Fairfield Residential JV Delivers Houston Apartments
It's the partners' 10th project in the city.
Fairfield Residential has completed 1010 Waugh, a 14-story, 340-unit luxury multifamily community in Houston’s Montrose neighborhood. The company will also manage the property, which is located at 1010 Waugh Drive.
Fairfield secured a four-year, $77.4 million construction loan from Texas Capital Bank in January 2023, according to Yardi Matrix data.
Fairfield developed 1010 Waugh in partnership with KTGY Dallas, formerly GDA Architects. It’s the firms’ 10th Houston venture together. Fairfield, a San Diego-based national real estate operator and investor, has at least 18 multifamily properties in the greater Houston area.
The concrete- and steel-built high-rise replaced a single-story commercial building. Designed by KTGY, the building is split into two residential wings that sit atop a four-story base and leave space in the center open for outdoor amenities, additional balconies and corner units.
The ground floor houses the lobby, coworking space and a cyclist shop. The above-grade screened multilevel parking garage has 517 parking spaces and EV charging stations. The pool deck, which overlooks downtown Houston, sits just above the podium. Other amenities include cabanas, a fitness center, a sky lounge, a golf simulator, conference rooms, a game room, bicycle storage, package lockers, a dog run and pet lounge.
What’s inside 1010 Waugh
1010 Waugh has a mix of studio, one- and two-bedroom units that range from 539 to 1,612 square feet with an average of 1,003 square feet. Yardi Matrix shows that rents range from $1,873 to $4,799, with an mean of $3,033.
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The apartments have high ceilings, wood-style plank flooring, stainless steel appliances, quartz countertops, kitchen island and pantries, washers, dryers, roller shades and electronic front door locks. There are private balconies and patios in select units.
Located in the inner loop of downtown Houston, 1010 Waugh is situated within walking distance of Buffalo Bayou Park as well as shopping and dining options. It also has access to Discovery Green, a 12-acre park next to the George R. Brown Convention Center and Avenida Houston entertainment district.
H-Town’s Class A leasing demand
Construction had slowed in Houston over the past two years after a period of heightened development when Houston ranked among the nation’s leading metros for construction, according to Colliers’ first-quarter 2026 market report. However, there has been an upswing activity this year, with 13,755 units under construction in the first quarter, up 24.5 percent year-over-year. Class A properties accounted for most of the leasing demand, with 3,246 units absorbed in Q1, the same source noted.
Effective rents declined across all property classes year-over-year, as occupancy remained flat between the end of last year and the first quarter of 2026 at 90.4 percent. The average advertised asking rent fell 1.2 percent year-over-year to $1,353 in January, while the U.S. rate rose 0.2 percent to $1,741, according to Yardi Matix’s March Houston multifamily market report.
In February, a joint venture between Trammell Crow Residential and Haseko North America announced plans to develop Allora Fallbrook, a 366-unit community in the Jersey Village submarket of northwest Houston. The first units are slated for delivery next year.
Several months later in April, Trammell Crow Co.’s High Street Residential sold Parkside Residences, a 309-unit luxury asset in Houston, to Daiwa House Group. The firms teamed up to develop the property in 2019.
