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Local Investor Makes $4M Land Play

HOUSTON-A private investor from Bellaire plans to raze a pair of apartment complexes and redevelop the 2.3-acre tract. The complexes, Richport Place and Mimosa, are located near Rice University in the heart of the historic Montrose neighborhood.

By Jennifer D. Duell | Updated on December 10, 2004

HOUSTON-With plans to demolish the structures and redevelop the land, a private investor from nearby Bellaire has acquired Richport Place and Mimosa, abutting class C-minus multifamily properties sitting inside the Inner Loop.

“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.

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