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Morgan Launches New Pearl Luxury Community; Balfour Beatty General Contractor for 6 Houston Center

22 May 2014, 4:46 am

By Amalia Otet, Associate Editor

The Morgan Group has commenced development of a new luxury apartment community under its Pearl brand. Morgan launched the brand in 2013 with the opening of Pearl Greenway in Houston’s Greenway Plaza.

To be located on a 4.6-acre pad near Houston’s CityCentre, the new Pearl project consists of two separate properties, dubbed Pearl CityCentre and Pearl Residences at CityCentre. Plans call for an eight-story building with 148 units, ranging from 750 to 2,500 square feet, and a seven-story mid-rise with 312 units that range from 650 to 1,500 square feet. Interiors feature high-end wood floors and condo-quality finishes.

Designed to cater to a wide range of renters, from young professionals to empty-nesters, both properties will feature such amenities as a cyber café, a business center, an athletic club and a resort-style swimming pool with private cabanas.

“The location of this property, with its proximity to Houston’s hugely popular CityCentre and the ever-expanding Energy Corridor, couldn’t be better,” said The Morgan Group President Alan Patton in a written statement. “The apartments within CityCentre command some of the highest rents in Houston. The lack of available land adjacent to CityCentre makes this site even more valuable. Morgan has upped the ante by bringing Inner Loop luxury to this area to appeal to the renter-by-choice who wants an all-inclusive environment. We intend to own both of these properties for years to come.”

Wells Fargo is providing construction financing, and Wallace Garcia Wilson Architects is the project architect.

The Pearl CityCentre community is set to open in early fall 2015.

Meanwhile, Crescent Real Estate Holdings LLC has tapped Balfour Beatty Construction to serve as general contractor for 6 Houston Center, a new 30-story office building to be located on the thriving east side of Houston’s central business district.

6 Houston Center will be a state-of-the art building featuring 600,000 square feet of Class AA office space, as well as a nine-level parking garage and a skybridge connection to 1 Houston Center/LyondellBasell Tower. Amenities include 10- to 12-foot ceiling heights, a concierge floor, a fitness and conference center and rooftop gardens. It also boasts a premier location on Block 95, near the light-rail and within walking distance of numerous hotels, restaurants and retail destinations.

The building is designed to achieve LEED Gold certification.

Chrissy Wilson of Jones Lang LaSalle will handle leasing at the property, as previously reported by Commercial Property Executive.

Rendering of 6 Houston Center, courtesy of Crescent Real Estate Holdings LLC via PRWeb



Fountain Builds Second Off-Campus Community at University of Houston

15 May 2014, 3:49 am

By Amalia Otet, Associate Editor

Construction is underway on Campus Vue, a five-story off-campus housing complex at the University of Houston.

Developed by Fountain Residential Partners of Dallas, the 465-bed community will be situated directly across the street from the on-campus fraternity and sorority houses that make up Bayou Oaks. The building will overlook the UH campus on what was the site of the Beall Village apartment homes on Calhoun and N. MacGregor.

The new student-friendly residential complex will feature one-, two- and four-bedroom units equipped with an upgraded furniture package, including granite countertops, stainless steel appliances, wood-look flooring, 50-inch flat screen televisions with DVRs in the living areas and keyless entry into the building and units.

Campus Vue will be an all-inclusive community, with all utilities, highest-speed broadband and wireless Internet and extended cable TV included in the rent, according to official statements.

Among a series of lifestyle-oriented amenities, the community will boast a luxury pool; a fitness room; several study rooms; a secure, structured parking garage; on-site management and maintenance; as well as a lounge area on the fifth floor overlooking campus that will serve as a social gathering area for residents.

The project development team includes award-winning design firms 5G Studio Collaborative, Domus Studio Group and Kimley-Horn & Associates; Centerpoint Builders serves as general contractor. Grand Campus Living will be handling leasing and management at the property.

