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Yet another investor is betting on the Katy multifamily market.
American Landmark Apartments has purchased Elan 99 West, a 360-unit Class-A community at 23400 Kingsland Blvd. that it will rebrand as Elite 99 West. The company anticipates spending $1.35M to upgrade the three-year-old property, making it more competitive with the slew of new multifamily projects on the way — Katy is the most active multifamily development submarket in Houston, with 4,200 units under construction.
Why all the attention? Katy multifamily is just shy of 90% occupied, and benefiting from Houston's job and population growth continuing to stay near the top of the national charts. Katy in particular has been booming, with the Katy Independent School District growing 19% in the last five years, the most of any large Texas district, according to American Landmark.
"Houston remains an exceptional market to invest in, with July data from the U.S. Bureau of Labor Statistics illustrating its lead in year-over-year job growth nationwide," American Landmark Chief Investment Officer Christine DeFilippis said in a news release.
This is American Landmark's 12th property in Houston and 36th in Texas. It has been on an acquisition tear in an attempt to purchase $2B in assets in 2019 — it is halfway there, according to the release. In April, it purchased six apartment communities totaling more than 2,200 units across Texas.
The newly dubbed Elite 99 West has a mix of one-, two- and three-bedroom units that include a full-size washer/dryer, garden tubs with separate showers, private patios and yards, walk-in closets and wood flooring. Community amenities include an infinity pool, a lake with a jogging path, a fitness center, an aqua lounge massage room, an outdoor kitchen, and a lounge and clubhouse.
Planned upgrades include installing smart locks, kitchen undermount lighting, exterior ceiling fans and unspecified upgrades to the site amenities.
The project is five minutes from Katy Mills Mall and five minutes from the Grand Parkway, which has been a major driver of activity in suburban Houston.
Berkadia's Mitch Sinberg, Matthew Robbins, Robert Falese and Matthew Cullison arranged financing.
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