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Presidium Group, Nessel Development JV Purchases Off-Market Multifamily Community in North Houston11 Apr 2014, 9:03 pm
By Amalia Otet, Associate Editor
As one of the 10 fastest growing cities in the U.S., Houston continues to attract major investors striving to capitalize on the high demand for multifamily product. Dallas-based Presidium Group LLC is the latest to achieve a purchase, having acquired Live Oak Bend Apartments, a 252-unit multifamily community in North Houston. The purchase was structured as a joint venture with Nessel Development, also of Dallas.
Presidium plans to kick off a major renovation project as part of its strategy to rebrand and reposition the property. Highlights include upgrading of the units’ interior hardware, plumbing, lighting fixtures and appliances, as well as refurbishment of building exteriors, amenities and common areas.
“Live Oak Bend is a well-maintained off-market opportunity that we are purchasing at a significant discount to replacement cost,” said Presidium co-CEO Cross Moceri in a written statement. “The current property’s performance is positive, but also affords the upside potential to significantly increase rental income through value-add renovations.”
Located at 1351 Greens Parkway, the garden-style community offers a mix of one- and two-bedroom rental apartment homes in a beautifully landscaped neighborhood. Amenities include a swimming pool, tennis court, basketball court, volleyball court, picnic areas with tables and barbecues, fitness center and business center. The Live Oak Bend complex is easily accessible to I-45 and Beltway 8; it is also close to Bush Intercontinental Airport and Northwest Medical Center.
Founded in 2002, Presidium Group is a vertically integrated diversified real estate investment and management firm specializing in opportunistic and value-added transactions throughout the United States. Presidium currently owns and operates more than 7,500 apartment units in Austin, Dallas, Houston, San Antonio and Waco. Its Houston portfolio encompasses more than 3,000 apartment units, according to official statements.
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Photo courtesy of Presidium Group
Wood Partners’ Alta Heights Shows Strong Leasing; JV Buys Westchase Office Building7 Apr 2014, 4:20 am
By Amalia Otet, Associate Editor
Multifamily developer Wood Partners L.L.C. announced that its Alta Heights apartment community in Houston is almost 70 percent occupied. Since the community opened its doors four months ago, it has leased 173 of the 256 available units.
Designed by Womack + Hampton and built by Wood Partners, the luxury multifamily complex sits on 3.5 acres at 145 Heights Blvd., between the historic Heights district and the city’s dynamic Washington Corridor.
The four-story apartment building comprises one- and two-bedroom units. Interiors feature granite countertops, stainless steel appliances, washer/dryers, and garden tubs and showers in select units. Approximately half of the units come with a technology package, including built-in Bluetooth-capable surround sound.
Common amenities include a courtyard with pool, barbecue grills, an outdoor kitchen with TV, a second courtyard with water fountain and grill, a fitness center, a leasing office and a club room with kitchen and bar areas.
Rents range from $1,265 a month for a studio to $2,105 a month for a two-bedroom, according to Wood Partners.
“In addition to offering a quick and easy commute to Downtown, the Medical Center, Greenway Plaza and the Energy Corridor, Alta Heights offers modern, luxurious homes with state-of-the-art amenities,” said Todd Gaines, Wood Partners’ South Texas director. “For residents who want to live in the heart of Houston, Alta Heights is definitely the place to be.”
Meanwhile, Harbert United States Real Estate Fund V L.P., in partnership with Fuller Realty Partners L.L.C., purchased 9801 Westheimer, a 211,125-square foot, 11-story office building .
Built in 1982, 9801 Westheimer is located on a 5.4-acre tract that fronts Westheimer Road in the master-planned Westchase District near the Galleria, one of Houston´s fastest-growing business districts. It was 86 percent occupied at the time of closing, with in-place rental rates below market rates. The new ownership plans to invest additional capital to upgrade and reposition the property.
The acquisition is the fifth joint venture between HUSRE and Fuller, adding to a portfolio of well-located office assets with value-add upside through focused operational management and leasing. According to a statement for the press, Fuller will handle leasing and management for the project.
