CLEAR LAKE, TX-A Colleyville partnership has staked a claim to a 14-acre tract to develop a 288-unit complex with a $26-million price tag. The as-yet unnamed project will be adjacent to the mixed-use Village at Clearpoint Crossing.

The developer is RCP Clear Lake Ltd., a partnership between equity company Realty Capital Partners LLC and developer Realty Capital Corp. The plan is to break ground on the apartment complex within two months at the intersection of Space Center Boulevard and Genoa Red Bluff Road. Completion is estimated to take 16 months.

"We're planning to be in this for a total of three years, between building, lease-up and stabilization," Kacey Bess, who is RCP Clear Lake's project manager, tells GlobeSt.com. She says Realty Capital likes the Clear Lake submarket for a variety of reasons, one of which is the growing demand for quality multifamily housing.

"Clear Lake has few apartment complexes, but based on projections, 28,000 new jobs will be created in the next 10 years," Bess says. "That's going to equal a demand for 5,500 multifamily units and 15,000 single-family homes. We want to be in that market as demand grows."

The project will have one-, two- and three-bedroom units averaging 945 sf. Monthly rents have not been determined nor have a general contractor and architect been named.

In addition to the multifamily project, Realty Capital Partners has joint ventured with local developer, Peyton Cottrell Interests Inc., on a 130,000-sf retail development on the west side of town. That project is nearing completion.