Search
 

GlobeSt.com EXCLUSIVE: 7575 Kirby Goes Condo

HOUSTON-Developer Moody National shifts gears on the business plan a month before delivery to take the 176-unit "for rent" project to "for sale" product after number crunching shows the payout would surpass $34 million.

By Jennifer Brenner Andrade | Updated on May 04, 2004

HOUSTON-With one month to go before delivery, the 176-unit, class A 7575 Kirby in the Medical Center has been changed from apartments to condos in keeping with today’s hottest ticket for metro-positioned multifamily assets. The Houston developer hopes to harvest more than $34 million in sales from the changed plan.

Brett Moody, president of Moody National Cos., tells GlobeSt.com that condo demand locally is at its peak and number crunching showed the payout would be better than the original business plan to build, stabilize and sell. He says condo prices initially will average $180 per sf or $192,000 per address and rise to $200 per sf as lease-up progresses. Units will average 1,100 sf.

Moody says the target market is the “in-between” crowd, a group that wants luxury Inner Loop housing without the princely sums attached to rental properties in the area. Inner Loop high-end apartments rent for $1,700 to $3,000 per month while existing condo stock bears $300,000 entry-level prices. The four-story building, perched atop one floor of parking spaces, is rising on a three-acre tract at the intersection of Kirby Drive and Braeswood Boulevard.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.