HOUSTON – (Realty News Report) – Austin-based OHT Partners has broken ground on Lenox Heights, a 359-unit apartment community in Houston.
The 5-story complex, 333 W. 24th Street in The Heights, will have its first residents in early-2025.
Architecture is by Steinberg Dickey Collaborative LLP, a Houston-based firm led by Sanford Steinberg, a highly experienced apartment architect.
The project is located five blocks north of the neighborhood’s historic 19th Street commercial district – well known for funky boutiques and quaint eateries.
“Lenox Heights offers the highly desirable combination of short commute times and an even shorter distance to fantastic retail and dining options,” said Jackson Simons, vice president of development for the Houston market for OHT Partners. “It offers incredible convenience for residents that want a walkable lifestyle.”
The apartment complex will feature homes ranging in size from one to two-bedroom units with 629 to 1,247 SF.
On a national basis, multifamily starts have been predicted to decline in 2023, following an unsustainable high level of production in 2022, according to the National Association of Home Builders (NAHB).
Multifamily construction boomed in 2022, up an estimated 15% from the previous year and exceeded a 500,000-unit annual pace—the first time since the Great Recession. However, NAHB is projecting that multifamily starts will fall 28% 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 NAHB 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, up 24.9% compared to a year earlier (755,000). This is the highest count of apartments under construction since 1974.
May 15 2023 Realty News Report Copyright 2023
Rendering by Steinberg Dickey Collaborative
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