Three New Luxury Developments Enter Overstocked Market
Willowick Park was a bold move from the outset. The 10-acre site had rental townhomes that were 100% occupied when Martin Fein Interests bought it from McCord Development. Rather than resting on the income, Fein leveled them to make way for not one but three new luxury developments. The developments consist of two multifamily communities (Aria and Olympia) and the Townhomes at Willowick. Yesterday, Fein hosted a grand opening to showcase the new properties.
Aria, designed by Steinberg Design, is the first to begin leasing. The seven-story mid-rise features several high-end amenities, including a sky lounge overlooking the Galleria and an expansive library/study space. With five stories of residences, the building offers 325 units averaging around $2k/month for about 900 SF. Remarkably, in the midst of Houston's down market, Aria is 71% pre-leased.
Aria's sister structure, Olympia, was designed by Houston-based Ziegler Cooper. It too is steeped in luxury with high-end amenities like a wine room, social lounge (seen here) and on-site private spa. One major difference between the buildings is Olympia's focus on oversized units. With an average floor plate around 1,500 SF for $3,500/month you'll have plenty of space to live.
Communities at Willowick Park also features 38 rental townhomes, all with three bedrooms and 3.5 bathrooms, which rent for an average $5,500/month.
With a flight to quality happening across Houston, Fein isn't worried about filling the space. It seems there's nothing that will slow down the Galleria area.
