search

The Real Deal Logo

Trending

Goldman Sachs and Ballast ready to surrender SF apartments to lenderGoldman Sachs and Ballast ready to surrender SF apartments to lenderRoscoe Village sellers first to try removing buyer agent commission Roscoe Village sellers first to try removing buyer agent commission JLL tapped to market Gas Company Tower in DTLA for saleJLL tapped to market Gas Company Tower in DTLA for saleArbor modifies $1.9B in loans as delinquencies keep risingArbor modifies $1.9B in loans as delinquencies keep rising
Residential
Houston

McNair starts Westchase multifamily expansion

No apartments were under construction in this Houston submarket in the first quarter

McNair's Cary McNair with rendering of On the Trails Phase 2
McNair's Cary McNair with rendering of On the Trails Phase 2 (McNair Interests, Getty)

McNair Interests is expanding the apartment supply in Westchase. 

The firm is  planning a multifamily project that’s part of its 24-acre lakefront development that also includes Remy on the Trails apartments at 400 West Sam Houston Parkway. 

This unnamed second phase, at 10505 Deerwood Road, would span 7 acres and comprise 221 apartments and cost an estimated $37.5 million, according to an August 2022 filing with the Texas Department of Licensing and Regulation. That’s almost $170,000 per square foot, although estimates are subject to change.

The four-story development will span 200,000 net rentable square feet and include private garages and surface-level parking. The average floor plan spans 900 square feet, with the largest three-bedroom option reaching nearly 1,500 square feet. The community is designed to offer “a sense of place, while encouraging balance and wellness in amplifying and embracing the outdoors,” said Drew Steffen of McNair Interests. 

Sign Up for the undefined Newsletter

The project team includes lender Cadence Bank, general contractor Arch-Con, architect the Preston Partnership, interior designer MaRS, and Kimley-Horn for landscape architecture.

The community will feature a 2,000-square-foot cafe that will be open to the public. Residents will also have access to a club room, lounge, Pelton-equipped fitness center, electric vehicle chargers, a dog park and a private lakefront walking trail. 

Terry Hershey Park, located 2 miles northwest, can also be accessed through a network of biking trails. The property will offer various indoor and outdoor coworking spaces for residents, including meeting rooms. Move-in is expected to start in summer 2024.

McNair Interests was founded by a former Houston Texans owner, the late Bob McNair. It acquired the Deerwood property from Cameron International Corporation in 2020. Remy on the Trails, opened in November, comprising 330 apartments on a three-acre private lake. It is currently 60 percent leased, according to a news release, with rents ranging from about $1,400 to $2,900. Westchase’s 89 percent apartment occupancy rate remains slightly below the metro’s 90 percent. In the first quarter of 2023, there were no units under construction, according to Transwestern. McNair Interests is now evaluating development plans for a 5-acre third phase.

Read more

Companies and People
McNair Interests
Tags
HoustonTexas