Trammell Crow Residential, Bluerock to Develop Luxury Apartments Near Texas Medical Center
- Jan 24, 2015
Trammell Crow Residential and Bluerock Residential Growth REIT have joined forces for the development of a 269-unit apartment community. Dubbed Alexan Blaire House, the luxury community will be developed on a 4.2-acre tract just two miles from the renowned Texas Medical Center.
“TCR, with which we partnered on our recent Alexan CityCentre development project, is a nationally prominent developer with deep roots in Houston. With its tremendous local knowledge and development expertise, we expect that our partnership will deliver measurable value, both strategic and operational, on behalf of our investors,” said Ramin Kamfar, chairman & CEO of BRG, in an official statement.
In order to cater to the area’s high-income demographic, the community will feature best-in-class interior finishes, larger-than-average floor plans on account of limited supply, premium appliances, a resort-style pool, a state-of-the-art fitness facility, a concierge and a business center.
BRG and its affiliates will contribute about 90 percent of the equity needed for development, whereas TCR will contribute the balance of the required equity. The two companies are collaborating on another Houston-based project, the Alexan CityCentre, a 340-unit, Class A community slated for completion in 2016.