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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.’
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.
Buffalo Bayou is close to trails and is a quick walk to the River Oaks Shopping District. Bynum noted that many are interested in the area because it is relatively safe.
‘Compared to other areas, like Midtown, which some people feel has become sketchier, people trust this area more.
‘It’s essentially River Oaks. It’s already an established, desirable neighborhood, close to the highway and easy to get to. People feel safe here, and that trust goes a long way,’ he added.
The crime rate in River Oaks is 65.03 per 1,000 residents, lower than Midtown’s 108.6 per 1,000 residents, according to Crime Grade.
Bynum added that most of his clients interested in the high-rise are middle-aged, but noted it will likely attract a wide range of buyers.
‘Some properties skew younger, but this area attracts people whose kids may be out of the house and who don’t want to own anymore,’ said the realtor.
‘They want a nice, worry-free experience. While it will appeal to people in their 20s and up, the sweet spot is probably people in their 40s and 50s.’
When asked if his clients were enjoying the building, Bynum replied: ‘They love it. They’ve had no safety issues and really enjoy being taken care of. Hanover does a solid job running high-rise properties, and the experience has been smooth for them.’
He added that the high-rise was next to two other Hanover Company properties, which have also done very well.
Bynum said the firm has a strong track record that carries over across properties, giving it a near-franchise effect.
‘When you have multiple properties together, you get efficiency and consistency in management,’ he continued.
The difference between high-rise units in Texas and non-high-rise units, Bynum added, is strict quality standards that are largely unknown.
Bynum added that the skyscraper-like buildings are forced to be built with concrete between floors and better insulation, which, as a result, makes them quieter and more energy-efficient.
‘You’ll almost always have lower utility bills and less noise. That’s true of high-rises in general, not just this one,’ said the realtor.
Bynum was transparent about the prices: ‘I think it’s slightly high, not dramatically, but a bit.’
‘Some comparable properties are offering stronger specials, like two months free or more. Right now, Hanover’s specials aren’t very compelling. I’d expect stronger incentives until they reach higher occupancy.’
Bynum said the building is only at 20 percent capacity, but that is because it had just opened.
It sits atop 5,000 square feet of retail space, which has not yet been filled.
Ryan Hamilton, a regional development partner at Hanover Company, said: ‘With the completion of Hanover Buffalo Bayou, Autry Park continues to reach critical milestones in its ongoing evolution into one of Houston’s signature urban nexuses.
‘With an already robust collection of restaurant and retail spaces, as well as now three top-of-the-line luxury apartment communities populating the district, Autry Park has reached a watershed threshold in its development life cycle.
‘With additional growth plans on the horizon, that will strengthen the development’s attractiveness from a full-spectrum live, work and play perspective.’
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