"We're keying into global capital markets and sovereign funds," says team leader Teresa Lowery, a principal in Colliers' Houston office. "We're specifically targeting our marketing efforts toward foreign investors that have an interest in acquiring property in the energy capital of North America." Housing Horizons, a wholly owned subsidiary of Irving, TX-based Kimberly-Clark Corp., and San Antonio-based Leddy acquired the 1212 Main St. property in 2003 and spent $70 million to $80 million to restore the exterior and transform the interior for hotel and residential use.

Originally built as the headquarters for Humble Oil Co., the complex consists of three adjoining structures built in 1921, 1936 and 1940, respectively. The first and third structures were converted into a 191-room Courtyard by Marriott and a 171-room Residence Inn by Marriott while the second was refashioned into 82 luxury apartments. The complex also includes 10,000 sf of ground-floor retail space and a 252-stall parking garage.

According to Lowery, both hotels report high occupancy levels, and the apartments, averaging 906 sf, are 100% leased, with current rents running $1.60 sf per month. She says the apartments were built to condominium standards, with high-end features like granite counters and hardwood floors. The hotels are operated by Marriott International Inc. of Bethesda, MD. The apartment building is managed by Dallas-based Westdale Asset Management.