(SAN ANTONIO) San Antonio-based Embrey Partners, Ltd. has partnered with Stonelake Capital Partners, LLC on a four story, luxury multifamily rental project located at the southwest corner of Hwy 249 and Cypresswood, in northwest, Houston, Texas. Cypresswood will be an urban designed, surface parked project consisting of two 4-story buildings with elevators. Modern accessories and furnishings create a style to appeal to young professionals. Vibrant green space and natural courtyard areas produce a habitat of relaxation with sticky spaces to congregate and socialize. Interior dark cabinets, wood-style flooring and high-end lighting collections along with unique floor plan designs create the perfect backdrop for the ultimate living experience. “The limited amount of new multifamily projects in this immediate submarket coupled with Houston’s bourgeoning job growth presents a great opportunity for this development” states John Kirk, Executive Vice President for Embrey. “Our intention for this development is to create a product that is attractive and hip, similar to what you have in an urban atmosphere, we call it urbanizing the suburbs”.
The project is located on 15.42 acres consisting of one and two-bedroom 336 units with a distinctive exterior construction showcasing a unique blend of stone, brick, stucco and hardi-plank surrounded by a dedicated clubhouse, covered parking and resort pool. Construction will start in May 2013 with Amegy Bank providing the construction financing.
About Stonelake Capital Partners
Stonelake Capital Partners is a privately owned, fully integrated real estate investment company with offices in Dallas, Austin and Houston. Stonelake’s capital markets experience encompasses debt and equity investments in office, industrial, retail and multifamily properties in the major Texas markets. Stonelake invests capital through discretionary closed-end investment partnerships and counts among its investors some of the country’s largest college endowments, charitable foundations, family offices and pension plans.
About Embrey Partners
Embrey Partners is a developer, builder and manager of market rate multi-family and commercial assets in select markets across the United States. Over the past 37 years, Embrey has developed real estate projects totaling nearly 30,000 apartments and more than six million square feet of commercial space. Partnering with major financial institutions, pension funds, individual investors and Fortune 500 companies, Embrey has completed these developments for individual investment purposes, on a third party basis and through joint venture transactions. For more information, visit online at www.embreydc.com