Houston-based Morgan Group Inc. and the New York State Teachers Retirement System pension fund are the sellers. In keeping with past deals, the purchase price is being kept under wraps.

The Morgan Group developed the tony complex in June 1999 on Josephine Abercrombie's former Pin Oak Stables estate. Principal Michael S. Morgan tells GlobeSt.com that this also is his firm's third sale in Houston in a year and second to Clarion Partners. In early November 2001, Clarion took the deed to the 229-unit Plaza in the Museum District. Morgan says the region's multifamily market is holding up quite nicely in light of today's economy and is particularly strong in Pin Oak Estates' home submarket of the Inner Loop.

The two multifamily buys were preceded in late October 2001 by Clarion's acquisition of an office property, the 95.6%-occupied 204,151-sf Norfolk Tower situated on the periphery of the Greenway submarket. Its price too was a closely guarded secret by Clarion and seller McCord Development of Houston, but a source did say that it brought close to $90 per sf.

Wallace Garcia & Architects designed Pin Oak Estates, casting it with a Country French facade and incorporating some tri-level units with attached garages. The community is indicative of the Morgan Group's strategy to provide luxury and conveniences of town homes and a private club lifestyle without the obligations inherent in ownership or membership.

"The tri-level design is seen in 'boutique developments', but is unique to an inside-the-Loop apartment community of this size," Morgan said. Units include high-end finishes such as nine-foot ceilings, crown molding, custom cabinets, walk-in closets, baths and studies and ceramic tile bathrooms.

Pin Oak Estates features an indoor half-basketball court and sports pub and party room. The 8,500-sf clubhouse also has a computer room with software and periodicals library, separate business center, a media/movie room with large-screen television, surround-sound and theater-style seating, exercise facility and resort-style swimming pool. The upscale project is designed to cater to practically every need: designer coffee bar, weekly continental breakfast, party planning assistance, plant sitting, valet dry cleaning, holiday gift wrapping and door-to-door trash pick-up.