This Week's Houston Deal Sheet: Fein Buys 21 Acres For Multifamily Development
Fein, a multifamily development, construction and property company, purchased 21.4 acres at 2002 Spring Stuebner Road in Spring. The land in north Houston's City Place was purchased from CDC Houston, a subsidiary of New York-based Coventry Development Corp., the master developer of City Place.
Fein plans to construct Echo Lake, its fourth City Place multifamily development, starting later this year. The community is named for a 1.25-acre lake with a trail system that will be central to the project. The garden-style property was designed by Steinberg Dickey Collaborative to achieve an environmentally friendly designation.
Floor plans will include efficiency, one-, two- and three-bedroom apartment homes, ranging in size from 556 SF to 1,824 SF. About 40% of the units will consist of one- to three-bedroom townhomes with garages.
The site is bookended by The Canopy, a 332-unit garden-style property completed by Fein in early 2021, and The Market, a Kroger-anchored center offering direct walking access for residents.
“Martin Fein and his company have been a great partner, and we are very pleased that he will be creating another high-quality residential option for our fast-growing community,” CDC Houston Senior Vice President Warren Wilson said in a news release.
PEOPLE
Kingham Dalton Wilson (KDW), a Houston-based construction company specializing in design-build industrial and commercial construction, expanded its leadership team.
Jay Kingham, who joined KDW in 2006, will serve as president. The role was formerly held by Keith Dalton, who will remain CEO. Eighteen-year veteran Rolf Scheffler has been named to the new role of chief operating officer. Previously, Kingham was KDW principal and construction manager, while Scheffler served as director of special projects.
Former Project Manager Michael Mann replaces Scheffler as director of special projects, and KDW’s Preconstruction Manager Mark Camilli has become director of preconstruction.
In 2023, the company launched nearly 40 projects, including Sovereign Flavors’ headquarters in Kyle, Balcones Resources’ San Antonio-based material recovery facility and Elin Energy’s solar panel manufacturing facility in Waller County.
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CBRE promoted Russell Hodges to senior managing director for investor services at the company’s Houston office. Hodges will lead CBRE’s investor leasing, capital markets and property management business lines.
Hodges will replace Mark Taylor, who has been in the role since 2007. Taylor has spent 40 years in the commercial real estate industry and will retire in March.
“Russell is highly regarded by his peers and clients for his deep market knowledge and his strong leadership abilities,” CBRE Houston Market Leader Peter Mainguy said in a news release. “I am confident that his expertise and strategic mindset will be a differentiator to our team and clients as he builds on the legacy left by Mark Taylor.”
Hodges has 19 years of commercial real estate experience, most recently as an executive vice president on CBRE’s investor leasing team in Houston.
SALES
Jared Pinto of Newman Kelly Real Estate represented the buyer of 7014 Belgold St. in Houston. The property is a 16K SF multitenant industrial property on about 1 acre in northwest Houston near Willowbrook Mall.
The property was 55% leased at sale. The buyer intends to renovate the property and lease the vacant units.
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Richard Glass of Lee & Associates – Houston sold 16.2 acres between Seawall Boulevard and Stewart Road in Galveston. The property is divided into seven parcels that will be used for mixed-use retail and condo development. Two of the parcels are still available for purchase. The property had been owned by the Maceo family for more than 70 years.
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Venterra Realty acquired the Cendana District West apartment complex in Richmond. The 349-unit, four-story multifamily community was built in 2023 and offers one-, two-, and three-bedroom residences that range from 592 SF to 1,542 SF. Amenities at the Class-A complex include a pool, two resident lounges, coworking and micro-office spaces, a fitness center and yoga studio, a media room, a dog park and a pet spa.
Natixis Corporate & Investment Banking originated a $46M floating-rate loan to entities associated with Venterra Realty to finance the acquisition. The financing was arranged by Daniel Stickane and Deon Green of Northmarq’s Dallas office.
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Partners Real Estate arranged the sale of Lost River RV Park, an 11-acre RV Park at 8407 N. FM 565 in Baytown.
Partners’ Landan Dory and Cole Little represented the seller, Lost River RV LLC, in the transaction. The buyer was represented by John Manion and Tiffany Hastiecurry.
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Greg Shaw with Shaw Commercial Properties represented the seller, Clarence R. Johnston Jr., in the sale of a 19.5K SF multitenant light industrial building on 1.08 acres at 1717 Blalock Road in Houston. Keller Williams Memorial represented the buyer, Ridgeback Vineyards LLC.
LEASES
Stream Realty Partners represented David Z. Mafrige Interests in several leasing transactions within its portfolio, including 221K SF and 217K SF office buildings at 1235 North Loop and 15710 John F Kennedy Blvd. in Houston.
At 15710 John F Kennedy Blvd., also known as World Houston Place, leases included:
- AvAir, an aviation solutions company, signed a lease for 44.7K SF. Walker Ryan at Colliers represented AvAir.
- Harris County Toll Road Authority leased 30K SF.
- Jōb Industrial Services, an engineering consulting company, renewed and expanded to occupy a total of 10.4K SF. Emily Howard-Wilson at Fritsche Anderson Realty Partners represented Jōb Industrial Services.
World Houston Place is now 63.5% leased, up from 28% when DZMI acquired the property in 2022.
At 1235 North Loop, or North Loop Center, Bivona Law PLLC, Patout & Shaw PLLC, and MMA Law Firm PLLC leased 12.7K SF. Eugene Terry of CBRE represented the tenant.
North Loop Center is now 81% leased, up from 55% when DZMI acquired the property in 2022.
Stream Houston’s Matt Asvestas and Danielle Rothchild represented ownership in the transactions.
CONSTRUCTION & DEVELOPMENT
VDB Partners, a family-owned developer, prepared a 75-acre parcel to attract development, according to JLL.
The land, known as Reserve at Manvel, is along State Highway 288, just south of Pearland at CR 58 in Manvel. The land was recently zoned for commercial development.
Bill Visinsky, vice president of the family business, told Bisnow in a statement that VDB Partners set up a Municipal Utility District that covers the property and negotiated a roadway agreement with the city and county to provide access to the property. VDB Partners also completed a tree survey, topographic survey, drainage study and traffic impact study.
It is now finalizing its utility and development agreement with the City of Manvel, Visinsky said.
"Our vision is to transform Reserve at Manvel into a premier destination for top-tier commercial development ... As the community around us expands, residents are seeking top-notch commercial spaces," Visinsky said in the news release.
JLL’s Simmi Jaggi and Elizabeth Clampitt are marketing the property.
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Hillwood Communities commenced home sales at Valencia, its master-planned community in Manvel. One of three builders at Valencia, Perry Homes will be the first to offer homes with 13 different floor plans on 224 sites.
More than 500 homesites are included in the first of two phases of development. Coventry Homes and Pulte Homes will be the next builders to commence sales.
Ranging from 2,200 to 2,800 SF, the one- and two-story Perry homes will be priced from the mid $400s. Front door cameras, remote access, automated thermostats and lighting are featured in each home.
At a full build-out of nearly 1,000 homes, the 440-acre community will feature an amenity center with a resort-style pool, pavilion, clubhouse and playground. Multiple parks are included in the master plan and several homes will back up to waterways.
Construction at Valencia is underway and will be finished by summer.
Pulte Homes also has started construction on its model home. Pulte plans to offer a variety of floor plans on homesites throughout the community.
