Katy-area land deals to bring hundreds of apartments
A pair of recent land deals will result in more than 650 new apartments near the intersection of Interstate 10 and the Grand Parkway.
Austin-based Oden Hughes has purchased 12 acres from Trammell Crow Co. next to the Costco at the southwest corner of the Grand Parkway and I-10, and Davis Development of Atlanta has closed on 14 acres to the north at the Grand Parkway near Clay. The seller was an entity called Clay Road 628 Development.
After they are built, the two projects will have a combined value of roughly $100 million, said Tom Dosch, principal at Dosch Marshall Real Estate, a brokerage firm involved in both transactions.
“Six months ago, you’d drive that area and it was just really green,” Dosch said. “All the infrastructure and roads coming in are opening up that whole area for commercial development.”
DMRE represented the seller in a third transaction in the area slated for new homes. The 603-acre site at FM 529 and FM 2855 is in the Royal Independent School District, which serves Pattison, Brookshire and Sunnyside. LGI homes is currently building in the area.
Oct. 22, 2018