CoStar recently looked at which parts of the Houston market have seen the highest number of multifamily developments. According to its report, more than 90,000 units have been delivered across the metro since 2010.
From 2010 to 2017, Inner Loop submarkets (Downtown, Heights, Inner Loop East, Neartown/River Oaks and Medical Center/West University) had nearly 30 percent of the units that delivered. In fact, the Inner Loop alone accounts for more than 40 percent of the 9,000 units under construction as of late April. The Neartown/River Oaks submarket led the pack, with more than 13,000 units coming online in the past eight years, which was 15 percent of the new supply in this period.
In other Houston real estate news:
- Taylor Morrison purchased 107 acres from the Brazos Bend Trust to expand its Avalon at Riverstone community, according to Realty News Report. This purchase will provide 300 lots for both Taylor Morrison and its related brand, Darling Homes. Of this acquisition, 10 acres of the land will be used to create a park to be named after Houston businessman Lloyd Peter Byler, as he contributed the land to the Brazos Bend Ranch Trust in 1993.
- Land Tejas also recently acquired 320 acres in order to expand its 600-acre Miramesa at Canyon Lakes West community. Homebuilders for the community have not been announced, but Land Tejas plans to deliver homesites to builders by mid-2019.
- Chesmar Homes announced the start of new single-family home sales in The Woodland Hills and opened its first new model home this week. Chesmar Homes is the first builder at The Woodland Hills to start sales. The new homes will be built on 50-foot homesites, and will range from 1,586 to more than 2,600 square feet.
- Hunt Companies has completed its latest luxury high-rise, Catalyst Houston. Located in Downtown Houston, the 28-story tower includes 359 units along with 7,400 square feet of ground-floor retail space. Amenities include 24-hour door staff, a multi-purpose club room with a demonstration kitchen, and an outdoor entertainment area with a rooftop terraced garden, sundeck with a fire pit, barbecue stations and more.