HOUSTON – (Realty News Report) – Greystar, a global multifamily firm, has opened a 12-story residential tower called Ellison Heights on West 20thStreet in The Heights.
“We knew there was a place for a boutique high-rise in the Heights,” said Brian Herwald, Managing Director of Development at Greystar.
The 152-unit Ellison Heights has an average unit size of 1,192 SF.
The upscale apartments are located in a walkable historic neighborhood with retail, nightclubs and dining. The community’s five penthouses range from 1,691-SF to 2,290-SF.
Ellison Heights, 510 W 20thStreet, hits the apartment market in a time of softness, following the coronavirus pandemic. In Houston, Class A apartments in close-in neighborhoods recorded rent declines in 2020, according to Bruce McClenny of ApartmentData.com.
“2020 has been the worst year for rent growth in recent history, the only negative performance in the past six years,” McClenny said in a recent speech to the Houston Apartment Association.
“Through December, the Houston apartment market rents have continued to decline $21 or -2.0% since March. Class A gets an F by has performing the worst with a $104 or -6.7% decline since March. Class B has fared better with a lower decline of $11 or -1.1% since March. Class C fell even less — $3 or -0.4% since March while Class D has lost the least ground and now rests at $2 less or -0.3% since March. Overall, it’s been a tough year for the Houston market,” McClenny said.
However, a turnaround is expected in 2021 as the Houstoon economy regains jobs.
Headquartered in Charleston, South Carolina, was founded by Bob Faith in 1993. Greystar is the largest operator of apartments in the United States, managing approximately 713,000 units.
April 7, 2021 Realty News Report Copyright 2021
Caption: Ellison Heights (Courtesy of Meeks + Partners)
File: Greystar Opens Heights Apartments
For more about Houston development, check out the book Houston 2020: America’s Boom Town – An Extreme Close Up by Ralph Bivins. Available on Amazon http://tiny.cc/4a2g6y