Wednesday, September 4, 2013

Prime Property Investors Enters Joint Venture with Trammel Crow to Develop Alexan at Auburn Lakes in Houston, TX

Rendering of  planned Alexan at Auburn Lakes within The Woodlands, Houston, TX

 CHICAGO, IL (Sept. 4, 2013) – Northbrook, Ill.-based Prime Property Investors (PPI) has announced it has entered into a joint venture with Dallas-based Trammel Crow Residential to develop a new-construction luxury garden-style apartment community in Houston called Alexan at Auburn Lakes.
Barbara J. Gaffen
The project, which is located in the highly sought-after Houston submarket The Woodlands, will break ground this week.

 Located along West Rayford and Gosling roads, Alexan at Auburn Lakes will be a 12.5-acre community consisting of nine three-story luxury garden-style buildings with a total of 346 units.

 “We have been looking closely at the Houston market for a while and are thrilled to be embarking on our first apartment project in the area,” said Barbara J. Gaffen, co-CEO of PPI. “Houston, and in particular,

Michael H. Zaransky
“The Woodlands master planned community, is currently one of the top locations in the area for apartment development and investment. We feel our partnership with Trammel Crow and this new development is a perfect fit for us.

“ Trammel Crow’s exceptional experience in developing new communities aligns perfectly with our ability to provide private equity and finish projects on time and on budget.” 

 Fundamentals are strong in the Houston market as well, said Gaffen, noting similar projects maintain an average occupancy of 96 percent and that in the past year there was 7.2 percent rent growth in the area.

The Woodlands, TX
 Besides marking PPI’s entry into the Houston market, Alexan at Auburn Lakes also signals PPI’s foray into new-construction development. For nearly 20 years, PPI has been focusing on investing in and managing Class A apartment and student housing communities.

 “We could not be more excited with this opportunity to expand our business into ground-up development, particularly with a partner like Trammel Crow and in a market like Houston,” said Gaffen.  

“Houston is one of the country’s fastest-growing cities, leading the nation in job growth in 2012. Due to its affordability and low cost of living, the city should continue to be one of the top places to live and work. We believe there will be more great opportunities here for us in the near future.”

 Prime Property Investors (PPI) is a real estate investment firm with a national portfolio of Class A suburban garden-style apartment communities as well as student housing properties on major college campuses. Barbara J. Gaffen and Michael H. Zaransky, co-CEOs of PPI, founded the company in 1993, and today oversee $175 million in properties. 

 For a complete copy of the company’s news release, please contact:

Kathryn Kjarsgaard

 Kim Manning

1 comment:

Anonymous said...

Totally sucks..just built in the back of Auburn lakes and moved in May to escape rising crime further in Spring area. The last thing we want is to see an apartment complex come in the front of our new neighborhood...this is a disaster waiting to happen..very disappointed. The buzz in the neighborhood is not very reassuring either. I guarantee this will not remain a "luxury" apartment with "quality" tenants.