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HOUSTON-Investment Property Exchange, a locally based development company, has purchased 165 acres at the intersection of FM 2920 and Kuykendahl Road in far northwest Houston.

The buyer is planning a residential and retail development. Jeff B. Lokey with Houston’s NewQuest Properties negotiated the deal for the buyer. The seller, Helen Liu of Houston, represented herself.

Lokey tells GlobeSt.com that 20 acres are promised to a mini-storage business owner. Ground will break in roughly 90 days. Another 38 acres has been committed to retail use, including two corner lots fronting Boudreaux Road while the bulk of the land fronts Kuykendahl or the proposed Grand Parkway. Lokey says Grand Parkway is slated to bisect the property.

The balance of the land is earmarked for a master-planned residential community. Residential housing will likely start coming out of the ground in six to nine months, says Lokey. As for the retail acreage, that will be sold individually for development.

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