Ascendant JV Brings 264-Unit Houston Community Online
Truist Bank provided $33.2 million in construction financing.
Ascendant Development, alongside Harvest Capital Group, has completed construction on Haven at Mission Trace, a 264-unit luxury community in Richmond, Texas. The developers secured $33.2 million in construction financing originated by Truist Bank, Yardi Matrix data shows.
Reed Real Properties LLC and Duddlesten O’Brien Ltd. sold a 13.3-acre site—a portion of the total development site— to Ascendent in 2022. Kimley-Horn & Associates provided landscape architecture services and proposed the construction of a public road connection for the property. BSB Designs oversaw the planning and design efforts.
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Haven at Mission Trace encompasses one- and two-bedroom floorplans, ranging between 669 and 1,274 square feet, across eight three-story buildings. Apartments feature walk-in closets, 9-foot ceilings, smart thermostats, private patios and balconies, storage options, as well as detached garages.
Community amenities include a saltwater swimming pool with a tanning deck and shade umbrellas, an outdoor kitchen featuring grilling stations, a media lounge with a pool table, a gym, a resident clubroom and a dog park.
Located on 34.8 acres at 8811 Farm-to-Market Road 1464, the garden-style community is 13 miles south of Interstate 10 and 10 miles north of Interstate 69, as well as nearly 24 miles west of downtown Houston. Aliana Shopping Center is some 3 miles away.
Multifamily deliveries hurl forward in Houston
Developers brought online 16,868 units in Greater Houston last year, placing the metro fifth in the country for multifamily deliveries. According to a recent forecast, 2024 should bring even more units online, with Yardi Matrix expecting north of 18,000 new apartments this year.
Another metro Houston delivery wrapped up earlier this month, when High Street Residential opened Residences at Kingwood, a 289-unit community in Humble, Texas. The developer had broken ground on the project in 2022.
