HOUSTON, TX - PM Realty Group (PMRG), a national, full-service commercial real estate firm, announces development plans for Houston's newest luxury multifamily high-rise, a 35 story mixed-use project situated on 2.6 acres in the West Inner Loop Submarket. Along with its equity partner, PMRG closed on the land on August 22, 2011.
Fueled by strong for-rent multifamily fundamentals in Houston, and building upon the early successes of its two recent high-rise multifamily projects in Dallas, PMRG is launching a new high-rise multifamily project in Houston's urban core. The project, located at the northeast corner of West Alabama and Weslayan, is adjacent to Highland Village and Houston's most prestigious neighborhood, River Oaks. The project will provide residents with exceptional access to Houston's main employment centers (CBD, Greenway Plaza, Galleria and the Medical Center), world-class retail, restaurants and Memorial Park.
The project will be owned by PMRG and Washington, D.C.-based INDURE Fund (INDURE). Upon completion, the project will feature approximately 250 for-rent luxury apartment homes and 12,500 SF of ground-floor retail, which will be anchored by an upscale restaurant that will service the surrounding community and the tenants. Construction is planned to commence in the second quarter of 2012.
RTKL, the global architecture and planning practice responsible for the project's design, drew their inspiration from traditional architectural motifs but reinterpreted these in a fresh and contemporary way. The result fits well within the established upscale nature of the neighborhood and reflects a growing appreciation for quality design in today's market. Inside, sophisticated and warm finishes are planned for the common areas and within each apartment, including hardwood floors, granite countertops, stainless steel appliances, designer lighting and plumbing fixtures as well as gas cooktops. A number of the homes, which will range in size from 850 to 3200 square feet, will have direct elevator access.
Houston's newest multi-family development will offer well-appointed comforts and amenities that the 'renter by choice' has come to expect, including in-building parking with direct elevator access to residential units, a restaurant, service retail, 24 hour concierge, valet parking, full catering facilities overlooking the pool, intimate lounge areas with views of the pool and a 3,000 square foot state-of-the-art fitness center.
"We have an opportunity, based on location, amenities and views, to build a project that has never been built in Houston," said Bryant Nail, PMRG's Senior Vice President of Development. "Our residents will have unmatched views of the Houston skyline." Roger Gregory, PMRG's EVP/Chief Financial Officer added that "We are excited to once again partner with INDURE to develop a world class high-rise multi-family project in our home city. Additionally, this project would not have been possible if not for the collaboration between Bryant Nail and his team on the development front and Wade Bowlin, Executive Vice President of our Central Division, and his team on the local market front."
ARA's Tim Dosch and David Marshall represented PMRG in this transaction. "PMRG's multi-family concept is exactly what is needed on a site as well located as this one. Located in the middle of everything, the site provides residents incredible access to Houston's best retail, largest employment centers, and most prestigious neighborhoods," said David Marshall.
For more information, contact Wm. Roger Gregory, Executive Vice President/Chief Financial Officer of PMRG at firstname.lastname@example.org or (713) 209-5868; or Bryant Nail, Senior Vice President-Development of PMRG at email@example.com or (972) 850-1244.
About INDURE Fund
The IBEW-NECA Diversified Underwritten Real Estate Fund, or INDURE Fund, is a commingled, open-ended real estate investment fund designed to complement the portfolios of pension trusts and other institutional investors. INDURE invests in institutional quality, geographically-diversified properties. The investments are further diversified by product type and through a mix of debt and equity.
National Real Estate Advisors, LLC, (NREA) INDURE's manager, invests based on its "Build-to-Core" philosophy in carefully selected development projects which are added to the core portfolio. This strategy is designed to create value, a modern portfolio and, as an ancillary benefit, good construction jobs. NREA, based in Washington, DC, manages its flagship INDURE Fund, in addition to real estate separate account investments on behalf of other institutional investors. NREA is a wholly-owned subsidiary of the National Electrical Benefit Fund.
For additional information, visit www.natadvisors.com.