HOUSTON— High-rise residential development, once a boutique product in Houston, is now more prevalent in the city's booming Inner Loop. SkyHouse River Oaks a 25-story, 352-home high-rise apartment broke ground in the Westcreek at River Oaks community close to the Galleria.

The SkyHouse River Oaks will be the second of the brand in Houston. The first, SkyHouse Houston, began construction inlast March in downtown. The SkyHouse partnership consists of Denver-based Simpson Housing, LLP, Novare Group, Batson-Cook Development Company and Houston-based developer Peter W. Dienna.

“Houston is a dynamic, thriving city with several submarkets that are highly attractive to the target demographic for SkyHouse: Gen Y professionals who are looking for live-work-play options in major cities,” said Jim Borders, President, Novare Group.  “We are excited to be working again with Simpson Housing, Batson-Cook Development Company and Pete Dienna on SkyHouse River Oaks.”

The partnership purchased the land from Cypress Real Estate Advisors who originally owned 30 acres at Westcreek.  Only two tracts remain available for sale: two acres on the southwest corner and 1.9 acres on the southeast corner of San Felipe Street and Westcreek Lane, according to CBRE, which represented the seller.

“The location, coupled with a planned road to connect Westcreek Lane to the West Loop service road, makes this a premier spot for hospitality and/or condominium developments,” said Brendan Lynch, Senior Vice President with CBRE in Houston.

One such development is the much anticipated 14-acre River Oaks District by Oliver McMillian. River Oaks District will be a luxury mixed use project featuring high-end shopping and office space anticipated to deliver in 2015.

“We like the Galleria centric location, and we also liked being just north of Oliver McMillan's River Oak District, which provides a walkability element to the project that we believe will be a key to the experience there.  Our location is really between River Oaks and Galleria, and we and our partners certainly like it for our genre of multifamily development,” added Borders.

SkyHouse River Oaks is the tenth SkyHouse high rise of multi-family program representing an investment of more than $600 million across the Southeastern United States. The developer's strategy allows the SkyHouse communities to be delivered at a competitive cost basis in urban locations where strong demographic trends favor urban living but where apartment economics are difficult for high rise towers directed at the younger population.

“Our partner, Simpson Housing, will position the rents when it is closer to time to open the doors to our pre-leasing gallery, which we expect to be this fall,” adds Borders.