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| 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.
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| 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,
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| 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.
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| 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
312-267-4528
Kim Manning
312-267-4527
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.
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