HOUSTON – (Realty News Report) – Trammell Crow Residential says it will spend $1.5 billion to build more than 8,000 units that are affordably priced at levels that attainable for middle class families.
Branded as “Allora” apartments, the rental buildings will constructed with a “simplified building design” that is “efficient and cost-effective to construct, while still offering sought-after lifestyle amenities, large living spaces, and high-grade finishes.”
In Houston, Trammell Crow Residential has two of the new apartments in lease-up mode:
the 351-unit Allora Cypress Springs (Royal Spring Apartments) at 4910 Spring Cypress Road; and the 249-unit Allora Friendswood, 2911 W. El Dorado Blvd.
“We believe that the Allora brand represents an attractive offering in today’s market, given the tremendous demand for new, high-quality, workforce housing,” said Ken Valach, CEO of Trammell Crow Residential. “These communities address the limited supply of attainable housing designed for middle-income Americans – a large and growing population demographic that has been excluded from the recent luxury multifamily housing boom in the U.S.”
For a number of years, much of the nation’s new apartment construction activity was producing upper-end Class A apartments. The Allora apartment homes are designed for renters who earn 80%-120% of the Area Median Income (AMI).
Multifamily starts will rise 6.3 percent this year to 496,000 units, according to Rob Dietz, chief economist of the National Association of Home Builders. Townhome construction also will increase in 2022, Dietz said at a press conference at the NAHB convention in Orlando.
Trammell Crow Residential has already started 2,400 Allora units and another 8,000 are in the pipeline. Allora apartments will be built across nearly 20 U.S. markets, many of them as part of a newly established venture with leading institutional investors.
“As many people in the country grapple with economic uncertainty and rising costs, the demand for attainable communities like Allora will only continue to grow,” said Michael Levy, CEO of Crow Holdings, which is the parent company of Trammell Crow Residential. “We are so pleased to be able to provide housing options for teachers, first responders, healthcare workers, and others like them who may have had difficulty finding places to live near the places they work. In addition to addressing a substantially unmet need, attainable housing is a highly attractive investment opportunity due to its speed to market, reliable income stream, and favorable operating costs.”
During its existence, Trammell Crow Residential has developed more than 260,000 multifamily units.
Feb. 14, 2022 Realty News Report Copyright 2022.
Image: Courtesy Crow Holdings. The 351-unit Allora Cypress Springs (Royal Spring Apartments) at 4910 Spring Cypress Road
File Trammell Crow Residential Launches
File: Crow Holdings.Trammell Crow Residential Launches $1.5 Billion Construction Campaign for Allora units. Ken Valach