City Choice Realty Acquires 9.37 Acres Of Land For Residential Development In Katy
Building Size
—
Asset Type
Land
Closing
Dec 4, 2023
AI
Heights Colonial LP, an entity of City Choice Realty, has purchased 9.37 acres of land in Katy for residential development. The prime land is strategically located near Colonial Parkway and Park West Green Drive, in the heart of Katy's growth. It is in close proximity to key retail projects like Katy Grand and the Shoppes at Grand Crossing.
Summary of transaction details
- Property Type: Land
- Transaction Amount: Not specified
- Location: Colonial Parkway & Park West Green Drive, Katy
- Market: Katy
- Size: 9.37 acres
The buyer, Heights Colonial LP, is represented by Brad LyBrand and Glenn Dickerson of NewQuest Properties. The seller, Katy Promise JV, also enlisted the services of NewQuest Properties for this transaction.
Players
Market Land Market Snapshot
Boundary boundary · Land · Sale transactions
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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