NC4L, Saturn Equities JV hot on Santa Fe with $20M resi stake

NC4L’s Corey Boyer with rendering of 137-unit complex at 4315 FM 646 (LinkedIn, Garcia & Associates, Getty)

A joint venture between real estate development firms NC4L and Saturn Equities is set to bring a $19 million complex to the Houston outer suburbs.

Their planned 137-unit complex at 4315 FM 646 in Santa Fe will cost about $19 million or almost $139,000 per unit to build. The joint venture purchased the land for about $1 million in the second quarter of 2022, said Corey Boyer, president and owner of NC4L.

Called 646 Apartments, the project will span 145,000 square feet. Houston-based architecture firm Garcia & Associates is attached to the project. Groundbreaking is expected in April, with an estimated completion date in Q4 2023.

“We realize no individual can do everything on their own, and diversity of thought and pooled resources produce better outcomes for our investors and tenants alike, especially during the fluctuations in the market that we are currently working with,” Boyer said. “We don’t feel that we can rest on what worked seven, five or even two years ago, because of the changes in the market.”

Boyer has a few projects that target the burgeoning residential communities across Galveston County.

NC4L’s portfolio includes the development of a 15,000-square-foot retail center and a gas station in Santa Fe, according to its website. The firm also has plans to break ground on a senior living community on FM 1764 this year.

Santa Fe, 35 miles southeast of Houston, was founded as a railroad town in the 19th century. While its population had been ticking upward, the town saw a slight decline in population in 2020. But the current U.S. Census Bureau estimate of 12,800 is a few hundred more than in 2018.

The median household income in Santa Fe, Texas, is just under $84,000, according to the census bureau, and less than 7 percent of residents live in poverty. Almost 85 percent of homes are owner-occupied. A search of rental listings returned a scattering of single-family listings but no apartments.

“I’m very excited for this project because Santa Fe has not seen a development like this in almost 20 years,” he said. The joint-venture is set to inject a shot of vitality into Santa Fe’s scarce multifamily market, filling a crucial void in the area’s apartment living sector.