108 Condo Owners Eyeing Vintage Complex's Sale

HOUSTON-In a new twist on a marketing strategy for a land play, 108 condo owners have joined together to sell the 27-year-old Park Memorial Condominium complex. It is situated on 4.85 acres in an urban infill submarket where space is scarce.

Saul Keeton, senior vice president in Houston for Colliers International, says the costs of deferred maintenance for the owners of the complex at 5292 Memorial Dr. had become burdensome, which is one reason they’ve agreed to bring the asset to market. “We’ve just begun the marketing process and will market this until June 12,” Keeton says. “Shortly after that, we’ll hopefully have a buyer selected.”

Although the offering is going out without a minimum ask, land sales in the Memorial Heights submarket are bringing $85 per sf to $100 per sf. The complex totals 166,538 sf in a mix of one- and two-bedroom units. Harris Central Appraisal District assessments range from $103 per sf to $106 per sf per unit.