ARA Finds 1.01-Acre Site in Houston for Pelican Builders
- Jun 04, 2010
Houston— Atlanta-headquartered Apartment Realty Advisors (ARA) brokered the sale of a 1.01 acre land site located in Houston’s desirable Galleria/Uptown neighborhood.
ARA Houston’s land brokerage specialists, Tim Dosch and David Marshall, represented the buyer, Houston -based Pelican Builders, a residential development company with a focus on townhome, mid-rise and high-rise communities in the Houston market. Pelican’s properties include the 68-unit Briarglen; the 96-unit Highland Tower; the 87-unit Southpoint Townhomes; and the luxury 3200 Mid Lane enclave of homes.
The ARA team worked with Pelican to evaluate multiple sites within high-end residential neighborhoods with a focus on identifying land sites to accommodate development of a new patio home community, which will be comprised of 16 single-family detached homes. Plans call for construction to commence this summer.
According to Dosch, “Now is the time to capitalize on land prices in the Houston market. The smart buyers can leverage the existing market conditions by investing with an eye toward future requirements.”
The site, located on S. Wynden Drive just east of S. Post Oak Lane in Houston’s Galleria/Uptown area, is only minutes from the market’s prime retail submarkets, the Galleria and Uptown Park.
“This is an unbelievable site for patio home development and the location is about as good as it gets,” says Marshall.