With the deal closed, the next step is to put in the infrastructure, says Bill Heavin of Grubb & Ellis Co. who represented Austin/Houston Investors along with colleague Matthew Herring. The seller was a private investment fund based in Houston and managed by Ennis Cooley with Cooley Properties Inc. The fund owned the land for nearly 20 years, but decided to sell when the price was right, Heavin says. The average price of land in the area is about $30,000 per acre.
"West Houston is a high-growth area for residential development," Heavin says. "Growth has been so strong that the piece of land is almost infill." The land is next to an elementary school and another vacant piece of land that will likely be used for high-density residential, according to Heavin.
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