1107 Shepherd Drive The126,500-square-foot mixed-use multifamily project is located on1.38 acres at 1107 Shepherd Dr.

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HOUSTON—Houston's ever-diversifying economic engine continues tohum along, precipitating the need for more multifamily housing. Inresponse, Hunington Properties is moving forward on the developmentof a 126,500-square-foot mixed-use multifamily project located on1.38 acres at 1107 Shepherd Dr. in the Montrose/River Oakssubmarket. The six-story apartment building will include 168residential units, more than 20,475 square feet of ground-levelretail space and an above-grade parking structure with 305spaces.

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Construction has now commenced with anticipated completion formid-2021. Parkview Financial provided a $38 million constructionloan to Hunington Properties for the project. Project financing wasarranged by Greystone Capital Advisors.

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"This project promises to be highly competitive and successfulas it will offer best-in-class amenities to prospective tenants ata lower per-unit rental rate compared to other nearby communities,due to the smaller floor plan design," said Paul Rahimian, CEO ofParkview Financial.

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The tenant amenities will include a rooftop deck, pool, outdoorkitchen, fitness center, clubhouse, business center, dog park,outdoor space with stadium seating and a leasing office. Each unitwill include a full stainless-steel appliance package in thekitchen, and a washer and dryer in the unit. Select units willfeature balconies or private patios.

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The Houston area is home to 20 Fortune 500 headquarters, whilemany other Fortune 500 companies maintain administrativeheadquarters here. The city's multifamily market is comprised of574,739 units in 23 geographic concentrations ranging in size fromthe 55,527-unit Montrose/River Oaks submarket to the Baytown/SanJacinto River East submarket, which accounts for 8,174 units,GlobeSt.com learns.

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"The Houston apartment market is bolstered by strong metro areafundamentals," Rahimian tells GlobeSt.com. "We see a broadenedeconomic base going into 2020 and beyond that will continue todrive demand for this sector here."

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Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.