Resia Lands $97M for 573-Unit Houston Project
The firm broke ground in the second quarter of 2022, with completion expected in February 2024.Â
Resia Ten Oaks. Image courtesy of Resia
Resia, formerly known as AHS Residential, has closed on $96.5 million in construction financing for Resia Ten Oaks, a 573-unit multifamily development in West Houston. Valley Bank participated in the capital stack, with Santander leading senior financing and Artemis Real Estate Partners providing preferred equity.
Resia broke ground on Ten Oaks in the second quarter of 2022, with completion expected in February 2024. The community is set to encompass three 12-story buildings, all with one-, two- and three-bedroom floorplans. Apartment interiors are designed to include in-unit washers and dryers, stainless-steel appliances and modern finishes. Community amenities are expected to encompass a business center, swimming pool, fitness center and multipurpose clubhouse, along with a 5-level parking garage.
The construction site—which Resia acquired from Wolff Cos. in 2021—is located at 18036 Park Row Drive, roughly 23 miles from downtown Houston. The upcoming community will be adjacent to the Houston Methodist West Hospital and right off Interstate 10, which provides access to large employers and points of interest in the area. Aside from the medical campus, the surrounding area also offers various retail options.
Resia’s CIO Carlos Gonzales emphasized in prepared remarks the firm’s commitment to realizing its vision despite industry volatility. The company has been active throughout southern markets, having recently secured financing for its second Metroplex project, as well as for a 476-unit workforce development in Atlanta.
