HOUSTON—Houston's economy remains steady as several sectors post job gains, while recent losses in upstream oil and gas and related industries weigh down overall growth. Hiring in consumer-driven retail and hospitality establishments, along with service-oriented employers within education institutions, health services and government entities are leading these gains. Yet, zealous economic expectations initiated mass development of new units prior to global forces drastically impacting Houston's energy market growth, GlobeSt.com learns.
Many of the units under construction will be completed during the second half of 2016, dimming the past quarters' positive absorption through the remainder of this year. The new supply will surmount demand, pushing the calendar year vacancy average up for a second consecutive year, says a Marcus & Millichap multifamily report.
Investors target areas where rents meet residents' expectations. With the influx of high-end units and job growth in sectors like the energy's downstream jobs, many investors are setting up portfolios based on positive long-term expectations for Houston's economy.
An example of the high-end product that investors find appealing is residential high-rise, The Carter. StreetLights Residential recently opened this newest luxury community on Chelsea Boulevard, just east of Montrose Boulevard.
The Carter provides 305 apartment homes in the center of the Houston Museum District. The Carter offers easy access to local restaurants, retail shops and several museums including one of the largest in the country, The Museum of Fine Arts, Houston. The community is only a short distance from Hermann Park, Midtown, Downtown, the Texas Medical Center and Rice University.
“The StreetLights team and our partners put extensive thought into designing a boutique hotel-inspired atmosphere, and we are excited to reveal the result to future residents,” said StreetLights CEO Doug Chesnut. “For a neighborhood rich in culture and the arts like Houston's Museum District, we wanted to give the modern apartments an old-world elegance. The project came together just as we envisioned with a design that correlates with the existing community.”
The Carter brings together architectural details and five-star amenities for a modern luxury home experience. The lobby is decorated with designer furniture, Ralph Lauren fabrics and antique pieces. Other features include a resident bar, fireplace seating overlooking the pool courtyard and 24-hour concierge service. An expansive fitness center comes complete with Precor fitness equipment, flex fitness room with spin bikes and a yoga studio. The second level offers a conference center and pet washing room with blow dryers. The Carter also provides valet service, a pet park, private garages and private storage units. Additionally, residents can take advantage of the 19th level penthouse lounge which includes a billiards room, card table and an entertainment area.
The Carter offers a variety of living styles with one-, two- and three-bedroom residences, along with four townhomes and five penthouses. Residences range in size from 723 square feet for a one bedroom to 3,329 square feet for the largest penthouse. All townhomes have outdoor fireplaces. Penthouses have Carrara marble details. Each floor plan in the community has 10-foot ceilings, granite countertops and backsplashes, custom cabinetry, hardwood flooring, gourmet prep islands and stainless steel appliances.
The architecture was designed by GDA Architects and the landscape was designed by Lynda Tycher & Associates. Interior design was a collaboration between StreetLights Residential and 5G Studio. Lincoln Property Company is the property management company for the community. SLR Texas Construction served as the general contractor.
HOUSTON—Houston's economy remains steady as several sectors post job gains, while recent losses in upstream oil and gas and related industries weigh down overall growth. Hiring in consumer-driven retail and hospitality establishments, along with service-oriented employers within education institutions, health services and government entities are leading these gains. Yet, zealous economic expectations initiated mass development of new units prior to global forces drastically impacting Houston's energy market growth, GlobeSt.com learns.
Many of the units under construction will be completed during the second half of 2016, dimming the past quarters' positive absorption through the remainder of this year. The new supply will surmount demand, pushing the calendar year vacancy average up for a second consecutive year, says a Marcus & Millichap multifamily report.
Investors target areas where rents meet residents' expectations. With the influx of high-end units and job growth in sectors like the energy's downstream jobs, many investors are setting up portfolios based on positive long-term expectations for Houston's economy.
An example of the high-end product that investors find appealing is residential high-rise, The Carter. StreetLights Residential recently opened this newest luxury community on Chelsea Boulevard, just east of Montrose Boulevard.
The Carter provides 305 apartment homes in the center of the Houston Museum District. The Carter offers easy access to local restaurants, retail shops and several museums including one of the largest in the country, The Museum of Fine Arts, Houston. The community is only a short distance from Hermann Park, Midtown, Downtown, the Texas Medical Center and Rice University.
“The StreetLights team and our partners put extensive thought into designing a boutique hotel-inspired atmosphere, and we are excited to reveal the result to future residents,” said StreetLights CEO Doug Chesnut. “For a neighborhood rich in culture and the arts like Houston's Museum District, we wanted to give the modern apartments an old-world elegance. The project came together just as we envisioned with a design that correlates with the existing community.”
The Carter brings together architectural details and five-star amenities for a modern luxury home experience. The lobby is decorated with designer furniture, Ralph Lauren fabrics and antique pieces. Other features include a resident bar, fireplace seating overlooking the pool courtyard and 24-hour concierge service. An expansive fitness center comes complete with Precor fitness equipment, flex fitness room with spin bikes and a yoga studio. The second level offers a conference center and pet washing room with blow dryers. The Carter also provides valet service, a pet park, private garages and private storage units. Additionally, residents can take advantage of the 19th level penthouse lounge which includes a billiards room, card table and an entertainment area.
The Carter offers a variety of living styles with one-, two- and three-bedroom residences, along with four townhomes and five penthouses. Residences range in size from 723 square feet for a one bedroom to 3,329 square feet for the largest penthouse. All townhomes have outdoor fireplaces. Penthouses have Carrara marble details. Each floor plan in the community has 10-foot ceilings, granite countertops and backsplashes, custom cabinetry, hardwood flooring, gourmet prep islands and stainless steel appliances.
The architecture was designed by GDA Architects and the landscape was designed by Lynda Tycher & Associates. Interior design was a collaboration between StreetLights Residential and 5G Studio. Lincoln Property Company is the property management company for the community. SLR Texas Construction served as the general contractor.
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