Starwood Farms UpdatesSep 23, 2020
We're excited to announce that construction in Phase 1 has fully turned over! As you can see in the latest drone video, landscaping in this phase is almost completed as well. Phase 2 investors will be happy to know that units have started to turn over, with landscaping in this phase near completion. Phase 3 turnovers will likely start happening later this year—stay in touch for updates as things progress on that front.
The pool, leasing office, and bathroom area are well underway and we expect them to be completed prior to year-end (pending construction progress on the surrounding units). Monument signs are now up at the entryways. Full internet service is installed and functioning in Phase 1, with those tenants already moved in now able to use the new smart home features!
We now have July drone footage of our Starwood Farms project in Cypress, TX (shown above). Phase 1: If you look closely, you’ll notice landscaping starting in this phase, along with monument entries and gates starting to come together. Maxx Property Management has begun signing leases in the first phase of the project. Phase 2: As construction finishes up along with landscaping in phase 1 we'll begin transitioning into parts of phase 2 within the next 60 days. Phases 3-6: Construction is moving quickly with new foundations and framing regularly popping up out of the ground. Amenities: The swimming pool has been excavated with foundation and footings for the bathroom area/leasing office close to their start!
In Cypress, TX, both the weather and the pace of construction are heating up at Starwood Farms! While a few closings are still pending, most foundation and framing work has wrapped around the bottom of Phase 3 and we're now pushing well into Phases 4-6. We're anticipating part of Phase 1 to be completed here in June, with the rest of Phase 1 in July, with Phase 2 following in August/September.
Marketing for tenants has already started, with signage posted along Telge Rd and the Starwood Farms community web page now up and running (you can access it here). A few applications have already come in as the economy in Houston begins to open back up from the recent COVID-19 restrictions!
Today we're bringing you news on FIG's Cypress project, Starwood Farms. We also have some new drone footage for you to enjoy which highlights the construction progress in the multifamily project.
As you can see, framing is almost complete in Phases 1-2. Phases 3-4 are in various stages of footings, foundation, and framing. Construction will continue at full speed, as the Department of Homeland Security has deemed residential construction an "essential" business during the COVID-19 pandemic. We expect to have the remainder of the project closed and under construction within the next 45-60 days. The installation of the pool is ready to start and is expected to be completed before the first units in Phase 1 turnover and are available for rent!
We've been sold out for a few weeks here as well. However, one fourplex and one duplex have fallen out of contract. These are both ready to start construction within the next 45-60 days. Construction is well underway for us in Cypress. You can check out the latest overhead drone footage here. If you'd like info on either the available fourplex or duplex, please fill out a contact form at the bottom of the page.
A benefit to construction in Houston? Mild winters. Construction is moving along quickly in phase one and two at Starwood Farms, with framing almost complete in phase one. Phase 2 is in various stages of foundation and framing. We're now working our way through construction closings in Phase 3. Phases 4-5 should start occurring in February and March. Digging for the pool will begin within the next couple of weeks.
Maxx Property Management is already marketing online to create tenant demand ahead of the first building turnovers, which are expected to occur mid to late summer of 2020.
If you're an investor in this project and have specific questions about your units, please reach out to your designated FIG agent.
We're off and running in Starwood Farms in Cypress, TX! All closings for phase 1 and the majority of phase 2 are complete, with phase 3 closings starting prior to the end of this year.
In our below drone footage from last week, you'll see that framing is well underway in phase one, with foundations and some framing beginning in phase 2. All roads are in and fencing for the entire project will be installed in the next 60 days. Finally, excavation for the pool will start in the next 60 days as well to ensure completion along with the first units. You'll also see that construction on the neighboring apartments and retail has begun to the north!
This isn't the only construction happening in the Cypress (Cy-Fair) area either. Growth in Northwest Houston continues to explode. According to Community Impact, 25% of all retail construction in the Houston metro is taking place in Cy-Fair!
The Future of Cypress, Texas:
We've been telling you for quite some time that we're excited about the future of Cypress, TX. And we're not the only ones. Just to the north (literally... just to the north) of Starwood Farms, ground has broken on a class A mixed-use project. 15,000 square feet of retail space, 12,000 square feet of medical office, and 303 units of class A apartments are under development.
"Cypress is a suburb that has great demographics, highly rated schools, and continues to see job and population growth." Community Impact Newspaper
Horizontal development at Starwood Farms is right on schedule! Roads have been paved in phase one and are underway in phase 2, just in time for upcoming closings! If you've visited us in Cypress before, you know this site used to be a bunch of trees. Soon it'll be a very busy construction zone!