HOUSTON – New Hope Housing Inc., a regional leader in affordable housing development, has acquired nearly two acres to develop a 170-unit multifamily project in the heart of Sharpstown’s Regency Square Office Park in southwest Houston.
The 1.98-acre tract is located at the corner of Dale Carnegie Lane and Regency Square. It is one of the few remaining vacant sites in the deed-restricted park, a mid-1970s’ development by American National Life Insurance Co. that’s situated close to Interstate 59/Southwest Freeway.
“Affordable housing is needed everywhere. New Hope Housing has been looking at Regency Square for two years,” says Ori Batagower, an associate with NewQuest Properties and the buyer’s broker. Emily Abeln, vice president of real estate development for New Hope Housing, worked with Batagower to secure the site.
New Hope Housing’s site at 7025 Regency Square is situated beside Fresenius Kidney Care Fondren. An eight-story office building, Younan Plaza, is directly behind the land. The California-based seller, Zaya & Sherry Younan Family Trust, were represented by George Jones of GWJ Real Estate in Houston.
The affordable housing developer already has passed a “strict vetting process” by the Regency Square Property Owners Association, Batagower says. New Hope Housing also has filed an application for tax credits with the Texas Department of Housing and Community Affairs.
Multifamily occupancy is hovering 93% in the Sharpstown/Westwood submarket, which has 25,538 units in 106 properties. The effective rent is $790 per month. Multifamily occupancy across the region is tight, with Greater Houston pushing 90% in a 643,906-unit inventory with an effective rent of $1,031.
“What’s really driving New Hope Housing to develop in Regency Square is city council has signaled it wants more affordable housing here,” Batagower says. “When that happens, developers will be there.”
Regency Square is situated between two of Houston’s largest business centers – Westchase and Uptown/Galleria. The Sharpstown submarket was widely recognized as the largest subdivision in the nation when it was completed in 1961. In addition to the multifamily inventory, there are 8,000 single-family homes and 7,000 condominiums and townhomes in Sharpstown, according to the Southwest Management District. It’s a largely Hispanic population that is a welcoming port of entry for Greater Houston’s growing number of immigrants.
“This was the place to be in the mid- to late 1970s. It’s an area that at one point in time was lucrative,” says Batagower, who grew up in the area. “Today it’s a prime candidate for development and redevelopment, as evidenced by PlazAmericas (formerly Sharpstown Mall).”
FOR MORE INFORMATION:
Ori Batagower, 281-477-4307