Leva Living has purchased a 16-acre parcel in the Houston suburb of Humble, Texas, in which it will build a 160-unit single-family rental development. Construction is expected to begin immediately. Avison Young negotiated the sale of the parcel on the east side of W. Lake Houston Pkwy.
The sellers, two local private individuals, were represented by Avison Young principal Tommy LeBlanc and Houston office associate John-Michael Kamel. Leva Living L.P. was represented by Ryan Campbell Anderson of Orr Commercial Inc. The development represents the first for Leva Living in the Houston area. Last month, Avison Young secured an equity partner in the sale of a multifamily property in suburban Atlanta.
HIGH DEMAND
“What made the deal attractive to the purchaser was the area is in high demand for that type of product,” LeBlanc told Multi-Housing News. “In that area, other developable parcels are primarily not available. The location is adjacent to a brand-new Harris County park. It’s also got close proximity to the airport, and from the location you can easily get anywhere in town. It’s a nice suburb, and it’s got good schools.”
Humble, a petroleum city of about 16,000 residents 20 miles northeast of Houston, was the namesake of the Humble Oil and Refining Co., a predecessor of Exxon.
Single-family rental communities combine elements of private homes and the shared amenities of a communal residency. The community planned by Leva Living will feature a clubhouse with a fitness center and pool. “It would be a unique property for this area,” LeBlanc said.
Harris County Park borders the parcel on its north side. Nearby is community shopping center Atascocita Commons, featuring retailers Kohl’s, Walmart, Dollar Tree and Kroger, along with Applebee’s Grill + Bar.
