Earlier this year, Josef Marom acquired Woodhead's neighbors, Richport Place and Mimosa, class C-minus properties, and an abutting three-acre tract to jumpstart a redevelopment plan that calls for razing the apartments and redeveloping the acreage, says Kevin McCarthy, a partner with Hendricks & Partners in Houston. The 80%-leased Woodhead Apartments sit on a one-third tract at 4315 Woodhead Dr.
"It's a pure land play," the buyer's broker tells GlobeSt.com. "It's taken a long time to assemble the land." Marom's plan for the land has yet to be revealed.
The Woodhead complex was sold by Hanna and Dina Shanar of nearby Missouri City, who owned the 1950s-era property since 1976. The one-bedroom units, each 550 sf, rent for $500 per month.
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