By Michael Ross, Vice President, Asset Management & Entitlements
As Texas land experts, it’s hard to not get excited about the opportunities the Texas Triangle (Houston, Austin, San Antonio) has to offer. This year started off hot as we closed acquisitions in Houston and San Antonio and sold one property in Austin.
In April, we announced the acquisition of a 16.9-acre land tract in New Braunfels, Texas, a booming suburb just north of San Antonio. The property is located at the intersection of IH-35 and FM 306 and will be prepared for multi-family use. Commercial and residential developers have eyes on New Braunfels as it was the second fastest growing city in the U.S. last year.
Also in April we announced the acquisition of a 10.26-acre covered land play in Brittmoore, a popular and rapidly growing suburb in west Houston. The high demand for urban residential properties in the area is gaining the attention of developers. Many of the older, industrial buildings are being removed to make room for residential developments, townhomes, patio homes and more.
Finally, we sold 1.85-acres of our 23-acre Bella Colinas land tract in the Bee Caves area of Austin. The property is home to multiple different pad sites primed for commercial development and located off of Highway 71, across from the Bella Colinas subdivision.
We’re excited to make more announcements in the future as we continue to explore the Texas Triangle and its diverse breadth of land.