Mark Hendricks of the Houston office of Hendricks & Partners tells GlobeSt.com that the Houston-based buyer, William M. Friedrichs, plans to put $3.1 million to $3.7 million into renovating the 28-year-old complex. That translates into $10,000 to $12,000 per unit. Hendricks isn't discussing the selling price, but the property was on the market for $3.5 million.
Friedrichs goal is to be open for business at the start of 2203. The average unit size is 894 sf. The projected monthly rent will be $575.
Hendricks says Friedrichs has one other apartment complex although he owns several commercial properties. Yvonne Lantz of Campbell Real Estate Services represented Friedrichs in the negotiations.
Hendricks and Ed Cummins III, also of Hendricks & Partners, represented the seller of record, HDW 2000 378 3rd Avenue LLC of New York City. The limited liability company took the property from Alfred J. Antonini of Hayward, CA who is in his second year of a five-year sentence for his role in a check kiting scheme. His sentence also includes a three-year supervised release and $175,000 fine. He and long-time business associate, James G. Lomonaco of Houston, pleaded guilty to federal conspiracy charges in 2000 and were sentenced in January 2001. Lomonaco received a 30-month sentence, three years' supervised release and a $7,500 fine.
The defendants were convicted of conspiracy to commit mail, wire and bank fraud over a 10-year period for a scheme centering on various real estate-related bank accounts in the Houston area and California. The US attorney's office says the bank funds involved in the check kiting activities were repaid by the defendants.
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