HOUSTON – (Realty News Report) – Trammell Crow Residential announced a $1.5 billion program to develop more than 8,000 apartment units priced to be attainable for middle‑income families.
Marketed under the Allora brand, these rental communities use a simplified building design that is cost‑effective to construct while still offering popular lifestyle amenities, spacious floor plans, and high‑quality finishes.
In Houston, Trammell Crow Residential currently has two Allora properties in lease‑up:
The properties include the 351‑unit Allora Cypress Springs (formerly Royal Spring Apartments) at 4910 Spring Cypress Road and the 249‑unit Allora Friendswood at 2911 W. El Dorado Blvd.
“We believe the Allora brand represents an attractive offering in today’s market, given the strong demand for new, high‑quality workforce housing,” said Ken Valach, CEO of Trammell Crow Residential. “These communities address the limited supply of attainable housing designed for middle‑income Americans — a large and growing demographic that has been largely excluded from the recent luxury multifamily housing boom.”
For years much of the nation’s new apartment construction focused on upper‑end Class A projects. Allora homes are being targeted to renters earning roughly 80% to 120% of the Area Median Income (AMI), filling a gap between subsidized affordable housing and luxury rentals.
Multifamily starts are projected to rise 6.3 percent this year to about 496,000 units, according to Rob Dietz, chief economist at the National Association of Home Builders. Townhome construction also is expected to increase, Dietz noted at a NAHB press conference in Orlando.
Trammell Crow Residential has already commenced construction on 2,400 Allora units, with another 8,000 in the pipeline. The Allora portfolio will be developed across nearly 20 U.S. markets, many projects executed through a newly formed venture with major institutional investors.
“As many Americans face economic uncertainty and rising costs, demand for attainable communities like Allora will continue to grow,” said Michael Levy, CEO of Crow Holdings, Trammell Crow Residential’s parent company. “We’re pleased to offer housing options for teachers, first responders, healthcare workers, and others who have struggled to find residences near their workplaces. Beyond addressing a significant unmet need, attainable housing is an appealing investment due to its speed to market, dependable income stream, and favorable operating costs.”
Since its founding, Trammell Crow Residential has developed more than 260,000 multifamily units nationwide.
Feb. 14, 2022 Realty News Report. Copyright 2022.
Image: Courtesy Crow Holdings. The 351‑unit Allora Cypress Springs (Royal Spring Apartments) at 4910 Spring Cypress Road.
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File: Trammell Crow Residential Launches
File: Crow Holdings. Trammell Crow Residential Launches $1.5 Billion Construction Campaign for Allora units. Ken Valach