"This was just good timing on the seller's part because themixed-use development next door is starting to blossom," says DavidMitchell, principal in Houston for Apartment Realty Advisors. Hesays the growth of the adjacent 50-acre Kings Harbor WaterfrontVillage added value to the 95%-leased asset at 4630 Magnolia CoveDr. for the sellers, Midway Development Co. and ChancellorProperties.
Kings Harbor Waterfront Village is a Midway Cos. developmentconsisting of residential, retail and office product. Thedevelopment has attracted restaurants including Zammittis, WineLoft, Chimichirri's and Como se Dice.
"Once that mixed-use development next door is finalized, thevalue of the property will be that much higher," explains Mitchell,who teamed with ARA principal Matthew Rotan.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
