HOUSTON – (Realty News Report) – CDC Houston, the master developer of Springwoods Village, has acquired a 268-unit multifamily community developed by Martin Fein Interests within the 2,000-acre Springwoods Village in north Houston.
A CDC Houston-managed entity, a subsidiary of Coventry Development Corporation of New York, purchased Fein’s The Mark at CityPlace Springwoods Village for an undisclosed price.
A subsidiary of Houston-based Martin Fein Interests, Ltd., the high-end multifamily development, construction and property management firm, will remain a partner in the property and continue to provide property management services.
The six-story community opened in late 2017. Fein purchased the 3.75-acre site from CDC Houston in 2014 and subsequently developed the property.
“Fein continues to be a wonderful partner at Springwoods Village, sharing our vision for quality in design and construction, as well as operational excellence,” said Warren Wilson, Executive Vice President of CDC Houston. “We’re excited to add this premier property to our portfolio while maintaining the consistency in service that has made The Mark such a desirable residential rental option in the area.”
The Mark is one of three apartment communities Fein has developed at Springwoods Village. Other projects include The Canopy and The Belvedere, the latter of which was sold last year to the Wisconsin-based real estate investment firm MLG Capital.
“We have enjoyed a long-term working relationship with Coventry as a master-planned community developer and we are very pleased to now be Coventry’s partner at The Mark,” said Rebecca Luks, vice president of development at Fein.
Aligned with the mixed-use master plan for CityPlace, the 60-acre urban core of Springwoods Village, The Mark includes 7,800 square feet of ground-floor retail facing Lake Plaza Drive. Its first retail tenant, Chipotle Mexican Grill, opened in February. The building anchors the programmed CityPlace Plaza near the Houston CityPlace Marriott at Springwoods Village and is close to Star Cinema Grill, Common Bond Bistro & Bakery and Island Grill.
Springwoods Village hosts the new headquarters of Hewlett Packard Enterprise, which relocated from California. The HPE move has been noted in national coverage about corporate relocations from California. Other major employers in Springwoods Village include HP Inc., Southwestern Energy, the American Bureau of Shipping and the 3 million square-foot Exxon Mobil campus. The 385-acre Exxon Mobil campus was CDC Houston’s first major transaction in the area; the developer had owned the acreage for decades.
Scheduled for completion in spring 2022, the HPE campus will consist of two buildings on the southwest corner of East Mossy Oaks Road and Lake Plaza Drive, providing approximately 440,000 square feet of rentable space.
Designed by WGW Architects, The Mark offers a mix of studio, one-, two- and three-bedroom apartment homes, ranging from 572 to 1,599 square feet. Several units overlook CityPlace Park and its connected ponds.
Apartment features include 10-foot ceilings, dual-pane Low-E energy-efficient windows and energy-efficient HVAC systems. The Mark is LEED Silver certified.
Founded in 1989 and based in Houston, Martin Fein Interests, Ltd. is a regional development firm that has developed roughly 13,000 apartments across Houston and markets in the Southwest and Southeast, including Denver, Raleigh, Austin, San Antonio and Tucson.
April 6, 2021 Realty News Report. Copyright 2021.
Caption: Photo credit: Courtesy Fein, CDC Houston
File: Martin Fein Apartments Acquired by CDC Houston
For additional context on Houston development, see the book Houston 2020: America’s Boom Town – An Extreme Close Up by Ralph Bivins.