SOURCE: Drake Realty Group, LLC

Drake Realty Group, LLC

November 05, 2014 12:17 ET

Drake Realty Group Announces Closing of New Development Site in Houston Museum District

HOUSTON, TX--(Marketwired - Nov 5, 2014) - Houston based Drake Realty Group, LLC represented Dallas based StreetLights Residential in the off-market site procurement, negotiation and successful closing of a premier infill core Museum District development site located at Highway 59 and Montrose Boulevard in Houston, TX. The Carter, a 20-story, 305 unit apartment tower, is currently under construction and expected to be complete in 2017. 

The property is located in the core of the Museum District, the heart of Houston's cultural center, and offers an irreplaceable urban location recognized as one of the most prominent and dynamic areas in the entire city. The property is surrounded by a unique mix of cultural, academic and recreational resources including Hermann Park, a 445-acre landmark with an 18-hole golf course, the Houston Zoo, Rice University, and Reliant Stadium, and is within walking distance to the Museum of Fine Arts, Natural Science, and multiple other nationally recognized museums.

Additionally, The Museum District METRORail Station is less than a half mile from the property providing residents an alternative mode of transportation into downtown, the surrounding areas, and the best dining, sporting and music venues. With this location, residents are close to everything Houston has to offer.

"This site, in our opinion, is one of the best infill core multifamily development sites in greater Houston," said Kyle Drake of Drake Realty Group. "The existing net effective rents in the Museum District are some of the highest in the entire City. This coupled with the limited amount of developable real estate in this area, close proximity to The Texas Medical Center, the largest medical complex in the world and largest employer in the region, and being within walking distance to some of the finest museums in the country, helps make this location highly unique."

About Drake Realty Group

Drake Realty Group specializes in multifamily brokerage services, mixed-use projects, and land disposition and development services in Houston, Austin, Dallas, San Antonio and several 'key' markets across the United States for multifamily and mixed-use developers and property owners across the Country. Whether through research, pursuit, and successful negotiation of an off-market infill core development site or the disposition of an infill core mixed-use property, Drake Realty Group is constantly seeking unique and attractive opportunities for their seller and buyer clients. To learn more about Drake Realty Group, please visit www.drakerealtygroup.com

Contact Information

  • Contact:
    Kyle Drake
    Drake Realty Group
    5851 San Felipe St.
    Suite 220
    Houston, TX 77057
    713-627-0555