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Dear
Friends,
Houston
has had the nation's largest upswing in apartment construction,
at a pace unmatched since 1984. In the nation's most active
market, the Energy Corridor is one of the most active
submarkets.
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In the Park 10 Regional Business Center, a Wolff
Companies development, a 390-unit apartment community
is under construction. Altlanta-based Davis Construction,
a company that builds upwards of 1,500 apartment units
a year, is the developer. The Park 10 project will be
a "big home" product, providing a unique for
rent home product in the center of the Energy Corridor. |
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The
Energy Corridor's employment base with ConocoPhillips,
ExxonMobil Chemicals, BP, Wood Group and others, creates
a pocket of strength in the multifamily market. Living in
a mobility-challenged city encourages employees to move closer
to work, driving additional renters into Energy Corridor apartments.
Two
more trends in the apartment market…
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The
latest US Census Bureau statistics find an increase
in households that prefer apartment living, despite being
able to afford a home. The National Multi Housing Council
(NMHC), projects a population boom among the most likely
apartment dwellers--young adults, one-person households
and married couples with no children. |
Existing
Park 10 projects like the Legend and The Heritage cater
to young professionals working in the Energy Corridor.
And
with home mortgage rates moving back up, the gap between rents
and mortgage payments may soon start to keep renters from
becoming buyers.
Park
10 is a 550-acre master planned business environment
commanding almost 3 miles on I-10 between SHW 6 and Barker
Cypress Road. The I-10 widening and reconstruction
will give Park 10 additional circulation and access via a
new interchange at Park Ten Boulevard.
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immediately west of Park 10, Wolff Companies' newest development,
Ten
Oaks anchors the west end of The
Energy Corridor. Ten Oaks will continue the firm's tradition
of providing high quality, deed-restricted park environments
for new business development. |
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For
more information on Park 10, Ten Oaks or any other Wolff Companies
properties in the Houston area, please give us a call.
Thank
you,
David W. Hightower, CCIM, CRE
Executive Vice President
Wolff Companies
20 Briar Hollow Lane
Houston, TX 77027
e-mail: dwh@wolffcompanies.com
telephone: 713-626-8050
fax: 713-626-3093
www.wolffcompanies.com
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