Olive Tree Affordable Housing Unveils $7.8 million Modernization Plan at The Life at Westpark

Olive Tree Affordable Housing, an affiliate of Olive Tree Holdings, a real estate investment firm focusing on value-add multifamily projects in dynamically growing markets across the United States, today unveiled its $7.8 million modernization plan at The Life at Westpark, a 312-unit affordable multifamily complex in Houston. Property improvements are currently underway, with final completion slated for Q1 of 2023.

The interior upgrades, which consist of comprehensive improvements to 188 of Westpark’s residences, 78 of which are designated Fair Housing Accessibility (FHA) units, include new flooring, cabinets, countertops and vanity tops, new sinks and service lines for both the kitchen and bathrooms, upgraded appliances and two-tone painted walls, with select units receiving new water heaters and HVAC systems. 30 residence upgrades have been completed to date, with an additional 52 currently in progress. Exterior upgrades completed to date include full roof replacements throughout, and the addition of exterior gate water valves.

Remaining rehabilitation efforts at The Life at Westpark include the completion of the interior residence upgrades, the installation of new windows and sidewalks throughout the complex, the addition of new accessible parking offerings, building siding and wood repairs and the creation of a refurbished leasing office.

Built in 1994 and acquired by Olive Tree Holdings in 2019, The Life at Westpark is an amenity-rich, pet-friendly community comprised of two-, three- four- and five-bedroom apartment homes reserved for those earning up to 60 percent of the area median income (AMI). In 2022, Olive Tree Holdings acquired a Housing and Urban Development (HUD) insured mortgage to undergo substantial capital improvements to preserve Westpark’s affordability status, which was previously set to expire in 2025 and will now be extended for an additional 75 years.

To date, Olive Tree Affordable Housing manages more than 4,000 affordable units nationwide, including preserving the affordability of 865 units within the Houston-metro area, totaling $125 million in development costs.

Hines Unveils Brava, Houston’s Tallest Residential Community

Hines, along with investment partners Cresset-Diversified QOZ Fund and Levy Family Partners, announced the grand opening of Brava, a world-class apartment high-rise located at the corner of Preston and Milam Streets in downtown Houston. Adjacent to Market Square Park and Texas Tower, Hines and Ivanhoe Cambridge’s new one-million-square-foot office tower, the residences lie at the convergence of Houston’s Central Business District, Theatre District and Historic District, offering a truly metropolitan living experience and immediate access to the city’s major urban, cultural and sports facilities.

Striking Views of the Downtown and Beyond

Comprised of 373 luxury residences, the 46-story high-rise stands taller than any other residential community in Houston. The tower, designed by Munoz + Albin Architecture & Planning, is positioned diagonally on its site, allowing for uninterrupted views from every window. Featuring a dynamic twisting shape that rises the building, the Brava’s distinct façade is a remarkable architectural presence and an important contribution to the Houston skyline.

Brava is expected to achieve LEED Gold certification, demonstrating Hines’ commitment to sustainability.

Contemporary, Art-Focused Interiors

Setting a new tone for the bustling borough, Brava’s modern design provokes a vibrant energy that yields undeniably welcoming and luminous spaces. With common space interiors by award-winning Mayfield and Ragni Studio (MaRS), a soothing color palette is accented by contemporary interiors, unique millwork and commissioned art installations by renowned sculptors and artists including D’lisa Creager, Sachin Tekade, Sergio Albiac and many others. Located on the former Houston Chronicle site, the building subtly incorporates the physical presence of a newspaper, from the consistent use of black and white materials to its uniquely curved façade. Houston-based artist Robynn Sanders, with Maverick Murals Art and Design completed MaRS’s vision for the concrete columns in the building’s lobby, which tell a story of Houston’s milestone events as recorded across the Houston Chronicle headlines ranging from the 1920s into the 2000s.

Condominium-Level Finishes in a Rental Residence

Brava boasts spacious single-level floor plans ranging from 657 to 2,926 square feet. Each light-filled residence features 10-foot ceilings, flexible living spaces, generous walk-in closets with custom shelving and floor-to-ceiling windows to maximize views. Natural materials and finishes create an inviting sense of warmth with luxurious millwork and fixtures including quartz countertops, stainless-steel Bosch appliances and wide-planked wood flooring complimenting Italian-made custom cabinetry throughout.

The building’s 10 penthouse residences, on levels 45 and 46, range in size from 1,739 to 2,927 square feet with large outdoor living rooms, freestanding bathtubs and ultra-luxurious finishes rivaling the finest of condominium residences. Select penthouses feature outdoor kitchens with gas grills and refrigerators, and contemporary indoor fireplaces.

