Wood Partners is expanding its multifamily presence in the Houston metro by breaking ground on a 354-unit community in Conroe, Texas. The developer started construction on Alta Sergeant, which is scheduled to open May 2023 with preleasing expected to begin early next year.
When completed, Alta Sergeant will have one-, two- and three-bedroom units that have in-unit washer and dryer sets, stainless steel appliances and granite countertops. The community’s common amenities will include a pool, outdoor kitchen, dog park, fitness center, clubroom, business center, and multiple conference and entertaining spaces. Residents will also get access to surface parking and on-site car ports.
Located along Interstate 45 in Conroe, residents will be roughly 40 minutes away from downtown Houston. Alta Sergeant will also be near major employers in The Woodlands to the south, which is home to more than 70 corporations including ExxonMobil, Conroe ISD, and Hewlett Packard. Bart Barrett, managing director of Wood Partners, said in prepared remarks that Conroe is one of the fastest growing markets in the Houston area and that the company sees several opportunities throughout the area.
EXPANDING TEXAS PORTFOLIO
While Wood Partners is working on Alta Sergeant, the company has recently sold off some of its other Houston communities. In May, Wood Partners sold Alta West Alabama, a 304-unit community in Houston, for approximately $67 million to Capital Square. Earlier in the year, the company also sold its 300-unit Alta Cathedral Lakes in the Houston suburb of Spring, Texas that opened in January 2021.
On the other hand, Wood Partners is continuing to build out its overall portfolio in Texas. In May, the company opened Alta Landing, a 270-unit luxury community in Kennedale, Texas, a suburb of the Dallas-Fort Worth metro. A few months prior, Wood Partners broke ground on Alta Berry Creek, a 300-unit community in the Austin suburb of Georgetown, Texas.