HOUSTON – (Realty News Report) – Wood Partners has broken ground on Alta Sunset Heights, a 378-unit multifamily project set to open next year in Houston.
The apartment community, located on 1617 Enid Street, will be near Heights Hike and Bike Trail and Memorial Park.
“The east side of the Heights is quickly becoming a popular neighborhood due to its central location with new dining and entertainment options,” said Bart Barrett Managing Director at Wood Partners. “We are thrilled to continue expanding into the Houston market with Alta Sunset Heights.”
Equity for the Alta Sunset Heights community has been provided by EuroInvestor – a Germany-based equity partner and investment manager focused exclusively on multifamily development projects in the USA.
“We are very happy to have joined Wood Partners in this transaction. We’ve had multiple successful projects over the past decade together,” said Kilian Kagel, Managing Partner at EuroInvestor
Last year, Wood Partners started the 330-unit Alta Cypress Springs — in the northwest Houston suburb of Cypress on a site on Fry Road just south of FM 529.
Wood Partners, based in Atlanta, owns more than 70 properties across the United States representing over 20,000 units.
In Houston, the apartment occupancy rate stood at 90.6 percent at year-end, down from 91.4 percent in the fourth quarter of 2021, according to Colliers.
“The average monthly rent for multifamily units increased 5.1 percent annually from $1,189 per month in Q4 2021 to $1,250 per month in Q4 2022,” Colliers said in a recent report on Houston’s multifamily market. “There are more than 20,700 units under construction and another 33,666 units are proposed.”
Colliers reports Class B and C apartment in Houston had negative absorption in the fourth quarter of 2022. But newer properties (Class A) had positive absorption.
Feb. 13, 2023 Realty News Report Copyright 2023
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File. Wood Partners. 378 Units Under Construction. Sunset Heights, 378 Units Under Construction