Lake City Florida Apartments

Nancy Sarnoff: Apartment trend gains more steam

Three years after an apartment developer bought the Arabia Shrine Center on North Braeswood, the company has started to redevelop the site.

Colorado-based Archstone said it will build 474 apartments on the property, at the northeast corner of North Braeswood and Brompton Road. The company acquired the nearly 8-acre tract in 2008 after the owners said the tax bill was too high for them to stay there.

The deal reflects a recent trend toward multifamily development.

Demand for apartments and single-family rental homes has been on the rise as tough lending standards mean fewer Houstonians can qualify for mortgages. Some would-be buyers aren't purchasing homes because they're trying to sell their existing properties here or in other markets.

The number of proposed apartment projects is rising.

Hanover is planning developments in Montrose and Rice Village. Hines recently announced a luxury project near the Williams Tower. And Post Properties is expanding a mixed-use development in Midtown. Those are just a few.

David Ward, regional investment director for Post Properties, attributes some of the growth to a swelling echo boomer population — people in their 20s and early 30s - a core rental demographic.

"They're attracted to cities with job growth opportunities like Houston," he said.

When it comes to the condo market, Houston is no South Florida. In that market, developers overbuilt and were left with thousands of empty or unfinished units when the mortgage crisis hit. But lately we've been getting our share of distressed sales of waterfront properties.

The latest is at Endeavour, the luxury high-rise built on the Clear Lake shore before the housing slump. The developer filed for bankruptcy protection in 2009.

An auction will be held next month to unload 21 of the two- and three-bedroom condos that range from 1,650 to 5,533 square feet.

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