Allied Realty Kicks Off Construction of Suburban Houston Luxury Apartments
- Jun 30, 2011
The Woodlands, Texas–A community of 240 luxury apartment residences is on track to hit the market in The Woodlands, Texas, about 30 miles north of Houston, as Allied Realty breaks ground on The Retreat at The Woodlands.
An apartment community has been destined for the 10-acre parcel with the address of 4400 College Dr. for quite some time. Before Allied Realty took possession of the property, another builder had anticipated commencing construction of a multifamily project three years ago, but the credit crunch crushed those plans. “The developer was not able to obtain financing for obvious reasons in 2008,” Ricardo Rivas, vice president of development with Allied Realty, tells MHN. “Now, everything is a little more liquid so we were able to do it.” The company is relying on equity partner De Anda Sandoval Group L.L.C. and JP Morgan Chase for funding.
The Retreat will offer one-, two- and three-bedroom residences and a long list of amenities that are fast becoming de rigueur at luxury apartment properties, including a state-of-the-art fitness facility, a cyber café with Wi-Fi and a resort-style pool. And the complex, comprised of low-rise structures, will offer additional extras that are not so common at such destinations—a children’s play area in the fitness facility and, at the pool, a splash pad play area, an amenity that cannot currently be found at any other nearby apartment building. “We’re targeting professionals and also families,” he says. “The community will probably be 60 percent professionals and 40 percent families.”
The developer expects to open the doors of The Retreat in the summer of 2012, and it will be a timely debut. Demand is strong in The Woodlands submarket, which boasts a 91.5 percent occupancy level compared to metropolitan Houston’s 87.6 percent, according to a report by commercial real estate services firm Transwestern, and all signs point to further improvement. It’s all about the jobs market. In a recent report from the U.S. Bureau of Labor Statistics, Houston ranked second in the nation in job growth. And, in The Woodlands submarket, a big name will be coming to the area, thereby further boosting demand for luxury rentals. ExxonMobil Corp. recently announced that it will develop a new campus on 385 acres just south of The Woodlands and relocate a hoard of employees to the new complex in 2014. “It will also inspire new employment opportunities in and around the area through other industries tied to Exxon,” Rivas notes.
Orion Real Estate Services Inc., a division of Allied Realty, will manage The Retreat upon its completion.