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Multifamily development flourishing in Spring
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Wayfinder, Read King start apartments in Market at Katy Park
$48M apartments part of H-E-B-anchored mixed-use development
Wayfinder Real Estate co-founder Chris Sipes; Read King principals Ewing King and Jeff Read; Wayfinder Real Estate co-founder Mac McElwrath; a rendering of Oak at Katy Park at 24720 Morton Ranch Road in Katy (Getty, Wayfinder Real Estate, Read King)
Wayfinder Real Estate and Read King Real Estate started construction on a huge apartment complex in the H-E-B-anchored Market at Katy Park development.
The 348-unit project, Oak at Katy Park, is at 24720 Morton Ranch Road.
The cost is estimated at $48 million, according to a filing with the Texas Department of Licensing and Regulation. That works out to a little under $138,000 per unit, although price estimates are subject to change.
It is scheduled for completion in mid-2025. H-E-B is expected to open early next year.
The development will span 11 three-story buildings with amenities including a pool, pickleball court, co-working space, sauna and outdoor kitchens.
The project team includes OHT Construction, Meeks Architects and Norris Design, as well as Austin-based Wayfinder’s interior design arm Wayfinder Design.
Oak at Katy Park is the first non-retail project in Houston-based Read King’s 54-acre Market at Katy Park.
The development has also signed McDonald’s, Crust Pizza and Chase Bank.
Katy has experienced a surge in demand for housing as the west Houston area continues to grow. The population has grown 15 percent between 2020 and 2022, according to the U.S. Census Bureau. The residential rental market in Greater Houston has seen increased interest from buyers as ballooning interest rates have made homeownership increasingly out of reach.
Demand for apartments in Katy is overwhelming.
About 23,000 multifamily units were under construction in Greater Houston in the third quarter, according to Transwestern. About 3,000 of them are in the Katy submarket.
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The Oak at Katy Park is the second collaboration between Read King and Wayfinder. They previously developed the Waterview, a 295-unit apartment complex in Richmond, 15 miles southwest of Houston.