AUSTIN, TEXAS (July 15, 2013) – Austin-based Oden Hughes LLC together with partner Desarrollos Delta of Monterrey, Mexico has begun construction of a 354-unit Class A multifamily community in Katy, Texas immediately west of the Energy Corridor.
Called Parkside Grand Parkway, the 14-acre project is located at the southwest corner of Katy Fort Bend Road and Grand Parkway near Interstate 10 and is within the boundaries of Katy Independent School District.
One, two and three-bedroom units will range in size from 625 to 1,400 square feet and rent for between $850 and $1,655 a month. Amenities will include two resort-style pools, an air-conditioned dog washing station, outdoor cooking and dining area as well as a first-class fitness center.
Parkside Grand Parkway is expected to open in mid-2014. Project cost was not disclosed.
This project marks the sixth new apartment project and the first in the Houston area for Oden Hughes, which was formed by two industry veterans, Steve Oden and Craig Hughes, in 2010.
“We’ve wanted to be in the Houston market for awhile, but we were waiting for the right opportunity,” said Hughes. “This site is highly visible, just minutes away from one of the fastes growing job centers in the country and within the boundaries of a highly desirable school district. We couldn’t ask for a better entry into the market.”
Oden Hughes is the general contractor. Kelly Grossman is the project’s architect, and Jones & Carter Inc. is the engineer. Wells Fargo Bank provided the construction loan.
David Marshall of ARA Real Estate Investment Services in Houston predicts Parkside Grand Parkway will be well received.
Katy is one of the fastest growing areas in Houston due to the excellent schools and tremendous employment growth along the Energy Corridor, he said, where approximately 6 million square feet of office space is planned or under construction.
“It’s an unbelievable site for apartments, and it’s hard to find good sites,” Marshall said. “Katy gets some of the highest rents for suburban product in Houston, and the sales comps are high. Rent growth out there has been through the roof the last couple of years.”
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