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Houston

Kajani Capital plans 300 apartments in Kingwood Place

Four-story resi will be the second apartment complex in the H-E-B-anchored development

 Kajani Group's Khalid Kajani and an aerial of the site (Google Maps, LinkedIn)
Kajani Group's Khalid Kajani and an aerial of the site (Google Maps, LinkedIn)

Kajani Capital Group bought an 11-acre tract with plans to build a four-story residential complex in Kingwood Place. Evolve Kingwood will have 300 apartments adjacent to a Starbucks, in the H-E-B-anchored shopping center at Interstate 59 and Northpark Drive, the Houston Business Journal reported last week

Chris Bergmann Jr. of JLL represented Kajani, and Joan Collum of Collum Commercial represented the seller, Austin-based Stratus Properties. The deal was an off-market transaction.

The company plans to break ground in May and open in fall 2024, said Khalid Kajani, of Kajani Capital Group. One- to three-bedroom units will average 875 square feet. The complex will also have a clubhouse, Amazon lockers, a dog park and a gym.

The apartments are expected to fetch market-rate rent, now around $1,400 a month. This would be the second complex in the company’s Evolve line. Kajani has broken ground on the 336-unit Evolve Champions at 14919 T.C. Jester Boulevard.

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Evolve Kingwood will be the second apartment complex in the Kingwood Place development after the Kacey at Kingwood, which is owned by CAP Capital Partners.

The 54-acre Kingwood Place has 41,000 square feet of retail and restaurant space that’s 95 percent leased.

Stratus Properties began building the development in December 2018 after buying the land from The Woodlands-based Chevron Phillips Chemical Co.

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— Victoria Pruitt