Apartments

Apartments
03/13/12 11:35am

Ashby Highrise Agreement Is Final, Mayor Says

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Boulevard Oaks, Development Regulations, Development Restrictions, Highrises, Lawsuits, Neighborhood Disputes, Proposed Developments, Southampton
82 Comments

Neighborhood residents hoping to weigh in on the details of the proposed settlement announced 2 weeks ago in the lawsuit filed against the city of Houston by the developers of the proposed Ashby Highrise were greeted at last night’s meeting with Mayor Parker with news that the agreement had already been finalized. The settlement requires the city to approve and permit a 21-story mixed-use tower at 1717 Bissonnet St., as long as the predicted traffic it generates meets a few prescribed limits. The agreement also puts a few restrictions on traffic flows in and out of the building on separate driveways facing Bissonnet and Ashby St., and requires developers to build an 8-ft. fence and camouflage the 5-story parking garage behind it with greenery where the building backs up against homes on its south and east sides. Also included: some lighting and noise-mitigation requirements, and a free morning and afternoon weekday shuttle service for the project’s future residents to and from the Med Center.

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Apartments
03/07/12 11:43pm

Comment of the Day: The Lure of the Not So Complex Apartment

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Comments, Montrose, Quicklink
No Comments

COMMENT OF THE DAY: THE LURE OF THE NOT SO COMPLEX APARTMENT “I’ve personally lived in all types of Montrose apartments — funky one-bedrooms, duplexes, town homes, and anthills. While the charm is nice, the real amenity older stock apartments offer is proximity to the street. Many of the big complexes are difficult to navigate and make it almost impossible for visitors to get to you. I would gladly live in a big complex if it took the same amount of time to get from my door to the street as my current place.” [paulbtucker, commenting on Comment of the Day: Funky Montrose Apartments Are in High Demand]

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Apartments
03/06/12 11:06pm

Comment of the Day: Funky Montrose Apartments Are in High Demand

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Comments, Leasing, Montrose, Quicklink
18 Comments

COMMENT OF THE DAY: FUNKY MONTROSE APARTMENTS ARE IN HIGH DEMAND “Here’s what I am seeing in Montrose this year and last year: Every nice garage apartment, side-by-side duplex, fourplex, etc brings on multiple applicants. (Sometimes renting for more than the stated price.) With several to choose from, the Landlord’s pick will have excellent credit and high income — a lot higher than you would expect for say a garage apartment. These tenants could afford to live in those shiny new apartment complexes. Easily. But they don’t want to. They want to live in the neighborhood, on a residential street. This doesn’t apply to every tenant — obviously there are more who want to live in the beehive. But the demand for funky old Montrose housing isn’t diminishing — It is tighter than ever.” [Harold Mandell, commenting on The Coming Flood of New River Oaks-Area Apartments in Montrose]

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Apartments
03/05/12 12:18pm

The Coming Flood of New River Oaks-Area Apartments in Montrose

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Montrose, Quicklink, River Oaks
18 Comments

THE COMING FLOOD OF NEW RIVER OAKS-AREA APARTMENTS IN MONTROSE Some local stats from research firm Axiometrics: 32 new apartment properties, holding a total of 8,700 units, are currently under construction in Houston. Of that total, 15 of them — accounting for 4,300 apartments — are in the “Montrose-River Oaks” area. Occupancy rates for similar existing properties in the same neighborhoods are currently in the mid-90-percent range; rents have been increasing at an annual rate of 9.1 percent as of January. [Real Estate Bisnow]

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Apartments
02/23/12 1:14pm

Post Properties Says It’s Ready To Build Those Richmond Ave Apartments

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First Montrose Commons, Midtown, Proposed Developments
16 Comments

A mere four-and-a-half years after it first announced the project, Atlanta REIT Post Properties says it’s just about ready to begin construction on a somewhat revised 5-story, 242-unit apartment building on Richmond Ave, just west of the Downtown Spur. The latest First Montrose Commons Newsletter features these black-and-white images of the project, along with a few more details that were announced to the neighborhood organization last month. Unlike the Post Midtown, this building on the 5-sided block surrounded by Richmond, Jack, Colquitt, Garrott, and Milam won’t include any retail space. A parking garage tucked into the structure will have 1 1/2 spaces per bedroom and point driveways toward Richmond and Colquitt. The Wheeler light-rail station sits 3 blocks east of the construction site, on the other side of Spur 527.

