$24M Multifamily Project Heads Toward Construction Kick-Off

HOUSTON-The Enclave on the Park, a $24-million project of Buckhead Investment Partners Inc. and equity investor Jose Barragan, is gearing up to break ground.

The project will consist of 348 luxury apartments located on a 19-acre site at South Parkview Drive, one block west of Barker Cypress in Houston. Leasing begins in spring 2003, with delivery set for the latter part of the year.

Kevin Kirton, Buckhead Investment principal, tells GlobeSt.com that the site was chosen because of its location within the City of Houston and Katy Independent School District and zoning. The development firm generally tickets suburban areas with high-growth, impressive school districts, a strong single-family market and new retail development.Kirton says the development also has purchased a site across from the Enclave at Woodbridge, where the plan is to build 288 units. And, he adds, they are looking at several infill and mixed-use development sites in and around town.

Gonzalez Newell Bender Architects of San Antonio is the project architect. Houston-based general contractor Greystar Development and Construction LP is the general contractor and Greystar Multifamily Services LP, also of Houston, will lease and manage the property. Funding Inc. of Houston has provided construction and permanent financing.

There will be one- to three-bedroom units ranging in price from $695 per month to $1,275 per month. Special amenities include high-speed Internet access, built-in computer desks and entertainment centers, over-size tubs, tiled entries, crown molding, vaulted ceilings, over-size balconies or patios and outside storage.

The Enclave on the Park marks the ninth project in four years for the developer, seven in Houston and two in San Antonio. The Houston portfolio consists of the Enclave at Quail Crossing, phases one and two, the Ravinia, Enclave at Cornerstone, Enclave at Copperfield and Enclave at Woodbridge.