Tom Fish and Holly Minter in L.J. Melody & Co.'s Houstonoffice placed the equity financing and arranged a construction loanfor the project. Fish tells GlobeSt.com that the deal has beenworking for about nine months, but he still considers the projectan easy sell because it has one of the "best locations in thecity." He wouldn't disclose how much Phoenix Capital is kickinginto highly publicized $40-million project.

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Whether the joint venture seeks permanent financing or sellswill be decided later, says Stacey G. Hunt, Greystar's regionalpartner. The Calais at Courtlandt is to be done in fall 2003.

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The three four-story buildings atop two recessed parking garagesare being positioned on three city blocks in the Courtlandt Squarearea of midtown. The project area is bounded by Interstate 59 andLouisiana Street, a thoroughfare famous for its FrenchQuarter-style architecture and one reflected in the design of theCalais at Courtlandt. Brennan's restaurant is located just east ofthe project area. Fish believes the architectural ambiance combinedwith the "incredible exposure" from its proximity to the busyLouisiana Street interstate exit spell success.

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The units will range from 626 sf to 1,725 sf and carry rents of$965 per month to $2,600 per month. Hunt says the average rent willbe around $1,500 per month.

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Hunt says Greystar is the largest fee manager of apartments with13,000 units in its Houston-area portfolio. Four complexes are inthe Inner Loop. Hunt also points out the firm has been awardedmanagement and leasing contracts for three other apartment projectsnow under construction, including 3333 Allen Parkwaydevelopment.

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