Houston: Wood Partners Starts Apartment Project

In Houston, Wood Partners reported the work start of its newest residential community, Alta Cypress Springs, in the northwest Houston suburb of Cypress.

The 330-unit community is scheduled to open in August 2023.

The project is located on Fry Road just south of FM 529, with proximity to several major thoroughfares including the Grand Parkway, US 290, and I-10.

“It’s a great addition to our Houston portfolio as we grow in response to the needs of the southeast Texas market,” said Bart Barrett, Managing Director at Wood Partners, an Atlanta-based multifamily firm with a portfolio of 70 apartment complexes with over 20,000 units.

Designed by Design Balance, a boutique architectural firm based in Rockwall, the Alta Cypress Springs will offer a mix of one-, two- and three- bedroom floorplans.

Apartment construction has been brisk in the Houston area. Colliers reports more than 17,500 rental units are currently under construction right now, a jump from both the 13,467 in the third quarter of 2021 and the 15,070 that were being built in quarter 2 of this year. (Kajani Capital Group just reported it is building a 300-unit multifamily project near the southwest corner of Hwy 59 and Northpark Drive.)

The Greater Houston market continues to grow. Inventory rose from 703,036 units in the third quarter of 2021 to 716,494 in Q2 2022 and 718,780 during Q3 2022.

Colliers reported that occupancy dropped slightly, from 91.6 percent in the third quarter last year to 91.2 percent in Q2 2022 and 91.0 during the third quarter this year. Yet with occupancy numbers sliding, average asking monthly rent still managed to drift upward, from $1,166 in Q3 2021 to $1,251 during the second quarter of this year.