14 multifamily communities totaling 4,200 units are coming online from June to August as Houston continues to work through its incredible pipeline. Some 21,000 units remain under construction, a decrease from 23,722 at this time last year. (Almost all of those will open by the end of the year.) Transwestern director of research Rachel Alexander and Rachel Andrae compiled the 10 biggest deliveries while the kids are out of school.
1. The Commons at Hollyhock
Submarket: Katy/Far West
Units: 624
Average Size: 961 SF
Average Price: $1,174/mo
Developer/Management: Camillo Properties
Concessions are starting to pick up across Houston, Rachels tell us, especially in West Houston (the location of four entries on our list). They expect absorption to remain strong, however. Phase 1 of the Commons at Hollyhock (264 units) is now open, and the remaining units will open by the end of the year. A 360-unit second phase may break ground in Q2 '16. The community includes ground-floor retail, which Read King is handling.
2. Alexan Heights
Submarket: Heights
Units: 352
Average Size: 854 SF
Average Price: $1,734/mo
Developer: TCR
Management Company: Z R S Management
The most active area is still inside the Loop (five of the entries on our list are Inner Loop assets), especially Montrose/Museum District and Inner Loop East.
3. SkyHouse River Oaks
Submarket: Inner Loop West/Greenway Plaza
Units: 352
Average Size: 784 SF
Average Price: $1,783/mo
Developer: Novare
Management Company: Simpson Property Group
4. The James River Oaks
Submarket: Inner Loop West/Greenway Plaza
Units: 344
Average Size: 848 SF
Average Price: $1,811/mo
Developer: Stonelake Capital Partners and StreetLights Residential
Management Company: Z R S Management
The James River Oaks includes an eight-story mid-rise (344 units, open now) and 20-story tower (timeline and name TBD). The multifamily development is just the first phase of a larger mixed-use project (The project will tentatively include office, retail and hotel), and it's adjacent to Highland Village.
5. The Heights at Park Row
Submarket: Bearcreek/Copperfield
Units: 342
Average Size: 905 SF
Average Price: $1,466/mo
Developer:Worthing Cos
Worthing launched its Energy Corridor and Westchase (265 units, just barely missing the cut on this list) projects right on top of each other last year. The Heights at Park Row welcomed its first tenant in June; Westchase started leasing in January and construction is now fully complete.
6. Domain West
Submarket: West Memorial/Briar Forest
Units: 333
Average Size: 845 SF
Average Price: $1,463/mo
Developer: City Street Residential Partners
Management Company: Greystar
Domain West sits at the corner of Memorial and Dairy Ashford, giving it quick access to the Energy Corridor, City Centre and Westchase.
7. The Pines at Woodcreek
Submarket: FM 1960/IAH Airport
Units: 330
Average Size: 824 SF
Average Price: $941/mo
Management Company: Greystar
8. District 28
Submarket: Medical Center/Bellaire
Units: 299
Average Size: 777 SF
Average Price: $1,447/mo
Developer/Management: Alliance Residential Co
Pre-leasing is underway now for this Med Center community.
9. Modera Energy Corridor
Submarket: West Memorial/Briar Forest
Units: 276
Average Size: 915 SF
Average Price: $1,197/mo
Developer/Management: Mill Creek Residential
Modera Energy Corridor advertises “hydro massage” as an on-site amenity. We’re intrigued. (Massages may be the next big multifamily trend; a couple communities on our list mention on-site massage services.)
10. Modera Flats
Submarket: Medical Center/Bellaire
Units: 265
Average Size: 849 SF
Average Price: $1,693/mo
Developer/Management: Mill Creek Residential
That’s right, Mill Creek makes it on here back to back with two Modera communities. Modera Flats sits right across the street from MD Anderson in the Med Center and prides itself on its ability for residents to go car-free. Besides being walking or biking distance from everything in the Med Center, Rice U and Rice Village, it’s right by the light rail.
