High Street Residential JV to Open Houston Community
Along with its rental units, this development also features a townhome component.
High Street Residential, a Trammell Crow Co. subsidiary, is set to open Residences at Kingwood in Humble, Texas. The 289-unit community is the result of a joint venture with Daiwa House Group.
The partnership landed a $36.9 million construction loan in 2021 originated by Sumitomo Mitsui Bank and then broke ground in 2022, Yardi Matrix data shows. The Residences at Kingwood is the first phase of this project and comprises 240 multifamily units and 49 townhomes.
W Partnership served as the project’s architect, while Compasso Design oversaw interior design. The development team also included Kimley Horn, Robinson & Co., as well as KW Landscape Architects.
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Occupying nearly 20 acres, Residences at Kingwood encompasses one- to three-bedroom units averaging 1,046 square feet, as well as townhomes averaging 1,530 square feet. Apartments and townhomes feature 9-foot ceilings, custom cabinets and stainless-steel appliances. Select units have private garages, carports and balconies, as well as porches and backyards.
Community amenities include a swimming pool, a gym featuring a yoga room and outdoor workout area, a resident lounge, a conference room with a remote work center, as well as bocce and pickleball courts.
Located at 6519 Kings Glen Drive, the community is roughly 9 miles east of Interstate 69 and some 3 miles west of Lake Houston, as well as roughly 24 miles northeast of downtown Houston. Employers such as ExxonMobil and Memorial Hermann Hospital are within a 7-mile radius. Atascocita Commons, a shopping center roughly 1 mile away, provides residents with entertainment, shopping and retail options.
Houston’s dynamic multifamily supply pipeline
Metro Houston has a solid supply pipeline, with 36,822 units under construction as of March 2024, according to Yardi Matrix data. Just last year alone, developers added 19,229 units to the metro’s construction pipeline, while simultaneously bringing online 17,275 units during the same period, the same data provider shows.
While the pipeline has slowed down in recent months, new projects still pop up across Houston. One such development, which broke ground this year, is a yet-unnamed 371-unit community by McNair Interests. High Street Residential’s joint venture with Daiwa House Group also broke ground on Residences at Kingwood’s second phase, titled Reserve at West Lake. The project boosts the metro’s pipeline by 181 units.
