Edison Equity Management Corporation, a Texas-based developer and acquirer of active adult communities, has purchased land for a 182-unit development in the Houston MSA. The project is set within a master-planned community called Cypress Creek Lakes, and will sit on an eight-acre plot of land.
Named 55 Resort at Cypress Creek Lakes, the community will feature a gym, fitness studio, library, resort-style pool and hot tub, and a restaurant with a coffee and wine bar. 55 Resort will also provide a program director for various activities in and around the community. Unit prices range from approximately $1,900 to $2,500 per month.
Edison Equity Management currently has four listed active adult acquisitions and developments on their website. Less than two miles from 55 Resort, Houston-based Caldwell Companies recently began construction on a 237-unit active adult community. Caldwell also has another 189-unit active adult community underway in Spring, Texas.
Clerkley Watson Group is slated to begin construction on the project in late January to mid-February, with an expected completion date in the second or third quarter of 2023. Mischer Investments sold the land for the project, and the purchase price for the property was not disclosed.
