HOUSTON – (Realty News Report) – Kajani Capital Group has purchased a 13.25-acre parcel in North Houston for development of a new multifamily community.
Apartment construction continues to be robust in the Houston metro area. RentCafé, a national apartment search site, projects the region will complete about 15,760 new apartment units this year—roughly 12 percent more than in 2020.
Kajani Capital Group plans a Class A, garden-style development featuring 336 units on the North Houston site, which is situated near FM 1960 and TC Jester.
The land sale was represented by Kristen McDade and Matthew Davis of Cushman & Wakefield.
“Located immediately north of FM 1960/Cypress Creek Parkway and adjacent to the new School of Science and Technology charter school, this multifamily project will offer high-quality housing to an underserved market,” said Davis.
Houston’s apartment market has rebounded quickly from the pandemic downturn. ApartmentData.com, a Houston-based multifamily consultancy, reports a 5 percent increase in rents and the highest occupancy rate in two years.
Ongoing economic growth across Texas has helped replenish vacant apartments. In June, apartment absorption in Houston remained above 5,000 units for a third consecutive month, according to ApartmentData.com.
The Houston-area apartment occupancy rate rose to 90.7 percent in June, up from 88.4 percent in June 2020. Currently, 59 apartment complexes are under construction and will add about 15,981 new units to the market soon. Over the past 12 months, 86 communities totaling 23,431 units were added to Houston’s rental inventory.
Population inflows to Houston are a major driver of housing expansion. Zonda identifies Houston, along with Dallas and Phoenix, as one of the leading markets for relocation-driven population gain.
Strong single-family home sales and limited for-sale inventory in the Houston area are also supporting demand for multifamily housing.
Sept. 15, 2021 Realty News Report Copyright 2021
For more about Texas real estate, check out the book Houston 2020: America’s Boom Town – An Extreme Close Up by Ralph Bivins. Available on Amazon
Houston 2020 Ebook version
Image: Courtesy Kajani Capital Group
File: Kajani Developing Houston Apartments near FM 1960. Kristen McDade and Matthew Davis of Cushman & Wakefield.