Houston-based Sueba USA is developing its first apartment complex in Montgomery County.
Sueba affiliate SCS 214 Series started construction on April 10 on Imperial Oaks Square, the first phase of a two-complex project in the Falls at Imperial Oaks master-planned community on the Grand Parkway, northeast of Spring.
Sueba expects completion of the 269-unit, three-story, garden-style Imperial Oaks Square at 30020 Creekside Terrace Drive in the fourth quarter of 2024 and to start the second phase — the four-story, 308-unit Imperial Oaks Lofts at 30035 Creekside Terrace Drive — immediately after.
Falls at Imperial Oaks developer Holcomb Properties Co. contributed the 10 acres for the first complex and plans to add another 10 acres for the second to a limited partnership between the two companies, said D.J. Blanchard, vice president of development and legal affairs at Sueba.
Imperial Oaks Square will be the first multifamily complex in the 686-acre master-planned community, according to Sueba.
It will offer studio to three-bedroom units ranging from 496 to 1,594 square feet. Rental rates will depend on the market at the time of pre-leasing, which is slated to start in July 2024, Sueba said.
The apartments feature stainless-steel appliances, granite countertops, under-cabinet lighting, 42-inch kitchen cabinetry with brushed-nickel accents, under-mount sinks and subway tile backsplash. All plans include bathrooms with custom-framed mirrors, walk-in closets, 9-foot ceilings, designer tile and wood-style flooring, and a full-size washer and dryer. Most units also include an oversized soaking tub, and select plans offer a kitchen island with wine storage, 12-foot ceilings, and a patio or balcony.
Complex amenities include a resort-style pool and hot tub with outdoor cabanas and grilling areas, a lap pool, fitness center, “Net Café” with computers and printer, a coffee bar, a conference center with catering kitchen, and a dog park with pet washing station.
The gated community also features app-enabled access, surface and garage parking, automated package lockers and a cold storage room for deliveries of perishable groceries, according to Sueba.
Imperial Oaks Square is situated on the 100-acre Lake Holcomb, which has a 3-mile hike-and-bike trail around it as well as a fishing dock and pavilion.
It’s also near the new Holcomb Family YMCA at 5201 Imperial Promenade Drive. The outdoor-focused YMCA opened in late 2021 and features a 12,000-square-foot pavilion with turf and multipurpose courts, outdoor fitness center and large multipurpose sports fields.
Sueba has wanted to open an apartment complex in Montgomery County for a long time, Blanchard said, citing strong population growth and large employers.
“We’ve, as a company, looked for a long time to try and source the right site for us in Montgomery County,” he said. “The stars hadn’t aligned until these two particular sites.”
The Imperial Oaks complexes will also be right at the Grand Parkway toll road, with fast access to employment and shopping centers, such as The Woodlands and City Place.
Montgomery County’s apartment market, after experiencing explosive growth in 2021, appears to be stabilizing, according to Houston-based ApartmentData.com. Monthly rent grew by $49 on average in 2022 — to $1,401 — after a $223 jump in 2021 compared to the first pandemic year of 2020. As of February, apartment occupancy is 90.6%, down from a peak of 93.3% in the fall of 2021.
Sueba, meanwhile, is working on more apartments throughout the Houston area.
Last September, the company started construction on Ivy Lofts in Pearland’s Ivy mixed-use development at State Highway 288 just south of Beltway 8. The four-story complex will have 335 units and commercial space on the ground floor.
In December, Sueba broke ground on the four-story, 272-unit San Paseo, the last of three apartment complexes on the northeastern corner of the Grand Parkway and Interstate 10 in the Katy area.
Earlier this year, the company opened the 318-unit San Estrella in the Energy Corridor, near the northwest corner of Eldridge Parkway and Westheimer Road.
Sueba is also nearing completion of a 370-unit, four-story midrise apartment complex called San Palmas on State Highway 6 and West Little York Road in west Houston. And it plans to break ground on a second apartment building in the Katy Boardwalk development this fall.
In addition, the company plans to break ground on the first of two apartment complexes in the Fort Bend Town Center in Missouri City in the first quarter of next year, Blanchard said.
“We’re as busy as ever here,” he said. “And we sold most of our portfolio — all of our portfolio, really — in 2021 and the early part of 2022. And now we’re in development mode, with lots of projects under construction and in pre-development.”
Crystal Guillory, Sueba’s vice president of investment, credits owning tracts throughout Houston for the ability to develop so much now, despite challenges such as increased construction costs and capital interest rates.
“We’ve had the land internally or with other partners, and it’s just really helped us be able to get started,” she said. “We weren’t sourcing land during this time.”
