DEVELOPMENT BEGINS FOR STONELEIGH ON KENSWICK

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HUMBLE, TEXAS — A joint venture between Dallas-based Seneca Investments and Irvine, Calif.-based Passco Development Cos. has begun development for Stoneleigh on Kenswick, a 318-unit, Class A multifamily community located at 19800 Kenswick Dr. in Humble. Residences will be contained within two- and three-story buildings; community amenities will include a fully equipped clubhouse, a fitness center, a recreation area and a resort-style pool. The community is also located adjacent to a 275-acre nature preserve, which provides hiking, biking, canoeing and other outdoor activities. The joint venture acquired the 15-acre land parcel the community is being built on from The Fred and Mabel R. Parks Foundation in an approximately $2.19 million transaction. McDade, Smith, Gould, Johnston, Mason & Co. represented the partnership in the transaction; the seller was represented by Betz Cos. The construction timetable for Stoneleigh on Kenswick was not released.

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