Houstonians will have plenty of options for living accommodations as a plethora of new apartment complexes are being developed in the Houston-The Woodlands-Sugarland Metroplex. The massive population growth seen in Texas has presented a ripe market for multi-family development.
Developers are building apartment units in record numbers, with 420,000 units expected to be built this year. The last time the 400,000 unit mark was surpassed was in 1972. The post-pandemic and hybrid work economy, as well as uncertainty surrounding inflation and interest rates have deterred renters from buying homes. Three Texas cities rank among the top five in the nation for growth in multi-family development, with Dallas ranking second, Austin ranking fourth, and Houston ranking fifth.
The historic Esperson office complex, a center-piece of the Houston skyline, is being redeveloped into residential units. Local Houston developer, Cameron Management hopes to add ten units initially, with the goal of eventually completing 100 units over time.
Triten Real Estate Partners, a Houston based developer has broken ground on The Mill, a six acre mixed-use development that will include multi-family units, as well as mixed-use and office space. The firm will kick off the project with the 341 unit multifamily complex, which will feature luxury accommodations, including coworking and personal conference rooms, a library, and a pool with cabanas.
Garden Oaks will soon have a new five story apartment community, as Mill Creek Residential has broken ground on their new multifamily project in Houston. “Modera Garden Oaks” will be another addition to the booming neighborhood amid the emergence of new bars, restaurants, and retail shops. Residents will have a short drive to some of Houston’s most popular neighborhoods and attractions, including the Heights Theater and Memorial Park.