Luxury Apartment Project

The Board of Directors has been made aware of flyers circulating amongst District residents regarding the proposed annexation of a 12-acre tract. The District’s General Counsel has reached out and received the following response from the developer of the tract, Guefen Development Partners:

Guefen Development Partners specializes in development of Class A luxury apartments in the Central and Southeast US. Guefen Development is one of Houston’s most prominent real estate development and construction companies. With a focus in multi-family ownership, development, and construction, Guefen Development has extensive experience in both urban and suburban projects. Since 2005 Guefen has sponsored a wide variety of projects, garden, midrise and high rises, leading to over 8,000 Class A multi-family units and an excess of $1 billion of total investment. Guefen has never developed any tax credit or affordable apartment properties.

Guefen will be developing a 231 unit luxury, market-rate apartment project located on North Eldridge Blvd. The community, consisting of seven residential community buildings, expansive clubhouse and a resort-style saltwater pool, was designed by BSB Designs. The apartments range in size from 624 square feet to 1,242 square feet and feature high-end, luxury features and finishes such as 10’ ceiling heights, luxury vinyl plank flooring, granite counter-tops, kitchen tile backsplashes, undermount sinks, in-unit full-size washers and dryers, and stainless appliances. The project’s 6,100 square-foot clubhouse includes a gourmet kitchen, media room, indoor/outdoor fitness center and yoga/spin room.

Guefen will be targeting young professionals for this community that prefer to rent over home ownership. The monthly rents at the community will be $1,300-$1,500 for a one bedroom which would require at least an annual income of $46,800 to $54,000. The two bedroom monthly rents will start at $1,900 for which would require annual income of at least $68,400 to qualify. Guefen is not developing this as a tax credit project nor is it seeking any subsidies or participating in any low-income rental programs; as such, applicants will have to satisfy the foregoing income requirements without exception. In addition to income, Guefen will also require its property manager to perform criminal background checks and credit checks of all prospective tenants as part of their application process.