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Northwest of the intersecti...

Updated Oct 29, 2024

SOLDLand

Meritage Homes Corp Acquires 14 Acres Of Land In Houston

Northwest of the intersection of State Highway 6 and the Westpark Tollway

Building Size

Asset Type

Land

Closing

Jun 15, 2023

About this deal

AI

Meritage Homes Corp, represented by Kyle Davison, has purchased a 14-acre land in west Houston. The property is located northwest of the intersection of State Highway 6 and the Westpark Tollway. The transaction took place on June 15, 2023.

Summary of transaction details:

  • Property Type: Land
  • Transaction Amount: Not available
  • Address: Northwest of the intersection of State Highway 6 and the Westpark Tollway
  • Market: Houston
  • Buyer: Meritage Homes Corp - Kyle Davison

Meritage Homes Corp is planning to develop a community called McClendon Park Village on the purchased land. The community will consist of 122 detached townhomes, featuring first-floor living spaces, three or four bedrooms, and two-car garages. The homes will be priced from the high $200,000s.

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Texas 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

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