Construction is underway on a new Multi-Family Development by SWBC Real Estate on Northpark Drive near Oakhurst.
In 2015 SWBC Real Estate purchased nearly 15.9 acres of raw land in Kingwood, Texas to develop Kingwood Ranch, a Class A apartment complex.
The property is located along North Park Drive, and is just west of Interstate 69 (highway 59), providing easy access to major employment centers, shopping destinations, and the George Bush Intercontinental Airport.
“The Kingwood area is a very attractive location, as it has a great family and community atmosphere,” said Stuart Smith, SVP of SWBC Real Estate. “Additionally, the rental market seems to be underserved, with only a few new multi-family properties available for the residents of Kingwood.”
SWBC Real Estate is capitalizing on the strong demand for new housing in the area as the current rental market for the existing multi-family properties within a 5-mile radius of the site has an average occupancy of 96%. Upon completion, it is planned to have 337 units comprised of one-bedroom, two-bedroom, and three-bedroom apartments.
The property was purchased from Chevron Phillips Chemical Company for an undisclosed amount.