X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-As soon as the ink dried, Picerne Real Estate Group broke ground on an 11-acre tract to add 200 units to Houston’s affordable housing inventory in the northeast quadrant.

The Warwick, RI-based developer is using the Altamonte Springs, FL, team to push the project on the northwest corner of Bennington Drive and Homestead Boulevard. The land was carved from a 30-acre tract intended for industrial development, Tom Bell of Reliant Commercial Real Estate Services in Houston tells GlobeSt.com. He and Reliant’s Steve Jarnigan represented Picerne in acquiring the land from Cypress-Industrial Co-Investment LP of Austin. James Foreman in the Houston office for Cushman & Wakefield of Texas Inc. represented the seller, who was seeking $2.25 per sf.

According to Bell, the balance of the site has been sold to an industrial developer, possibly for a distribution center, who was the only competitor vying for the property. Picerne chased the site because it already carried the HUD-qualified census tract designation for affordable housing funding. Bell says the site’s demographics include positioning along a bus route and part of an area that’s had little new development in recent years. Bell estimates it will take a year to deliver the complex.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.