Woodlands Multifamily Tops Out
In even more Woodlands news (we just can't get enough), Alexan at Auburn Lakes has topped out. Prime Property Investors co-CEO Barb Gaffen tells us she’s amazed at how quickly the 346-unit luxury property is being built. (Barb's here on site with co-CEO Michael Zaransky, director Rachel Gaffen Eisenberg, and property/asset manager Brad Zaransky—Rachel is Barb's daughter and Brad is Michael's son.) The firm is based in the Midwest, where construction has to halt through the winter. This is PPI’s first Houston development, and accepting residents one year after breaking ground is a new phenomenon for her. (Makes you wonder why it took those masons 60 years to build Notre Dame Cathedral... lazy.) Although pre-leasing doesn’t start in earnest until July, the property’s website is up, and Barb says early interest has been great.
Barb particularly loves the environment at Alexan at Auburn Lakes, including the wooded areas and lake. Some units will have views of the lake, and some will have fenced backyards. Residents begin taking occupancy in August. Alexan at Auburn Lakes isn’t just PPI’s first Houston property, it’s also its first ground-up development anywhere, so it teamed up with Trammel Crow Residential. PPI has its eye on significant expansion in Houston—Barb tells us it’ll be announcing an acquisition here in a few weeks, which will bring them to almost 700 units locally. After that, she’d like to launch one more development and close one more acquisition here soon. Speaking of The Woodlands, we'd love for you to join us for lunch tomorrow at our Future of The Woodlands event. Register here!
