It’s time to start building again, according to LivBrook Capital.
After high interest rates and stagnant rent growth virtually froze the development pipeline, the Reno-based developer is building a multifamily project in Houston. It filed documents with the state to build a 315-unit apartment complex in Generation Park, a 4,300-acre master-planned community in northeast Houston.
Remi Generation Park is expected to cost $35 million, putting the per-unit cost at $111,000. The project spans nearly 360,000 square feet and is slated to start construction in April and be completed in the spring of 2026.
Generation Park is a project from Houston-based developer McCord. It features two office buildings, more than 1.5 million square feet of industrial space and a 52-acre entertainment district that includes an apartment complex.
The development is located off of Beltway 8, the outer loop around Houston, about 20 miles northeast of downtown.
Multifamily development has been rare since interest rates skyrocketed in 2022 and 2023. Rent and occupancy in Houston’s multifamily market remained flat last year, ending the year at $1,274 per month and 88.6 percent, respectively, according to Greater Houston Partnership and MRI Apartments.
Industry experts are hopeful that interest rate reductions will spur development.
LivBrook Capital owns about 3,500 multifamily units across communities in Arizona, Nebraska, Nevada and Texas.
The firm purchased Mayflower Apartments in June, it said on LinkedIn. LivBrook is rebranding the 215-unit apartment complex at 411 North Akard Street as Remi Downtown. LivBrook plans to renovate the property and hold it for three years.
According to Pallas Investing, LivBrook bought Remi Downtown for $24 million or $112,000 per unit.
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