A Houston-based developer is moving ahead on its third retail-anchored apartment complex.
Read King Properties plans to bring a $60 million, 336-unit apartment complex to Humble, adjacent to its planned H-E-B-anchored shopping center, state records show. The estimated construction cost comes to $178,600 per unit.
The retail-focused firm expects to start construction on the Groves Apartments, at 15910 Woodland Hills Drive, in April and wrap up by fall 2026. It enlisted Houston-based Meeks Partners for design. Read King didn’t immediately respond to a request for more information.
The firm is relatively new to multifamily development but has been tacking on multifamily projects to shopping centers it already owns. Partnering with Austin developer Wayfinder Real Estate, it spent 10 years preparing before it started construction in 2021 on its first apartment complex, The Waterview, at 19525 West Bellfort Avenue in Richmond. That 295-unit project is part of Read King’s Waterview Town Center shopping area.
It began construction on a 348-unit apartment complex in Katy late last year at its H-E-B-anchored Market at Katy Park shopping strip, again partnering with Wayfinder. The two developments are managed by Greystar and RPM Living, and rents range from $1,300 to $1,900 and $1,300 to $2,700.
Developers are bringing the most multifamily deliveries to the Houston market since 2017, with 21,500 units expected to hit the market this year, according to Berkadia. But the market also had the highest number of criticized commercial real estate loans in the nation coming into this year.
Many developers see Houston’s suburban sprawl ras this year’s promised land. Hanover Company, a Houston high-rise specialist, just started construction on a $54 million apartment complex in Richmond, and multifamily development is cropping up in an arc along the Grand Parkway north and west of the city.
Humble’s population has shrunk by 3 percent since 2020, while other Texas places have boomed with new residents, according to the U.S. Census. Houston’s inched up about half a percent. Richmond’s grew 11 percent, and Katy’s 20 percent, inviting development of housing, big box stores and restaurants.
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