Houston Land Dev Project (Pre-Selling to National Builders)

Asset type: Residential · Location: Conroe, Texas

An 81-acre raw-land entitlement play in unincorporated Montgomery County, Texas — the path of Houston's fastest-growing submarket. Groundwork is acquiring the site at $3.16M and entitling it for 315 single-family lots. Exit is a sale to a regional or national homebuilder on completion of approvals. Why this deal: LOI in hand from a national homebuilder at $7.46M ($23,680/lot). Four other builders have expressed interest. Zero zoning risk. Site sits outside the Conroe ETJ — no discretionary approvals, only engineering compliance. Demand tailwind. Montgomery County added 30,011 residents in 2025 — the 4th-largest numeric county growth in the U.S. Greater Houston is the 2nd-fastest-growing metro in the country. 24–30 month hold. All-equity, no senior debt. LP terms: $3.8M total raise · $3.7M from LPs 10% preferred return · 75/25 split after pref Zero GP fees — no acquisition, asset management, or disposition fees Base case: 1.59× equity multiple · 21.7% IRR Downside case: 1.41× · 12.7% IRR Best case (current LOI): 1.69× · 25.0% IRR Sponsor: Groundwork Ventures Inc. Active land projects in Nashville, Tuscaloosa, and Pensacola. 506(c) — accredited investors only.