introducing 4411 san felipe

Exciting new River Oaks-area mixed-use development breaks ground

The new 4411 San Felipe mixed-use development will rise by fourth quarter 2021.

Rendering courtesy of DC Partners

An exciting River Oaks-area project is on the rise. Commercial real estate firm DC Partners has broken ground on 4411 San Felipe — a mixed-use, Class-A office and retail development — the firm announced.

Located just inside the Loop, 4411 San Felipe is strategically situated near the River Oaks District, Uptown Houston, and The Galleria. The project will feature seven levels of 77,189 square feet of office space, including an outdoor terrace for office tenants. Another 16,796 square feet is designated for retail and restaurant space, with additional outdoor dining space, as well three levels of parking and valet.

Renowned architecture firm, HOK created a modern design aesthetic and a “work and stay” environment, per a press release.

The project is currently 60-percent leased. New tenants include SIBS International Inc., Advancial Federal Credit Union, GT Leach, 3650 REIT, and Colliers International. Restaurant, retail, and additional office leasing is underway.

Construction on 4411 San Felipe is scheduled to be completed by the end of 2021, according to DC Partners. Houston-based GT Leach is the General Contractor, financing comes courtesy of 3650 REIT, and leasing will be handled by Colliers International.

DC Partners has developed familiar mixed-use, hospitality, multi-family, and luxury high-rise condominiums around the state. Its current luxury condominium projects include Astoria, Arabella, Marlowe, Chateau Ten, the recently completed The Arts Residences at Thompson San Antonio.

The firm is also behind the mixed-use development The Allen, currently under construction, which includes Residences at The Allen, the Thompson Houston, retail, restaurant, and office buildings.

“While there has been a lot of focus on the office and retail industry’s challenges as a result of the pandemic, we are very optimistic and excited to be 60 percent leased prior to construction,” said Acho Azuike, COO of DC Partners, in a statement. “4411 San Felipe offers a new type of live, work, and play with its prime location within steps of Houston’s most desirable high-rise living, shopping and dining, and neighborhoods.”

openings

bang for your buck

These are the 6 most affordable ZIP codes for Houston renters

Facebook / City of Bellaire, Texas

undefined

Trying to afford buying a home in Houston is difficult enough with current mortgage rates, and doubly so if you're already paying high rent on an apartment or a house. But there are six Houston ZIP codes where renters can get the most bang for their buck, according to a new study by financial services company CashNetUSA.

To find the most affordable ZIP codes to rent in the U.S., analysts compared median household incomes by ZIP code to the average annual rent costs using the Zillow Observed Rent Index. ZIP codes where the average annual rental costs required the lowest percentage of median household income were considered the "most affordable."

Two Houston-area ZIP codes specifically stood out in CashNetUSA's ranking of the most affordable ZIP codes for renters in America: 77401 in Bellaire (No. 9) and 77094 in the Energy Corridor (No. 12).

According to the study's findings, the average monthly cost of a rental in Bellaire comes out to $2,401.25, and the median annual income of a Bellaire household is $210,577. Analysts then calculated that the annual rent of a home in the Bellaire ZIP code only takes up 13.68 percent of a household's median income, which is the ninth-lowest in the nation.

But as Houstonians know all too well, Bellaire residents aren't exactly struggling to pay their rent, seeing as they live in one of the wealthiest places in America.

Meanwhile in Houston's 77094 ZIP, annual rent costs only represent 13.88 percent of a household's median annual income. The area – which encompasses the Kingsland Estates, Green Trails, Green Trails Oaks, Windsor Park Estates, Windsor Park Lakes, and Barker neighborhoods – has a median household income of over $168,000, and average rent costs add up to $1,944.58, according to the study.

CashNetUSA found the No. 1 most affordable ZIP code for renters nationwide is 66224 in Leawood, Kansas, where annual rent only takes a 10.57 percent cut out of a household's median annual income.

Elsewhere in Texas, San Antonio's 78248 ZIP ranked as the No. 4 most affordable ZIP code for renters in the U.S., and the No. 1 most affordable ZIP code statewide. The North Texas ZIP code 75013 in Allen ranked two spots behind Houston to claim the No. 14 spot nationally.

The most affordable Houston ZIP codes for renters
CashNetUSA further unveiled the five most affordable ZIP codes across major U.S. cities, including in Houston, Austin, and San Antonio.

Following 77094 (which took the No. 1 spot citywide) is 77008 (No. 2), which spans Greater Heights, Houston Heights, Shady Acres, and Lazybrook/Timbergrove. Rent costs in this ZIP code averaged out to $1,856 per month, the report found.

Landing in the No. 3 spot is 77024, which includes four of Houston's historic Memorial Villages, including Hedwig, Bunker Hill, Hunters Creek, and Piney Point. The report said average rent in the area comes out to $1,730 per month, which takes up 16.88 percent of a household's median annual income.

The remaining top two most affordable ZIP codes for Houston renters are located in 77007 (Washington Avenue Coalition/Memorial Park, Rice Military, and Crestwood/Glen Cove) and 77345 in Kingwood, which is about 30 miles north of downtown Houston.