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HOUSTON-Birmingham, AL-based Investment Co. of the South LLC has paid close to the asking price of $3.25 per sf or nearly $1.9 million for a 13.3-acre development site for a 300-unit luxury complex in West Houston.

The Ranch at Barker Cypress is poised to break ground in 30 days at the southeast corner of Barker Cypress Road and Park View Drive, Tom Condon Jr. with Houston-based Betz Commercial Brokerage Inc. tells GlobeSt.com. Delivery is slated for February 2004.

The property was sold by Barker Cypress/Park 10 Investment Ltd., an investment group led by Stewart A. Feldman, president and sole general partner of Barker Cypress Management Corp. Condon got the listing in November 2001, but the land had been for sale for awhile. He says the acreage was on the market for such a long period because the seller held firm to the asking price.

At the start of this year, Investment Co. of the South and two other would-be buyers surfaced. Condon believes the property finally sold because investors have become a bit more comfortable with the international political situation. Nonetheless, a full economic recovery should be under way by the time the Ranch at Barker Cypress is completed, he points out.

Joe Calderoni with Houston-based J. Calderoni & Associates Inc. represented the buyer, who is marking its first “ground-up” development in Houston with the project although it has completed several multifamily rehabs around town. Annette Casley with Charter Title Co. coordinated the closing.

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