New Cypress apartment complex breaks ground with 330 units near shopping, parks
By Katherine Feser, Houston Chronicle
Atlanta-based Wood Partners has started construction on Alta Cypress Springs, a 330-unit apartment complex in Cypress, part of a local wave of apartment projects driven by strong job growth and rising rents in the Houston area.
Sun Belt cities with rising apartment rents and strong job growth have attracted apartment developers. The Houston region added 108,600 jobs in the first nine months of the year, putting it on track as one of the strongest years for job growth on record, according to an analysis of Texas Workforce Commission data by the Greater Houston Partnership.
Some 65 apartment communities totaling more than 17,000 units are under construction across the Houston region, according to ApartmentData.com, a Houston-based apartment market research firm and division of MRI Software.
Wood Partners’ project is located in a growing area for multifamily developments northwest of Houston. The apartment complex is expected to open in August 2023.
The property, located inside the Grand Parkway between U.S. 290 and Interstate 10, is near several parks, shopping centers and major employers including Houston Methodist West Hospital, Toshiba, Shell USA, BP North America, Igloo and Academy Sport + Outdoors. The property, about 26 miles northwest of downtown Houston, is within the Cypress-Fairbanks Independent School District.
Other projects under construction in the Bear Creek/Copperfield/Fairfield region of northwest Houston include a 350-unit apartment development by Houston-based Fidelis Residential on Fry Road and Longenbaugh Drive. Caldwell Communities plans to open Cadence Creek at Towne Lake, an apartment community designed for residents 55 and up, in summer 2023.
Recent openings in the area include Highpark apartments, a 336-unit apartment complex near Fry Road and Tuckerton Road by Houston-based Venterra Realty. The Howard Hughes Corp. recently opened the Starling at Bridgeland, a 358-unit multifamily development in Bridgeland Central.
Apartment rent gains in the northwest region have slowed in recent months, but were still up 8.6 percent over the year in October to an average of $1,343 per month, according to ApartmentData.com.
Alta Cypress Springs, located at 6810 Fry Road just south of FM 529, will feature one-, two- and three-bedroom plans., according to Wood Partners.
“It’s a great addition to our Houston portfolio as we grow in response to the needs of the southeast Texas market,” said Bart Barrett, managing director at Wood Partners, in statement.
Designed by Texas-based Design Balance, Alta Cypress Springs will offer full-size washer and dryer sets and wood-style flooring in the units. Planned amenities include a resort-style swimming pool, dog park, outdoor kitchen, fitness center, clubroom, business center with a conference room and entertainment spaces. Units will begin pre-leasing in June 2023.
Wood Partners has a portfolio of 70 properties across the U.S. totaling more than 20,000 units. Also in the Houston market, the company expects to open Alta Sergeant, a 354-unit apartment property near the Grand Central Park community in Conroe, next year. The company has 6,272 units owned or under development in Texas.
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