Real estate roundup

Three new high-end apartment projects to rise near Highland Village, while Kemahgoes big

Martin Fein’s project, called Willowick Park, will have three multi-familyprojects: Aria at Willowick Park, a seven-story rental building; Olympia atWillowick Park, an eight-story rental building; and The Townhomes at WillowickPark.
Rendering courtesy of Fein/The Art of Living
The aging Willowick Court Townhomes project is being torn down to yield the 10acres for Willowick Park.
Photo by Ralph Bivins
Hines, the Houston real estate firm founded by Gerald D. Hines in 1957, hasannounced plans to build a 61-story office project in San Francisco. CalledTransbay Tower, t will be the tallest building on the West Coast when completedin a few years.
Rendering courtesy of Pelli Clarke Pelli Architects
Thanks to Tilman Fertitta, owner of Landry’s Restaurants, Kemah has become alively place in recent years. Ferittta’s Kemah Boardwalk has a ferris wheel,roller coaster and other rides, along with several restaurants and a hotel.

Martin Fein, a veteran of Houston’s multi-family development business, is chiming in the Inner Loop apartment construction boom with a large project just south of the Highland Village shopping center.

Fein will construct three projects with a total of 552 units on a 10-acre tract at West Alabama and Las Palmas.

The aging Willowick Court Townhomes project is being torn down to yield the 10 acres. Obtaining a parcel of land that large in such a prime location is a rare feat. Developers such as Fein have been prowling around the Inner Loop and the Galleria area looking for old apartments, small office buildings or vacant churches that can be razed to create sites to build apartment projects.

Houston’s apartment market has been noted as one of the best in the nation and lenders are eager to finance new projects.

Houston’s apartment market has been noted as one of the best in the nation and lenders are eager to finance new projects because of the rising rents, high occupancy and unprecedented quick lease-ups on new units. The influx of young professionals to Houston, strong job creation and a fast-growing energy industry has made the local multi-family market hot.

Most of the new construction has been centered in the Inner Loop area, which enables apartment dwellers to have quick commutes to key employment centers. Most of the new projects are high-rise or mid-rise because the land is so precious.

Fein’s project, called Willowick Park, will have three multi-family projects: Aria at Willowick Park, a seven-story rental building; Olympia at Willowick Park, an eight-story rental building; and The Townhomes at Willowick Park.

Rental rates for all three projects will range from around $1,100 to more than $5,000.

Slated for occupancy in 2014, the overall project was designed to highlight the site’s mature live oak trees. This part of Las Palmas Street has one of the thickest oak canopies (read: shade) in Houston.
Steinberg Design Collaborative and Ziegler Cooper Architects designed provided architectural services for Fein. One of the nation’s best known multi-family financiers, Hal Holliday of CBRE, assisted with arranging the financing.

Hines to Make Mark in San Francisco

Hines, the Houston real estate firm founded by Gerald D. Hines in 1957, has announced plans to build a 61-story office project in San Francisco.

It will be the tallest building on the West Coast, when completed in a few years. The building, called Transbay Tower, will be 1,070 feet tall – taller than the 853-foot TransAmerica Pyramid, which is currently San Francisco’s tallest building.

The Transbay Tower will be the tallest building on the West Coast, when completed in a few years.

The building, developed by Hines in a joint venture with Boston Properties, will be located in the South of Market (SoMa) district. Designed by Pelli Clarke Pelli Architects, the tower will be part of a transit-friendly neighborhood that is envisioned as the “Grand Central Station of the West Coast.”

Using some of the world’s most famous architects, Hines has developed a number of iconic skyscrapers in downtown Houston, including Pennzoil Place and Bank of America Tower, and the Galleria-area Williams Tower, giving the city a remarkable skyline. It will be a treat to visit San Francisco to see the Transbay Tower impacting skyline of the Golden Gate City.

The Ultimate Kemah

Thanks to Tilman Fertitta, owner of Landry’s Restaurants, Kemah has become a lively place in recent years. Ferittta’s Kemah Boardwalk has a ferris wheel, roller coaster and other rides, along with several restaurants and a hotel.

The leadership of the City of Kemah is looking for ways to make it an even bigger tourist attraction.

Kemah has come a long way from the sleepy fishing village it was back in the 1960s. As a regional tourism draw, Kemah is a fun family place attracting customers to its Galveston Bay location, about halfway between Houston and Galveston.

The leadership of the City of Kemah is looking for ways to make it an even bigger tourist attraction. The city is exploring the opportunities to develop its 30-acre waterfront tract located on Galveston Bay along SH 146 between FM 518 and the League City Parkway.

The 30 acres are viewed as an ideal spot for a resort hotel and spa with a convention center, according to the Bay Area Economic Partnership. Keep your eye on this tract.

Ralph Bivins, former president of the National Association of Real Estate Editors, is founding editor of RealtyNewsReport.com.

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rent affordability news

Houstonians need to make nearly $68,000 to afford rent in 2025

Photo courtesy of Dolce Midtown Apartments

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A new rental report from Zillow has revealed Houston renters need to make about 23 percent more money than they did five years ago in order to afford rent in 2025.

Zillow analysts examined the income needed to afford rent in 50 major U.S. metros, and determined rent prices in each city as of April 2025.

The average Houston renter needs to make $67,731 a year to afford living in the city, the report found. To afford rent for a single-family home, the income needed increases even further to $85,017.

Despite Houston's rising rent cost of living, it's still more affordable than many other cities. Nationally, the average income needed for someone to comfortably afford rent comes out to nearly $81,000. The study says that figure has increased nearly 35 percent since 2020.

"Housing costs have surged since pre-pandemic, with rents growing quite a bit faster than wages," said senior Zillow economist Orphe Divounguy. "This often leaves little room for other expenses, making it particularly difficult for those hoping to save for a down payment on a future home. High upfront costs are often overlooked, which can keep renters in their current homes."

Rent prices in Houston averaged $1,693 last month, which is less costly than the national average rent price of $2,024. Additionally, Houstonians are spending about 24 percent of their income on rent, while the typical American spends almost 30 percent of their income on rent.

Renters are also saving hundreds of dollars in comparison to those that own their homes, as a recent SmartAsset study discovered the median monthly housing costs for a Houston homeowner came out to $2,219.

At least we're not living on the East or West Coast, where eight U.S. metros require six-figure incomes to afford rent. Residents in San Jose, California need to make $136,532 a year to afford rent, the highest out of all 50 U.S. cities. Rent prices in San Jose came out to $3,413 in April.

Here's how much money renters need to afford living in other Texas metros, according to Zillow:

Dallas – $71,413
Austin – $68,840
San Antonio – $58,590

zillow housing report rent prices affordability houston