Steven Alvis Of NewQuest Properties Acquires 18.5 Acres For Multifamily Development In Katy Texas

The property asset involved in the transaction is a development site comprising 18.5 acres located at the southwest corner of Morton and Porter Road in Katy, Texas. The site will be developed into a 334-unit multifamily community along with a retail center, allocating 11.8 acres to the apartments featuring one- to three-bedroom units with an average size of 865 square feet. Additionally, there will be a 10,860-square-foot retail building and five pad sites. Construction for this project is expected to commence early next year.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: Not specified
• Acres: 18.5
• Buyer: Steven Alvis
• Company: NewQuest Properties
• Location: Southwest corner of Morton & Porter Road, Katy, TX

Steven Alvis of NewQuest Properties is the buyer in this transaction, advocating for the development of the specified multifamily community and retail center on the acquired land. The project aims to enhance the local market with both residential and commercial facilities, supporting community growth and convenience for future residents.