Sale marks first phase of activity; 19.2 acres still available for future development
May 13, 2025
HOUSTON – Transwestern Real Estate Services (TRS) announces it has arranged the sale of a 2.1-acre site located at 1500 Old Spanish Trail in Houston, Texas. The 2.1-acre site, part of the broader 21.3-acre 1500 OST master plan, was acquired by Winther Investments, which plans to develop a multifamily community consisting of 280 residential units. The project will include two levels of structured parking and five stories of residential living space.
Transwestern’s Jeff G. Peden and Scott E. Miller represented the seller, 1500 OST LLC, which is affiliated with Houston native Allen Crosswell, a longtime real estate owner who serves as a partner and principal owner. The brokerage team continues to market the remaining 19.2 acres of the master planned development, one of the last large-scale development opportunities in this high-density corridor near the Texas Medical Center.
“In today’s market, very few multifamily development deals of this scale are getting done, especially in urban infill locations,” said Jeff G. Peden, Executive Managing Director at Transwestern. “However, this site has unique potential and stands out for its proximity to the Texas Medical Center and long-term growth potential.”
“With the Texas Medical Center establishing its south campus along Old Spanish Trail, there’s a clear need for more thoughtfully designed housing, life sciences space and mixed-use development,” said Crosswell. “This project will help meet that demand, supporting healthcare workers, researchers, students, and families who want to live near their work, education, and care,” added Darryl Robinson, also a partner at 1500 OST LLC.
Winther Investment Inc, a Houston-based development firm, was drawn to the site’s potential to meet growing housing demand in the area.
“We see this as a rare chance to deliver new residential options in one of the most innovation-driven neighborhoods in the city,” said Frederic Gautier-Winther, head of Winther Investments. “The energy surrounding the Houston life sciences expansion, combined with excellent access and strong fundamentals, makes this an ideal location for long-term investment.”
In conjunction with this sale, ownership will begin site preparation to include the installation of infrastructure such as roadways, utilities, and a formal site entrance—further enhancing development readiness and value for the remaining acreage.
The site sits adjacent to The Woman’s Hospital of Texas and is within walking distance of Baylor College of Medicine, UT System Research Park, and the transformative TMC Helix Park, a multi-billion-dollar life sciences district that is rapidly reshaping Houston’s healthcare and innovation ecosystem.
The location is uniquely positioned to support a vibrant, mixed-use environment where people can live, work, and connect. Future development on the remaining acreage could include additional residential, hospitality, retail, or life sciences space – offering significant opportunity for investors and developers looking to establish a presence within the Texas Medical Center area.
Rendering of the Winther Investments project is available for download here.
The marketing flyer for the remaining land is linked here.
About Transwestern Real Estate Services
Part of the Transwestern companies, Transwestern Real Estate Services (TRS) strives to add value for investors, owners and occupiers across all commercial property types. Fueled by a holistic perspective of the real estate life cycle, agility and creativity are hallmarks of our approach, while vast national resources and sound market intelligence underpin customized recommendations and property solutions.
Four dynamic, integrated companies make up the Transwestern enterprise, giving us the perspective to think broadly, deeply and creatively about commercial real estate. Clients and investors rely on us for expertise that spans institutional and opportunistic investment, development, hospitality, and brokerage and asset services. Our award-winning, collaborative culture empowers team members with resources and independence to work across boundaries in pursuit of innovative solutions, reinforcing a reputation for service excellence that translates to measurable results. Through offices nationwide and alliance partners around the globe, we positively impact the built environment and our communities while fostering a work climate that champions career vitality for all. Learn more at transwestern.com and @Transwestern.
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Montgomery Angel
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