By The Real Deal
A Miami-based developer is working on a project to address Houston’s “missing middle” housing.
Resia is making progress on the 573-unit Resia Ten Oaks residential community at 18036 Park Row, a little more than 20 miles west of downtown Houston and 9 miles east of Katy, the Houston Chronicle reported. The developer has eight similar projects underway across the Sun Belt.
Resia is funding the development with a $96.5 million loan from Santander Bank and Valley Bank with the assistance of Artemis Real Estate Partners. That works out to about $168,000 per unit.
The apartments will be priced for the average worker in the region, in an effort to create more housing for “middle-income” families. The average salary in Houston is about $60,000, according to ZipRecruiter.
While none of the units will be marketed as “affordable housing,” they will be considered workforce housing, since the company will charge below the median rent of new downtown towers, said Carlos E. Gonzalez, Resia’s chief investment officer.
“We will be charging right in the middle of what our nearby competition is charging, however the pitch is that our product is brand new versus the existing product in the area,” Gonzalez told the outlet.
Across Houston, the average apartment rents for $1,250, real estate firm Transwestern reported. In the Energy Corridor, CityCentre and Briar Forest market, where rents run about $1,309, there are more than 950 units under construction. In the Katy, Cinco Ranch and Westchase market rents average $1,459 and there are more than 3,600 apartments under construction.
Resia Ten Oaks will consist of three 12-story buildings, and the apartments will have modern finishes, stainless steel appliances and in-unit laundry. There will also be a multipurpose clubhouse with a swimming pool and a fitness center.
Leasing is expected to begin next quarter and construction is set to be completed in the second quarter of next year.
For the complete article, please go to:
https://therealdeal.com/texas/2023/01/31/resias-first-houston-project-targets-middle-incomes/
