apartment properties totaling 3,200 units from Dallas-based Applesway Investment Group, have pushed down prices in the city.

“In conjunction with the operational issues, the floating rate problem, the foreclosures and that narrative and the expense load that’s ever-increasing, it was causing some people to turn away,” Ben Kriegsman, director of acquisitions for Dallas-headquartered real estate investment and asset management firm Lion Real Estate Group, told Multifamily Dive.