Allied Realty Breaks Ground on Sugar Land-Area MF
- Jun 03, 2014
Houston—Allied Realty has broken ground on The Retreat at Riverstone, a new, 249-unit exclusive apartment home community located in the heart of Sugar Land, Texas, with a targeted opening of Fall 2014.
The Retreat at Riverstone is the first multifamily property under development allowed in the Riverstone master planned community.
“The Retreat at Riverstone will offer exclusive Class A product in the Riverstone master planned community located in Sugar Land, an exciting and highly desirable area just southwest of the City of Houston,” Hollie L. Kleitz, Allied Realty’s vice president of development, tells MHN. “The property has been designed to meet Riverstone’s very upscale architectural guidelines and also delivers the area’s first for-rent product that offers a stainless steel appliance package, wood-style flooring options and two-car attached garage townhome product.”
Located at 18545 University Blvd in Sugar Land, the community will be close to local employment, housing and retail with easy freeway access. Floor plans range from one to three bedrooms, including townhome units exceeding 1,600 square feet with two-car, attached garages.
The Retreat at Riverstone will offer a gated community within Riverstone and offer residents a clubhouse with state-of-the-art fitness center, cyber lounge, resort-style pool with cabanas and grilling areas, two dog parks with pet fountains and additional community gathering areas. Additionally, the property will offer the professional on-site leasing and management of Orion Real Estate Services, Houston’s second largest management firm with more than 28,000 units under management nation wide.
“Allied strives to deliver the market’s highest quality multifamily product with exceptional service,” Kleitz says. “The Retreat at Riverstone will be no exception and will offer an exclusive high-end multifamily rental option in Sugar Land’s Riverstone community.”
Sugar Land is located just southwest of the City of Houston and has experienced rapid growth in recent years. According to Apartment Data Services, despite substantial job growth and an increase in demand for housing in this highly sought after area, Sugar Land has not seen new multifamily apartment development since 2009.
Currently, the housing supply is 2.6 months and that has translated into a 30.9 percent increase in the price for housing in Houston since March 2009.
“The Houston MSA has had the highest job growth in the nation, growing nearly 100,000 jobs from mid 2012 to mid 2013,” Kleitz says. “In conjunction with the job growth, the demand for housing has been off the charts.”