X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the multifamily market.)

LEAGUE CITY, TX-With three complexes already under way, Martin Fein Interests Ltd. is preparing to break ground on a fourth. The four complexes, costing $100 million to develop, will add more than 1,000 units to the suburban inventory.

Martin Fein Interests, in partnership with BlackRock Realty of New York City, is in the planning stages for the as-yet unnamed project, which will consist of 328 units on 15.1 acres. Dirt is expected to move on the project in late 2007, with completion eyed for spring or summer 2008.

Last fall, the JV started work on the 270-unit Gateway at Sienna Plantation at 8787 Sienna Springs Blvd. in Missouri City; 246-unit Cascade at Fall Creek at 8330 N. Sam Houston Parkway East in Humble; and 204-unit Sorrento at Tuscan Lakes at 1455 Louisiana Ave. All three projects will deliver in the summer. The last project in the pipeline will abut Sorrento at Tuscan Lakes.

Timm Wooten, executive vice president with Martin Fein Interests, says the two Tuscan Lakes projects are the second and third phases for the 244-unit Ravello at Tuscan Lakes at 1750 League City Pkwy., which is now on the market for $25.5 million.

“We’re trying to be prudent with building,” Wooten tells GlobeSt.com. “We want to stage these completions so we aren’t leasing against each other in the same areas.” He adds that the company is bullish on Houston because of the current market conditions. And, he adds, they’d like to do another venture with BlackRock in the future.

“Our niche is building class A, multifamily projects within the confines of master-planned communities,” Wooten says. “Instead of just plopping down a project on the highway, we like the control and operations of working with a master-planned community.”

Westchase Construction Ltd., a Martin Fein affiliate, is the general contractor for the quartet. JPMorgan Chase & Co., represented by Todd Fuller, has provided construction financing. David Aaronson and Hal Holliday with Live Oak Capital Ltd. in Houston arranged the Martin Fein/BlackRock joint venture.

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.