"The buyer bought the complexes for the land and he plans to bulldoze them," says Kevin McCarthy of Hendricks & Partners' Houston office, who represented the buyer. Josef Marom. The seller, Houston-based 1727 Richmond LP, was represented by Ed Cummins of Houston-based McDade, Smith & Gould.
Built in the 1950s, the 60-unit Richport Place is located at 1727 Richmond Ave. and the 41-unit Mimosa sits at 1739-1747 Portsmouth St. The complexes, which are 65% occupied, are situated on 2.4 acres.
McCarthy tells GlobeSt.com that Marom pursued the complexes in an off-market transaction. He paid slightly more than $40 per sf for the land, making the overall cost more than $4 million. According to the Harris County Appraisal District, Richport Place is valued at $1.3 million and Mimosa at $882,900.
Marom also acquired an adjacent three-acre tract from Houston Independent School District. "He plans to redevelop the site, but the plans are still up in the air," McCarthy says. He adds that there are not many tracts of land in the area, which is near Rice University in the heart of the historic Montrose neighborhood. "It's just a pricey Inner Loop location," he says.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
