AP NEWS

PinPoint Commercial launches Ivy Point brand apartments for seniors

August 17, 2018

Houston-based PinPoint Commercial plans to develop six suburban apartment complexes for residents age 55 and up, including a project in Kingwood that will wrap up early next year.

The properties, totaling more than 850 units, will offer one- and two-bedroom floorplans, from 655 to 1,293 square feet. Amenities will include fitness centers, resort-style swimming pools, wine and coffee bars and media/game rooms. Garages will be an option in some units. Classes such as water aerobics and scheduled outings for residents will all be included in the monthly rent.

PinPoint’s Active Adult division is developing the communities under the Ivy Point brand.

“The focus of what we’re doing is presenting the resort lifestyle to folks who have never lived in a resort before,” said PinPoint Commercial principal and active adult lead Iggy Grillo.

The locations have been selected to fill a growing demand from baby boomers and empty nesters looking to downsize and leave the maintenance of a house behind, Grillo said.

Rents, which will range from $1,150 to $2,150, are below the rates for independent living apartments, Grillo said.

The communities will have security features such as controlled access, requiring a key fob to get into the building, and enclosed hallways, Grillo said. The units will have granite countertops, oversized closets, walk-in showers with glass doors and washers and dryers.

Ivy Point joins a number of brands that cater to active adults including Overture, Solana, Solea and Watercrest. They are frequently in suburban areas that are close to residents’ children and grandchildren.

The communities take longer to lease up than ones without an age restriction, but turnover is low once someone moves in, said Bruce McClenny, president of Apartmentdata.com.

Preleasing is under way at Ivy Point Kingwood, a 150-unit community at 2302 Ladbrook Drive near Kingwood Drive in Kingwood. PinPoint Commercial broke ground on the three-story development in December after acquiring the land from neighboring Chevron Phillips Chemical.

In the coming months, PinPoint will begin leasing Ivy Point Klein, a 132-unit complex on T.C. Jester Boulevard, just south of Spring Cypress Road in Spring. Ivy Point Klein, which broke ground in June, is slated for completion in mid-2019.

Additional locations will follow in Cypress, Richmond, Friendswood and The Woodlands in late 2019 and early 2020.

Kairos Construction is the general contractor for all six projects. A property manager has not yet been selected.

PinPoint Commercial has developed more than $700 million in industrial, medical, retail and senior housing assets nationwide.

katherine.feser@chron.com

twitter.com/kfeser

AP RADIO
Update hourly