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Tuesday, September 18 Real Estate (Prime Property)

Apartment developer buys acreage near The Woodlands

Suburban apartment developer Watermark Residential has purchased 15.5 acres for a new project just south of the Grand Parkway, midway between Interstate 45 and U.S. 249.

This will be the Indianapolis-based developer's tenth suburban Houston complex and will be part of a larger 30-acre development with retail and perhaps new office space.

This northern region of greater Houston is seeing multifamily activity pick up after the energy slump slowed growth. Katy is seeing new supply as well.

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"We're getting one of our big Houston waves of apartments that we tend to get every three to five years," said Tom Dosch, of Dosch Marshall Real Estate, with represents Watermark.

Areas adjacent to The Woodlands are especially active as the north Houston job market improves.

"They're all playing off The Woodlands," Dosch said. "They're grabbing good sites where they can."

The new Watermark project will be built near the intersection of Spring Stuebner and Kuykendahl. It will have approximately 300 apartments.

Nancy Sarnoff|Real Estate Reporter, Houston Chronicle

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