A joint venture consisting of Simpson Housing LLP of Denver, Atlanta-based Novare Group and Batson-Cook Development Co., and Houston-based Peter W. Dienna announced plans to break ground on SkyHouse River Oaks, a 25-story, 352-home luxury apartment community in Houston’s River Oaks neighborhood.
SkyHouse River Oaks will be located in Cypress Real Estate Advisors’ new master-planned redevelopment of the Westcreek at River Oaks community, within Loop 610 near the Houston Galleria. It will feature one- and two-bedroom residential units with high-end finishes and floor-to-ceiling glass. The signature “SkyHouse,” to be situated on the 25th floor, will showcase a club room, fitness area and outdoor plazas that include two swimming pools, fireplaces, a demonstration kitchen and an outdoor kitchen with covered outdoor lounges and 360-degree views of the city.
Designed to be environmentally sustainable, SkyHouse River Oaks also seeks Energy Star certification.
The project is slated for completion in the first quarter of 2015. JP Morgan is providing construction financing, with Simpson Housing, NGI Investments LLC and Batson-Cook providing equity.
This is the partnership’s second foray into the Houston multifamily market. Construction is currently underway on SkyHouse Houston, a 24-story, 336-unit luxury apartment complex with street-level retail at 1625 Main St. in the Central Business District.
“Houston is a dynamic, thriving city, with several submarkets that are highly attractive to the target demographic for SkyHouse: Gen Y professionals who are looking for live-work-play options in major cities,” said Jim Borders, president of Novare Group.
SkyHouse River Oaks is the 10th SkyHouse luxury apartment high-rise, an innovative multi-family program representing an investment of more than $600 million across the Southeastern United States, according to a statement for the press. The partnership allows the SkyHouse communities to be delivered at a competitive cost basis in urban locations where strong demographic trends favor in-town living but where apartment cost economics are otherwise difficult for high-rise towers directed at a younger population.
“This is a demographically driven program targeting younger residents who desire a high-rise urban lifestyle with entertainment and leisure options close by. Between the years 2012 and 2017, 4.2 million people will turn 22 every single year, and for many in this demographic, they will find SkyHouse to be an ideal place to call home,” commented Mark Stewart, director of investments at Batson-Cook.
Rendering of the SkyHouse River Oaks Luxury Community via Novare Group