HOUSTON–Alexan at Auburn Lakes has been toppedoff, with the first residents slated to move into the 346-unitapartment community this August. Prime PropertyInvestors and Trammel Crow Residentialare jointly developing the garden-style community.

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Alexan at Auburn Lakes is a 12.5-acre gated community on thesouthern edge of The Woodlands. The population andjob growth in the area was one of the major determining factors forthe construction of this project.

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“We had been looking closely at the Houston market for a whileand found that office construction and job growth in the Houstonsubmarket is creating high demand for upscale multifamily housingin the area. Fundamentals are strong in the Houston market withsimilar projects maintaining an average occupancy of 96% and in thepast year there was 7.2% rent growth in the area,” BarbaraGaffen, Co-CEO of PPI, tells GlobeSt.com. “Everything fromthe location, to the size of the project, hits our sweet spot.”

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As GlobeSt.com reported, construction on the project began inSeptember of 2013 and marked the first jointventure between the two companies, as well as PPI's first forayinto Texas.

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“We felt our partnership with Trammel Crow and this newdevelopment was a perfect fit for us,” Gaffen says. “Trammel Crow'sexceptional experience in developing new communities alignsperfectly with our ability to provide private equity and finishprojects on time and on budget.”

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The project includes 256 one-bedroom, one-bathunits and 90 two-bedroom, two-bath apartments.Rents will average $1,199 per month, or $1.33 per squarefoot. Gaffen says Alexan at Auburn Lakes will set a newstandard for multifamily projects in The Woodlands area.

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“We provide the highest end finishes in the market in interiorand exterior of units. We also have our private lake and joggingpath on the site as well as many beautiful mature trees,” Gaffensays. “Our amenity package and finishes will set a new standard inthe Woodlands sub market.”

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The total development cost was not disclosed.

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PPI is currently looking at additional joint ventureground-up projects in the Houston area. “Ourdevelopment projects will be joint ventures with well establishedand experienced multifamily developers and builders and will befocused on the highest growth best sub markets in Houston,” Gaffensays.

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Beyond new projects, PPI is also looking into acquiringexisting assets. At the end of May, Gaffen saysthe company expects to announce the acquisition of “an existing100% leased class A apartment community in the Houston market. Theproperty is located within 15 minutes of the HoustonGalleria.”

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