Campus Vue is not Fountain Residential’s first project in Houston. The company also developed Vue on MacGregor, the first privately owned off-campus community for The University of Houston. Located at the intersection of MacGregor Way and Calhoun Road, right at the entrance to the campus, the complex offers 347 beds in one-, two-, three- and four-bedroom apartment homes. Vue on MacGregor is 100 percent pre-leased for fall 2015.

“University of Houston is shattering the conception of being a commuter school, and our success at Vue on MacGregor is clearly evident of that,” noted Trevor Tollett, vice president at Fountain Residential Partners. “UH is a Tier One Research University in the heart of an internationally known city, and part of the university’s success will be off-campus living options for its almost 40,000-student population. Currently there are only certain places near campus that make sense for these kinds of developments, and we think we have the two best sites in the market. We are proud to be a part of UH’s continued success and hope that what we are doing with Campus Vue and Vue on MacGregor will ‘raise the tide’ on all the great things going on both on and off campus.”

Specializing in student housing since 2000, Fountain Residential has completed well over $1 billion in new student housing construction across the country.

Rendering of Campus Vue in Houston Courtesy of Fountain Residential Partners via Official Website



White Oak Buys 300-Unit M-F Community; Memorial City Mall Adds Seven New Retailers

8 May 2014, 5:01 am

By Amalia Otet, Associate Editor

Columbus, Ohio-based White Oak Partners L.L.C. has acquired Colorado Club Apartments, a 300-unit multifamily community in East Houston. HFF marketed the property on behalf of the seller, Capital Equity Group of Cleveland. The purchase price was not disclosed.

Colorado Club sits on a 10-acre tract at 794 Normandy St., two miles north of the Houston Ship Channel and Port of Houston, and 9.7 miles east of downtown Houston. It offers a mix of one- and two-bedroom apartment units, averaging 753 square feet. Interiors feature washer/dryer connections, fireplaces, wet bars and spacious layouts. Community amenities include a resort-style swimming pool, fitness center and playground.

The property was 98 percent leased at the time of closing.

The HFF investment sales team representing the seller was led by director Chris Curry, senior managing directors Todd Marix and Todd Stewart and director Tre Banks.

According to Chris Curry, the multi-housing complex has an ideal location in a strengthening submarket of Houston that has no new supply coming online. “Over the next three years, $35 billion will be invested into the Port of Houston, ultimately creating more than 250,000 jobs and increasing demand for housing,” Curry pointed out.

White Oak Partners is a leading privately held sponsor of national multifamily real estate investments. The company acquires, owns and manages a portfolio of apartment communities and is actively pursuing multifamily investment opportunities across the U.S., with a particular focus on the Southeast and Southwest. The management team at White Oak Partners averages over 25 years of experience in acquiring, developing and managing more than $14 billion in real estate in their careers, including more than 140,000 multifamily units.

Meanwhile, MetroNational announced the addition of several new retailers to the epicenter of its mixed-use development in Houston: Memorial City Mall.

Seven new retailers — including Vera Bradley, Banana Republic, Soma Intimates and Chico’s — will set up shop within Memorial City’s premier shopping and recreational destination.

“Our success in bringing on new tenants is a direct result of our current tenants’ retail volumes and the increasing growth and density of the surrounding market,” said Danna Diamond, director of retail leasing for Memorial City. “With over 2 million square feet in office space, multifamily residences within walking distance and proximity to the West Houston area, our tenants are able to tap into a range of customer demographics and convert sales.”

In the past year, the Memorial City Mall saw annual sales per square foot approaching $800.

Photo credit: Memorial City Mall courtesy of MetroNational via PRNewsFoto



Hayman Acquires 518-unit Apartment Community; Richland Acquires Business Park

30 Apr 2014, 11:50 pm

By Amalia Otet, Associate Editor

Troy, Mich.-based Hayman Co. has completed the acquisition of The Lodge at Shadowlake, a 518-unit garden apartment community in West Houston.

