This Week's Houston Deal Sheet: Developer Breaks Ground On West End Galveston Community
Green East Realty CEO Manny Mehos broke ground on Roseate Beach, a master-planned residential community on Galveston Island’s West End.
Construction will include streets, utilities and community amenities like a pool, a clubhouse, pickleball courts and other gaming spaces, a fitness center and reservable office spaces.
“When I set out to develop Roseate Beach, my goal was to create a first-of-its-kind community unlike anything on the island — a haven for homeowners seeking to embrace the relaxed pace of seaside living without sacrificing modern amenities,” Mehos said in a news release. “With today’s groundbreaking, we are one step closer to realizing that vision.”
Roseate Beach will offer 160 homesites, including 22 beachfront lots. Street and utilities construction is projected for completion in the first half of 2025, followed by community amenities in early fall 2025.
SALES
Partners Real Estate arranged the sale of a 36K SF cold storage industrial property at 12634 East Freeway in Houston. Partners’ Wyatt Huff and Hunter Stockard represented the seller, Mims Investments Inc.
LEASES
Partners Real Estate arranged a 17K SF lease extension for Just Play Sports at 10510 Westview Drive in Houston. The basketball training facility originally opened its doors in 2018.
Partners’ Jason Whittington represented the tenant. Greg Barra of Boyd Commercial represented the landlord, JL Landco LLC.
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Fritsche Anderson Realty Partners announced two industrial leases totaling 25K SF at 12302 FM 529 in Houston’s west outer loop submarket. Brandon Wuntch and Drew Altmann from Fritsche Anderson Realty Partners acted on behalf of the landlord in both deals.
Christian Villarreal and Jack Gaffney of Finial Group secured a seven-year lease on behalf of a technology robotics group for Building C, spanning 14K SF in the newly developed warehouse complex. Tommy Secules and John Walker from Morrow Hill Commercial Real Estate represented a disaster recovery company in finalizing a 10-year lease for 11K SF in Building D.
CONSTRUCTION AND DEVELOPMENT
High Street Residential, the residential subsidiary of Trammell Crow Co., and joint venture partner Daiwa House Group are slated to deliver the first phase of their multifamily community in Humble this spring.
The Residences at Kingwood is a garden-style development with 240 apartments and 49 townhomes available for lease. The JV also broke ground on the second phase of the development the Reserve at West Lake, which will deliver an additional 109 townhomes and 72 apartments in the summer of 2025.
Both phases will feature one-, two- and three-bedroom floor plans, with apartments offering an average of 1,046 SF and townhomes offering an average of 1,530 SF.
Amenities include a fitness center and yoga room, a work-from-home space, a pool, an outdoor biergarten and social space, bocce ball and pickleball courts, a putting green and an indoor dog spa.
W Partnership is acting as the project’s architect. Additional project partners include Kimley Horn, Robinson & Co., KW Landscape Architects and Compasso Design. Sumitomo Mitsui Trust Bank is providing construction financing.
Arch-Con Corp. is acting as the general contractor for the Reserve at West Lake.
At 6519 and 6518 Kings Glen Drive in Humble, the Residences at Kingwood and Reserve at West Lake are 30 miles northeast of Houston.
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Excavation and fill placement is underway on the first phase of Austin Point, a mixed-use development in Fort Bend County, where the population is projected to more than double to 1.8 million by 2050.
Plans for Austin Point call for 14,000 residences and 17M SF of commercial space.
Developed by The Signorelli Co. and designed as a series of interconnected districts, Austin Point will have residential, entertainment, healthcare, educational, commercial and civic development. Austin Point’s first homesites, featuring nine homebuilders, are scheduled to be available in spring 2025.
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Spring Medical Plaza, a Class-A medical office building at 21848 Holzwarth Road in Spring, is slated for delivery in May. This is the first Class-A medical office building developed in Spring since 2016, according to JLL. Developed by Jacob White Development, the building has 55K SF of rentable building area and 31K SF of available space.
JLL’s Tim Gregory and Kendall Kerr are leading the leasing efforts on behalf of the owner, Star 2022 Development Group Ltd.
FINANCING
Capital One made a $16M Low-Income Housing Tax Credit equity investment to Campanile on Minimax LP to build a 117-unit mixed-income senior housing development in Houston. Capital One also provided a $10.9M Department of Housing and Urban Development loan for the construction and permanent financing for the project, bringing the financing package to $26.9M.
Campanile on Minimax will include 78 one-bedroom and 39 two-bedroom units. Ninety-three of the units will be restricted at 30%, 50% and 60% of the area median income, and 24 will be unrestricted units.
Campanile on Minimax will market a total of six units to households with special housing needs, such as unhoused families and individuals, along with veterans and people with disabilities. Kilday Operating LLC is developing the complex.
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Piper Sandler Special District Group secured $165M in special revenue bonds for Starwood Land, a residential real estate investment firm focused on land acquisition, development and financing.
The firm will use the money to reimburse eligible public infrastructure across four Houston-area communities: Cypress Green, Lago Mar, Sierra Vista and Sunterra. These communities will bring nearly 16,000 new homes and amenities like recreation areas, water parks, schools, trails, parks and open spaces.
Piper Sandler helped provide early stage, tax-exempt financing by leveraging future Municipal Utility District reimbursements for public improvements. This structure allows projects that benefit from a MUD to access capital earlier in the development process when it is needed for public infrastructure.
