Denver-based Simpson Housing, LLLP, Novare Group, Batson-Cook Development Company and Houston-based developer Peter W. Dienna are planning to build a 25-story, 352-home luxury high-rise apartment community located in Cypress Real Estate Advisors’ new master planned redevelopment of the Westcreek at River Oaks community in the River Oaks neighborhood in Houston, Texas.
SkyHouse River Oaks is the partnership’s second in Houston following SkyHouse Houston, which broke ground in March, and is the tenth SkyHouse luxury apartment high rise, an innovative multi-family program representing an investment of more than $600 million across the Southeastern United States.
“Houston is a dynamic, thriving city with several submarkets that are highly attractive to the target demographic for SkyHouse: Gen Y professionals who are looking for live-work-play options in major cities,” said Jim Borders, President, Novare Group. “We are excited to be working again with Simpson Housing, Batson-Cook Development Company and Pete Dienna on SkyHouse River Oaks.”
The project follows the completed SkyHouse Midtown and SkyHouse South in Atlanta, Ga., SkyHouse Austin, SkyHouse Orlando and other projects underway in Atlanta, downtown Houston, Dallas, Raleigh and Tampa. The developers are partnering with Simpson Housing, LLLP on the project, as they did in Austin, downtown Houston and Dallas. The building is expected to be delivered in first quarter of 2015. JP Morgan is providing construction financing with Simpson Housing, NGI Investments, LLC, led by Jim Borders, and Batson-Cook Development Company providing equity.
The innovation of the SkyHouse program lies in the experienced team lead by Atlanta based Novare Group with co-sponsor Batson-Cook Development Company, general contractor Batson-Cook Construction, national multifamily owner, developer and operator Simpson Housing, and architectural firm Smallwood, Reynolds, Stewart, Stewart. The partnership allows the SkyHouse communities to be delivered at a competitive cost basis in urban locations where strong demographic trends favor intown living but where apartment cost economics are otherwise difficult for high-rise towers directed at a younger population.
“This is a demographically driven program targeting younger residents who desire a high-rise urban lifestyle with entertainment and leisure options close by. Between the years 2012 and 2017, 4.2 million people will turn 22 every single year and for many in this demographic, they
will find SkyHouse to be an ideal place to call home,” said Mark Stewart, Director of Investments, Batson-Cook Development Company.
SkyHouse River Oaks will feature residential units of one and two bedrooms with high-end finishes and floor-to-ceiling glass. The signature “SkyHouse” is situated on the 25th floor with a club room, fitness area, and outdoor plazas that include two swimming pools, fireplaces, a demonstration kitchen, and outdoor kitchen with covered outdoor lounges and 360-degree views of the city. The project will be environmentally sustainable and Energy Star certified.