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437-Unit Estates of Memorial Heights Tops $45M

HOUSTON-Listed at $54.1 million, the three-year-old project undoubtedly brought $45 million to $47 million, says one of the city's market watchers. The high-profile property, with construction financing coming to a close, was 94% leased at closing time.

By Jennifer Brenner Andrade | Updated on February 05, 2004

HOUSTON-The 437-unit Estates of Memorial Heights, listed at $54.1 million, likely pulled in $45 million to $47 million after a five-month run on the market, says one of the city’s leading market watchers.

William Forrest, owner of research group Revac Inc. and senior adviser in Houston for Sperry Van Ness, calculated the likely selling price for GlobeSt.com using recent sales and current market conditions as barometers. The buyer’s acquisitions director, Chris Manley with Denver-based Pauls Real Estate Partners LP, declined comment on the purchase of one of the city’s more exclusive properties with unobstructed views of the downtown.

The Estates of Memorial Heights at 616 Memorial Height Dr. was built in 2001 by joint venture partners, Amstar Group Ltd. of Denver and the Morgan Group Inc. in Houston. The 10-acre asset, assessed at $35.7 million by Harris County Appraisal District, “brought in a healthy amount of offers considering the price was $54 million,” Todd Stewart, senior vice president in Houston for CB Richard Ellis Inc., tells GlobeSt.com. He and CBRE senior vice presidents G. Craig LaFollette and Todd Marix represented the seller of the 94%-leased, class A holding.

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