Martin Fein Acquires Willowick Court Townhomes

by Houston Agent

The Houston-based real estate management company, McCord Development Inc., recently sold the Willowick Court Townhomes to an affiliate of Martin Fein Interests, a real estate development, construction and management business. Fein plans on demolishing the 10-acre property, located at 3237 Las Palmas St., and replacing it with a mixture of rental-type properties.
McCord canceled previous plans to construct the Willowick Place at River Oaks at the site, which would have consisted of 62 upscale single-family homes ranging from $900,000 to $2 million in price.
Apartment Realty Advisors Tim Dosch and David Marshall represented McCord in the transaction, which was sold for an undisclosed amount. Dosch said of the property, “It went to market in June, and we had 14 offers in 30 days.” The New York-based insurance company, Assurant Asset Management, funded acquisition of the property while the Houston-based mortgage banking company, Grandbridge Real Estate Capital, arranged the financing.
Jason Schlanger, vice president of development at Martin Fein said that the company intends on using the site for a range of rental projects including apartments, townhomes and large residential units. Construction is planned to take place in phases, potentially beginning nine to 18 months from now.
Development of the Willowick Court Townhomes will be Fein’s first residence project consisting of larger-than-typical floor plans. Fein will be keeping the 171 townhomes in Willowick Court open until construction begins.

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