HOUSTON – A joint venture of Greystar and Medistar Corp. have announced plans to develop Ascent Med Center, a 35-story apartment project on the western edge of the Texas Medical Center in Houston.
Groundbreaking for the 375-unit project will be in the first quarter of 2016 with Hoar Construction as the general contractor. The project, located at the corner of Travis Street and Old Main Street, will have apartments ranging in size from 349 SF to 3,767 SF.
The apartment site is adjacent to the site of a proposed 357-room hotel project under development by Medistar and TRC Capital, which was formerly known as Redstone. The hotel has not broken ground.
“Ascent Med Center (the apartment tower) was designed with a top-notch amenity package, high quality finishes and a variety of on-site conveniences,” said David Reid, Senior Managing Director of Development for the Greystar multifamily firm. “Our goal is create an environment that will enhance our residents’ overall living experience.”
Kelly Lindig, Vice President – Development and Acquisitions for Medistar, added, “Greystar is the best development partner we could have chosen for this tower, as we were looking for
complimentary uses for our luxury 357-key medical hotel project within the same block! This is simply the best site for new development having a true ‘walk to work’ opportunity available in the Texas Medical Center.”
Medistar Corp., a Houston-based real estate development company founded by Monzer Hourani,specializes in the design, development, financing, acquisition and construction of medical office buildings, hospitals, and related facilities for the healthcare, biotech and pharmaceutical industries nationwide.
Charleston, S.C.-based Greystar is a multifamily firm with expertise in investment management, development, and property management. It is the largest operator of apartments in the United States, managing approximately 410,000 units in over 130 markets globally.
Feb. 1, 2016