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Resia Ten Oaks apartment towers in Energy Corridor secure $96M loan

 

 

By Florian Martin, Houston Business Journal

Miami-based Resia, formerly known as AHS Residential, has closed on $96.5 million in construction financing for its apartment tower complex in the Ten Oaks development on the western end of the Energy Corridor in Houston.

The company broke ground on Resia Ten Oaks, at 18036 Park Row Drive, last summer and expects to complete it by February 2024.

The company secured financing for the project from Santander Bank and Valley Bank, while Artemis Real Estate Partners provided preferred equity.

Resia, under its previous name, acquired the 6.6-acre property — the last available parcel in Wolff Cos.’ 83-acre Ten Oaks development — in October 2021.

The Houston office of San Francisco-based Gensler designed the project, and Resia is developing and building and will also manage it.

The apartments target young professionals and families and will feature in-unit washers and dryers, stainless steel appliances and modern finishes. Amenities will include a business center, a clubhouse with a swimming pool and fitness center, and assigned parking.

In a press release, Resia said it is “on a mission to help solve the U.S. housing crisis by building quality apartments in growing metros where many renters are getting priced out by rising rents.”

When the Houston Business Journal previously spoke to the company about the project in November 2021, Resia’s director of real estate development, Juan Fernandez, said rents will be determined by the market at the time of delivery, but they probably will be upward of $1,300 for a one-bedroom and $1,900 for a three-bedroom.

The median rent for a Class A apartment in the Katy-Cinco Ranch-Waterside submarket, which stretches from the Energy Corridor to Brookshire and as far south as Richmond, is $1,579 as of January 2023, according to Houston-based ApartmentData.com.

The Resia Ten Oaks development is next to another apartment complex under construction. Hunington Properties’ Vic on Park Row, at 18210 Park Row, which will have 363 units across two four-story buildings, itself received a $60.5 million loan in late 2021 from Miami-based 3650 REIT.

Hunington started construction last January and expects to start leasing this summer, and first residents could move in as early as September.

Although Wolff Cos. has sold all parcels of Ten Oaks, the real estate company continues to manage the development. Since acquiring the land in 1998, Wolff Cos. has sold parcels to Texas Children’s Hospital; Houston-based Hunington Properties, which has also developed The Shops at Ten Oaks strip center; and Dallas-based Western International, which developed a Courtyard by Marriott and a Hampton Inn & Suites by Hilton on the site.

It’s next to the Texas Medical Center’s west campus, which includes the Houston Methodist West Hospital.

Resia Ten Oaks is the company’s first apartment complex in the Houston area and second in Texas. Resia has more than 1,500 apartments in the pipeline in the Dallas-Fort Worth area and more multifamily properties in Florida and Georgia.

For the complete article, please go to:
https://www.bizjournals.com/houston/news/2023/01/31/resia-ten-oaks-apartment-towers-secure-financing.html