Phoenix-based Alliance Residential is planning to build more apartments in the Katy area.
The multifamily developer and property manager acquired about 12 acres on Colonial Parkway—about half a mile east of the Rhodes and Legacy stadiums—from Houston-based Medistar Corp., said Tom Dosch, a principal at the Houston-based Dosch Marshall Real Estate company, which represented Alliance. The deal closed Oct. 31, and financial terms were not disclosed.
Alliance plans to break ground on a 340-unit, Class-A apartment complex on the parcel before the end of the year, Dosch said. Community Impact Newspaper reached out to Alliance for more information, but a representative was not immediately available.
“The tract is generally located behind all of the retail on the north side of I-10 at the northwest corner of I-10 and the Grand Parkway,” Dosch wrote in an email. “There is a lot of activity in the area from a commercial development standpoint. … The site is very desirable due to it being zoned to Katy schools and walkable to retail.”
To Dosch’s knowledge the property did not flood during Hurricane Harvey.
According to records with the Harris County Appraisal District, the parcel Alliance purchased is part of a 31-acre tract of land with a 2018 appraised value of $6.9 million. The current owner, per HCAD, has owned the land since at least 2005 and has an address associated with Medistar Corp. The Houston-based real estate firm develops medical properties and buildings, per its website.
Earlier this year, Atlanta-based Davis Development and Austin-based Oden Hughes purchased Katy-area tracts of land. Both companies plan to build luxury apartments.