HOUSTON–Alexan at Auburn Lakes has been topped off, with the first residents slated to move into the 346-unit apartment community this August. Prime Property Investors and Trammel Crow Residential are jointly developing the garden-style community.
Alexan at Auburn Lakes is a 12.5-acre gated community on the southern edge of The Woodlands. The population and job growth in the area was one of the major determining factors for the construction of this project.
“We had been looking closely at the Houston market for a while and found that office construction and job growth in the Houston submarket is creating high demand for upscale multifamily housing in the area. Fundamentals are strong in the Houston market with similar projects maintaining an average occupancy of 96% and in the past year there was 7.2% rent growth in the area,” Barbara Gaffen, Co-CEO of PPI, tells GlobeSt.com. “Everything from the location, to the size of the project, hits our sweet spot.”
As GlobeSt.com reported, construction on the project began in September of 2013 and marked the first joint venture between the two companies, as well as PPI's first foray into Texas.
“We felt our partnership with Trammel Crow and this new development was a perfect fit for us,” Gaffen says. “Trammel Crow's exceptional experience in developing new communities aligns perfectly with our ability to provide private equity and finish projects on time and on budget.”
The project includes 256 one-bedroom, one-bath units and 90 two-bedroom, two-bath apartments. Rents will average $1,199 per month, or $1.33 per square foot. Gaffen says Alexan at Auburn Lakes will set a new standard for multifamily projects in The Woodlands area.
“We provide the highest end finishes in the market in interior and exterior of units. We also have our private lake and jogging path on the site as well as many beautiful mature trees,” Gaffen says. “Our amenity package and finishes will set a new standard in the Woodlands sub market.”
The total development cost was not disclosed.
PPI is currently looking at additional joint venture ground-up projects in the Houston area. “Our development projects will be joint ventures with well established and experienced multifamily developers and builders and will be focused on the highest growth best sub markets in Houston,” Gaffen says.
Beyond new projects, PPI is also looking into acquiring existing assets. At the end of May, Gaffen says the company expects to announce the acquisition of “an existing 100% leased class A apartment community in the Houston market. The property is located within 15 minutes of the Houston Galleria.”
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