HOUSTON – A five-story, 327-apartment community is being developed by Kaplan Management Company in the Energy Corridor area, near Beltway 8 and Interstate 10.
With the project expected to be completed this summer, the developers are offering free rent – an incentive that is becoming more commonplace in Houston’s multifamily market this year. Fifteen-month leases will be rewarded with two months of free rent at the new project, called District at Memorial, said the developers, which just opened a leasing center. Initial tenant move-ins will begin this spring.
The new District at Memorial project is part of a renaissance along the westbound stretch of I-10 between Gessner and Beltway 8, a value-added U-turn from the bustling heart of CityCentre. Nearby projects include the construction of a 240,000-square-foot office building on an 18-acre tract, where MetroNational is expanding the Memorial City footprint north of Interstate 10.
The apartment project, located at 10300 Katy Freeway, is the third District-branded property in Houston, Kaplan said. The new project will be operated by Simpson Property Group. The developers anticipate fully opening the project this summer.
A significant amount of multifamily construction – 100 projects with about 30,000 units are under construction – has prompted market expert to warn that Houston is developing an oversupply of apartments.
District at Memorial offers studios at just under 600 square feet, priced from $1,210 per month, to three-bedroom, two-bath homes with nearly 1,400 square feet of living space starting at $2,730.
Simpson Property Group is a subsidiary of Simpson Housing, a Denver-based multifamily firm founded in 1948.
The Houston-based Kaplan Family of Companies – Kaplan Management Company, Kaplan Construction Group, Kaplan Development, and Kaplan Acquisitions – are operators, owners, and developers of multifamily properties.
Kaplan Management was formed in 1978 to offer fee management services for owners of multi-family properties, shopping centers, and office buildings. The Kaplan expanded and by 1986, its portfolio included fee-managing 12,000 multifamily units and 2,500,000 square feet of office and commercial space.
By the 1990s, Kaplan became a principal investor in multi-family residential properties and quickly began to focus on existing property acquisitions, both value-add and core properties. Starting in late 2004, Kaplan resumed ground up development in the Sun Belt states with high net worth partners and institutions. Since then, Kaplan has fee managed up to 20,000 units, developed 4,000 units in 12 cities in the Sunbelt states, and acquired 1,000 units for repositioning and rehabilitation, totaling $1,367,000,000 in transactional value.
March 17, 2016