Located at 12360 Richmond Ave., the property is conveniently positioned between two of Houston’s strongest employment centers, the Westchase Business District and Houston’s I-10 Energy Corridor. Residents enjoy easy access to the retail amenities on Westheimer Road and proximity to the Westpark Tollway and Beltway 8.

The Lodge at Shadowlake features a mix of one-, two- and three-bedroom apartment homes with nine-foot ceilings, crown molding, computer desks and washer/dryers. The complex also offers an attractive, park-like setting, as well as an updated amenity package including a business center, swimming pool, fitness center and movie theater.

The new ownership plans to implement a value-add program to enhance curb appeal, improve management and drive revenues at the property. Upgrades will include the renovation and remodeling of unit interiors, building exteriors and amenity areas.

Privately owned Hayman Co. owns more than 12,000 multifamily units. Over the past 12 months, the company has acquired 3,031 apartment units nationally, with a capitalized value of $269 million.

Meanwhile, The Richland Cos. has acquired Fairmont PH Business Park, a two-building industrial complex in Houston’s premier southeast submarket.

“Fairmont PH provides Richland access to a high-barrier-to-entry market in an exceedingly desirable location, due to the expansion of the Panama Canal and Houston Ship Channel enlargement,” said Edna Meyer-Nelson, president & CEO. “With its close proximity to the Port of Houston, it is a critical locale for energy and engineering companies, which are driving Houston to become the next gateway city.”

The 66,654-square-foot property is located on a 4.94-acre pad at 11810 Fairmont Parkway and 13501 Bay Area Blvd. Built in 2008, the state-of-the-art, tilt-wall business park offers 28-foot clear heights, dock-high loading capabilities and ample parking.

At the time of closing, the complex was fully leased to four tenants, including Worley Parsons, Orr Safety, the General Services Administration and Coastal HVAC Supply.

Fairmont PH is Richland’s 13th property in Houston. With this acquisition, Richland now owns and manages 1.6 million square feet of commercial real estate property in the market. Richland will handle management at Fairmont PH, as it does with its entire portfolio of 33 properties in four states throughout the Southwestern United States.

Photo credit: The Lodge at Shadowlake via Official Website



Marquette Cos. to Break Ground on 364-Unit M-F Project in Downtown Houston

24 Apr 2014, 1:02 am

By Amalia Otet, Associate Editor

Naperville, Ill.-based The Marquette Cos. plans to break ground on Block 52, a 364-unit apartment building in downtown Houston.

The property encompasses a city block on the northeast side of the Houston CBD and is situated one block from Minute Maid Park.

Among the many premier features, the 29-story structure will showcase two amenity floors including a full-size, resort-style rooftop pool; it will also sport a 589-space private parking garage and approximately 7,700 square feet of ground-floor retail/restaurant space.

Apartment units will range from approximately 600 to 1,800 square feet in size, with rental rates ranging from $2.70 to $2.80 per square foot, as reported by the Houston Business Journal.

The multifamily project is expected to be complete in summer 2015.

Marquette is utilizing the Downtown Living Initiative (Chapter 380) for the development of the high-rise complex and will reportedly receive a $5.5 million benefit from the grant.

In an effort to drive more residential momentum in downtown Houston, the city council recently approved the expansion of the Downtown Living Initiative (DLI) from a cap of 2,500 residential units to 5,000 units by June 30, 2016. This will add 7,500 new residents to downtown, bringing the total to a little over 11,000, according to Downtown Houston.

The DLI is a program that incorporates financial and other benefits to promote the development of mixed-use residential projects. The initiative requires developers to comply with essential guidelines that aid in creating supportive urban designs, with residential streets featuring trees, enhanced lighting, active ground-floor uses and appropriate sidewalk design.

DLI’s first project, SkyHouse Houston, is set to open this summer at 1625 Main St. A joint venture of Batson-Cook Development Co., Peter W. Dienna and Simpson Housing, the 24-story luxury high-rise will include a mix of studio, one- and two-bedroom apartment homes with high-end finishes and amenities.

Rendering of Block 52 in Houston via The Marquette Cos. official website.







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