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Morgan, Amstar Undertake 324-Unit Galleria Project

HOUSTON-The duet's second Houston project, 3000 Sage, will break ground in Q4. The 4 1/2-acre site and its 30-story, under-construction neighbor carve a high-end residential niche just a block from the Galleria's all-star shops.

By Jennifer Brenner Andrade | Updated on October 30, 2002

HOUSTON-Houston’s Morgan Group Inc. and Denver’s Amstar Group Ltd. are partnering on their second high-end multifamily project in Houston. This time, the team gets a piece of the Galleria action as it prepares for a fourth-quarter ground-breaking on 324 units.

The partnership just closed on a 4 1/2-acre project site, one of two remaining tracts in a 22-acre quadrant that’s been parceled off to various developers over the last 14 years. The land along Sage Road near the Hildago Road intersection came to market at an asking price of $40 per sf or $7.8 million. No one’s talking about the selling price or even the construction cost for the tony mid-rise, 3000 Sage.

Stan Creech of Stan Creech Properties tells GlobeSt.com that the remaining four-acre tract won’t be sold by Galaxy Investments for some time. He expects that land will go for $50 per sf by the time the Houston owner’s ready to sell. He believes it too is destined to end up in the hands of a multifamily developer.

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