Allen Brothers Houston Real Estate

New Era Of High-End Apartments In Inner City Houston

December 4th, 2014 6:28 PM by AllenBrothers Realtors

New Era Of High-End Apartments In Inner City Houston

by Josh Foster, inner loop sales

There 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 forward.

This 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.

The 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.

Earlier 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.

High 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.

According 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.

Even 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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