Developer Breaks Ground On 288-Unit Apartment Community In The Katy Area
A developer that has only before developed retail and hotels broke ground on its first multifamily project in Katy.
Dhanani Private Equity Group is building Territory at Greenhouse, a 288-unit, Class-A apartment community at the intersection of Greenhouse and Mayde Creek roads. The first phase will feature three, three-story buildings and a clubhouse and is expected to deliver in March 2020. The additional nine buildings will be completed within 24 months.
"Millennials don't like to buy big, single-family houses," Dhanani principal Nick Dhanani said. "Millennials are about staying in cozy apartments. They don't want to have a long-term commitment. The younger generation is moving into this area, and that is our target market."
Territory will feature one-, two- and three-bedroom units averaging about 975 SF, Dhanani said. On-site amenities will include a resort-style pool and lap pool, an outdoor theater, electric car charging stations, a car wash station, dog parks, a fitness center and a business center. The community will also feature smart home capabilities such as smartphone activated gate openers.
Dhanani purchased the 12-acre land tract two years ago and then acquired an adjacent 6 acres eight months ago. The company built a 26K SF retail center in front of the community and sold a parcel for a future gas station. The remaining 13 acres will be the site of Territory.
Allied Orion Group is the general contractor and will serve as Territory at Greenhouse's property manager. Steinberg Dickey Collaborative is the architect. Q10 KDH's Ryan Watson brokered a $28M construction loan from a regional bank for Dhanani.
