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