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Houston-based developer, Read King Properties, is moving forward with its third retail-anchored apartment complex. The $60 million Groves Apartments will feature 336 units and be located in Humble, adjacent to a planned H-E-B-anchored shopping center. Construction costs are estimated at $178,600 per unit, with work set to begin in April and wrap up by fall 2026.

    Read King has been expanding its multifamily development portfolio, partnering with Austin-based Wayfinder Real Estate on several projects. Its first apartment complex, The Waterview, opened in Richmond in 2021, while a second project is currently under construction in Katy. Both developments are managed by Greystar and RPM Living, with rents ranging from $1,300 to $2,700.

    The Houston market is expected to see its largest multifamily delivery since 2017, with over 21,500 units hitting the market this year. However, the area also faces challenges due to a high number of criticized commercial real estate loans. Despite these concerns, developers are drawn to Houston's suburban areas, which have seen significant population growth in recent years.