December 4th, 2014 6:28 PM by AllenBrothers Realtors
Era Of High-End Apartments In Inner City Houston
Josh Foster, inner loop sales
has been a renaissance of high end apartment development going on in Houston
that has not been seen in years. This will lead to some fantastic changes as
more people than ever continue to move to the Houston area, spurring the local
economy, with no end in sight. According to the Houston Chronicle, 125,000
people moved to the city in 2013, with a similar number having arrived this
year. What brings them? Houston leads the nation in job growth, to name one
reason. It added 119,400 new jobs over the last 12 months according to
realtynewsreport.com. These jobs are what pushes the multifamily market
combines with another trend, which is taking place across the nation:
urbanization. Houston is filled with young professionals fresh from other parts
of the country, and they are not interested in homeownership. This trend is
reaching its peak, as apartment occupancy rates in the city of Houston hit 91%,
almost an all-time high.
Montrose area and all of the inner loop west of 288 has seen a kind of high-end
construction boom since at least 2012. An old complex on 1920 West Alabama, as
well as complexes on 2810 McDuffie and 1924 Marshall - where residents had
enjoyed very low rents for years - are in the process of being demolished and ground
will soon be broken for a huge luxury mid-rise. The eclectic area will feel the
change, as property values will be increased and a more urban feel will
continue to sweep Montrose. This will be in addition to a 20-story apartment
tower on Chelsea Boulevard being built just south of 59.
in the year, according to prnewswire.com, The Muse Museum District was built on
the cusp of Montrose and the Museum District by developer Behringer Harvard Multifamily
REIT I, Inc. The development, on 1301 Richmond Street, is four stories,
features eight-foot doors, ceilings of over nine feet, and full size washers
and dryers. Flooring includes hard-surface planking in the living and dining
areas and stone flooring in the kitchen and bathrooms. The luxury kitchens
feature stainless steel appliances, with flat-top stoves, granite countertops,
double-door refrigerators, 42-inch hardwood cabinetry with under-cabinet
lighting, tumbled-stone backsplashes, kitchen islands, and under-mount sinks.
Baths feature framed mirrors, oversize Roman tubs with tile surrounds and
separate showers in select units. The units start at $1400.00.
end, high budget multi-family apartment buildings are springing up in areas
surrounding downtown that haven’t been touched by developers in years, as well
as downtown itself. 10 new apartment buildings are in the works for the downtown
area this year. The new construction will more than double the current population
of the downtown area, which may completely transform it from the ghost town it
is now into something of a more inhabited region. That is a status Houston’s
central business district has been seeking for decades to have to no avail.
to the Chronicle, Houston’s Camden Property Trust is expected to break ground
in Midtown to the south with high-end multifamily units even more desirable
than the ones that have already been appearing everywhere in the past couple of
years throughout Montrose, Upper Kirby and the Heights. There is a proposed
eight-story building of units in one project, and another separate project,
both of which are qualified for tax breaks the city offers to builders
developing in the inner city. Such development has already been the trend in
other major metropolitan areas, according to the chair of the company.
further to the south, next to Hermann Park, Tema Development Inc. has just
begun construction of a really big $75 million luxury apartment project, and it
isn’t expected to reach completion until late 2016. It will contain 224 units
and stand seven stories. It will include five penthouse suites, all overlooking
the nicest view of the park. There will be a 12,000-square-foot courtyard
containing a fountain, and a 9,000 square foot area with lounge, bar, club,
conference area, fitness center, yoga area, swimming pool with a sunbathing
ledge, fire place, barbeque spot, common Wi-Fi zone, bicycle storage and
electric car charger.
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