"The buyer bought the complexes for the land and he plans to bulldoze them," says Kevin McCarthy of Hendricks & Partners' Houston office, who represented the buyer. Josef Marom. The seller, Houston-based 1727 Richmond LP, was represented by Ed Cummins of Houston-based McDade, Smith & Gould.
Built in the 1950s, the 60-unit Richport Place is located at 1727 Richmond Ave. and the 41-unit Mimosa sits at 1739-1747 Portsmouth St. The complexes, which are 65% occupied, are situated on 2.4 acres.
McCarthy tells GlobeSt.com that Marom pursued the complexes in an off-market transaction. He paid slightly more than $40 per sf for the land, making the overall cost more than $4 million. According to the Harris County Appraisal District, Richport Place is valued at $1.3 million and Mimosa at $882,900.
Marom also acquired an adjacent three-acre tract from Houston Independent School District. "He plans to redevelop the site, but the plans are still up in the air," McCarthy says. He adds that there are not many tracts of land in the area, which is near Rice University in the heart of the historic Montrose neighborhood. "It's just a pricey Inner Loop location," he says.
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