HOUSTON – Johnson Development Corporation, a prominent Houston-based community developer, has purchased 1,619 acres in northwest Harris County with plans to develop a large master-planned community.
The site lies approximately five miles west of the Grand Parkway and just south of Highway 290, near Katy Hockley Road, according to Michael Ross, Vice President of Asset Management & Entitlements at Rockspring Capital.
The seller was Rockspring Capital, a privately held real estate investment firm based in Houston.
“We carefully assembled the property, acquiring just over 1,000 acres in 2006 and completing the remaining acquisitions in 2008. During our ownership we resolved numerous development and entitlement issues and positioned the site to be market-ready,” Ross said. “We reviewed several offers from master-plan developers and were very impressed by Johnson Development’s reputation and financial strength.”
Rockspring noted that the parcel offers strong development potential: it contains minimal mapped floodplain and is not significantly affected by environmental constraints that impact other properties in the area.
Johnson Development was represented in the transaction by Dave Ramsey of NewQuest Properties. Rockspring Capital was represented by Chris Hutcheson, Matthew Herring and James Kadlick of McAlister Real Estate.
June 8, 2017 Realty News Report Copyright 2017