The lure of Greater Houston’s multifamily market continues to hook developers and investors.
Higher interest rates are not scaring investors and developers off from the Bayou City and other Texas cities, as would-be buyers continue to be pushed into the rental markets.
Mill Creek Residential Trust is adding to its Greater Houston apartment portfolio with a $48 million development, according to a filing with the Texas Department of Licensing and Regulation.
The Dallas-based multifamily developer and operator will be returning to Spring, the north Houston suburb, with Modera Spring. In July 2017, Abbey Residential Services bought Modera Spring Town Center, a 396-unit apartment community located at 21801 Northcrest Drive, from Mill Creek, and renamed it The Abbey at Spring Town Center.
Modera Spring, which is currently in the planning phase, will be located at 2324 Louetta Road. Construction on the site is expected to begin in November and has a planned completion date in November, 2024.
The 6,380-foot development will be a garden-style apartment complex with a clubhouse and pool, according to state records.
Mill Creek currently has five apartments in the city of Houston and one development in the north Houston suburb of Shenandoah in its Greater Houston portfolio and is active in 15 other states, including New York and California.
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