29-Acre Assembly Sets Resale Plan Into Motion

(Read more on the multifamily market.)

BAYTOWN, TX-A local development company has acquired 28.7 acres in two transactions within one week, setting a plan into motion to flip it to multifamily and mini-warehouse developers. Land in the immediate area is trading for $1.50 per sf to $4 per sf.

John F. Littman, senior director in Cushman & Wakefield of Texas Inc.’s Houston office, says both tracts at Crosby-Lynchburg Road and Interstate 10 are in an area that’s experiencing significant residential development. “The northeast corner of this wraps around a Mobil service station. And, there’s a certain amount of residential development going around it,” Littman says. He represented principals of Walter Oil & Gas Corp. in Houston in the sale of a 14-acre tract while the balance of the acreage came from a local resident in a direct deal with Venture Development Inc. of Houston.