High-Rise Multifamily Project Slated for 2014 Completion
HOUSTON, TX - PM Realty Group (PMRG), a nationally recognized and full service commercial real estate firm, announces the groundbreaking for Houston's newest luxury multifamily high-rise; 2929 Weslayan, a 40 story mixed-use project situated on 1.7 acres in the West Inner Loop Submarket. Along with its equity partner, PMRG closed on the construction loan on Monday, October 1st.
CF Jordan, a top construction firm in Texas, was selected as 2929 Weslayan's General Contractor and has already started construction at the northeast corner of West Alabama and Weslayan, adjacent to Highland Village and Houston's prestigious River Oaks subdivision.
RTKL, a global architecture and planning practice, is credited with the graceful tower design inspired by a flowing evening gown that reflects the elegance and refinement of River Oaks.
Public spaces and amenities include a twenty-foot high wall fountain in the lobby, rich stone and wood material palette throughout, heavily landscaped, half-acre terrace, resort-inspired pool, state-of-the-art fitness center and aqua lounge. Units range in size from 850 to 4,000 square feet. The building offers three penthouse levels, generous terraces, downtown views, direct-access elevators, and a signature restaurant and retail space. The building will achieve LEED Silver status upon its completion in 2014.
The design respects the established upscale nature of the neighborhood and reflects a growing appreciation for quality in today's market. Sophisticated and warm finishes are planned for apartment units, including hardwood floors, granite countertops, stainless steel appliances, designer lighting, plumbing fixtures as well as gas stovetops.
Additionally, the 2929 Weslayan design & construction team consists of:
- CF Jordan, General Contractor, already mentioned
- RTKL Associates Inc., Architect, already mentioned
- Faulkner Design Group, Interior Design
- Blum Consulting Engineers, MEP Engineer
- Brockette Davis Drake Consulting Engineers, Structural Engineer
- Bury Partners - Houston, Inc, Civil Engineer
- Scott Oldner Lighting Design, LLC, Lighting Consultant
- Studio Outside, Landscape Architect
The project is owned by Houston-based PMRG and the Washington, D.C. based INDURE Fund (INDURE). Upon completion, the project will feature approximately 254 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.
"We are excited to announce the ground-breaking of Houston's most amenitized high-rise multi-family project," said Wm. Roger Gregory, PMRG's Executive Vice President and Chief Financial Officer. "Our residents will live in the heart of the city and enjoy views that no other high-rise project can offer."
"We feel very fortunate to be able to bring this development to the market," said Bryant Nail, Executive Vice President-Development. "While there is still a lot of work to do, we are confident that in the end this project will be a complement to the built environment."
For more information, contact Wm. Roger Gregory, Executive Vice President and Chief Financial Officer of PMRG at firstname.lastname@example.org or (713) 209-5868; or Bryant Nail, Executive Vice President-Development of PMRG at email@example.com or (972) 850-1244.
About the 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 and a modern portfolio. 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.