Rene Joubert, senior vice president and managing director of Minneapolis-based NorthMarq Capital's Houston office, arranged the financing for Ashley House Apartments. The development is going up on 11.6 acres along Mason Road near Westheimer Parkway and carries a third-quarter delivery date. Mucasey & Associates Architects of Houston designed the one-, two- and three-bedroom project.

Jerry Winograd, who runs Judwin Properties along with Marc Winograd, tells GlobeSt.com that Katy is a favorite development area for the company–so much so that another tract is on the design table while weighing all "opportunities" for the area. Nothing is firm, he emphasizes.

Winograd says Katy's demographics make it ripe for development. Just a mile away from the under-construction Ashley House is another Judwin project: Cornerstone Ranch at 2002 S. Mason Rd. In all, the developer has seven complexes up and running in the Houston area. Judwin Properties is a privately held Houston-based real estate development and management company established in 1963.

Winograd, like others in the industry, is "cautiously optimistic" about this year. But, he also believes that Katy can readily support another apartment project. Judwin Properties purchased the Ashley House site in November 2001 from Sugar Land-based Turner Adreac.