HOUSTON | 124 Crosstimbers St. | FT | 12 FLOORS

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https://www.bizjournals.com/houston/...-property.html

Developer buys Independence Heights property to build 500-unit apartment building

By Jeff Jeffrey – Senior reporter, Houston Business Journal
Mar 16, 2022 Updated Mar 16, 2022, 1:03pm CDT

John "Johnny V" Vassallo's CJ Development group bought a 5.22-acre property in the Independence Heights area of Houston for a new mixed-use project.

Houston-based CJ Development paid an undisclosed amount to purchase the property at 124 Crosstimbers St., near the intersection of Crosstimbers and Yale streets, from Gross Investments, which is also based in Houston.

Vassallo, a partner in CJ Development, has roots in Milwaukee as a real estate investor and operator of restaurants including Mo's Irish Pub. He is an active developer in the Houston market and currently plans to start construction this year in Wauwatosa on the 28-story Drew Tower.

Vassallo said his plans for the Houston site include a 12-story, 500-unit multifamily development that will have about 16,000 square feet of retail space on the ground floor. Milwaukee architect Jason Korb of Korb + Associates Architects is a designer on the Houston project with Houston-based Identity Architects.

While the terms of the Houston land transaction were not disclosed, Harris County Appraisal District records said the property was valued at $3.4 million as of Jan. 1, 2021.

David Cook and Meredith Cullen of Cushman & Wakefield’s land brokerage team represented the seller in the deal. Houston-based Gulf Capital Bank provided financing for the transaction.