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2323 San Felipe St, Houston...

Updated Sep 9, 2024

Randall Davis Co. Begins London House Mid-Rise Development In Houston Overlooking River Oaks
—MultiFamily

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:

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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Players

John Cadenhead

Goree Architects Inc

Broker

2 deals

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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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