Houston: 21-story apartment headed to Texas Med CenterHouston: 21-story apartment headed to Texas Med Centerhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=31492014-09-08T08:12:00Z2014-09-08T07:02:00Z

HOUSTON - Betting on the continued strong health of the Texas Medical Center, the Dinerstein Cos. is planning a 21-story, 375-unit high-rise apartment building at the corner of Cambridge and Holcombe.

The site was one of the few available tracts in the area not already owned by a medical center institution.

Rents will start at $1,600 per month for a one-bedroom and go up to around $3,500. The average unit size will be just under 950 sf. The building will have mostly one- and two-bedroom units.

"We love its proximity to the 100,000 jobs," Brian Dinerstein, president of Dinerstein Cos. said of the two-acre site. "We love the unobstructed views of the zoo and the park and the access to the freeway. It checks every box of what we look for in a site."

The building's angled design was created to take advantage of views of downtown and Hermann Park.

This is the second recent residential project in the area for Dinerstein Cos. Both projects will be named with the company's "Millennium" multifamily brand.

The second project is a five-story apartment complex at Kirby near South Main. The 378-unit project is under construction and expected to open in early 2016.

Demand for housing in the Medical Center/Bellaire submarket has pushed up occupancy 5.6 percent and rents 12.5 percent over a three-month period, according to an August report from Apartment Data Services.

Houston Chronicle
Houston-The Woodlands-Sugar Land
http://www.houstonchronicle.com/business/columnists/sarnoff/article/Developer-doubles-down-in-med-center-5734747.phpRead more at {Source}

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