Martin Fein Apartments Acquired by CDC Houston

HOUSTON – (Realty News Report) – CDC Houston the master developer of Springwoods Village, acquired a 268-unit Martin Fein Interests multifamily community in the 2,000-acre Springwoods Village in north Houston.

A CDC Houston managed entity, a subsidiary of Coventry Development Corporation of New York  purchased Fein’s The Mark at CityPlace Springwoods Village  for an undisclosed prices.

A subsidiary of Houston-based Martin Fein Interests, Ltd., a high-end multifamily development, construction and property management firm, will be a partner in the property and continue to provide property management services.

The six-story community was opened in late 2017. Fein purchased the 3.75-acre site from CDC Houston in 2014 and subsequently started construction.

“Fein continues to be a wonderful partner at Springwoods Village, sharing our vision for quality in design and construction, as well as operational excellence,” according to Warren Wilson, Executive Vice President of CDC Houston. “We’re excited to add this premier property to our portfolio while maintaining the consistency in service that has made The Mark such a desirable residential rental option in the area.”

The Mark is one of three apartment communities that Fein has developed at Springwoods Village, including recently debuted The Canopy and another project called The Belvedere, was sold last year to the Wisconsin-based real estate investment firm MLG Capital.

“We have enjoyed a long-term working relationship with Coventry as a master-planned community developer and we are very pleased to now be Coventry’s partner at The Mark,” said Rebecca Luks, a vice president of development at Fein.

In keeping with the mixed-use master plan for CityPlace, the 60-acre urban core of Springwoods Village, The Mark incorporates 7,800-SF of ground floor retail fronting Lake Plaza Drive. Its inaugural retail tenant, Chipotle Mexican Grill, opened this February. The building bookends programmed CityPlace Plaza with the Houston CityPlace Marriott at Springwoods Village and is near Star Cinema Grill, Common Bond Bistro & Bakery and Island Grill.

Springwoods Village is the site of new headquarters of Hewlett Packard Enterprises, which is relocating from California. The HPE move has been mentioned in national news stories recounting the exodus from California.  Other firms in Springwoods Village include: HP Inc., Southwestern Energy, the American Bureau of Shipping, and the massive 3 million SF Exxon Mobil campus. The 385-acre Exxon Mobil campus was the first deal for CDC Houston, which had owned the acreage for decades.

Scheduled for completion in Spring 2022, the HPE campus will consist of two buildings located at the southwest corner of East Mossy Oaks Road and Lake Plaza Drive and include approximately 440,000 square feet of rentable space.

Designed by WGW Architects, The Mark offers a selection of efficiency and one-, two- and three-bedroom apartment homes, ranging in size from 572 SF to 1,599 SF. Some units overlook CityPlace Park and its connecting ponds.

The units, which have 10-foot ceilings, have dual-pane Low-E energy efficient windows, energy efficient AC/heating systems. The Mark is certified LEED Silver.

Founded in 1989, Martin Fein Interests, Ltd. is a regional development firm based in Houston. The company has developed 13,000 apartments in Houston, the Southwest, and Southeast regions in markets including Denver, Raleigh, Austin, San Antonio and Tucson.

April 6, 2021 Realty News Report Copyright 2021

Caption: Photo credit: Courtesy Fein, CDC Houston

File: Martin Fein Apartments Acquired by CDC Houston

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


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