JV to Develop Luxury Houston High-Rise
- Dec 17, 2019
Nitya Capital and Tema Development have joined forces to develop Two Hermann Place, a 295-unit luxury rental property near downtown Houston. Set to break ground in the first quarter of 2020, the new community will rise 32 stories and overlook the sprawling, 445-acre Hermann Park, situated just half a block from the development.
Located in the city’s Museum District, Two Hermann Place is close to numerous cultural institutions, including Rice University and the Houston Museum of Natural Science. Apartments at the property will average 1,076 square feet in size and will come in 13 different layouts, with interior features including high ceilings, quartz countertops and backsplashes, USB charging stations and NEST thermostats.
Resident amenities will include a swimming pool with a sunbathing ledge and cabanas, a top floor lounge, dog park, fitness center and an 11,000-square-foot amenity deck on the eighth floor. The building will provide 24-hour valet service and transit shuttles to nearby destinations, EV charging stations and private garages. The luxury community is slated to be completed in the winter of 2022, according to the venture.
“Two Hermann Place will be a luxurious and world class property,” Swapnil Agarwal, CEO of Nitya Capital, told Multi-Housing News. “We are eager to help enhance our beautiful Houston skyline with this project, and looking forward to many more developments like this in the very near future.”
Nitya has been an active player in Houston’s multifamily market over the past few years. In early 2017, the Houston-based firm acquired a six-property portfolio totaling 1,462 units in an off-market deal. The properties were located in suburban areas of the city. Nationwide, the firm owns and manages 17,000 multifamily units as well as office complexes, retail locations, single family homes and townhome developments.
Houston-based Tema Development has also been an active player in the Houston market. The firm previously developed The Parklane, a 35-story luxury condo tower at 1701 Hermann Drive, in 1983, and One Hermann Place, a 224-unit luxury community at 1699 Hermann Drive, which was completed in 2016.