Oil, gas loosen grip on Victoria’s housing with 750 units

VICTORIA – The oil and gas industry’s grip on Victoria housing will loosen as more multifamily housing enters the market.

Three apartment complexes are slated for construction in 2014 — each bringing more than 200 units to Victoria. Ascension Commercial Real Estate will begin construction on Victoria Apartments at 8311 Zac Lentz Pkwy. off Mallette Dr. This complex will include 240 units.

F.M. Forrest Inc. has started grooming the site for its 264-unit Oak Forest apartment complex, 5312 John Stockbauer Dr. Fred Morgan, managing partner of F.M. Forrest Inc. said the complex will add additional units after the initial construction to bring the total available units in Oak Forest to about 425 when both phases are complete.

The Duke Apartments, owned by the Giddings Group, is waiting for approval from the city to begin construction on a 252-unit complex behind Home Depot and Victoria Mall.

The three proposed projects are described by the builders as high-end apartments. Each is built to include several amenities, including pools, granite countertops as well as open-air and covered parking and detached garages. For Oak Forest, which will include one- and two-bedroom units, the prices are estimated to range from $900–$1,300.

More than 1,200 apartments are expected to be under construction or about to be under construction this year. The Reserve, The Colony and Latigo Crossing are still under construction and are nearing completion.