Officials with Ivy Point Cypress, a resort-style community on Mueschke Road for people ages 55 and older, said the project is almost complete, with move-ins set for July 1. The project, originally set to be done around April, will feature 136 units. Amenities will include a fitness center, a swimming pool with grilling stations, a greenhouse, a billiards room and a community room and a kitchen where events can be hosted.
Elsewhere, the first phase of the townhome project Starwood Farms on Telge Road is set to be completed in June, with Phase 2 coming in August or September. In a status update released in late May, officials with Fourplex Investment Group—the development company behind the project—said they have received a few applications so far but expect more to come in as the economy rebounds from the downturn caused by the coronavirus.
Starwood Farms, once completed, will feature 244 homes spread out across a series of three-story fourplexes. Units are available for both leasing and buying, according to the developers.
Work on a third project—Winward at Telge Crossing, a 303-unit Class A apartment complex going in at Telge and Jarvis Roads—will carry on through early 2021, but the first set of units are expected to be available in August.
Overall construction on multifamily projects across the Houston area has not slowed during the pandemic, according to a spring 2020 multifamily report by Yardi Matrix, a commercial real estate data and research company. That was especially true for suburban markets, according to the report. Submarkets in Cy-Fair, Katy and Spring were among those with the most construction since March—trailing only the inner loop—and the three submarkets have a total of 3,241 units underway collectively.
However, the Houston area has showed signs of struggle, according to Yardi. Rent growth since March has been flat, and job growth moving forward—a key indicator for the health of the multifamily market—is hard to predict.
"The collapse in oil prices, coupled with the decline in demand caused by coronavirus shutdowns, is again pressuring the multifamily sector," according to the report. "However, the $2 trillion economic stimulus package—which includes direct payments to individuals and families as part of a $250 billion program—might offer a bright spot in a sea of economic uncertainty."