23-Acre Site Slated For Multifamily Use

HOUSTON- The Stanley W. Ray Jr. Philanthropic & Civic Trust has sold its 22.8-acre tract at West Tidwell to the Fountains at Tidwell Ltd. The land is located between Texas 290 and U.S. 45 near the north side of Loop 610 in north Houston.

Keith K. Edwards of Houston-based Caldwell Watson Real Estate Group negotiated the sale of the land. Edwards says the land will be used for a multi-family development. Hettig/Kahn Development Co., a Houston-based apartment developer is reportedly in charge of the project.

Hettig/Kahn is responsible for developing the Mallard Creek multifamily project in Kingwood three years ago. Additionally the firm has developed the South Shore Lakes Apartments in the southeast Houston suburb of League City as well as other multifamily projects. Barry Kahn of Hettig/Kahn could not be reached by press time for comment.

According to Revac’s Apartment Market Survey, the Houston apartment market is currently 4.4% vacant and is expected to remain stable throughout 2001 and the first half of 2002 at about 4.4% to 4.2% vacant. Apartment construction for 2000 was 8,517 new units added to the market, with 8,500 new units estimated for 2001. Between 8,000 to 9,000 new units per year appears to be the correct annual number of new units needed in Houston to sustain a healthy market, says the Revac report.