Markets & EconomyRentals

No one is quite sure about the multifamily market in Houston

One developer plans nothing new, other just submitted new plans for a high-rise
  • Two developers have different outlooks on the multifamily market in Houston.
  • One will stop building after their current eight buildings are completed next year; the other just submitted plans for a 40-story tower.
  • The drag of oil prices on the Houston economy is impacting apartment rentals differently across the city.

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Plans for a new Uptown Houston apartment building were recently submitted to the city’s Planning Department. The project, called Vantage, is planned for 1.53 acres at the northeast corner of Post Oak Boulevard and San Felipe Road in Uptown. Regardless of naysayers who are closely watching the price of crude oil, this is the tallest tower that developer The Dinerstein Cos. will soon have rising from the ground. The 40-story tower will include two floors of retail and 32 stories of residential space. In between those two layers will be seven floors of parking, including two underground. Atop the parking deck will be an indoor and outdoor amenity deck. The Dinerstein Cos. is Houston-based, and in the luxury apartment segment, so they know exactly what they’re getting themselves into. In the past few years, they’ve been building in the area, and last year told the Houston Business Journal that it plans to develop more high-rise apartment towers. In fact, The Dine...