Green Touch Builders | Dozens of proposed apartments in Houston stalled amid oil downturn
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February 23, 2015 By SEO Admin

Dozens of proposed apartments in Houston stalled amid oil downturn

The drop in oil prices has claimed dozens of proposed apartment projects in Houston, according to an industry expert.

Pat Duffy, president of Colliers International’s Houston office, estimates that between 40 and 70 proposed projects may have been postponed or canceled amid the economic uncertainty surrounding oil prices. Financing for new apartment projects has dried up as oil prices fell to six-year lows in recent months, forcing major multifamily developers, like The Hanover Co., to focus on…