Unmatched Amenities

Residents of Brava enjoy access to an array of outstanding amenities, including a 24-hour concierge; valet parking; 47th-level sky amenity deck capturing panoramic views of the skyline with private resident dining room and catering kitchen; 10th level resort style pool, cabanas, daybeds, yoga lawn and private terrace; state-of-the-art gym with on-demand virtual fitness classes; coworking and conference spaces; guest suites; multiple social lounges with complimentary beverage and coffee bars; pet parlor; on-site storage; bike shop and bike storage; 6,800 square feet of curated street-level retail and restaurants onsite.

Prime Location
The community’s prime location between Market Square and the Arts District boasts a WalkScore of 97, with more than 50 bars and restaurants, 40 million square feet of office space, and multiple cultural institutions in the immediate vicinity. Nearby attractions include the Buffalo Bayou Park system, Jones Hall, The Wortham Theatre, Sesquicentennial Park, the Toyota Center and Minute Maid Park, among others. Bravery Chef Hall, Georgia James Tavern and Finn Hall are all within walking distance of Brava, and over 50,000 square feet of retail is currently underway within one block of the project site.

Conveniently located near the METRORail red line on Main Street and several bus lines, Brava is also easily accessible from US 59, Memorial Drive, IH-10 East, IH-45 North, IH-10 West, Allen Parkway and IH-45 South via automobile.

Project Team, Pricing and More Information

Hines assembled a stellar Texas-based design team for Brava, including Munoz + Albin, design architect; Mayfield and Ragni Studio (MaRS), interior design of common areas; TBG, landscape architect; and Harvey Builders, general contractor. Jones Lang LaSalle (JLL) provided construction financing and equity. The building is managed by Willowick Residential, Hines’ own best-in-class multifamily property management firm. Construction commenced March 2019 and initial move-ins began in the first quarter 2022. Final delivery is slated for Q4 of 2022.

MetroNational Announces Quanex Building Products Corporation to Move Headquarters to 945 Bunker Hill

MetroNational announced that Quanex Building Products Corporation will move its Houston headquarters to 945 Bunker Hill Rd in Memorial City.

Quanex Building Products Corporation, a local industry-leading manufacturer of building products, recently signed a lease occupying a 16,545 square-foot space in the Class-A officing building. Brad MacDougall and Warren Alexander represented the landlord, MetroNational, and Andy Iversen, John Luck and Kaitlyn Duffie of Newmark represented the tenant, who will move in September 2023.

945 Bunker Hill is a 14-story, LEED Silver Class-A office building owned and managed by MetroNational. Memorial City office tenants have access to a roster of exclusive amenities, including membership to its fitness center, Memorial City Club; complimentary shuttle service; interconnected skywalks to dining, retail and entertainment attractions; discount programs; and regular office tenant events.

Hartman Property Management Achieves World Class Ranking in Latest NPS Survey

August 5, 2022 (Houston, TX)—Hartman Income REIT Management, Inc. (Hartman), a commercial real estate operator of its portfolio owned by its affiliates, headquartered in Houston, Texas, announces its achievement and ranking as a World Class firm for its latest Net Promoter Score® (NPS) survey. The firm surpassed its previous score of 69.3 percent by charting a remarkable 71.2 percent for the third quarter of 2022.

“I cannot speak highly enough of our outstanding property management team whose hard work and dedication to their tenants are displayed through our results of the flawlessly executed survey. They genuinely care about their tenants, and this world class score undoubtedly establishes that truth!” shared Kelly Agent, Hartman’s Vice President of property management.

NPS is a market research tool used to measure the loyalty and satisfaction of a company’s customers. In turn, companies use the collected data to assess and improve customer service. Twice a year, Hartman’s property management team requests tenants to use the elective survey to rate their likelihood of recommending the company.

In July, Hartman’s property management team conducted the semiannual survey and received not only their highest score yet but with an improved response rate of 35 percent.

“Improving our score while also increasing the number of surveys taken is a record in and of itself.” shared Al Hartman, President and CEO. “Increasing the number of promoters and decreasing detractors while gathering the highest participation rate in our company history is a testament to the level of excellence on which our property managers operate on.”

Hartman’s world class score of 71.2 was achieved through the reception of perfect tenant ratings at 14 of its properties and ranks the firm 41 percentage points higher than the industry average. Other highlights include 80 percent of tenants identifying as promoters of the company.

The semiannual NPS survey is incredibly important to the firm as it helps Hartman’s property management team better understand its customers’ likes and dislikes, and also find areas for improvement. Within the survey, tenants are allowed to leave responses and feedback regarding their experience. Top feedback from

tenants included their appreciation for the team’s quick responsiveness to needs, availability to take phone calls, timeliness of regular check-ins, and friendliness when property management help was needed.

If you are looking to lease office, retail, or industrial space in Houston, Dallas or San Antonio, please contact a Hartman leasing agent for more information. A leasing representative can be reached by phone at 800-880-2212 or by email at leasing@hi-reit.com.