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Apartments
02/22/12 10:14pm

Comment of the Day: About That 35-Story Tower About To Go Up Down the Street

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Comments, Highland Village, Highrises, Proposed Developments, Quicklink
15 Comments

COMMENT OF THE DAY: ABOUT THAT 35-STORY TOWER ABOUT TO GO UP DOWN THE STREET “I need some opinions. A friend of mine owns a patio home on W Alabama next to this site. Will this help or hurt her property value? There’s a one acre tract between this development and hers, and we don’t know what it’s going to be. I figure it might help her value because it will be near retail and probably a restaurant or two, but who knows?” [Bill, commenting on First Sign of the 35-Story Apartment Tower Coming to Weslayan and West Alabama]

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Apartments
02/21/12 11:17am

First Sign of the 35-Story Apartment Tower Coming to Weslayan and West Alabama

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Highland Village, Highrises, Mixed Use, Proposed Developments, Retail
34 Comments

Here’s the sign that’s gone up on the northeast corner of Weslayan and West Alabama, where PM Realty plans to start construction later this year on the 35-story apartment tower it announced last year. The tower, PM Realty’s first in Houston, will have 12,500 sq. ft. of retail space on the first or second floor, 250 apartments, and a 3,000-sq.-ft. fitness center, according to a Houston Business Journal report last year. On the 2.6-acre site, which the company bought from Interfin last August: the remains of the State Grille restaurant. New on-the-scene blog Going Up! City has these pix of the site:

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Apartments
02/17/12 1:11pm

What the Promenade Cullen Park Was Warning Its Residents About

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Crime, Cullen Park, Lawsuits, Leasing
8 Comments

According to an attorney for a woman who was raped and sodomized for more than 12 hours in her second-floor apartment in the Promenade Cullen Park 3 years ago, managers of the apartment complex just west of the Addicks Reservoir had in fact sent out a notice to residents after a through-the-balcony break-in of the unit next door to her 2 weeks earlier. However, it was “the same warning that they would send out if a bicycle was stolen off a balcony or a TV was stolen out of an apartment,” attorney Troy Chandler tells the Houston Chronicle. “The notice failed to mention that a burglary occurred, that the assailant waited inside, that a tenant was attacked and that there had been an attempted rape.” After that incident but before she was raped, the woman renewed her lease on the apartment — without being informed about the nature of the attack, according to her attorneys.

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Apartments
02/15/12 9:08pm

Nixing Milhaus Retail: Why These New Midtown Apartments Won’t Have Shops on the Ground Floor

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Midtown, Mixed Use, Proposed Developments, Real Estate Investing
28 Comments

A real-estate firm out of Indianapolis with a keen interest in developing mixed-use projects plans to build a midrise apartment complex on 2 vacant blocks in Midtown, just south of the Pierce Elevated and 4 blocks east of the light rail line running down Main St. Like almost every other recent residential development in the area built before or after the Post Midtown Square about a dozen blocks to the west, though, the Milhaus Midtown won’t include any lease spaces for stores or restaurants. If you’re wondering why not, the company has a detailed explanation ready.

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Apartments
02/03/12 11:33pm

Comment of the Day: The Clue They’ll Be Tearing It Down

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Comments, Development Strategies, Leasing, Quicklink
6 Comments

COMMENT OF THE DAY: THE CLUE THEY’LL BE TEARING IT DOWN “The standard Texas Apartment Association lease does not give the owner the right to cancel the lease in the event of a sale. If the land value is approaching the as-built value, however, a smart landlord is going to put a clause in the lease that allows for a 30-day termination. At the complex I listed above, that was exactly what happened. The landlord had a cancellation clause in the lease for years before the property was sold to a developer. Some tenants may be turned off by it. It may have some affect on the rental rates. You have to weigh the pros and cons. Every situation is different.” [Bernard, commenting on New Owner Orders Everybody Out of the Greenbriar Chateau Apartments]

