Prime Property Investors to Develop Houston Apartment Community
- Sep 06, 2013
Houston—Prime Property Investors (PPI), headquartered in Northbrook, Ill., has entered into a joint venture with Trammel Crow of Dallas to develop a 346-unit Houston apartment community called Alexan at Auburn Woods.
The community, a garden-style apartment development in the coveted Houston submarket of The Woodlands, is breaking ground his week.
“Prime partnered with Trammel Crow Residential to take advantage of TCR’s expertise, to overcome issues with building the project in a timely manner and on budget,” PPI co-CEO Barbara J. Gaffen tells MHN.
The average occupancy in the submarket of The Woodlands is 96 percent, and rent growth has stood at 7.2 percent over the past year, Gaffen says. “Houston led all major U.S. metro areas in job growth percentage last year,” she adds.
Alexan at Auburn Lakes will be developed on a 12.5-acre site. It will include nine three-story luxury garden-style buildings, featuring 256 one-bedroom, one-bath apartments and 90 two-bedroom, two-bath apartments, with average rents of $1,199.
Apartments will offer private entrances, 9-foot ceilings, and wood vinyl flooring in kitchen, living and dining areas. Granite countertops with under-mount sinks, stainless steel appliances with double-door refrigerators, 42-inch hardwood cabinetry and stone or glass-tiled backsplashes will distinguish the kitchens.
Common-area amenities include a clubhouse with a kitchen, gathering spaces, billiard room, fitness center and business center. Two large tropical pools will be linked by a courtyard within the community’s pool pavilion. Residents will also be able to take advantage of a private lake and a fully enclosed dog park.
“We have been looking closely at the Houston market for a while, and are thrilled to be embarking on our first apartment project in the area,” Gaffen says. “The Woodlands master planned community is currently one of the top locations in the area for apartment development and investment.”
The Woodlands spans 28,000 acres and is situated just over 25 miles northwest of Houston. The vicinity serves up an array of job opportunities, shopping and living alternatives, exceptional schools and terrific settings for recreation.
Alexan at Auburn Lakes is also just a few miles from a number of major employers, including the soon-to-open, 385-acre ExxonMobil campus, bringing 10,000 Exxon employees to the region and spurring the creation of an additional 44,000 indirect positions in the surrounding vicinity.
“We feel our partnership with Trammel Crow and this new development is a perfect fit for us,“ Gaffen says. “Trammel Crow’s exceptional experience in developing new communities aligns perfectly with our ability to provide private equity and finish projects on time and on budget.”
The property will be built using green materials, Gaffen reports. In addition, she notes, the site will preserve the numerous Auburn trees and lakes, which have been incorporated into the site plan.
“There couldn’t be a better high-growth, high-performing market for us to put our flag in the Texas ground,” Gaffen observes. “Everything from the location to the size of the project hits our sweet spot.”