Energy Corridor no brainer for new Arrabella’s 232 townhomes

HOUSTON – Arrabella, a luxury 232-unit rental townhome community located off of I-10 and Beltway 8, has opened. The community is only a couple of minutes drive to CityCentre in the Energy Corridor.

Asset Plus Cos. developed the project, which features six different one- to three-bedroom floor plans, ranging in size from 1,094 sf to 1,749 sf. Rents are between $1,800 and $3,275 per month.

Each of the three-story townhomes offer one- or two-car private garages and a gated backyard on the first floor.

Michael McGrath, chairman and CEO of Asset Plus Cos., described Arrabella as a one-of-a-kind apartment. "It feels like a home, not like living in a small apartment," McGrath said. "There’s nothing new like this in Houston."

Move-ins began earlier this year, and currently, there are 20 residents living in Arrabella, McGrath said. Construction is expected to be complete by mid-2015 and lease-up is anticipated by the end of the year, McGrath said.

Arrabella is currently 15 percent preleased.

Although multifamily developers have flocked to the Energy Corridor, many have been hesitant to enter the submarket north of I-10, which is characterized by vacant lots and more commercial sites.

However, the cheaper price of land and "tremendous location" near two major transportation corridors made the redevelopment project a no-brainer, McGrath said.

"Someone’s got to start," McGrath said.