Garrett Cos just purchased an 11-acre tract just off the Grand Parkway at Harlem from Read King, and it’ll likely break ground on a multifamily community next quarter. ARA principal David Marshall, who repped the seller, tells us activity has slowed a bit in the area, due to its proximity to energy-based companies, but Garrett is bullish on West Houston (it’s built there before and likes the fundamentals—West Houston has typically absorbed multifamily product well). Even with recent layoffs from energy firms, David says this site—which sits between Katy and Sugar Land—is in the path of Houston’s growth and should do well.
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The tract is just east of a retail development planned by Read King. Garrett’s new community should get all sorts of nearby amenities; the Grand Parkway (SH 99) between Katy and Sugar Land isn’t heavily developed yet, but is projected to be built up very quickly over the next few years. Look for Garrett to build higher density than most suburban projects. (It’s also closing on a tract in East Houston to build multifamily. What economic slowdown?)
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