Houston, Tx – February 19th, 2020 — Houston-based real estate developer, MarketSpace Capital, announced today that they commenced construction on a 155-unit, multifamily residential development. The construction began immediately following the February 7th closing on the 4.56-acre site located at 3917 Anderson Road, near the Almeda & Beltway 8 corridor in close proximity to Hines’ new Boulevard Oaks Business Park.
The 3-story development, to be named the Spot @ Anderson, will take 18-months to construct, and will consist of a combination of one and two-bedroom units, with an average unit size of 724 square feet. The high-end interior finishes will consist of stainless-steel appliances, granite countertops, wood tile and stackable washer and dryers in all units. Community amenities include a fitness center equipped with the latest technology and equipment, as well as a spacious and relaxing outdoor courtyard area, complete with covered cabanas equipped with gas grills.
MarketSpace Capital surrounds itself with a professional team of advisors, and was represented by one of its Managing Partners, David Rodarte, while the seller was represented by Marty McVey from McVey & Associates. The seller of the property, Houston-based Hwami Builders, will also serve as the general contractor for this development. The team of professionals also includes construction financing provided by the Oval Group, Inc., investment banking services provided by Capital Growth Management Consultants and the closing was handled by the experienced team at Madison Title. Once completed, the lease-up and ongoing property management services will be performed by Houston-based Oakleaf Management.
“We’ve been working on this development since mid-2019, and believe this residential community represents an attractive economic engine in an exciting growth market of Houston,” says Sohail Hassan, Managing Partner at MarketSpace Capital. The community will total 194,120 square feet and construction is expected to be completed by the summer of 2021. “We love the location of this residential development because of the convergence of Beltway 8, Hwy 288 and Hwy 69, which offers ease of mobility for all of our residents and guests” said Dr. Masaki Oishi, Chairman at MarketSpace Capital. “Additionally, the site offers an existing and re-usable foundation, thereby allowing our general contractor to accelerate the construction schedule” said Oishi.
3917 Anderson Road is located just north of Beltway 8 at the cross section of Anderson and Almeda, just ten minutes from Chinatown, fifteen minutes from the Medical Center, and fifteen minutes from Hobby Airport. The property is also surrounded by attractive residential communities, as well as other residential communities boasting an occupancy in excess of 96%.
About MarketSpace Capital: MarketSpace Capital is a Private Equity Real Estate Firm that focuses on sourcing value-add commercial real estate investments for its capital partners. Through its relationships, expertise and disciplined, data-driven analysis, the company’s veteran staff has the capability and experience required to maximize value creation through a comprehensive, programmatic and conservative investment philosophy and asset management approach. In addition to producing consistent returns on its investments, MarketSpace Capital seeks to create a positive, economic impact and long-term value for its investors, its properties and the communities in which they serve.
To learn more, visit https://marketspacecapital.com