SLR Breaks Ground in Houston's Most Expensive Submarket
With rents averaging nearly $1.85/SF, the Museum District is Houston's most expensive multifamily submarket. So it's no wonder StreetLights Residential broke ground there this week on a 20-story luxury multifamily high-rise.
CEO Doug Chesnut was drawn to the submarket’s rapidly growing population and arts/culture-rich environment, which'll provide amenities for residents. The Montrose/Museum District has been widely discussed as one of Houston's most active development submarkets, and Q2 occupancy was one of the lowest in the metro at less than 90%, according to CBRE. Absorption has been steady through the year, with 500 units soaked up in the first half.
The 305-unit luxury community, called the Carter, sits on Chelsea Boulevard between Montrose and Travis and will feature a 19th-floor lounge with kitchen and an outdoor covered dog park. It’s designed by GDA and built by SLR Texas Construction and will include townhouse and penthouse options. The Carter is scheduled to deliver its first units in early 2016. The firm is also well underway with Azalea Court, a 344-unit community on Westheimer. That broke ground last November and will welcome its first residents in spring 2015.