Archstone currently owns nine properties in Texas. Recent developments include: The Amalfi at Hermann Park in Houston and Elan at Bluffview in Dallas, both of which opened in 2008, and Archstone Tech Ridge, which delivered last year in Austin.

“We have always been focused on markets that we believe have a unique opportunity for class A development, and Texas is a market where you’re going to continue to have strong job growth and demand for new housing,” Curran says. “We think there is a lot of opportunity here.”

However, Curran is quick to add that Archstone will continue to focus on “good sites with strong demand drivers”. He points to the firm’s new Houston project as an example – located on the northeast corner of N. Braeswood Boulevard and Brompton Road, the community will be a five-minute drive from the Texas Medical Center, which houses 49 member institutions that employ more than 93,000 people.

Archstone’s new rental project, which is just south of the West University neighborhood, also offers easy access to Rice Village, which is home to more than 300 unique retail establishments, and adjacent to Rice University.

“The proximity to the Medical District makes the project particularly attractive,” Curran says, adding that Archstone contemplated starting the project a couple of years ago, but chose not to do so. “Now it is a great time to be starting a new property.”

Curran declined to disclose the project’s development cost; however, a local market expert estimated the price tag to be nearly $75 million. Cushman Wakefield Sonnenblick Goldman helped secure the financing on Archstone’s behalf from Wells Fargo Bank and CrossHarbor Capital.

Curran says Archstone is interested in developing apartment projects in Dallas and Houston, in addition to select sites in Austin and San Antonio – a market the firm has yet to penetrate. “We’re actively seeking new sites in these markets,” he notes. “We’re bullish on Texas.”