Credit Concern

Apartment Firms Watch Renters' Finances.

14 MIN READ
THE LOWDOWN: Interest rates and credit scores have remained low for the past year.

THE LOWDOWN: Interest rates and credit scores have remained low for the past year.

Project of the Month: Loft Living

Gables Augusta, Houston It’s hip, urban, loft-style living—but with a softer side. The so-called soft lofts at Gables Augusta in Houston feature 10-foot high ceilings, stained concrete flooring, large glass windows, track lighting, and some exposed duct-work. “We wanted to attract a younger demographic,” explains Ben Pisklak, regional development director for Gables’ Houston division.

Built, developed, and managed by Boca Raton, Fla.-based Gables Residential Trust, the 312 one- and two-bedroom unit apartment complex offers a mix of flats and lofts in an appealing location. The four-story, $28 million project, located near The Galleria shopping mall, is close to downtown Houston, entertainment haunts, and other retail stops.

To give the project a cool edge, Houston-based architectural firm Meeks + Partners thought of a simple strategy: Reinforce an open, urban aesthetic feel while maximizing density on a tight 4.25-acre L-shaped infill site. To achieve this look, the architects integrated concrete blocks, stucco, and large-scale vertical elements near the windows.

The property has a density of 73.2 units per acre. But the firm also ensured that all residents could enjoy views of green space and downtown Houston by dividing the development into three groups, each with an outdoor courtyard.

The project, built on a site that formerly housed a Cineplex Odeon theater and a nightclub, proved challenging from a land-planning perspective. A large existing parking garage attached to a neighboring office building dictated the site’s L-shape, and the garage’s close proximity to the project made it tough to guarantee the city’s fire trucks unobstructed access to the commercial property.

The solution? Jon A. Prejean, a principal at Meeks + Partners, says the firm worked closely with the Houston Fire Department to come up with a deal in which fire trucks could access the office building through the apartment’s own parking structure.

All the planning paid off. After Gables’ grand opening in March 2004, the complex’s occupancy level is at 97 percent. —Abby Garcia Telleria

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