Katy No. 4 in apartment construction in Greater HoustonKaty No. 4 in apartment construction in Greater Houstonhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=66742013-08-02T14:33:00Z2013-08-02T14:00:00Z

KATY - The Katy market now ranks fourth for most apartment construction in Greater Houston.

Katy Apartment Market Statistics:*

  • apartment communities presently in the area: 31, comprising 8,685 units**
  • average rent: $1,183 a month**
  • average effective rent per sf: $1.18**
  • apartment communities currently under construction - six, totaling 1,757 units***
  • occupancy rate through June 2013: 95.6 percent

* Figures reference the area of Katy bordered by I-10 to the north, Westpark Tollway/FM 1093 to the south, FM 1463 to the west and George Bush Park to the east.
**Does not include preleasing units.
***Does not take into account the two nearby apartment communities (a total of 692 units) under construction slightly north of I-10.

Source: SMART Apartment Data

The $21 million, 160-unit Lakeside Villas at Cinco Ranch has opened. The high-end apartment community, located at 10441 Spring Green Blvd., features one-, two- and three-bedroom apartments from 813 sf to 1,614 sf. Rents range from $1,261 to $2,266.

Though the eight-acre multifamily community only began leasing in early 2013, just nine of Lakeside Villas’ 160 units remain vacant.

Additionally, Parkside Grand Parkway — Oden Hughes’ planned 354-unit multifamily development slightly south of Kingsland Blvd. — has broken ground, and is one of eight area apartment communities under construction, totaling almost 2,500 individual units. The luxury development will begin leasing in 2014.

When measured against all of Greater Houston, the Katy region now trails only the Montrose/Museum District, Galleria area and Inner Loop West markets in the construction of new apartment housing.

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