Alliance Residential’s Vintage Park apartments will break ground soon, developer says
Phoenix-based Alliance Residential will soon break ground on a nearly 20-acre vacant tract adjacent to the restaurant and retail destination Vintage Parknorthwest of Houston.
The garden-style apartments, named Broadstone Vintage Park in county clerk records, will likely deliver first units about 18 months from now, said Luke Phillippi, development director.
Alliance bought the tract from V&W Partners — the joint venture between Kickerillo Cos. and Mischer Investments — in early March. Tom Dosch and Tripp Rich with Houston-based Dosch Marshall Real Estate, a land brokerage firm, represented Alliance Residential.
Phillippi said the 368-unit, three-story walk-up will feature design elements reflective of the overall Vintage master plan. While it’ll be similar to other Alliance garden-style apartments, Phillippi said it will feature “more bells and whistles.”
The location within the Vintage master plan will bring in higher rates, said Cyrus Bahrami, managing director at Alliance, because of the “tight architectural controls and convenience” of new retail, restaurants and other amenities within walking distance.
Along with pet parks, a community area with kitchen and high-end pool, the community will have several trees throughout the property. Rents will range between $1,100 to $2,000 for units and the limited number of townhomes will rent for above that range, Phillippi said.
Houston-based Steinberg Dickey Collaborative designed the project with Alliance as its own general contractor. The National Bank of Arizona will provide the construction loan.
In May 2018, Alliance broke ground on another garden style project at 2926 Barker Cypress, near the Energy Corridor and Katy.
“We don’t look at it in-town versus suburb. We look much more from the submarket level,” Phillippi told the Houston Business Journal at the time. “In this submarket, do we need apartments? Why do we want to be there? What does rent growth look like?”
March 12, 2019
Fauzeya Rahman
Houston Business Journal
