DALLAS, TX - Behringer Harvard announced today its acquisition of a multifamily development site of more than 2.5 acres in the West University submarket of Houston's Inner Loop, an exclusive area surrounded by some of the city's most prominent employment centers, retail amenities and recreational destinations.
"This project involves a prime infill location in a desirable area with high barriers to entry, especially for apartment construction," said Mr. Mark T. Alfieri, Chief Operating Officer of Behringer Harvard Multifamily REIT I, Inc. "We expect this development to attract business professionals who appreciate an extensive list of amenities and luxurious urban lifestyles."
Trammell Crow Residential, a Dallas-based real estate firm that partnered with Behringer Harvard on this acquisition, will serve as developer of the property. "We are thrilled to be building again in Houston and furthering our long-standing partnership with Behringer Harvard," said Mr. Scot Davis, Senior Managing Director at Trammell Crow Residential. An affiliate of Trammell Crow Residential will serve as the general contractor.
Development plans include the razing of existing 1970s-vintage housing at 3810 Law Street to make way for a new luxury multifamily community with 231 apartment homes called Allusion West University. The site offers proximity to prominent employment centers including Greenway Plaza, the Galleria, Texas Medical Center and Houston's central business district. Approximately half a mile south of U.S. Highway 59, the property also provides convenient access to the most traveled traffic arteries in Houston, including Interstate 45, Interstate 10 and Loop 610.
The area around Allusion West University offers multiple options for shoppers. A selection of grocery stores and retail outlets are less than a mile away, and the upscale retail, fine dining and nightlife amenities of Highland Village and Rice Village are only minutes from the development. The Galleria, with more than 2 million square feet of retail space and hundreds of stores, is approximately two miles away.
The new community will comprise a four-story residential building constructed over a two-story parking garage. Averaging 877 square feet, the apartments will be built to condominium-quality specifications and offer up to two bedrooms and two baths. Units will feature granite countertops with tumbled-stone backsplashes, 42-inch hardwood cabinetry with under-cabinet lighting, kitchen islands, and stainless steel appliances including flat-top stoves and double-door refrigerators. Common-area amenities will include a cyber cafe, business center, state-of-the-art fitness center, resort-style pool and dog park.
The portfolio of Behringer Harvard Multifamily REIT I, Inc. includes investments in 48 multifamily communities in 14 states comprising 13,013 apartment homes.
Behringer Harvard creates and manages global institutional-quality alternative investment programs for individual and institutional investors.