Empire Continental Land Acquires 221 Acres Of Land In Houston
1488 Iron Ore Road, Magnolia, TX, USA
Building Size
9,626,760 SF
Asset Type
Other
Closing
Feb 4, 2021
About this deal
AI
An approximately 221-acre piece of land located at FM 1488 & Iron Ore Road in Houston has been sold in a recent transaction. The seller, MAG Partners LLC, represented by Hydie Mcallister & Kareem Gamal, sold the property to the buyer, Empire Continental Land, represented by Steve Sellers. The deal was facilitated by Jeff Lokey of NewQuest Properties.
Summary of transaction details
- Property Type: Land
- Transaction Date: 02/05/2021
- Market: Houston
- Acres: 221
Empire Continental Land, the buyer, has plans to develop over 700 homes in the community. Construction is set to begin in 2022.
On the Map
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Players
Magnolia Other Market Snapshot
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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