Keith K. Edwards of Houston-based Caldwell Watson Real EstateGroup negotiated the sale of the land. Edwards says the land willbe used for a multi-family development. Hettig/Kahn DevelopmentCo., a Houston-based apartment developer is reportedly in charge ofthe project.

Hettig/Kahn is responsible for developing the Mallard Creekmultifamily project in Kingwood three years ago. Additionally thefirm has developed the South Shore Lakes Apartments in thesoutheast Houston suburb of League City as well as othermultifamily projects. Barry Kahn of Hettig/Kahn could not bereached by press time for comment.

According to Revac's Apartment Market Survey, the Houstonapartment market is currently 4.4% vacant and is expected to remainstable throughout 2001 and the first half of 2002 at about 4.4% to4.2% vacant. Apartment construction for 2000 was 8,517 new unitsadded 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 correctannual number of new units needed in Houston to sustain a healthymarket, says the Revac report.