The great southern Med Center land grab continues: Moody National Companies has bought a one-and-a-quarter acre site at the corner of Woodbury and Cambridge—about a quarter-mile southwest of the Spires. What for? How about . . . a new 200-unit apartment tower? Globe St. reports:
The fact the parcel is situated within 100 feet of the Michael E. DeBakey Veterans Affairs Medical Center and Baylor College of Medicine’s proposed 2.7 million sf [new campus] is underwriting the project’s potential as are the proposed rents. “We’ve projected rents at around $1.65 per sf, with an average unit measuring somewhere around 950 sf,” Moody tells GlobeSt.com. “We want to offer a lot of variety from smaller studio units to larger luxury units.” He adds that Moody will manage and lease the tower.