HOUSTON – (Realty News Report) — Fein, a Houston-based multifamily development, construction and property management firm, plans to develop a 241-unit in the Conroe area north of Houston.
Fein purchased 13.4 acres where it will develop The Terrace at Pine Lake Cove Apartment Homes, a garden-style multifamily property located just south of the intersection of South Pine Lake Road and Highway 105 in Conroe.
Construction will begin before the end of the year and completion is anticipated in the fourth quarter of 2024.
The Houston apartment market, which includes 719,943 units has an occupancy rate of 90.6 percent, down about 1 percent from a year ago, according to new statistics from ApartmentData.com. Rental rates are up about 7 percent in 2022.
For the Fein development, Steinberg Dickey Collaborative provided architectural services while interior design services were provided by Moore Design Group of Dallas. Westchase Construction, Ltd., an affiliate of Martin Fein Interests, Ltd. will be the general contractor for the development.
Nationwide Insurance is providing equity financing for the development while Comerica Bank is providing the construction financing. Equity financing was arranged by Cameron Cureton of JLL.
Founded in 1989, Martin Fein Interests, Ltd. has developed 13,000 luxury apartments in Houston, the Southwest, and Southeast regions in markets including Denver, Raleigh, Austin, San Antonio, and Tucson.
The new Fein Conroe development is situated within Pine Lake Cove, a 300-acre master planned community located near Lake Conroe and 3.5 miles west of Fish Creek Thoroughfare (McCaleb Road).
The Terrace at Pine Lake Cove is zoned to the highly rated Montgomery ISD school district.
This two- and three- story, upscale apartment community will feature one-, two- and three-bedroom apartment homes and some townhomes. The units will range in size from 556 SF to 1,773 SF.
Dec. 6, 2022 Realty News Report Copyright 2022
Photo: Courtesy FEIN
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File: Fein Building Apartments North of Houston.
Conroe Fein Building Apartments North of Houston