Developer doubles down in med center
Betting on the continued strong health of the Texas Medical Center, the Dinerstein Cos. is planning a high-rise apartment building at the corner of Cambridge and Holcombe, its second recent residential project in the area.
The tower, designed by Chicago-based Solomon Cordwell Buenz, will rise 21 stories and contain 375 units targeted to "renters by choice," said Brian Dinerstein, president of the Houston-based developer that builds multifamily projects in markets across the country.
The building's angled design was created to take advantage of views of downtown and Hermann Park, he said.
Demand for housing in the Medical Center/Bellaire submarket has pushed up occupancy 5.6 percent and rents 12.5 percent over a three-month period, according to an August report from Apartment Data Services.
Developers are building thousands of units inside the 610 Loop, acting on growing desire by Houstonians to rent -- often for a significant premium -- in properties close to where they work instead of buying homes in the suburbs.
Rents in Dinerstein's new building will start at $1,600 per month for a one-bedroom and go up to around $3,500. The average unit size will be just under 950 square feet. The building will have mostly one- and two-bedroom units.
One of the company's financial partners on the project is AmREIT, a Houston-based real estate investment trust that owned the land.
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