Despite recession fears and rising interest rates, the Houston area continues to attract multifamily investors eager to build in the Bayou City.
High Street Residential, the luxury apartment developer subsidiary of the venerable Dallas-based real estate empire of Trammell Crow Company, is teaming up with Japan’s Daiwa House Group, mostly known for prefabricated single-family homes, to add yet another high-end apartment development to Houston’s inventory.
The joint venture will build an apartment and townhome project in the northern Houston suburb of Kingwood, according to a Houston Chronicle report.
The garden-style apartment community, slated to be completed by the end of 2023, will include 240 apartments and 49 townhomes for rent. Despite Daiwa’s involvement, there will be no “wholesale pre-fabrication in the project,” Trammell Crow spokesperson Elise Maguire told The Real Deal.
“Daiwa is our capital partner on this and not involved in construction,” she said.
The Residences at Kingwood, located at 6519 Kings River Commercial Drive about 30 miles northeast of Houston will be built within a so-called “livable forest” master-planned community. Apartments and townhomes will range in size from one to three bedrooms. Some units will also offer private outdoor space and one- or two-car garages.
Residents will also have access to a resident lounge with an art gallery, a conferencing and remote-work suite, an outdoor putting green, a pickle ball court and the latest innovation in the amenity wars — an on-site pet grooming center.
High Street has tapped W Partnership as the architect for the project and Robinson & Company will handle landscape design. Cadence McShane is the development’s general contractor.
The Residences at Kingwood will be in good company in the Houston area, which topped the nation in luxury apartment development over the past 10 years, according to Yardi Matrix, with 72,000 units built, beating out even high-end markets like New York City.
Right now, the Houston metro is the No. 3 U.S. market when it comes to projected overall apartment demand. The top two are Austin and Dallas-Fort Worth, respectively.
— Karn Dhingra
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