With investor B.J. Bird of California as the equity partner, Asset Plus Corp., a local real estate firm, is pushing ahead on its first Houston project. It also is under way with a student housing project in College Station, TX. The Asset Plus portfolio, valued at $385 million, contains 63 communities in the southwest, central and southeast US, representing more than eight million sf of all product types.
The Houston development's clubhouse will deliver in late May or early June, a contact from Asset Plus tells GlobeSt.com. The property, roughly 15 miles southeast of Houston's CBD, is located in the 120-acre, mixed-use Gulf Pointe Park and positioned near a Trammell Crow Residential community, the Alexan at Gulf Pointe.
The Gulf Pointe complex is a design of Bird/Maciel Designs of California. Southwest Bank of Texas provided construction financing, with a major life insurance company pre-committed to providing a permanent loan. Jeff Knowles of the Houston office of Dallas-based Holliday Fenoglio Fowler LP arranged the financing.
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