Saul Keeton, senior vice president in Houston for ColliersInternational, says the costs of deferred maintenance for theowners 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 untilJune 12," Keeton says. "Shortly after that, we'll hopefully have abuyer selected."

Although the offering is going out without a minimum ask, landsales 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- andtwo-bedroom units. Harris Central Appraisal District assessmentsrange from $103 per sf to $106 per sf per unit.

Keeton says there's already been substantial interest frommultifamily developers. "I've also had calls from developers knownmore for office and retail calling us," he says. He adds that it'shighly unusual for individual condo owners to band together in thistype of deal.