HOUSTON – (Realty News Report) – Hunington Properties has opened the Vic at Woodforest, the first rental housing development in the Woodforest master planned community in Montgomery.
The 330-unit apartment community will soon open a pickleball court – the hottest new recreational amenity in the country right now. The community also offers a dog park, a biergarten and a podcast studio.
“We have exciting amenities that will drive camaraderie among residents, and then — of course — all that Pine Market has to offer is just outside your front door,” says Drew Henderson, Hunington’s Education and Brand Strategist.
The Pine Market is the town center hub for Woodforest, a 3,000-acre community created by Johnson Development some five miles north of The Woodlands.
The Vic at Woodforest apartment homes, ranging from 584-SF studios to 1,219-SF two-bedroom units, with monthly rents from $1,209 to $2,493.
Houston-based Hunington Properties, a firm led by Sandy Aron, has been racking up successes with its Vic-branded multifamily communities, including the new Vic at Interpose, near the corner of Washington Avenue and Shepherd Drive.
The new Vic community in Woodforest will benefit from the new Pine Market with restaurants and retail.
“We envisioned Pine Market to be a small-town Main Street where people from across the area could gather, dine and shop,” said Virgil Yoakum, Senior Vice President and General Manager of Woodforest. “That vision is being realized and will only come into sharper focus in the months ahead.”
On a national basis, multifamily construction boomed in 2022, up an estimated 15 percent from the previous year and exceeded a 500,000-unit annual pace—the first time since the Great Recession. However, National Association of Home Builders is projecting that multifamily starts will fall 28 percent in 2023 to a 391,000 total and will stabilize in 2024 at about 374,000 starts.
“Slowing rent growth, rising unemployment, tightening commercial real estate financing conditions and a substantial amount of supply in the construction pipeline have caused a large backlog of multifamily developments,” said NAHB Assistant Vice President for Forecasting and Analysis Danushka Nanayakkara-Skillington at a press conference held earlier this year at the National Association of Home Builders International Builders Show in Las Vegas. Realty News Report staffed the press conference.
At the beginning of the year some 943,000 apartments were under construction across the nation, up 24.9 percent compared to a year earlier (755,000). This is the highest count of apartments under construction since 1974.
June 12, 2023 Realty News Report Copyright 2023
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File: Hunington Opens Vic at Woodforest