Phoenix-based developer Alliance Residential Co. is closing in on completing seven apartment developments in Houston that should deliver more than 2,200 units to the city under its Broadstone brand, according to the Houston Business Journal.
Three of the projects are already open and the rest are slated for completion through the end of the year and into 2017. The projects will include community amenities like outdoor kitchens, green space and “resort-style” swimming pools and fitness centers.
- Despite a slowdown in the oil industry following a collapse in prices that has impacted the region due to its close ties with that market, Alliance is still mulling other opportunities to develop apartment projects in Houston and recently was the highest bidder on a historic water plant there.
Metros like Houston are struggling to keep pace with the rapid demand growth across Texas and developers are aiming to fill the gap with a number of large-scale residential projects.
Drivers of the growth include relatively robust employment levels and affordable housing costs, which are attracting more people and companies to the state. Last month, Jacobs Engineering Group announced plans to move its headquarters from Pasadena, CA, to Dallas, and it already has 4,500 employees in the state. The news follows Toyota’s move in December 2015 to relocate its 3,000-person North American division from Torrance, CA, to Texas due primarily to a need for lower housing costs for its workforce, one insider said.
That’s been a boon for the Texas construction economy. In a study last month of Bureau of Labor Statistics data, apartment-finding website ABODO found that Texas metros offered the greatest construction employment opportunities of cities nationally between 2012 and 2015. Houston topped the list, with Forth Worth, Austin, San Antonio and Dallas also in the top 10.
Several master-planned communities being built across the state are also aiming to serve this demand.
This week, a trio of homebuilders was named for the first phase of a 2,000-acre, $1 billion MPC near Dallas. And last month, San Diego-based developer Newland Communities opened the 3,600-acre Elyson MPC, which has capacity for 6,200 homes of various styles and configurations, in addition to light commercial and community spaces. Even larger is the 7,200-acre Walsh MPC planned for Fort Worth, which has space for 15,000 homes and amenities including a 10,000-square-foot pool and hiking trails.
For more housing news, sign up for our daily residential construction newsletter.