Amstar, a Denver-based real estate development firm, has contracted with the Morgan Group Inc., which will oversee the construction of the facility. The infill development site is part of the redevelopment of an old rice storage facility and grain silos.

The apartment facility, slated to be under construction this fall, will consist of three- and four-story apartment buildings and a central parking garage. Apartment developers have been active with new developments around Downtown Houston in recent years.

"The Downtown Houston multifamily market provides the type of opportunity we have been pursuing on a national basis in more supply-constrained markets," says K. Brad Broyhill, Amstar's multifamily properties executive director. "Given the limited availability of sites, high barriers to entry near Downtown and the large demand for housing inside Loop 610, this submarket provides the type of characteristics we invest in nationally. The revitalization of Downtown and the growing CBD labor pool provide a very attractive market for this property."