KINGWOOD, TX--SWBC Real Estate recently purchased nearly 15.9 acres of raw land from Chevron Phillips Chemical Co. in Kingwood, northeast of Houston, to develop Kingwood Ranch, a class A apartment complex.

The property is located along North Park Drive, and is just west of Interstate 69, providing easy access to major employment centers, shopping destinations, and the George Bush Intercontinental Airport. It will also be in close proximity to the Signorelli Co.'s recently announced 1.8 million-square-foot Valley Ranch Town Center, ExxonMobil's new campus in The Woodlands and Generation Park.

“We feel that new developments in the northeastern quadrant of Houston have been neglected over the past few years, with a majority of the new multifamily projects being built downtown and out along the western side of the city within the Energy Corridor,” Stuart Smith, senior vice president of SWBC Real Estate, told GlobeSt.com. “The lack of new developments in northeast Houston currently provides favorable land prices along with strong occupancies for existing multifamily properties.”