The sky-high apartment building in Southern city that is booming as the market around it struggles
The largest apartment building in Houston sits 40 stories high and has rents that are over $15,000. While its popularity has been booming, the area is struggling to match.
The skyline of the biggest city in Texas has a new addition soaring in both height and popularity - in an area previously ditched by developers.
The Hanover Buffalo Bayou, the largest apartment building built in Houston in the last year, recently opened its doors, offering residents a choice of 317 luxury units.
Sitting 40 stories high along the river it's named after, new tenants will have the convenience of a mixed-use community filled with dining options, green spaces and wellness amenities.
While 'new properties naturally attract more interest,' according to real estate agent Grant Bynum, the surrounding area has not drawn the same attention from developers.
The broader Montrose-River Oaks area is suffering from its lowest level of new apartments since 2012, according to CoStar.
Bynum, who works for Uptown 101, finds it puzzling because he believes that there is a demand for new rentals but attributes the lack of construction to land acquisition and development challenges.
He added that while there have been some projects popping up in Houston compared to a market like Dallas, there is 'much less activity.'
However, this decline may have worked in developers' favor, according to the real estate agent. He said: 'I think the main appeal of Hanover Buffalo Bayou is that there just aren’t many new high-rise apartment buildings in Houston right now.'
The Hanover Buffalo Bayou was the largest apartment building built in Houston in the last year
The broader Montrose-River Oaks area has seen a significant decline in new high-rise developments over the past year. However, that has not been reflected in the success of the Hanover Buffalo Bayou, which has been highly sought after since its fruition
Bynum stressed again how a property being 'brand new' always attracts new residents.
'The building itself is very attractive. It’s a tall, modern high-rise, but it still feels comfortable. The amenities are strong. There’s a great gym, a professional concierge-style desk, and valet service,' he added.
'It really delivers a high-rise living experience at a time when there just aren’t many new options to compare it to.'
Additionally, the building offers residents a resort-style pool, barbecue and fire pit areas, and cabana seating.
The building's clubhouse features a cinema room with stadium seating, games, a business center and a lounge area.
Rent ranges from $2,800 to a whopping $16,000 for penthouse units. As well as offering apartments ranging from 745 to 3,300 square feet, with balconies.
The building, pictured under construction, is in high demand because of amenities such as a resort-style pool, barbecue and fire pit areas, and cabana seating