HOUSTON – (Realty News Report) – Sueba USA Companies, which has developed Houston apartments for 35 years, has opened a 370-unit multifamily community in west Houston.
The new upscale community, called San Palmas is located at 15915 Kingfield Drive near Highway 6. The residential community is located 3.5 miles south of Highway 290.
The Houston multifamily market has seen a strong pace of construction in recent years and those construction starts are now translating into new units opening for leasing. But construction is tapering off as developers deal with higher interest rates and other costs, says Jock Naponic, a CBRE senior vice president specializing in multifamily.
With the reduction in apartment construction and new supply, the Houston market will tighten and multifamily rental rates will increase in the 2025-2026 time frame, Naponic said at the CBRE press luncheon in Houston recently.
With the new San Palmas apartments, Sueba is introducing “an elevated living experience highlighted by exceptional amenities not previously found in the area,” the developer said.
The four-story mid-rise San Palmas features a 24-hour CrossFit-inspired athletic club with interactive cardio equipment; pickle ball court; and Bark Park and Paw Spa. The community features also include a coworking lounge with the latest iMac computers.
Units range from 480 SF to 2,196 SF, Sueba said.
Jan. 17, 2024 Realty News Report Copyright 2024
Image: Courtesy Sueba
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File: Sueba Delivers 370 Apartment Units