Two recent events stand out as further indicators of the strength of the metro Houston multifamily market: While McCann Realty broke ground on its newest community, the 323-unit Retreat at Vintage Park in the Champions submarket of Houston, Harbour Group International found a buyer for its 696-unit Fairfield Creek apartment community.
The new McCann Realty community will be a part of the Vintage development—located near State Highway 249 on Louetta Road in Northwest Houston, adjacent to the Vintage Park Lifestyle Center, which will provide residents with access to approximately 420,000 square feet of retail and commercial space.
The luxury Retreat at Vintage Park Apartments will consist of three-story stone-and-stucco exteriors, featuring attached and detached garages, a large clubhouse with a state-of-the-art fitness center, a resort-style swimming pool and an activity center with video games and media, a cyber cafe and a gourmet kitchen.
With Wells Fargo Bank providing the construction loan, McCann Realty will act as its own general contractor on the project, while Pegasus Residential will be in charge of managing the property. Leasing is scheduled to start in the first quarter of 2014.
RB Associates was the buyer in the Fairfield Creek apartment deal; while the transaction amount was not disclosed, seller Harbour Group International paid $27 million for the property in July 2010, then infused $1.5 million into property improvements.
Fairfield Creek was built in 1984 and consists of one-, two- and three-bedroom units averaging 781 square feet per unit. The property spans 24.8 acres and comprises 52 buildings, including 34 two-story structures and 18 three-story structures. The community features four swimming pools with four heated spas, four laundry facilities, picnic areas, a jogging path and limited-access gates. The interior amenities consist of nine-foot ceilings, washer/dryer connections, patios or balconies, brick fireplaces and built-in bookshelves. The asset was approximately 90 percent occupied at the time of the purchase.
Image courtesy of EveryAptMapped.com