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MONTGOMERY, TX-Regent Properties Inc. has paid $20 million to Millennium Homes for 700 acres in far north Houston. The Los Angeles-based buyer will develop the land, which includes the 18-hole Grand Lakes Estates Players Course and then sell lots to single-family and multifamily developers.

The land is about two miles north of the intersection of FM 2978 and FM 1488. William Forrest, managing director and senior investment adviser with Sperry Van Ness in Houston, says the local seller brought utilities to the site and then wanted to find an equity partner before going further. “After awhile, they decided to sell the whole thing,” says Forrest, who represented the seller.

Forrest adds that Regent Properties’ fix-ups will include new roads, including one to open access on the parcel’s southern end. Forrest says Regent Properties has the money to be patient with the parcels and wait for the right market and buyer although the area is a hot one from a development perspective.

The new owner also plans to upgrade the three-year-old golf course. “They’ll fix it up and likely put a clubhouse on it,” Forrest says.

Forrest tells GlobeSt.com that Regent Properties has the experience and capital to develop the property as evidenced by its acquisition and treatment of a 3,826-acre parcel in Sienna Plantation, spanning more than 10,000 acres in Missouri City, TX. According to the company’s website, the land was an undeveloped agricultural property rescued from bankruptcy court proceedings.

Regent Properties currently is setting up and managing infrastructure improvements in Sienna Plantation, utilizing municipal utility and levee improvement districts to advance its plan. The developer also has developed a master plan, budget and schedule for phased development while completing environmental remediation work. “Regent is more or less a land developer,” Forrest explains. “They get all the entitlements, get everything fixed up, then sell the lots.”

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