Mill Creek bringing more multifamily to 9th-best apartment market
Firm also developing $48 million Modera Spring apartments in Spring
Mill Creek Residential is bringing more multifamily to the suburbs north of Houston.
The Florida-based developer recently started construction on the 408-unit Beckett West Fork, at 10485 League Line Road in Conroe, with an estimated completion date next fall. The cost wasn’t disclosed.
The complex will encompass 14 buildings with one- and two-bedroom floorplans averaging just over 1,000 square feet, which is in line with Houston’s average. Multifamily projects in Houston average about 923 square feet per apartment unit, according to RentCafe. Amenities will include a clubhouse, fitness center, pet park and private garages.
Unit pricing wasn’t disclosed, but the average rent price in Conroe hovered around $1,281 in June, according to Berkadia.
Conroe and Montgomery County ranked third among the Greater Houston submarkets with the largest multifamily pipelines. About 4,000 units were under construction or in lease up in June, behind the Richmond/Rosenberg and Katy submarkets, which ranked first and second.
Conroe is among the top 10 best places for renters to live, taking the ninth spot in a national ranking by RentCafe. Conroe ranked first for cost of living, and its multifamily market has an occupancy rate of nearly 94 percent.
Beckett West Fork will join about a dozen other Mill Creek Residential multifamily developments in the Houston metro area. The prolific firm has another five projects totaling over 1,400 units either under construction or in planning, according to Berkadia.
Another Florida-based multifamily developer, Resia, is bringing three new projects to the Houston area, within the Grand Parkway corridor between Spring and Tomball.
Increasing home prices have caused a growth in rental development, whether single-family built-to-rent or multifamily.
Mill Creek Residential is active in 16 states and has developed more than 275,000 rental units totaling $25 billion.