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Premier 32-Story Residential Property Hits Market

HOUSTON-One year after its completion, the 253-unit 3333 Allen Parkway residential development is tagged "for sale" by developer Simmons Vedder. The broker in charge says the close-in property, primed for a condo conversion, could fetch $100 million.

By Jennifer Brenner Andrade | Updated on June 03, 2004

HOUSTON-Simmons Vedder & Co., one year after the project’s completion, has brought 3333 Allen Parkway to market at a no-minimum ask for 253 units of class A apartments just west of the city’s CBD. The broker steering the deal says it’s prime pickings for a condo conversion.

The 32-story 3333 Allen Parkway is the only high-rise rental property now on the Houston market, G. Craig LaFollette, senior vice president with the Houston office of CB Richard Ellis Inc. tells GlobeSt.com. He expects bidding could reach $100 million for the 60%-leased asset, the first high-rise residential product to be built in the Allen Parkway corridor since the early 1980s.

LaFollette says the Austin-based developer built 3333 Allen Parkway with a quick resell strategy in mind. Right now, it is tied to a construction loan with Chicago-based Corus Bank. The complex, situated on 2.7 acres, has units averaging 1,653 sf with some of the highest monthly rents in the city, $2.09 per sf or $3,456 per unit. The asset includes an adjacent five-story parking garage.

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