Post Properties Developing New High Quality Housing
Post Properties, a real estate investment trust based in Atlanta has an established reputation for high quality mid-rise multi-family communities based on the latest in urban design concepts. Its four story apartment buildings at West Gray and Bagby, completed in phases from the late 90s to the present day, are the nucleus of what has become one of the most appealing residential districts of Midtown. Now the company is bringing its expertise in urban living to the Montrose Management District.
Post, and its third party general contractor, Rampart Construction, have broken ground on a five-story mid-rise apartment building at 510 Richmond Avenue at Spur 157 that will also have frontage on Colquitt and Jack. According to Bart French, Post Properties VP of Investments, a total of 242 units are planned. The unit mix is expected to be 70% one-bedroom and 30% two-bedroom units averaging 850 square feet and ranging from 600 to 1,200 square feet. The community will have a six and a half story central garage with approximately 350 parking spaces. Post is aiming to have the first units available and ready for occupancy by the middle to end of next year. However, the project is not expected to be fully completed until early in 2014.
The building will be of A+ quality and the architectural design will be compatible with the neighborhood. The first floor units facing Colquitt and Jack will have stoops at their front doors which assist in creating a walkable neighborhood environment. Amenities will include a large courtyard and pool, a fitness center facing Richmond, a club/game room and a business center and library.
The community, tentatively named Post Richmond Avenue, is on a 2.0 acre property that was acquired by Post at the end of 2007. The company believes that the site is ideally situated for multi-family development. It is in close proximity to the major employment centers of Downtown, the Texas Medical Center and Greenway Plaza. The availability of mass transit is also an important factor. The community is walking distance from the Main Street light rail line and is on the proposed future University line that will connect the University of Houston and the Uptown/Galleria area.