Consider this a silver lining in a housing market that has seen a glut of bad news lately. (Well, outside The Woodlands, that is.)

Three years ago the land adjacent to the Galleria and the Water Wall was the site of a planned luxury high-rise condo, Turnberry Houston Tower. That residential project, like others planned in the area (Titan, the residential tower of BLVD Place, etc.) were scrapped or postponed indefinitely in the housing bust and subsequent economic downturn.

Now the same location has been purchased by Hines for an upscale apartment complex as part of real estate giant Hines renewed focus on multifamily properties.

Rental properties have seen higher occupancy and higher rental rates as potential homebuyers have found tighter credit or simply choose not to buy in an unstable market.

Speaking to the Houston Chronicle's Nancy Sarnoff, Hines senior vice president Alan Patton said the complex will include 300 units in six to eight stories. Hines has not disclosed the purchase price for the land, and construction is expected to be completed in 2014.

Houston can expect to see more new rental properties rising in the next several years. In addition to Hines, apartment developers Greystar Real Estate Partners LLP and Camden Property Trust are planning increased developments after slowing or stopping new building since 2008.

Are you looking forward to more new apartments? Are you a renter or a buyer?