McGrath Finishes Houston Multifamily
The new property is already 57 percent leased.
McGrath Real Estate Partners has completed a 400-unit multifamily development in Houston called Artistry Design District. The four-story property rises in Houston’s Design District, which is north of Memorial Park and I-10.
The development offers studio units, one-, and two-bedroom units with nine- to 10-foot ceilings. Each unit features 1GB high speed Wi-Fi and various finishes, such as custom cabinetry, open concept kitchens with pantries, stainless steel appliances, and full-sized washer and dryers.
The community’s central hub is The Clubhouse, featuring a fitness center, resident lounges, a kitchen, flexible coworking spaces, wi-fi lounge and private office space. A pet park and paw spa are available as well.
Artistry Design District has a resort-style pool with two sun shelves and Jumbotron-style TV, private cabanas, and green spaces. The property also includes an event venue area with a stage for live music and entertainment.
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The development located at 3939 W. 12th Street is currently 57 percent leased, and is 42 percent occupied, according to Houston-based McGrath. Company CEO Michael S. McGrath said there has been “strong ongoing demand” for the units in a released statement. The privately held McGrath specializes in multifamily, student housing and single-family lot development.
Houston’s Design District features architectural studios, design showrooms, residential communities, homebuilders, interior design services, landscaping, luxury automotive, and remodeling resources, among other design-oriented businesses. The American Society of Interior Designers Texas Gulf Coast Chapter is in the neighborhood
Houston multifamily sees high-end growth
Developers added 20,355 units to the Houston multifamily market in 2024, Yardi Matrix reports, besting the average of 17,000 units each year from 2017 to 2024. A total of 14,087 units broke ground last year in 59 properties marketwide, up from the 13,466 units and 56 projects seen in 2023.
The metro’s average overall occupancy rate in stabilized properties remained flat year-over-year through January at 92.6 percent, according to Yardi Matrix, which expects year-over-year rent growth to be 2.2 percent for 2025.
Some 29,372 units of multifamily were under construction as of January, Yardi Matrix notes, with another 62,000 were in the planning and permitting stages. As evident in other markets nationwide, multifamily development skews toward the upscale segment. In metro Houston, 84 percent of all units underway in lifestyle projects, while only under 13 percent were in fully affordable developments.