Photo credit: Alta Heights Houston Luxury Apartments via Official Website
Crescent Communities Launches Phase One of Amenity-Rich Master-Planned Community31 Mar 2014, 8:25 pm
By Amalia Otet, Associate Editor
Determined to capitalize on current demand, Charlotte-based Crescent Communities has become the latest company to kick off development of a new residential community in northeast Houston.
Crescent has selected six builder partners for phase one of the Groves, a 993-acre, master-planned development. Highland Homes, David Weekley Homes, Darling Homes, Taylor Morrison, Trendmaker Homes and Village Builders will offer the first 189 of an estimated 2,200 homes. Home construction is expected to begin mid-summer, with the first homes available this fall.
“The Groves will offer residents tremendous benefits in location, outdoor spaces and home style varieties that suit their lifestyles,” said Jim Zimmermann, vice president of Crescent Communities’ residential group in Houston. “We’re looking forward to working with our builders on this next stage of development.”
Greater Houston is home to several of the nation’s best-selling master-planned communities. Boasting a job-centric economy and growing demographics, the area is expected to experience further growth while fostering increased strength in the housing market.
Located in Houston’s thriving northeast corridor, off of West Lake Houston Parkway and south of Kingwood, the Groves will showcase three home site sizes in its first phase, with homes beginning at 2,000 square feet. Village Builders and David Weekley Homes will build units up to ranging from 2,000 square feet to 3,300 square feet on 55-by-130-foot lots; Highland Homes and Darling Homes will offer homes from 2,400 square feet to 3,700 square feet on lots that are 60-by-130 feet; and Trendmaker Homes and Taylor Morrison will feature 70-by-130 lots with homes starting at 3,000 square feet. Price points for the homes will range from $250,000 to the low $400,000s, according to Crescent.
The signature community will include plenty of recreational amenities, among them wooded trails, a Welcome Lodge with a multipurpose room, a lounge, an outdoor plaza, a fire pit and a play area. Illustrative of Crescent’s efforts to encourage sustainable, active lifestyles among community residents, the Groves will provide access to 100 acres of open space along a creek, as well as another 90 acres of open space, parks and natural reserves. Additionally, the community will feature a stocked fishing pond with a cabin and fishing dock, as well as an amenity center and Village Center slated for future phases.
The Groves is Crescent’s fifth undertaking in Texas. The prolific real estate company is also overseeing development of Rough Hollow on Austin’s Lake Travis; Belterra in Dripping Springs near Austin; Wildridge in Oak Point near Dallas; and a 500-acre, master-planned community in Leander.
Meanwhile, the Johnson Development Corp. plans to launch a new 1,300-acre master-planned community in Fort Bend this summer, its fifth in Fort Bend County and 13th in the greater Houston area.
The as-yet-unnamed development will eventually comprise 2,700 homes, retail and commercial facilities, public and private schools, churches and environmentally focused recreational amenities.
Owned by the General Land Office for the state of Texas, the property is situated at the intersection of the Grand Parkway and West Airport Boulevard, providing immediate access to Houston’s Energy Corridor, Sugar Land and employment centers in Houston via the Westpark Tollway.
Johnson Development says the first lots will be available to builders in the first quarter of 2015.
Rendering of The Groves in Houston via The Groves official Facebook Page
Development Underway for 128-Key Hotel at Springwoods Village24 Mar 2014, 4:17 pm
By Amalia Otet, Associate Editor
Woodbine Development Corp. and InterMountain Management (IMM) have commenced development of Residence Inn by Marriott, a 128-key extended-stay hotel in North Houston.
The Residence Inn will be situated on a newly acquired 3.25-acre tract within Springwoods Village, a master-planned, mixed-use community located just south of The Woodlands and 20 miles north of downtown Houston. Currently in the design phase, the premier hotel is scheduled for opening in summer 2015; it is the first of three select-service hotels Woodbine plans to develop in Springwoods Village, including a full-service outfit in the Springwoods Town Center.
