HOUSTON — Martin Fein Interests, a Houston-based real estate firm with deep experience in multifamily development, has purchased 18 acres near West Lake Houston Parkway in northeast Houston for a new apartment community.
The company plans to build a 300-unit, garden-style apartment complex on the site. The location sits directly across from The Groves, a significant 1,000-acre master-planned community being developed by Crescent Communities of Charlotte, North Carolina.
Other developers are also targeting the West Lake Houston Parkway corridor. The Garrett Companies, an Indianapolis-based multifamily developer, is advancing a separate apartment project along the same corridor, signaling growing interest in the area from multifamily builders.
Industry professionals point to Lake Houston’s strategic advantages for renters and investors alike. The neighborhood offers relatively straightforward commutes to expanding industrial and employment centers on Houston’s east side, creating steady housing demand from workers in those sectors. Hal Holliday of CBRE, who has arranged financing for thousands of multifamily units, notes the area’s appeal for both residents seeking commute convenience and developers seeking stable market fundamentals.
The new development by Martin Fein Interests adds to a broader trend of residential growth around master-planned communities and major employment corridors, reinforcing Lake Houston’s emergence as an active submarket for multifamily investment and construction.
Feb. 11, 2017 Realty News Report. Copyright 2017.