Coming: 396-unit Premier at Spring Town CenterComing: 396-unit Premier at Spring Town Centerhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=52862014-01-14T08:28:00Z2014-01-13T00:00:00Z

SPRING - The $45 million Premier at Spring Town Center, a new 396-unit Class A multifamily residential community, will be underway in spring 2014.

CNL Growth Properties and Mill Creek Residential Trust purchased 19.5 acres on the intersection of Spring Stuebner Rd. and Northcrest Dr. for $5.1 million, or about $260,000 per acre.

The complex will consist of 21 three-story residential apartment buildings with a total of 232 one-bedroom, 142 two-bedroom, and 22 three-bedroom units having a total net rentable area of approximately 368,000 sf and an average size of approximately 930 sf.

The total project budget is approximately $45.8 million, including the purchase price of the land, closing costs, and construction and other development costs.

Premier at Spring Town Center will be the company’s third development project in the Houston area, following on the Trinsic Grand Lakes project located in Katy and The Remington Fairfield project in Cypress.

Read more at CoStar Group and SEC filings.

CoStar Group
Houston-The Woodlands-Sugar Land
http://www.costar.com/news/article/cnl-growth-mill-creek-buy-195-acres-in-houston/155974Read more at {Source}

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