JV plans $19M multifamily project in Houston area

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.

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.

“Santa Fe has not seen a development like this in almost 20 years,” Boyer said.