HOUSTON–Oden Hughes has broken ground on Parkside Place, a 384-unit apartment community. The class A property will be located on the northwest corner FM 2920 and Kuykendahl Road, within four miles of the new Exxon Mobil corporate campus. The construction cost was not disclosed.
“It’s hard to find a better place in the entire country to build a first-rate apartment community right now,” says Craig Hughes, co-founder of Oden Hughes. “The office development and job growth underway is unprecedented and a lot of these workers are going to want to live near their workplace.”
Parkside Place will include one-, two- and three-bedroom units ranging in size from 525 square feet to 1,400 square feet. Amenities include a lap pool and sundeck, fitness center, dog-walking station and movie theater room.
With construction starting this month, it is slated to complete by the middle of 2015.
The upcoming Exxon Mobil campus is drawing a number of developers to the area. Mac McElwrath, Oden Hughes’ director of multifamily development tells GlobeSt.com that the company was drawn to the job and population growth the area is about to experience.
“Exxon is projected to employ 10,000 to 15,000 individuals at the new campus, with an estimated 35,000 indirect jobs coming to the submarket as well,” McElwrath says. “That sort of job growth will result in heavy renter demand on the surrounding area. In addition, high-end retail centers and exemplary schools are spread throughout the NW Houston and Woodlands areas, giving these employees ample reason to live near the campus.”
Parkside Place will stand out from its competitors by targeting a higher percentage of single and two-person households.
“We’re delivering a class A product at a very competitive price point relative to other new construction in the area, offering a more affordable alternative to other midrise product that becomes available,” McElwrath says.
The Parkside Place is Oden Hughes’ tenth project in Texas and the second in Houston. The Austin-based company broke ground last year on the 354-unit Parkside Grand Parkway in Katy, TX. The 14-acre project will deliver later this year.
Parkside Grand Parkway will consist of one-, two- and three-bedroom units ranging in size from 625 square feet to 1,400 square feet.
“We’ve wanted to be in the Houston market for awhile but we were waiting for the right opportunity,” Hughes said in a release, at the time. “The site is highly visible, just minutes away from one of the fastest growing job centers in the country and within the boundaries of a highly desirable school district. We couldn’t ask for a better entry into the market.”
McElwrath says the company is looking to do more projects in the Houston area.
“Heavy employment growth, in this case centering around the Energy Corridor, is a primary driver of interest,” McElwrath says.