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Apartments
02/02/12 6:33pm

New Owner Orders Everybody Out of the Greenbriar Chateau Apartments

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Boulevard Oaks, Demolitions, Real Estate Investing
35 Comments

The decent-apartments-not-too-far-from-Rice gig is up for the red-brick Greenbriar Chateau Apartments just south of Hwy. 59: According to a couple reports, residents of the buildings at 4100 Greenbriar received a letter today from Kaplan Management, notifying them they have until March 8th to leave. The courtyard-style 3-story Mansard-roof buildings, which date from 1969, will then be torn down and replaced with a “‘state of the art’ housing complex.” Renters current on their payments will be offered $250 to help pay for moving expenses, the letter said. An entity connected to InSite Commercial Real Estate bought the 3.63-acre site last August.

Photos: Apartment Guide

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Apartments
01/20/12 11:59am

Next for the Corner of West Alabama and Dunlavy: A New Office Building?

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Demolitions, Mandell Place, Montrose, Office Buildings, Proposed Developments, Redevelopment
20 Comments

Is the corner of West Alabama and Dunlavy the busiest intersection in Inner Loop real estate right now? Two months after the opening of the new H-E-B Montrose Market on the former site of the Wilshire Village Apartments on the southwest corner of that intersection, and just a week after developer Marvy Finger’s official announcement of his plans to replace the Fiesta Food Mart on the southeast corner with a 6-to-8-story “Mediterranean” apartment building, there is a report that the 2 apartment complexes on the northeast corner may be next to fall. It may be a bit more than a rumor: While taking these photos yesterday, Swamplot’s Candace Garcia came across workers who appeared to be surveying the site. For what?

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Apartments
01/13/12 11:21am

Apartments Planned for Montrose Fiesta Site Will Go Tall Mediterranean

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Buying and Selling, Lancaster Place, Proposed Developments, Retail
36 Comments

Apartment developer Marvy Finger tells Nancy Sarnoff that he’s the developer who’s buying the Fiesta Food Mart on the corner of West Alabama and Dunlavy — and planning to build a 6-to-8-story complex in its place. Finger says the closing is scheduled for February, and that he’s looking to fit 390 apartments onto the 3.68-acre site. Finger has charged architects Wallace Garcia Wilson with designing something “Mediterranean” — presumably a structure dressed up in that style will fit the neighborhood better than Lake Flato’s new H-E-B Montrose Market across the street, the modern Menil Collection campus nearby, the many bungalows and brick homes surrounding the site in Lancaster Place, and the occasional new gallery along West Alabama. “We’re going to try to create something really beautiful,” he tells Sarnoff.

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Apartments
11/30/11 9:58am

New Law Complex Would Replace Courts at West University

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Demolitions, Proposed Developments, Redevelopment, Sunset Terrace, West University
24 Comments

Houston’s Sunset Terrace subdivision could be getting a new neighbor. A five-story one. Trammell Crow Residential is floating plans for its proposed Alexan West University apartment project. The intended 2.5-acre site is bordered by Bissonnet, Law and Auden streets. Currently, that location is home to the Courts at West University, a 1973-vintage two-story garden style apartment complex at 3810 Law St., complete with its own bark park:

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Apartments
11/22/11 11:41am

West Ave-Style Apartments and Retail Planned for Dunlavy Fiesta Site?

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Buying and Selling, Lancaster Place, Land Sales, Montrose, Proposed Developments, Redevelopment, Retail
62 Comments

Survey stakes have gone up around the Montrose Fiesta Market on the southeast corner of Dunlavy and West Alabama, directly across the street from the brand-new H-E-B Montrose Market.

What could that mean? A source who is not a party to the transaction claims that the survey is connected to a sale of the property, which is already under contract for “‘crazy money’ — something on the scale of $85-$90 SF”:

The reputed use will be for a 6 to 7 story multi-use development — something on the order of West Ave or the Read-King chimera promised for the SWC of Alabama and Shepherd. . . . Personally, I find the land purchase price to be pretty hard to believe . . . because market value of land in that area is $40 – $50 max or maybe $60 at a stretch. Fiesta’s lease expires in 2014 with no renewal and either they or the owner has an early out option. The other tenants in the center all have short lease terms with no renewal.

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