THE WOODLANDS - Prime Property Investors has partnered with Trammell Crow Residential to develop the 346-unit Alexan at Auburn Lakes, situated on 12.5 acres on W. Rayford Rd., near Gosling Rd.
The complex will include 256 one-bedroom, one-bath apartments and 90 two-bedroom, two-bath units.
Average rents are expected to be $1,199 per month or $1.33 per sf. The community will include 47 attached garages and 457 surface parking spaces.
Scheduled to break ground in September 2013, the multifamily property is expected to be complete in mid-2015.
The average occupancy in The Woodlands submarket is 96 percent, and rent growth has stood at 7.2 percent over the past year.
Our twice-weekly e-newsletter provides a quick overview of Texas real estate markets. Because your time is valuable.