Despite recession fears and rising interest rates, the Houston area continues to attract multi-family investors looking to build in the town of Bayou.
High Street Residential, the luxury apartment development arm of venerable Dallas-based real estate empire Trammell Crow Company, is teaming up with Japanese group Daiwa House, best known for its prefab single-family homes, to add another apartment development upscale at The Houston Inventory.
The joint venture will build a new apartment and townhouse project in Houston’s northern suburb of Kingwood, according to a Houston Chronicle report.
The garden-style apartment community, which is expected to be completed by the end of 2023, will include 240 apartments and 49 townhouses for rent. Despite Daiwa’s involvement, there will be no “wholesale prefabrication in the project”, Trammell Crow spokeswoman Elise Maguire told The Real Deal.
“Daiwa is our capital partner in this area and is not involved in construction,” she said.
Residences at Kingwood, located at 6519 Kings River Commercial Drive about 30 miles northeast of Houston, will be built in a planned community known as a “living forest.” Apartments and townhouses will vary in size from one to three bedrooms. Some units will also offer private outdoor space and garages for one or two cars.
Residents will also have access to a resident lounge with an art gallery, remote work and conference room, outdoor putting green, pickle ball court and the latest innovation in the amenity war – a grooming center for pets on site.
High Street has brought in W Partnership as the architect for the project and Robinson & Company will take care of the landscaping. Cadence McShane is the general development contractor.
Kingwood Residences will be in good company in the Houston area, which has led the country in luxury apartment development for the past 10 years, according to Yardi Matrix, with 72,000 units built, beating even high-end markets. range like New York.
Currently, Metro Houston is the third-largest US market in terms of projected overall apartment demand. The two main markets are Austin and Dallas-Fort Worth, respectively.
— Karn Dhingra