Houston apartments sold, home sites planned

Redevelopment to cater to upscale buyers

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Lee & Associates today announced it represented a limited liability company in the purchase of a Houston, Texas, apartment community, which the LLC plans to redevelop into custom home sites. Willowick Place at River Oaks LLC paid an undisclosed amount to the seller, Willowick Inc., for 171 townhouse apartments located at 3237 Las Palmas St. The property comprises 10.2 acres and 297,715 square feet of living space. According to a press statement, the LLC plans to redevelop the site into an upscale gated community with approximately 75 to 80 individual home sites. Prices for the lots will range from $900,000 to $1.5 million with custom homes expected to be from 4,000 square feet to 7,500 square feet. Construction is expected to begin in late 2008. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com. ...