Wood Partners Debuts Suburban Houston Community
The company completed the project in a little over a year with the help of a $25.6 million construction loan.
Wood Partners has finalized the development of another upscale apartment community: the 300-unit Alta Cathedral Lakes in the Houston suburb of Spring, Texas. The property opened its doors this week and is currently in the leasing process.
The project broke ground in late 2019 and delivered in a little over 13 months. In November 2019, Commerce Bank originated a $25.6 million development loan, according to Yardi Matrix data. The mortgage is set to mature in 2024.
The property is located on 10 acres at 698 Basilica Bay Branch Drive. The unit mix will feature one-, two- and three-bedroom floorplans with sizes ranging from 723 to 1,564 square feet. The amenity package will include a business center with coworking spaces and conference rooms, a modern gym, a resort-style swimming pool, and a dog park.
The community is a short distance from Interstate 45 and its busy retail corridor at the intersection with Sawdust Road and 28 miles north of downtown Houston. The area’s major employers include ExxonMobil, the American Bureau of Shipping and Hewlett Packard Enterprise.
Wood Partners has four completed properties totaling 935 units in Houston, Yardi Matrix shows. The developer also has four residential projects under construction in the metro, which have a total of 1,210 units. Earlier this month, the company began the construction of Alta Austin Avenue, a 312-unit luxury community in Georgetown, Texas.