HOUSTON – (Realty News Report) – Greystar, a global multifamily real estate firm, has opened a 12-story residential tower named Ellison Heights on West 20th Street in The Heights neighborhood.
“We knew there was a place for a boutique high-rise in the Heights,” said Brian Herwald, Managing Director of Development at Greystar.
Ellison Heights contains 152 apartments with an average unit size of approximately 1,192 square feet.
The upscale community sits in a walkable, historic area with nearby retail, nightlife and dining options. The building includes five penthouses ranging from 1,691 to 2,290 square feet.
Located at 510 W 20th Street, Ellison Heights arrives as the apartment market faces softness following the coronavirus pandemic. In Houston, Class A apartments in central neighborhoods recorded rent declines during 2020, according to Bruce McClenny of ApartmentData.com.
“2020 has been the worst year for rent growth in recent history, the only negative performance in the past six years,” McClenny said in a recent address to the Houston Apartment Association.
Through December, Houston apartment rents had declined by an average of $21, or -2.0%, since March. Class A apartments performed the worst, dropping $104 or -6.7% since March. Class B experienced a smaller decline of $11 or -1.1%, Class C fell by $3 or -0.4%, and Class D decreased the least at $2 or -0.3% since March. Overall, it was a challenging year for the Houston market, McClenny noted.
Despite the downturn, a recovery is expected in 2021 as Houston’s economy regains jobs and demand for housing improves.
Greystar is headquartered in Charleston, South Carolina. Founded by Bob Faith in 1993, the company is one of the largest operators of apartments in the United States, managing hundreds of thousands of units nationwide.
April 7, 2021 Realty News Report. Copyright 2021.
Caption: Ellison Heights (Courtesy of Meeks + Partners)
File: Greystar Opens Heights Apartments
For more on Houston development, see the book Houston 2020: America’s Boom Town – An Extreme Close Up by Ralph Bivins.