Avison Young brokers 10.62-acre land sale for 44-unit single-family for-rent development project in Houston2 Mar 2021
Houston, TX – Avison Young announced today that it has negotiated the sale of 10.62 acres of land located at 11514 Trickey Road in Houston. The majority of the land will be developed for use as a single-family community.
Avison Young Principal Tommy LeBlanc and John-Michael Kamel, an Associate in the firm’s Houston office, represented the seller, Alpha Neutronics. Avison Young also sourced the buyer, Houston-based Luton | Underwood Development Partners. This marks Luton Underwood’s first development project since it was formed in 2020 by experienced real estate developers, Nick Luton and Carson Underwood. The full-service real estate land acquisition and development firm specializes in suburban, urban and Municipal Utility District maximization.
The new ownership plans to develop a 44-home single-family for-rent community on 10 acres with completion anticipated for the fourth quarter of 2021. The remaining .62 acres, which has an existing commercial building with 4,800 square feet (sf) of warehouse space, 1,218 sf of mezzanine space, and 1,554 sq feet of office space, is now being marketed for sale by Avison Young’s LeBlanc and Kamel.
“As the Houston market continues to experience population growth, Luton Underwood has recognized the demand for single-family for-rent communities,” said LeBlanc. “We anticipate that over the next few years, developers will be seeking well-located development sites for this product sector.”
The site is within north Houston’s Greenspoint submarket. Greenspoint centers around the intersection of Interstate 45 North and North Sam Houston Parkway, 15 miles north of downtown Houston, and minutes from Bush Intercontinental Airport. Formerly named the Greenspoint District, the North Houston District is a management group that works with The Greater Greenspoint Tax Increment Reinvestment Zone (TIRZ) to improve the area’s infrastructure and mobility. The area features Greenspoint Mall, large green spaces and designated parks, among other amenities.
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