X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HUMBLE, TX-Passco Cos. LLC and Seneca Investments have begun construction on Stoneleigh on Kenswick, thanks to a $20-million construction loan. The 318-unit multifamily project will be completed in about one year.

Specific development costs weren’t available, but Wachovia Corp. of Charlotte, NC has funded the development. Carey Levy, president of Passco Cos. in Irvine, CA, says the Stoneleigh on Kenswick at 19800 Kenswick Dr. is the first project with Dallas-based Seneca Investments.

Levy tells GlobeSt.com that Stoneleigh on Kenswick is underwritten for a three- to five-year hold. The project will sit on 15 acres, a mix of one- and two-bedroom units ranging from 525 sf to 934 sf. Rents have not been set.

“The site is very well located and has a lot of trees,” Levy says. “This is next to a 245-acre reserve park that’s slated for amenities like hiking, biking and canoeing.” WSI Architects Inc. of Dallas designed the complex; KWA Construction, also from Dallas, is building it.

Passco’s other holdings fall within its hold window, but Levy says disposition isn’t on the horizon. The company also owns the 382-unit Raveneaux Apartments at 14500 Cutten Rd. and 504-unit Villa Toscana at 9125 Texas 6 North.

“We believe in the development and investment side,” Levy says. “Between now and the first quarter of next year, we’ll put more effort into acquiring properties at a reasonable price. Passco will be more of a net buyer in the foreseeable future.”

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. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

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.