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GlobeSt.com EXCLUSIVE: 351-Unit Lofts on Post Oak Up for Sale

HOUSTON-Hanover Cos. puts a just-completed trophy on the market after getting an unsolicited offer for the 44%-leased apartment complex in the Galleria market. The tower and mid-rise building could fetch as much as $78 million.

By Jennifer D. Duell | Updated on January 12, 2005

HOUSTON-After receiving an unsolicited offer on the recently completed Lofts on Post Oak, the Hanover Cos. has placed the 351-unit apartment project on the market a bit earlier than it had planned. The just-completed Galleria development is 44% leased.

The locally based developer wanted to see if it could get a higher price to beat the unsolicited offer for the 1901 Post Oak Blvd. property, says David Wiley, a vice president with Apartment Realty Advisors’ local office. He and ARA’s Matthew Rotan and David Oelfke are marketing the trophy on behalf of locally based Hanover. “This asset will attract investors who’ve never bought in Houston,” Wiley says.

Although the Lofts on Post Oak is being marketed with no list price, it will likely sell for $76 million to $78 million–or roughly $219,000 per unit, Wiley tells GlobeSt.com. And given the recent surge of interest in condominiums, he expects the development will be claimed by a converter. “I am not going to rule out the rental community, but this property is perfect for condos,” Wiley says.

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