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Condo Converter Spends $24M for Second Medical Center Complex

HOUSTON-Choice Condos of Atlanta emerges as the winner for the 276-unit Braeswood Park Apartments, a 96.7%-leased, class B complex that was hotly pursued by converters. Choice Condos expects to spend about $10,000 per unit to get them ready for the swing.

By Jennifer D. Duell | Updated on March 25, 2005

HOUSTON-Choice Condos has beaten out a host of other converters vying for the 276-unit Braeswood Park Apartments, paying $24 million to Denver-based Archstone-Smith Trust to get a second asset in the heart of the Medical Center.

Archstone-Smith has been selling its older properties to condo converters to maximize value. “We had a lot of offers including a handful of condo converters who offered a premium,” David Mitchell, a vice president with Apartment Realty Advisors’ local office, tells GlobeSt.com. He and David Oelfke brokered the transaction for the 96.7%-leased complex at 2255 Braeswood Park Dr.

According to Mitchell, the Medical Center location was Braeswood Park Apartments’ primary attraction for apartment operators and condo converters alike. “There’s just so much capital coming into the Texas Medical Center,” he says. “It’s a good play because of the barriers to entry in the Medical Center.” Plus, he points out, the district has an employment base of roughly 61,000 people–many of whom want close-in housing.

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