Medical Center Growth Attracts Multifamily Developers

HOUSTON – (Realty News Report) – The Barvin organization is developing a 281-unit apartment community near the Texas Medical Center and the Astrodome.

The construction site is northwest corner of Knight Road and El Paseo Street, just south of Old Spanish Trail

The area, north of Loop 610 and west of Highway 288, is prime for a surge in development because vacant tracts exist, in addition to older commercial properties that are now obsolete. More than 100,000 people work at the nearby Texas Medical Center, which is the largest medical center in the world with 21 hospitals, two specialty institutions, three medical schools and six nursing school programs.

“Our investment in this area is indicative of our confidence in its growth. We believe our development is poised to fill a gap in the current apartment supply,” said Eric Barvin, President and CEO of Barvin, a Houston-based multifamily firm with properties in Houston, San Antonio and Atlanta.

Barvin said the project is driven by the current momentum in the Medical Center and will serve employees and medical students at the upcoming TMC3 development, a 37-acre research campus comprised of 1.5 million SF. The TMC3 project has been in the works for several years as a collaborative effort of the Medical Center, Baylor College of Medicine, Texas A&M University Health Science Center, University of Texas Health Science Center at Houston (UTHealth) and University of Texas MD Anderson Cancer Center. TMC3 would bring the first time these institutions would build and share space on such a large scale, officials said. It will also take advantage of the incoming number of engineering and medical students from new programs such as the Texas A&M EnMed program, which began with its inaugural class in 2019 and plans to be fully enrolled by 2024.

An increase of students will boost multifamily in the Medical Center area, Barvin said. The University of Texas already has a sizable inventory of student housing near the Barvin site.

Barvin is building a wrap-style apartment designed by the GFF architecture firm. Oden Hughes is the general contractor. Completion is slated for early 2022.

Barvin currently owns The Daphne Apartments on El Paseo, near its new project.

Oct. 14, 2020 Realty News Report Copyright 2020

Caption: Construction at Texas Medical Center in Houston. Photo credit: Ralph Bivins, Realty News Report. Copyright 2020

File: Medical Center Growth Attracts Multifamily Development

File: (2) TMC, Barvin, Oden Hughes, Knight Road, GFF. Medical Center Growth Attracts Multifamily Development. 10-14-2020

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