A Dallas-based real estate firm has launched its first apartment project in Houston, one that caters to the city’s growing active-adult community.
Stream Realty Partners LP, a national commercial brokerage, investment and development firm with a large Houston presence, broke ground in March on Soléa Copperfield. The three-story, 129-unit apartment project is located on six acres near U.S. Highway 290 and Texas Highway 6 in the Cypress-Fairbanks area, northwest of Houston.
Houston’s first Soléa-branded community is designed for so-called active adults. These are residents 55 years and older who are looking for a high-quality, easy-to-maintain and affordable alternative to traditional senior housing, apartments and single-family homes, said Iggy Grillo, Stream’s vice president of development.
Soléa Copperfield will offer one and two-bedroom units ranging in size from 750 square feet to 1,365 square feet. The units will feature an open floor plan with a home-style kitchen, large walk-in closets and windows to let in natural light. Rent prices have not been announced yet.
The age-restricted community also features amenities that cater to this demographic, including:
- A 10,000-square-foot resident center with a wine and coffee bar, library, hobby room, and fitness and cardio rooms.
- A large outdoor veranda
- Resort-style pool
- Outdoor kitchen
- Manicured gardens
The boutique-style community is also small enough to foster a sense of community among residents. Residents are free to come and go as they please and will have options to to attend social gatherings and fitness activities on site.
Stream, which entered the multifamily space in 2014, has plans to develop more Soléa-branded active-adult apartment communities in Houston. The company said it hopes to announce its second Houston location in the near future and is actively pursuing additional sites.
“The fact that the 55+ age demographic is growing rapidly over the next 10 years is widely known, but their available housing options are not evolving enough to complement their quickly changing lifestyles,” Preston Young, a co-founding partner of Stream’s Houston office, said in a statement. “The demand for these age-restricted communities is not dependent on the price of oil or new jobs. We plan to proceed aggressively in Houston over the coming years.”
Houston has seen a surge in the development of new active-adult communities in recent months.
Bonner Carrington, an Austin-based multifamily developer, opened a new active-adult community in La Porte on March 31. The 180-unit apartment community, named Mariposa Apartment Homes at Pecan Park, is already 75 percent leased.
PulteGroup Inc. (NYSE: PHM), an Atlanta-based homebuilder, is opening its second active-adult community in Houston, dubbed Del Webb The Woodlands, on April 2. The 565-home community north of Houston signed up more than 2,000 prospective homebuyers on its interest list. Pulte opened its first Del Webb community — Del Webb Sweetgrass in Richmond — in 2011.
Last year, Taylor Morrison Home Corp. (NYSE: TMHC), an Arizona-based homebuilder, announced plans to build its second active-adult community in Houston. The Bonterra-branded community will be in Cross Creek Ranch in Fulshear, west of Houston. Taylor Morrison opened its first active-adult community in Houston— Bonterra at Woodforest, northwest of Houston — in 2014.
By: Paul Takahashi
SOURCE: Houston Business Journal