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Development

Description

• Palazzo at Cypresswood, Houston, TX
• 363 unit wrap style luxury apartment community
• 359,071 square feet

Assignment

• Develop a luxury style apartment targeting a 24% internal rate of return on the capital investment over a 3 year holding period
• Oversee all aspects of the construction and development of the project and complete within a 24 month period and keep within the construction budget

Result

• All construction documents have been approved by Harris County and all building permits have been received
• The project is ahead of the original 24-month schedule
• The project is being delivered under budget
• Final acceptance of the first rental units in Building No. 1 transpired on August 1, 2009 with tenant move-ins immediately following