Updated Sep 9, 2024
Randall Davis Co. Begins London House Mid-Rise Development In Houston Overlooking River Oaks
2323 San Felipe St, Houston, TX, 77019
Units
23
Asset Type
MultiFamily
Closing
Nov 22, 2023
About this deal
AI
The London House, a mid-rise development located at 2323 San Felipe St in Houston, is a 12-story, 70,000-square-foot tower inspired by the elegance of London’s Chelsea neighborhood. It offers 23 units, including 19 standard residences and four penthouses, each with unique features such as gas fireplaces, 11 to 13-foot ceiling heights, and terraces with the option to include an outdoor kitchen. The project is expected to be completed by mid-2024, with prices starting at $1.5 million.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: Starting at $1.5 million
- Address: 2323 San Felipe St, Houston, TX, 77019
- Market: Houston
- Architect: John Cadenhead (Goree Architects Inc)
- General Contractor: G.T. Leach
John Cadenhead of Goree Architects Inc, known for his architectural expertise, is spearheading the design of the London House. The general contracting responsibilities are under the purview of G.T. Leach, ensuring the smooth execution of the project. The Randall Davis Company, with a history of developing various projects in different locations, including Las Vegas, Galveston, and Houston, is behind the development of the London House, emphasizing their commitment to delivering high-quality real estate projects.
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MultiFamily
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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