West Houston: Resolution Real Estate to Build 160 Units

In Houston, Houston-based Resolution Real Estate has purchased an 8-acre site from Newland Communities for Lakeside Villas at Cinco Ranch, a $21 million development that is set to include 160 apartment homes in a lakefront setting at Cinco Ranch Blvd. and Spring Green Blvd. Construction is planned to begin immediately, with the residences expected to be ready for occupancy by the end of the year.
The gated development is set to include a mixture of one-, two- and three-bedroom apartment homes, with the average unit described as having 1,130 sq ft and the average rent estimated at $1,539 per month. The projected average rental rate is $1.27 per sq ft.

The new project was reported jointly by Newland Communities, the developer of Cinco Ranch, and multifamily developer Resolution Real Estate.

Lakeside Villas at Cinco Ranch will be surrounded on three sides by Spring Lake, a 26-acre lake. The fourth side, along Cinco Ranch Blvd., will be protected via a private gated entry for residents. The development will also provide a 5,700-square-foot clubhouse with 24-foot ceilings for the exclusive use of its residents, with amenities including a gameroom, a fitness center, a coffee bar and an Internet café. Outside, this amenity is set to include a swimming pool with shaded cabanas, along with barbecue grills and flat-screen televisions.
Homebuyers relocating to Cinco Ranch and waiting for their new homes to be completed are slated to be a major market for Lakeside Villas at Cinco Ranch. One of the top-selling communities in Houston and Texas, Cinco Ranch ended 2011 with a total of 864 new-home sales. Employees in the thriving nearby Energy Corridor, along with teachers and administrators in the Katy Independent School District, are among other potential renters, as stated by Resolution Real Estate.