Apartment developer bets on the area despite an oversupply
Phoenix-based Alliance Residential Co. is bringing more than 2,000 apartment units in seven communities to the Houston market under its Broadstone brand.
The developer, which has been in the Houston market for 15 years, is offering incentives such as two or more months free rent at several of its properties as the region works through an oversupply.
In the last year, more than 26,000 apartment units in 96 communities have been completed in the Houston area, according to Transwestern’s TrendLines report. Another 15,000 units will be finished by the end of 2017.
Cyrus Bahrami, manag- ing director of South Texas for Alliance Residential, acknowledged the down cycle, with Houston currently facing headwinds related to supply and the drop in oil prices.
“In the long run, I think we all can agree that Houston will continue to lead the nation in population and job growth because of its strategic corporate alliances, entrepreneurial environment, low cost of living and friendly communities,” Bahrami said in an announcement.
The Broadstone communities are frequently close to dining, parks and shopping. Amenities at various properties include lounges with skyline views in the inner city, lakes in the suburbs, out- door kitchens, resort-style pools and fitness centers.
The properties consist of: • Broadstone Falcon Landing, a 386-unit complex at 3300 Falcon Landing Blvd. in Katy, with traditional apartments and three-story townhomes. • Broadstone Energy Park, a 416-unit property at 880 Texas 6 next to George Bush Park. • Broadstone Harmo
ny, with 273 units, some with attached garages, at 2625 Harmony Park Crossing in Spring. • Broadstone Wood-
mill Creek, with 380 units at 1835 Woodland Field Crossing, and The Townhomes at Woodmill Creek, with 171 units at 25145 Panther Bend Court in The Woodlands. • Broadstone Skyline, a 269-unit complex at 707 Saulnier and 707 Robin west of downtown. Preleasing will begin by the end of the year. • Broadstone Tinsley
Park, a 365-unit complex on 10 acres at 919 Gillette across from Buffalo Bayou Park. Opening is planned in 2017.
Alliance Residential has 27 communities in the Houston market, some of which are managed for another owner.