Market News

Greystar Begins Pre-Leasing Houston Community

Time : March 12,2021 Source:Source:

Greystar has started pre-leasing for its Houston community that is expected to open in the first quarter of 2021. Greystar, the developer of Foundry on 19th, is also in charge of the property management and leasing, while Meeks + Partners designed the community.
Foundry on 19th will offer 284 units through 28 different one-and two-bedroom floorplans that range in size from 622 to 1,192 square feet. The units were built with smart home tech like keyless entry, electronic thermostats and USB outlets with some units being equipped with wine refrigerators. The community’s amenities include a fitness studio, pool, outdoor kitchen, courtyard, clubroom, dog run and bike storage.
Residents will also get access to Greystar’s Lifestyle Program that will give them perks to select local businesses. The seven-story community will also have a restaurant on its ground floor. Located at 555 W. 19th St. in the Houston Heights neighborhood, Foundry on 19th is roughly 6 miles away from downtown Houston. Nearby, the property is also a short commute to many neighborhood attractions like live music venues The Heights Theater and White Oak Music Hall and the First Saturday Arts Market.
According to CBRE’s second quarter report, the Houston multifamily market has been challenged by the effects of the COVID-19 pandemic. Rents in the Houston market dropped 1.3 percent to $1,045 alongside a dip in occupancy rate to 88.8 percent. The report noted that the Houston market held up better than expected and that some of the area’s suburban markets maintained rents and occupancy levels better.
However, Greystar’s multifamily presence extends past Houston and into several states with a portfolio that totals more than $37 billion in assets under management and more than $16 billion in its development pipeline. Outside Texas, Greystar recently broke ground on a 500-unit rental building in Baltimore in December. The company also acquired a 598-unit community in Nashville, Tenn. for $127 million in the same month.