Fourplex community opens in Waller
The red-hot city of Waller has a new rental community.
Katy-based Faircroft, through its rental division BSR Properties, recently opened Park Place Flats, a 40-unit fourplex apartment community at 18823 Penick Road.
The first lease was signed in September, and the community had a ribbon-cutting with local officials in December, the company said.
Three of the total 10 buildings have been delivered, with the rest expected to be completed by the end of February, sales manager and broker Kelly Turner said.
Faircroft acquired the 4.6-acre tract in July 2022 from a private landowner. Katy-based DWP Architects designed the community, and Faircroft is acting as its own general contractor, BSR Properties Executive Business Manager Madeline Cook said.
When it’s completed, the community will have 10 two-story buildings with four units each, ranging from 1,125 to 1,360 square feet with two and three bedrooms. Rent is currently between $1,650 and $2,050 per month.
Amenities include gazebos and picnic tables along a walking area between the two rows of buildings.
The community is less than 2 miles south of U.S. Highway 290. It is zoned to the Waller Independent School District and about 6 miles from Prairie View A&M University.
Downtown Houston is about 44 miles away.
“We love the Waller area,” Cook said. “I think it’s a great town, great area for people that kind of want a little bit of a slower pace but still proximity to Houston.”
No other multifamily projects are currently underway in Waller, according to MRI ApartmentData. The only one that has been proposed is a build-to-rent community by Lynd Development, The Village at Waller 19240 Stokes Road, per the Houston-based apartment data company.
For other development, however, Waller — both the city and the county — are currently one of the hottest areas in Greater Houston. Residential developers have scooped up hundreds of acres of land in the area, and industrial development is going strong.
One of the earliest investors in the Waller area was Houston-based Wolff Cos., which purchased 521 acres along Highway 290 for its Beacon Hill master-planned community in 2018 and later added 43 acres. The developer later sold 270 acres to Long Lake Ltd., which is building around 870 homes on the land, and 78 acres to Houston-based Hines for industrial development.
This past October, The Blinn College District, a Brenham-based two-year educational institution, acquired 100 acres for a new campus on the northeastern corner of the intersection of FM 2920 and Binford Road in Waller. The seller, Peter Terpstra of Hockley-based Terpstra & Associates, is also co-developing a new town center on the remaining 350 acres he owns off Highway 290 with partner David Klein.
Other recent developments in and near Waller include Daikin Industries Ltd.’s 4.1 million-square-foot manufacturing plant, which opened in 2017, at 19001 Kermier Road, and Houston-based Pagewood’s The Great 290 Distribution Center at 2110 Fields Store Road, which Daikin leased in fall 2023 and Pagewood sold to Dallas- and Shreveport, Louisiana-based Sealy & Co. in January 2024.
The Japanese air-conditioning and refrigeration manufacturing company made the news recently because it secured naming rights for the Houston Astros stadium, which is now named Daikin Park.
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