HOUSTON – (Realty News Report) – Portman Residential has acquired three acres near the intersection of Washington Avenue and Heights Boulevard – the Main & Main of the Washington Corridor – for a mid-rise apartment tower.
Portman Residential is the multifamily arm of the venerable Portland Holdings, an Atlanta-based real estate organization founded in 1957.
Near Rockefeller’s Club
The new development will be located just north of the landmark Rockefeller’s nightclub, on the east side of Heights Boulevard.
Portman Residential said the mixed-use project will include 10,000-SF of retail space. The project, 3250 Center Street, is located on two parcels near Harvard and Wagner streets.
Apartment developers have been attracted to the Houston multifamily market, which has been strong with rapidly rising rents and total absorption of 37,308 units in 2021, according to Colliers.
Houston Apartment Rents Up 16 Percent
Houston apartments had an average 16 percent rental increase in 2021.
Portman has been making significant moves in Texas. At the end of 2021, the firm purchased five acres in downtown Dallas where it will develop three towers called Dallas Gateway. It will include a 350-unit market rate apartment tower, a 350-unit micro-unit tower and an office tower with 400,000 SF. The project, with 45,000-SF of retail, is located at 2500 Ross Avenue, near Routh Street and the Arts District. The property was acquired from Spire Realty, which had planned a large complex with multiple skyscrapers over 12 acres, but never broke ground, according to the Dallas Morning News.
Portman has other planned projects, some of which include office or hotels in addition to multifamily, in Atlanta, Charlotte and Nashville.
Portman Residential is the multifamily arm of Portman Holdings, which has developed hotels, retail space, apartments, and office buildings around the world, including the New York Marriott Marquis Times Square, San Francisco’s Embarcadero Center, and Shanghai Centre.
March 7, 2022 Realty News Report Copyright 2022
Image: courtesy Portman Residential
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