Together, the two complexes span 19 two-story buildings on more than 20 acres, and 780 units with one- to three-bedroom apartment and townhome configurations ranging from 676 to 1,472 square feet. Property features include on-site laundry facilities, a private pool, children's playground, high-speed Internet and parking.

The renovation undertaking is made possible by the five-year refinance loan secured by Bolour in late 2019. The property is one of several Bolour-owned multifamily assets purchased in Southwest Houston during the past several years.

"This workforce housing is all market rate units, but we are targeting moderate- to low-income households. Location and a lack of supply of workforce housing precipitated this undertaking. Most class-C housing in Houston is being torn down to build class A, so while supply was dwindling, demand for class-C housing in a location as good as this is still very strong," Bolour tells GlobeSt.com. "Proximity to downtown and Galleria makes it attractive for people to live in to limit their commutes to work."

Houston is transitioning to higher-density development as urban core strengthens. Creating a denser and more vertical downtown remains top of mind for developers as apartment construction will stay concentrated in central Houston and surrounding neighborhoods. The influx of Millennials and empty nesters to the core seeking walkable communities will support the addition of 5,000 new units to the metro's urban submarkets in 2020, highlighted by four 20-plus-story complexes, according to a report by Marcus & Millichap.