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2323 San Felipe St, Houston...

Updated Sep 19, 2024

Goree Architects Inc Facilitates Sale Of Houston Development Site On San Felipe St
—Development Site

Goree Architects Inc Facilitates Sale Of Houston Development Site On San Felipe St

2323 San Felipe St, Houston, TX, 77019

Units

23

Asset Type

Development Site

Closing

Nov 22, 2023

About this deal

AI

The property asset is a development site located at 2323 San Felipe St, Houston, TX, 77019, in the Houston market. The site is the future location of the London House, a mid-rise development comprising a 12-story tower with 70,000 square feet of space. The project will feature 23 units, including 19 standard residences and four penthouses. Each unit is designed with amenities such as gas fireplaces, ceiling heights ranging from 11 to 13 feet, solid-core doors, and terraces with the potential for outdoor kitchens for early buyers. The London House is expected to be completed by mid-2024, offering various floor plans starting at $1.5 million, with penthouse units priced around $3.8 million.

Summary of transation details:

  • Property Type: Development Site
  • Transaction Amount: N/A
  • Address: 2323 San Felipe St, Houston, TX, 77019
  • Market: Houston
  • Number of Units: 23
  • Standard Residences: 19
  • Penthouses: 4
  • Completion Date: Mid-2024
  • Architect: John Cadenhead, Goree Architects Inc
  • General Contractor: G.T. Leach
  • Developer: Randall Davis Company
  • Prior Developments by Developer: Over 15 projects including locations in Las Vegas and Galveston

The transaction involves key individuals and companies, specifically John Cadenhead from Goree Architects Inc, who is the architect for the London House. G.T. Leach is identified as the general contractor for the project. The Randall Davis Company, the developer, has a notable portfolio with prior projects in various locations, including Houston.

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Players

John Cadenhead

Goree Architects Inc

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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