A Texas developer is planning a massive apartment complex in Katy.
Bohannon Development filed plans with the state to build a $77 million multifamily project at 7227 Elyson Exchange Way, off Freeman Road near the Grand Parkway.
Called the Milestone at Elyson Apartments, it will span 420,000 square feet, according to the filing with the Texas Department of Licencing and Regulation. It will consist of 14, three-story buildings, but the number of units was not revealed. Construction is expected to begin in October, with completion estimated for summer 2025.
The project was filed under Cypress Residential LP, a subsidiary linked to the El Paso-based developer Bohannon, per public records. Bohannon Development did not immediately return a request for comment.
Katy had the fifth-highest average rents in Greater Houston in the first quarter of this year, averaging more than $1,500, over 20 percent more than the metro’s average, according to Transwestern.
Milestone at Elyson Apartments will join a bevy of other projects in the area, such as Davis Development’s recently opened luxury complex Cendana District West.
The Katy, Cinco Ranch and Waterside submarket off the Grand Parkway holds the lion’s share of new construction coming to the Bayou City, according to Transwestern. In the first quarter, 3,800 units were under construction. The submarket had the largest net absorption, with 356 apartments. It dwarfed the city’s second-most active multifamily submarket, northwest Houston’s Bear Creek, Copperfield and Fairfield, which had less than half the upcoming supply, 1,800 units, under construction in the first quarter.
However, the Katy, Cinco Ranch and Waterside region also experienced the largest occupancy decrease due to mass construction, with the submarket declining 3 percent. This westernmost area lagged slightly behind the metro with an 87 percent multifamily occupancy rate compared to Greater Houston’s 90 percent occupancy.
Miami-based developer Resia has begun construction on Ten Oaks, its first Houston project, which is expected to be completed in 2024. Bohannon Development has previously developed two other multifamily projects in Houston, including Kingsland West, which is 8 miles east of Katy, and Northchase Village, between Willowbrook and Westfield.
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