Western General
In 2000, we identified a Texas chartered insurance company that had wound up most of its insurance book but retained a valuable piece of Houston urban real estate. The seller had special sensitivities that could not be satisfied by other potential acquirers who had tried without success to acquire the property. We were successful and also acquired an adjacent parcel to create a uniquely develop-able tract. By a careful master planning exercise, we retained certain development rights and worked with the local neighborhood authority to add complimentary infrastructure. After selling the first tract to a national developer to return all risk capital, the second and third tracts were sold later for record prices for the neighborhood. The added public amenities won a prestigious award for quality in urban design.
Industry
Business Services
Deal Type
Acquisition Financing
Fund
Legacy Equity Fund
www.westcogrounds.com