Prime Property Investors Tops Out In Houston
Prime Property Investors first Houston development, Alexan at Auburn Lakes, has topped out, co-CEO Barb Gaffen tells us. (She's snapped on site with co-CEO Michael Zaransky, director Rachel Gaffen Eisenberg, and property/asset manager Brad Zaransky—Rachel is Barb's daughter and Brad is Michael's son.) Barb is amazed at how quickly the 346-unit luxury property is being built, especially compared to construction in the Midwest, which has to halt through the winter. Accepting residents one year after breaking ground is a new phenomenon for her. (Makes you wonder why it took those masons 60 years to build Notre Dame Cathedral… lazy.)
Although pre-leasing doesn't start in earnest until July, the property's website is up, and Barb says early interest has been great. (Residents begin taking occupancy in August.) In addition to being PPI's first Houston property, Alexan at Auburn Lakes is its first ground-up development anywhere, so it teamed up with Trammel Crow Residential. PPI has its eye on significant expansion in Houston, and Barb tells us it'll be announcing an acquisition here in a few weeks, bringing the firm to almost 700 units locally. After that, she'd like to launch one more development and close one more acquisition here soon.
