Multifamily Monday: Allen Harrison's One Up, One Down

Allen Harrison Development is starting the year off right: It just broke ground on Remington Fairfield, is delivering Seventeen15 Enclave, and has two more developments in its pipeline. (So don't ask the company if it's seen any of the Oscar contenders... there hasn't been time.)

President Rene Joubert tells us Remington Fairfield is a particularly exciting project because of its location in Cypress, specifically in Fairfield. Rene says all the northern submarkets have experienced residential growth, but Cy-Fair is on hyper growth mode (like a sunflower or a teenage boy). Once the Grand Parkway opens, it’ll be a midpoint between The Woodlands/Exxon and the Energy Corridor. Already, 25% of Fairfield residents commute to the Energy Corridor, and Rene expects Cypress will become a solid alternative to Katy once the Grand Parkway turns it into a 10-minute commute.

Allen Harrison isn’t the only group taking notice: Rene tells us HEB just opened nearby, and there’s a lifestyle center in predevelopment between the Remington Fairfield and the Houston Premium Outlets (pictured, it’s one of the leading performers in Simon’s portfolio). And Rene says other retailers and hospital systems are looking into entering the area. (And you know that means hospital retailers won't be far behind. Where else will they buy all that gauze?) The Remington Fairfield will also uniquely benefit from being inside the master-planned Fairfield community—multifamily residents can use Fairfield’s athletic club and other amenities and really be part of that neighborhood.

The luxury community, rendered above (although it’s not quite up to date—Rene tells us the final product will have a real Hill Country feel), will have 294 units. The clubhouse will deliver in June, with the first buildings following 30 to 45 days later. Allen Harrison also just opened the clubhouse for Seventeen15 Enclave, which wraps around an existing community Allen Harrison owns. Rene says it’ll be complete in a few months, and leasing traffic is exceeding pro forma. Next up for the firm: One urban and one suburban multifamily development. Rene is mum on the details but tells us they’ll take advantage of major arteries and master-planned communities.