West Houston Business Park
120 usable acres of partially developed land in the Primewest Business Park on Mason Rd, 1/4-mile north of I-10, Houston, Texas.
Sourcing the Investment
- Identified the site in a sealed bid offering while working as broker for a client. Evaluated the subject for our client, viewed it as having future potential for appreciation, and submitted the winning bid on behalf of the client.
- Approximately three weeks prior to closing, the client informed us that he would not be able to close the transaction and offered us the opportunity to acquire his position. A partnership was created, funds were raised, and the land was acquired in February 1996.
Projected the land could achieve the partnership's investment criteria due to its location in growing far west Houston (Energy Corridor) and resolution of problems, i.e., dedication and acceptance of utility lines and public streets.
- After purchasing the property, the General Partner resolved the issues and began marketing parcels for resale.
- Served as developers of Section 1 (within Weston MUD)
- Managed the Property Ownership Association
The partnership owned the property for 11 years before making its final land sale. The investors earned strong IRR and cash-on-cash returns.