Houston developer to buy land near Washington Ave. for apartments, townhome rentals
Houston-based Urban Genesis, the developer that selects small tracts of land for more boutique-style apartment buildings with fewer units in popular locations, is buying land for another project near the Washington Corridor.
The company plans to close this week on 2.3 acres near Summer Street and Studemont for a new 200-unit project called Co-op at Summer Street, expected to break ground this summer.
Co-op at Summer Street will have about 150 apartment units and 50 townhomes, said Matt Shafiezadeh, who oversees strategy and investments for the group. Urban Genesis apartment projects have been “designed to take out dead weight in a complex,” he previously told the Houston Business Journal, meaning there likely won’t be a parking garage or business center as ways to help keep costs in check.
Townhomes for rent will be a new lane for Urban Genesis in Houston, Shafiezadeh said. The mostly three-story units will rent for around $2,400 a month. These options are intended to meet the needs of those who want to move out of apartments but may not have the cash on hand for a downpayment, he said. In essence, the rental equivalent of a starter home. Houston-based Dosch Marshall Real Estate represented both the buyer and seller, Shafiezadeh said. He said the seller is a mix of local real estate investors.
The tract sits near Alliance Residential’s Broadstone Studemont project at 3030 Summer St. This land was originally proposed for the mixed-use development known as Studemont Junction, which was initially slated to be completed by 2017.
Plans for the mixed-use project included upscale apartments as well as retail including grocers, restaurants and health care.
In January, permits filed with the city of Houston signaled another mixed-use project in the area was moving forward.
An entity named Maple Multi-Family Lower Heights filed $45.76 million in permits with the city for both commercial and residential construction at 2770 Summer St. for a retail shell, open-air parking garage and apartments labeled Alexan Lower Heights, HBJ previously reported. Requests for comment from Trammell Crow Residential, the developer behind the Alexan brand, weren’t returned at the time.
Shafiezadeh said developers in the area, including Alliance Residential and Trammell Crow Residential, were working with the city to extend the White Oak hike and bike trail there.
Meanwhile, Urban Genesis could modify its Heights-area White Oak Highline design if it’s not granted an off-street parking variance.
Apr 22, 2019
Houston Business Journal