HOUSTON—Post at Afton Oaks is located in the exclusive Afton Oaks neighborhood. This is Post Properties' newest Texas community and the company's third Houston-area development. Its one- and two-bedroom luxury apartment homes are now available for move-in.

“We've started pre-leasing with the first move-ins starting today and the initial response has been favorable,” David Ward, executive vice president and chief investment officer of Post Properties, tells GlobeSt.com. “Houston is a very competitive market at this time due to the reduction in job growth associated with the oil bust. The good news about Houston compared to previous boom/bust cycles is its diversified economy. In past busts, the massive job losses would be devastating but today, it's come to a point where we've gone from great job growth to slightly positive job growth and we anticipate seeing normal job growth in the next few years.”

In order to accommodate some of the job issues facing renters, Post at Afton Oaks is offering attainable rental rates starting at $1,200. This will provide residents with upscale housing at a price within reach in one of Houston's most sought-after neighborhoods. The area is surrounded by other communities including Highland Village and River Oaks, and is centrally located to venues including NRG Stadium, Memorial Park and the Houston Galleria. This location gives residents close proximity to more than 400 retail stores and destination restaurants.

“What sets this community apart and makes it truly outstanding is its combination of unparalleled amenities and desirable location,” said Jamie Teabo, executive vice president, head of property management at Post Properties. “Residents will be able enjoy first-rate amenities while at home and also have immediate access to Houston's top entertainment offerings just minutes after leaving their front door.”

The apartments have gourmet kitchens featuring custom cabinetry, stainless steel double oven/ranges, wood plank flooring, custom Elfa closets, spacious bathrooms with porcelain tile floors, and Comcast/U-Verse fiber capabilities. Residents will also have access to community amenities including a swimming pool, outdoor loggia area with fireplace, resident lounge and large televisions, a 2000-plus-square-foot fitness center equipped with Wellbeats and Precor equipment, and a concierge package system. The community will also be pet-friendly, offering a dog run and washing station for residents' use.

Ward says the property will do well because of its amenities, location and edge over some of the competitive product. This advantage becomes important when considering the amount of product available. He says construction starts have been cut in half and should have been cut more.

“There were a lot of units under construction because the market was going gangbusters. We've got an overhang amount of product we are dealing with but we anticipate a competitive lease-up. We are seeing stability and have hit bottom in terms of layoffs associated with the price of oil today,” Ward tells GlobeSt.com.

Ward says it is in for the long haul. Post Properties, founded in Atlanta 45 years ago, is a long-term holder of at least 10 years, enough to weather the near term. Operating as a REIT, the company focuses on developing and managing high-density urban and resort-style garden apartments.

“We believe it will get better in the long term and we see value in Houston,” Ward tells GlobeSt.com. “It's a great market and we still want to grow Houston.”

Post Properties is headquartered in Atlanta and has operations in 10 markets across the country. It has interests in 24,162 apartment units in 61 communities, including 1,471 apartment units in four communities held in unconsolidated entities and 2,630 apartment units in seven communities currently under development or in lease-up.

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“We believe it will get better in the long term and we see value in Houston,” Ward tells GlobeSt.com. “It's a great market and we still want to grow Houston.”

Instant Insights /

Multifamily Developer Believes in Houston's Viability

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