Houston Energy Corridor Apartments To Offer Free Rent
HOUSTON – A five-story, 327-apartment community is being developed by Kaplan Management Company in the Energy Corridor area, near Beltway 8 and I-10.
With the project expected to be completed this summer, the developers are offering free rent—an incentive that is becoming more commonplace in Houston’s multifamily market this year.
Fifteen-month leases will be rewarded with two months of free rent at the new project, called District at Memorial, said the developers, which just opened a leasing center.
District at Memorial offers studios at just under 600 sf, priced from $1,210 per month, to three-bedroom, two-bath homes with nearly 1,400 sf of living space starting at $2,730.
Initial tenant move-ins will begin this spring.
The new District at Memorial project is part of a renaissance along the westbound stretch of I-10 between Gessner and Beltway 8, a value-added U-turn from the bustling heart of CityCentre.
Nearby projects include the construction of a 240,000-sf office building on an 18-acre tract, where MetroNational is expanding the Memorial City footprint north of I-10.
The apartment project, located at 10300 Katy Fwy., is the third District-branded property in Houston, Kaplan said. developers anticipate fully opening the project this summer.
A significant amount of multifamily construction—100 projects with about 30,000 units are under construction—has prompted market expert to warn that Houston is developing an oversupply of apartments.
This article originally published by Real Estate Center at TAMU.
