KATY, TX-Oden Hughes LLC has joined forces with Mexican partner Desarrollos Delta to launch construction on the 354-unit Parkside Grand Parkway. The move is Oden Hughes' first move into the Houston market.
The 14-acre project at the southwest corner of Katy Fort Bend Road and Grand Parkway near Interstate 10 is expected to open in mid-2014. The multifamily property will offer one-, two- and three-bedroom units ranging in size from 625 square feet to 1,400 square feet. Rents will be between $850 and $1,655 a month. The location is just west of the booming Energy Corridor submarket.
"We've wanted to be in the Houston market for awhile, but we were waiting for the right opportunity," says Craig Hughes, Oden Hughes' principal and co-founder. "This site is highly visible, just minutes away from one of the fastest-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 acting as the project's general contractor, while Kelly Grossman is the architect of record. Jones & Carter Inc. is the engineer. Wells Fargo bank NA provided the construction loan.
"It's an unbelievable site for apartments, and it's hard to find good sites," comments David Marshall of Apartment Realty Advisors. "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."
Representatives involved with the project were not available for comment by deadline.
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