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Morton Road

Neil Joshi Of RSK Real Estate Partners Acquires 9.37 Acre Development Site From Morton Ranch Development LLC
SOLDDevelopment Site

Neil Joshi Of RSK Real Estate Partners Acquires 9.37 Acre Development Site From Morton Ranch Development LLC

Building Size

Asset Type

Development Site

Closing

Jul 22, 2025

AI

A development site encompassing 9.37 acres located at Katy Hockley and Morton Roads in the Katy market has been sold. The asset is positioned in a rapidly growing area, anchored by the Market at Katy Park, and will be developed into a 156-unit build-to-rent duplex community. The project is part of RSK Real Estate Partners' 5|5|5 Initiative, with delivery of units expected by late Q2 2026.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: Not disclosed
  • Address: Katy Hockley & Morton Road
  • Market: Katy
  • Acres: 9.37
  • Buyer: Neil Joshi - RSK Real Estate Partners
  • Seller: Morton Ranch Development LLC
  • Brokers: Matthew Davis & Kristen McDade - Cushman & Wakefield

Neil Joshi represented RSK Real Estate Partners in acquiring the development site, marking it as the largest project for the company in the Houston area to date. The sellers were Morton Ranch Development LLC, indicating a concentrated effort in expanding residential options within the locality.

Players

Kristen McDade

Cushman & Wakefield

Broker

2 deals

Broker
Cushman & Wakefield
Cushman & WakefieldBrokerage

Market Development Site Market Snapshot

Boundary boundary · Development Site · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93