Updated Oct 26, 2026
Michael Waters Of Minto Communities USA Acquires 1,318-Acre Development Site In Texas City
North Of Emmett F Lowry Expressway/state Highway 3 & 146
Building Size
—
Asset Type
Development Site
Closing
Oct 19, 2026
About this deal
AI
A 1,318-acre development site located North Of Emmett F Lowry Expressway/state Highway 3 & 146 in Texas City, TX has been acquired for the development of Latitude Margaritaville, a planned community aimed at residents aged 55 and older.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: Not specified
- Address: North Of Emmett F Lowry Expressway/state Highway 3 & 146
- Market: Texas City, TX
- Acres: 1,318
- Buyer: Michael Waters
- Buyer’s Company: Minto Communities USA
The deal was facilitated by Michael Waters, representing Minto Communities USA, which plans to construct a 3,500-home age-restricted community. The development is projected to start site work soon, with plans for a sales center and model homes expected by early 2028, generating an estimated $5.7 million in annual property tax revenue for Texas City.
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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