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THE WOODLANDS, TX-A 5.8-acre parcel’s availability has prompted Easterling Development to acquire it from the Woodlands Development Co. for phase two of Plantation Apartments at the Woodlands. The 120-unit phase will break ground in August.

The complex’s expansion will go vertical just as work finishes up on the 312-unit phase one at 3720 College Park Dr. Based on market estimates, the units are costing $15,000 to $22,000 each to bring out of the ground.

A spokeswoman for locally based Easterling Development tells GlobeSt.com the first phase is already 50% leased just three months after the first wave of deliveries. “We’re confident that the second phase will be just as in demand,” she says, adding that it also is the last phase. The 120-unit expansion will deliver by early 2009.

The spokeswoman says Easterling’s original plan was to build just 312 units on the 14.5-acre tract. However, land adjacent to the complex became available so “we took it,” she says. “This was a great opportunity.”

Both phases of Plantation Apartments at the Woodlands will have one-, two- and three-bedroom units, ranging from 634 sf to 1,480 sf. The just-delivered units are renting for $775 to $815 per month. Capstone Real Estate Services Inc. in Austin, TX manages and leases the complex.

In addition to developing Plantation Apartments, Easterling Development also built other properties in the area, including Whispering Pines Ranch in Alden Bridge Village at 8101 Research Forest Dr. and Pine Creek Ranch at 3600 College Park Dr., which is located across the street from Plantation Apartments at the Woodlands.

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