HOUSTON-JLB Partners has broken ground on a 321-unit apartment complex near the southwest intersection of Westheimer and Voss Roads. The four-story project has a price tag of a little less than $130,000 per unit, which translates into total development costs of roughly $41.7 million.
After analyzing the market for more than a year and watching the new apartment construction pipeline dwindle to historic lows, JLB Partners determined it would be advantageous to begin working on the community, which sits on 6.2 acres at 7600 Highmeadow Dr. It is scheduled for completion in spring 2012.
“Strategically, the timing was right for us, given the opportunity to deliver a new luxury development between two of Houston’s largest employment centers, Galleria and Westchase,” says Scott Sherwood of Irving, TX-based JLB Partners. He tells GlobeSt. that JLB Partners has owned the land since 2008
“There is no new submarket competition delivering in 2011, and we are starting at a time when we can take advantage of the considerable declines in construction costs that has occurred over the last two years,” Sherwood adds.
Designed by Hensley Lamkin Rachel Inc., the yet-to-be-named property offers structured parking wrapped by units. It will include one and two bedroom floor plans ranging from 672 square feet to 1,325 square feet.
Units will feature hand-scraped hardwood floors, 10-foot ceilings, granite countertops with undermount sinks, 42-inch upper wood cabinetry, custom backsplashes, private balconies, and stainless steel Energy Star appliances. Common area amenities include: resort-style salt water pool, outdoor kitchen/grill, designer gourmet kitchen and wi-fi lounge/caf
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