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232-Unit Galleria Neighbor Hits the Market

HOUSTON-A 232-unit neighbor to the prestigious Galleria has a for sale sign hanging on it. It's the submarket that's driving the demand, with rents spiking 10.5% in just the past three months, says the broker.

By Jennifer Brenner Andrade | Updated on February 06, 2001

HOUSTON-Plantation Market, a 232-unit apartment complex situated on about seven acres near the Galleria, is up for sale.

The property abuts the Galleria J.W. Marriott and is located north of Westheimer on Sage Road. “This is a significant property,” says G. Craig La Follette of CB Richard Ellis to GlobeSt.com, “because in the last three months the Galleria has seen a 10.5% rent increase.” A $14-million asking price, or $45.91 per sf, with 6.5% cap rate has been attached to the property.

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