Austin-based developer Oht Partners is further solidifying its presence in the Greater Houston area with a new multifamily development project. The firm is set to bring a five-story apartment complex to 2825 West 11th Street, strategically located just west of Houston Heights and north of the bustling Washington Avenue corridor in the Lazybrook/Timbergrove neighborhood.
Dubbed tentatively as 11th Street Apartments, the project is anticipated to encompass approximately 248,000 square feet with an estimated construction cost of $39 million, according to a filing with the Texas Department of Licensing and Regulation. While the precise number of units remains undisclosed in the filing, the development signals OHT Partners’ continued investment in Houston’s thriving multifamily market.
Multifamily Apartment Complex Development by OHT Partners in Houston
Collaborating once again with OHT Partners is Davies Collaborative, a renowned Austin-based architecture firm, which will lead the design of the 11th Street Apartments. Construction is slated to commence in November, with a projected full buildout by 2025. This timeline underscores OHT Partners’ commitment to efficient project execution and timely delivery in the competitive Houston market.
This venture is not OHT Partners’ first foray into the Inner Loop’s northwest quadrant. Notably, the company, previously recognized as Oden Hughes, initiated construction on Lennox Heights in December. Lennox Heights is a five-story luxury complex featuring 359 units, situated in Houston Heights, merely three miles from the upcoming 11th Street Apartments site. This proximity highlights OHT Partners’ strategic focus on developing a strong portfolio within key Houston neighborhoods.
OHT Partners’ Houston development footprint is substantial, encompassing three already completed apartment complexes and two additional projects currently under construction in the Katy and Upper Kirby areas. Looking ahead, the firm has also outlined plans for a significant $60 million multifamily project in Dallas, on the site of the former Ambassador Hotel, which suffered a fire in 2019. This diverse portfolio demonstrates OHT Partners’ robust growth strategy across major Texas markets.
The West 11th Street site, soon to be home to OHT Partners’ newest development, is presently occupied by Forrest Manufacturing, who is also listed as the tenant in the filing. While Forrest Manufacturing confirmed the location remains their headquarters, public records indicate that an LP linked to OHT Partners, OHT Timbergrove, acquired the property in November. This acquisition paved the way for OHT Partners to move forward with its development plans in this desirable Houston location.
Houston Heights, in close proximity to the new OHT Partners project, is recognized as one of the city’s most dynamic areas. Characterized by a blend of young professionals, artists, and urban residents, the Heights represents a robust market. According to Redfin, median home prices in the Heights reached $643,000. The multifamily rental market in the area also shows stability, with Zumper reporting an average rent of $1,655 for a one-bedroom apartment in March, a 3 percent year-over-year increase.
Data from Transwestern’s first-quarter report indicates a significant pipeline of development in the Houston Heights and Washington Avenue corridor, with 913 new units currently under construction. OHT Partners’ latest project will contribute to this growth, offering further housing options in this sought-after Houston locale.
In conclusion, OHT Partners’ new multifamily project on West 11th Street represents another strategic expansion in the Greater Houston market. Building on their existing portfolio and leveraging their expertise in multifamily development, OHT Partners is poised to deliver a valuable addition to the Lazybrook/Timbergrove neighborhood, catering to the ongoing demand for quality housing in Houston’s vibrant urban core.
