HOUSTON – (Realty News Report) – Caydon Property Group has engaged CBRE to market Drewery Place, a newly constructed 27-story multifamily tower in Midtown Houston.
Drewery Place contains 357 residential units and includes approximately 13,000 square feet of ground-floor retail. Developed in 2019 by Australian-based Caydon Property Group, the building reflects the developer’s focus on high-quality, urban projects situated near city centers and cultural hubs.
Designed by Houston-based Ziegler Cooper Architects, Drewery Place is located at 2950 Fannin Street, between Drew and Tuam Streets. The tower provides roughly 357,022 square feet of residential area, with an average unit size near 1,000 square feet.
“Caydon chose Midtown, Houston as their first U.S. multifamily project because it aligns with their vision of creating quality urban developments that are close to city centers, adjacent to cultural and creative hotspots, well served by transit and highly walkable,” CBRE said. Initial offers for the property are due May 14.
Earlier this year, Los Angeles-based Canyon Partners Real Estate acquired a preferred equity stake in Drewery Place. In February, Canyon Partners invested $45 million as part of the tower’s capital structure.
With Drewery Place completed, Caydon is moving forward with its next Midtown endeavor, Fitzroy, a planned 32-story tower that will pair 191 condominiums with a 190-room boutique hotel to be operated by Kimpton Hotels & Restaurants. Caydon expects to break ground on Fitzroy in mid-2021 and to complete the condominium tower in late 2023. The Fitzroy phase will be part of a larger 2.5 million-square-foot mixed-use development spanning three city blocks — about 3.5 acres bounded by Main, McGowen, Fannin and Tuam — located adjacent to Midtown Park.
Caydon’s Midtown development sits along MetroRail’s Red Line, which serves an emerging district between Houston’s two biggest employment centers: Downtown and the Texas Medical Center.
Other developers have been active in Midtown’s multifamily market as well. Madison Marquette recently completed The Travis, a 30-story rental tower on Main Street. Camden Property Trust and The Morgan Group have also delivered projects in the neighborhood, contributing to Midtown’s growing residential supply.
May 5, 2021 Realty News Report Copyright 2021
Caption: Drewery Place is located on Fannin, between Drew and Tuam streets, in Midtown Houston. Photo credit: Ralph Bivins, Realty News Report Copyright 2021.
File: Caydon Selling Drewery Place Apartment Tower in Midtown
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