Galleria area: Houston high-rise homeGalleria area: Houston high-rise homehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=57752013-11-11T11:17:00Z2013-11-11T00:00:00Z

HOUSTON - The 22-story 5250 Apartments, located at 5250 Brownway St. in the Galleria area, were opened by WhiteCo Residential in August 2013. The first new high-rise project completed in the submarket in seven years helps feed the Houston area's increasing demand for high-rise multifamily product.

The average Galleria rent for multifamily property is $1.32 per sf, which includes all product classes. There are 22,687 total apartment units currently in the submarket, according to CBRE's Houston office.

“The high-rise project is the highest end of apartment living,” said Ryan Epstein, vice president of multihousing at CBRE Group. “It’s a different type of living targeted toward what a certain demographic wants. They are typically older, more established people like empty-nesters who want that live-work-play environment.”

The Hanover Co. broke ground in December 2012 on a 29-story high-rise in the Blvd Place development. The 355-unit Hanover Post Oak will have an average unit size of 1,055 sf, and will sit on 1.2 acres on the southwest corner of Post Oak Ln. and San Felipe.

In 2014, there are 1,454 units expected to be delivered, which will come from two high-rise complexes and multiple mid-rise projects, according to CBRE.

Houston Business Journal
Houston-The Woodlands-Sugar Land
http://www.bizjournals.com/houston/blog/breaking-ground/2013/11/galleria-area-sees-influx-in-high-rise.htmlRead more at {Source}

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