Highpointe Communities, a community-focused real estate development firm founded in 1997, has expanded into the multifamily sector. The firm has launched a multifamily division with operations in Southern California and Central Texas.
“Multifamily is in high demand in Texas and California, and we are bringing our same philosophy of high-quality developments with state-of-the-art amenities to this space,” said Highpointe Communities founder, principal, and CEO Steve Vliss. “We already have more than 1,240 units and $320 million in projects committed and plan to add up to 2,400 units before the end of 2024.”
According to the firm, it will employ a strategy of developing and holding its projects.
“It’s one thing to build something; it’s another thing to design and build if you intend to own it for a while,” said Vliss. “We are focused on bringing Highpointe’s same signature quality and longevity to our multifamily division that is synonymous with all our projects.”
The firm recently broke ground on its first multifamily development—the $73 million Sendero at Trace in San Marcos, Texas. The Class A development will be comprised of 399 units.
In the design phase are three other Class A developments in Southern California. These developments include the $64 million MIRAVAL at the Groves master-planned community with 232 units in Loma Linda, the $62 million ASTER with 228 units in Hemet, and the $121 million VESTA with 384 units in Palm Desert. All of the developments will feature resort-style amenities, including a pool, a fitness center, a clubhouse, fire pits, and lifestyle programming.
Highpointe Communities also is evaluating two other multifamily communities in Austin, Texas, and San Juan Capistrano, California, which could add another 400 to 600 units to its portfolio.
“In addition to Highpointe’s core business of developing master-planned communities, our current growth strategy is aimed at building a strong multifamily asset base to diversify our real estate portfolio and hedge against rising interest rates and inflation,” added principal and chief investment officer Bobby Shakoory.
