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Asset Plus Companies and Kayne Anderson Real Estate Advisors to Develop Luxury Townhomes on the former RoomStore site in Houston, TX.
Jun 27, 2013
HOUSTON, June 27, 2013 /PRNewswire/ -- In a joint venture, Asset Plus Companies, the second largest property management firm in Houston, and Kayne Anderson Real Estate Advisors ("KAREA"), the private equity real estate arm of Kayne Anderson Capital Advisors, will develop luxury rental townhomes located off of I-10 and the Beltway in Houston's thriving energy corridor.
The community, called Arrabella, will feature eight different floor plans with individual direct access parking garages on the first floor and living spaces on the second and third floors. While most new apartment units within the loop average 800-850 square feet, Arrabella's average floor plan is nearly 1,400 square feet. Every unit will include hardwood floors, stainless steel appliances, granite counter tops, gas ranges, full size washers and dryers and garden tubs along with stand alone showers.
The community will provide residents with a 6,000 square foot clubhouse, upscale fitness center, group exercise room with spin bikes, outdoor fire pit and grill, resort-style pool, and a business center with mac computers and video conferencing available for residents use.
The Houston metropolitan area recently saw 3.8% annual employment growth (March 2013 report), and the energy sector continues to be one of the top driving economic contributors bringing in an influx of individual and family residents to the area.
"We see the demand for housing in this particular corridor and we are looking forward to providing Houston with the high caliber development, Arrabella Townhomes," says Michael McGrath, CEO of Asset Plus Companies.
Demolition of the existing RoomStore building that sits on the northwest corner of Katy Freeway and Brittmore Road is scheduled to begin within the next thirty days. The Arrabella clubhouse is scheduled to debut during the first quarter of 2014 with the first set of units completed in the following quarter.
Kayne Anderson Real Estate Advisors and Asset Plus have worked together on previous joint ventures and management assignments nationwide. Amegy Bank will provide financing for the development.
About Asset Plus
Founded in 1986, Asset Plus Companies is a Houston based, third-party property investment, development and management firm specializing in real estate services for investors, developers, and owners. The company manages a portfolio of more than 60 multi-family properties and recently ranked #34 on the NMHC list of the nation's 50 largest apartment management companies. For more information, visit www.assetpluscorp.com.
About Kayne Anderson Real Estate Advisors
Kayne Anderson Real Estate Advisors is the private equity real estate arm of Kayne Anderson Capital Advisors, a $21 billion investment management firm with more 30 years of successful experience in the energy, infrastructure, growth capital, real estate and middle market credit sectors. KAREA currently has three funds, with commitments of more than $1.4 billion, investing in specialized niche real estate sectors. The company invests in existing properties on a direct basis and in developments on both a joint venture basis or on a forward take out basis. For more information, visit www.kaynecapital.com.
SOURCE Asset Plus Companies
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