Behringer Harvard also announced a new development recently: Its building the Muse Museum District. The 270-unit community sits on three acres just west of the intersection of Richmond and Montrose. BH Multifamily REIT I COO (and Don Draper look-alike)Mark Alfieri says the property will appeal to young urban pros and is close to the CBD but at competitive rates. Trammell Crow Residential will develop the property (and an affiliate will be GC). This is the second time BH and TCR have partnered in Houston.
The team razed a 1960s vintage housing project at 1301 Richmond to clear the site. Construction begins this month and will deliver in Q4 14. Itll be a four-story podium-style structure over two levels of parking. Units will average 888 SF. We should be hearing more from BH: Its Multifamily REIT is targeting $1B to $1.5B in development projects nationwide over the next two or three years. (Want to hear more about the plans? We featured it in our National Multifamily pub last week...check it out.)
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