Boasting more than 650 all-suites hotels across four continents, the Residence Inn brand features spacious suites specifically designed for longer stays, with separate living and sleeping areas. Amenities include fully equipped kitchens, grocery delivery, complimentary hot breakfast and free Wi-Fi.
The new Residence Inn in Springwoods Village will serve the ExxonMobil campus, Southwestern Energy headquarters and other employers in the area, and will be the third project developed by Woodbine and IMM since the companies joined forces in 2012. The development team also includes GH2 Hospitality Architects of Tulsa, Walter P Moore Engineers of Tulsa, Precision Engineering of Tulsa and DCI Engineers of Austin, according to Citybizlist.
CDC Houston Inc., a subsidiary of Coventry Development Corp. of New York, oversees land development for Springwoods Village, as previously reported by Commercial Property Executive. Situated along the west side of Interstate 45 between Springwoods Village Parkway and the future Grand Parkway, the $10 billion, 1,800-acre community will provide diverse housing options, civic facilities, outdoor recreation and a 60-acre town center (pictured at right) with office space, shopping, dining and lodging in an urban, walkable environment.
“With several planned hotels, Springwoods Village will help stimulate a new hotel submarket to accommodate the needs of the rapidly expanding employment center in north Harris County,” said Keith Simon, executive vice president of CDC Houston, in a written statement. “The development of Residence Inn is the first step in our strategy to provide a range of hotel products at different price points within walking distance of work centers.”
Rendering of Springwoods Town Center via the Springwoods Village official website.
Luxury Condo High-Rise Breaks Ground in Houston’s Uptown17 Mar 2014, 4:57 am
By Amalia Otet, Associate Editor
Inter-Pier LLC, a joint venture between The Interfin Cos. and Pierpoint Capital, together with The McNair Group and Hudson Brothers Real Estate L.P., officially broke ground on Belfiore, a 26-story high-rise condominium that will redefine Uptown’s vibe and skyline.
Developers had announced construction of the high-end residential building in June 2013, in an effort to capitalize on the growing demand for spacious, luxury high-rise homes in Houston’s Galleria submarket.
“Homeowners will soon have a luxury Galleria-area high-rise option combined with the space and square footage you would find in a freestanding home,” said Giorgio Borlenghi, president of The Interfin Cos., in a statement for the press. “Belfiore is the culmination of more than 30 years of listening to our homeowners, coupled with our dedication to quality, luxury and refinement to create a building unlike any other in Houston.”
The 336,322-square-foot residential tower will be situated on a two-acre Uptown tract at the southeast corner of Post Oak Lane and South Wynden Drive, between San Felipe and Woodway.
Designed by Houston-based Kirksey Architecture, Belfiore will offer 44 four-bedroom residences and two penthouses with spectacular views of both downtown and Tanglewood. Plans call for two homes per floor, each featuring approximately 4,650 square feet of upscale living space and nearly 700 square feet of terraces.
Among a series of exclusive amenities, the building showcases a 24-hour manned guardhouse, 24-hour concierge and valet service, hidden one-level underground parking garage and an extensive recreational outdoor area with a swimming pool and manicured garden.
The project is set for delivery in the spring of 2016. Sudhoff Properties has been tapped to handle sales and marketing for the building, which is already 60 percent sold, according to official statements.
Founded in 1978, Interfin is an active player in Houston’s real estate market. Its local development portfolio includes commercial and residential projects including the Four-Leaf Towers, Four Oaks Place, Villa d’Este Condominium, Montebello, Hotel Granduca and Uptown Park Shopping Center in the Uptown District; and Vintage Park Shopping Center in northwest Houston.
Pierpoint is a real estate investment and development firm with substantial investments in raw land and multi-family residential developments located in Houston. Pierpoint’s investors and lenders include globally recognized financial institutions and high net worth individuals.
Rendering of Belfiore Condominiums via official website