AUSTIN, TEXAS (June 4, 2019) — Oden Hughes, LLC recently broke ground on 380 upscale apartments and townhomes in the Houston suburb of Clear Lake, Texas.
Home to a diversified group of marquee employers including the NASA-Johnson Space Center, Boeing Space Exploration Headquarters, the University of Houston at Clear Lake and the Port of Houston Bayport Terminal — the Clear Lake area has few new multifamily communities on the ground or in the pipeline.
“There’s a lot of demand for new apartments in this area but land use restrictions and a shortage of utility infrastructure make it challenging to build,” said Oden Hughes Vice President of Development Tim Shaughnessy.
Only one multifamily developer broke ground in the area last year, and to date Oden Hughes is the only developer to announce plans to begin building apartments nearby in 2019.
Oden Hughes purchased the property from nearby San Jacinto Community College in December of last year after a competitive bidding process.
Newly formed real estate investment equity firm MXCAP is a significant investor in the project.
Scheduled to open in mid-2020, the 21-acre community at the northeast corner of Bay Area Boulevard and Middlebrook Drive will offer 360 apartments and 20 townhomes and is located within the boundaries of the highly rated Clear Creek Independent School System.
“We really like this site because it’s highly visible and well-connected to this great neighborhood,” Shaughnessy said. “People can walk to work in just a few minutes. The community also will be in a great school system and offer amenities that can’t be found in any other multifamily development in the area today.”
Amenities will include attached and detached garages, carports suitable for boat storage, an onsite co-working space, fitness on demand, resort-style pool with cold spas, jogging trails, a dog walking area and dog washing station, and a playground.
The one-two-and-three bedroom units are expected to rent for between approximately $1,100 and $2,300 a month.
- GlobeSt., 6/9/19, ‘Clear Lake greenlights multifamily in light of shortage ‘
- Houston Business Journal, 6/7/19, ‘Austin-based multifamily developer breaks ground on 21-acre community in Clear Lake’
- Houston Chronicle, 6/5/19, ‘Austin developer to bring upscale apartments to Clear Lake Community’