Situated on 9.2 acres in the Woodlands Town Center, the complex will be built in phases, according to Ron Lightfoot, a Cambridge partner. The first phase will consist of 345 units in four five-story buildings. Completion is set for November.
A second-phase groundbreaking for two more five-story buildings will depend on the success of the first phase, John Fenoglio, principal of Live Oak Capital Ltd., tells GlobeSt.com. He arranged the land acquisition and construction financing for Cambridge Development Group.
The complex will feature a mix of one-, two- and three-bedroom units ranging from 670 sf to 1,530 sf. Rents are expected to range from $992 to $1,989 per month, according to Doug Dalton, another Cambridge partner. "The Woodlands Town Center is one of the few urban centers in the country without a luxury rental property," he says.
The units have been designed with condo-quality finishes like 10-foot ceilings, granite countertops and backsplashes, stainless steel appliances, washers and dryers, and built-in computer desks. The development includes two parking garages and a lifestyle center with workout equipment, spinning room, business center and cyber cafe. The complex also will boast a boat barn for kayaks and three rooftop gardens with outdoor fireplaces.
Humphries & Partners Architects of Dallas designed Boardwalk at Town Center; EDAW of Atlanta is handling landscaping. A general contractor has not yet been selected, Fenoglio says.
Cambridge Development Group was represented by Horst Hendreks of Houston-based AmREIT in the land acquisition. Seller Woodlands Development Co. was represented internally by Dan Leverett.
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