Michael S. Morgan, CEO of the Morgan Group, tells GlobeSt.com that CalPERS had the first right of refusal on the next multifamily parcel that the Woodlands Operating Co. decided to sell. When the time came, CalPERS asked Morgan, which had sold two San Diego projects to the pension fund, to develop the Woodlands land.
The Estates at Sterling Ridge will break ground in the 30 days at the northwest corner of Woodlands Parkway and Lake Woodlands Drive. Designed by Wallis Garcia & Associates of Houston, the development will be built by Morgan Construction. Washington Mutual provided the construction financing.
Morgan says the pre-sale agreement with CalPERS is keeping the development cost under wraps. It is expected that the pension fund will get the deed in about two years, he says.The development, set to deliver in January 2005, will feature one-, two- and three-bedroom units, averaging 1,004 sf. The rent will be $1,100 per month.
Given the dicey apartment market, Morgan says the Houston luxury developer, with offices in Virginia and Southern California, has been focusing on niche opportunities like the relationship with CalPERS to expand a portfolio that now contains 5,000 units with 324 apartments under construction at 3000 Sage in the Galleria submarket.
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