HOUSTON – Johnson Development Corp., a Houston community developer, has acquired 1,619 acres in northwest Harris County for what is expected to become a master planned community.
The site is five miles west of the Grand Parkway and south of Highway 290, off Katy Hockley Road, said Michael Ross, Rockspring Capital’s Vice President Asset Management & Entitlements.
The seller was Rockspring Capital, a privately-owned real estate investment firm headquartered in Houston.
“We carefully assembled the property purchasing a little more than 1000 acres in 2006 and fully completed the acquisitions in 2008. During our hold period, we solved many of the development and entitlement issues and were able to bring this property to market ready to develop,” said Ross. “We evaluated several offers from master plan developers in the market and were very impressed with Johnson Development’s reputation and financial backing.”
Rockspring said property has a very high potential yield with little to no mapped flood plain and nor is it significantly impacted by environmental challenges like some other properties in the market.
Johnson Development was represented in the acquisition by Dave Ramsey with NewQuest Properties while Rockspring Capital was represented by Chris Hutcheson, Matthew Herring and James Kadlick of McAlister Real Estate.
June 8, 2017 Realty News Report Copyright 2017