Wood Partners’ Alta Heights Shows Strong Leasing; JV Buys Westchase Office Building
- Apr 07, 2014
Multifamily developer Wood Partners L.L.C. announced that its Alta Heights apartment community in Houston is almost 70 percent occupied. Since the community opened its doors four months ago, it has leased 173 of the 256 available units.
Designed by Womack + Hampton and built by Wood Partners, the luxury multifamily complex sits on 3.5 acres at 145 Heights Blvd., between the historic Heights district and the city’s dynamic Washington Corridor.
The four-story apartment building comprises one- and two-bedroom units. Interiors feature granite countertops, stainless steel appliances, washer/dryers, and garden tubs and showers in select units. Approximately half of the units come with a technology package, including built-in Bluetooth-capable surround sound.
Common amenities include a courtyard with pool, barbecue grills, an outdoor kitchen with TV, a second courtyard with water fountain and grill, a fitness center, a leasing office and a club room with kitchen and bar areas.
Rents range from $1,265 a month for a studio to $2,105 a month for a two-bedroom, according to Wood Partners.
“In addition to offering a quick and easy commute to Downtown, the Medical Center, Greenway Plaza and the Energy Corridor, Alta Heights offers modern, luxurious homes with state-of-the-art amenities,” said Todd Gaines, Wood Partners’ South Texas director. “For residents who want to live in the heart of Houston, Alta Heights is definitely the place to be.”
Meanwhile, Harbert United States Real Estate Fund V L.P., in partnership with Fuller Realty Partners L.L.C., purchased 9801 Westheimer, a 211,125-square foot, 11-story office building .
Built in 1982, 9801 Westheimer is located on a 5.4-acre tract that fronts Westheimer Road in the master-planned Westchase District near the Galleria, one of Houston´s fastest-growing business districts. It was 86 percent occupied at the time of closing, with in-place rental rates below market rates. The new ownership plans to invest additional capital to upgrade and reposition the property.
The acquisition is the fifth joint venture between HUSRE and Fuller, adding to a portfolio of well-located office assets with value-add upside through focused operational management and leasing. According to a statement for the press, Fuller will handle leasing and management for the project.
Photo credit: Alta Heights Houston Luxury Apartments via Official Website