(Read more on the multifamily market.)
HOUSTON-Opus West Corp. and Alliance Communities, which is the Texas division of the Phoenix-headquartered Alliance Residential Co., are teaming to build two complexes. The 312-unit Broadstone Cypress will break ground in the northwest submarket while the 353-unit Broadstone Walker Commons is coming up on the southwest side.
The partnership started construction last week on the Broadstone Walker Commons, which is rising on 17.15 acres near Interstate 45 and Calder Road. Broadstone Cypress, set to start in mid-October, will be situated on 14 acres at Texas 290 and Mueschke Road. Similar class A complexes have been built for $90,000 to $100,000 per door.
Both complexes should be completed within 15 months, says Joel DeSpain, vice president of the Austin, Houston and San Antonio markets for Phoenix-based Opus West. Both projects will be sold after they are stabilized, he says.
Alliance and Opus have teamed before in the market, building the 223-unit Broadstone Lofts at Uptown at 3363 McCue Rd. in 2002 and 336-unit Broadstone Westway Park at 10800 Clay Rd. three years later. “They came in under budget, on time and were very popular,” DeSpain tells GlobeSt.com. “Alliance has been great to work with and we're looking at more projects to do with them.”
DeSpain says Opus West will continue to develop in Houston, both with Alliance and other joint venture partners. “Our typical building program in Houston is to do one to two projects a year, with the typical project running between 300 and 400 units,” he says.
Alliance will lease and manage the completed complexes. Steinberg Design Collaborative LLP of Houston is architect, designing complexes with one-, two- and three-bedroom units from 650 sf to 1,300 sf. Rental rates have not yet been set.
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