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."

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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.

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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.

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Joel Goldsteen, professor at the University of Texas atArlington's School of Urban and Public Affairs agrees, noting theagreement is remarkable, just based on the fact that so manyprincipals are involved. "It's unusual for any kind of condoassociation of more than 15 or 20 people, at the most, of evergetting together on anything, including fixing sidewalks," he tellsGlobeSt.com. He says the agreement could have happened in severalways, including the fact that there might have been a singleperson, or a couple people, encouraging the others to agree.

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Keeton says getting everyone on the same page required manymeetings in which Colliers staff helped to persuade some of themore reluctant condo owners. "Ultimately, the community met thehurdles needed to give power of attorney to the homeowners'association board to effect the property sale," Keeton says.

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Teresa Lowery, principal with Colliers' Houston office, says theidea of condo owners getting together to sell entire complexesinstead of putting money into upgrades could become a trend in thearea. "We've already been approached by another group in an urbanlocation with help on their project that's in excess of 200 units,"she says. "These individuals have gotten wind of what we're doingand have asked us to come in and present to their homeowners'association."

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